New Research & Development Grant for Small Business Innovation
Small businesses will be able to access financial support to fund innovations from April, following the launch of a new government research and development grant.
Managed by the Technology Strategy Board (TSB), the R&D grant will be introduced on the 4th April 2011 and offer small firms three types of grants ?
- proof-of-market grant (firms can apply for up to £25,000)
- proof-of-concept grant (up to £100,000) and
- development of prototype grant (up to £250,000)
The grant will allow small businesses across the UK to research and develop new products, processes and services. The initiative supersedes the Grant for R&D scheme previously managed by the regional development agencies.
“Innovative small companies are vital to the UK’s economic future.”
said TSB chief executive, Iain Gray.
“Nearly two thirds of all commercial innovations originate in small companies and we need to nurture and encourage this vital source of exciting new innovations.”
“Small companies may under-invest in innovation because of the high degree of risk and uncertainty around both the development and commercial exploitation of new ideas.”
To find out how to apply for an R&D grant, visit the Technology Strategy Board website after 4th April 2011.