Innovate UK Smart funding launches with £20 million grant competition
Smart grants are the latest programme from Innovate UK, part of UK Research and Innovation, to de-risk innovation and enable business growth. Since 2007, organisations have benefitted from £2.5 billion of Innovate UK support, which has helped to create around 70,000 jobs and add an estimated £18 billion to the UK economy.
Projects that are awarded Innovate UK Smart grants will follow a long line of businesses to gain success following funding support.
This includes Swiftkey, the predictive keyboard app bought by Microsoft following a reputed $250 million deal, and 3D printer and resin manufacturer, Photocentric, which expects to sell over £8 million worth of its products by 2020.
- the competition is open and the deadline for applications is at midday on 24 April 2019
- businesses of any size or research and technology organisations can lead a project
- leads can work alone or collaborate with others, depending on the project length and size. They should involve at least one small or medium-sized enterprise
- projects with total eligible costs of £25,000 to £500,000 should last between 6 and 18 months
- projects with total eligible project costs of £25,000 to £2 million should last between 19 months and 3 years
- businesses could get up to 70% of their costs
- awarded projects must start by 4 November 2019
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