Smart Innovation Funding

Smart Innovation FundingProvided by the Technology Strategy Board and previously known as the Grant for Research and Development, Smart is an innovation funding scheme for small and medium-sized enterprises (SMEs).

Businesses looking to develop Research and Development (R&D) projects in the fields of science, engineering and technology with the potential to deliver beneficial new products, processes and services can apply for support from the Smart scheme.

Three types of grant are available to SMEs:

Proof of market

The proof of market grant is for businesses to assess the commerical viability of their project. SMEs can apply for a grant of up to 60% of project costs and up to £25,000. Projects can last up to 9 months.

The proof of market grant can be used for market research, market testing, competitor analysis, intellectual property positioning, and initial planning processes including cost & timescale analysis and funding requirements.

Proof of concept

The Smart proof of concept grant is for SMEs who wish to investigate the technical feasability and commercial potential of their project.

The grant can be used for initial feasability studies, basic prototyping, specialist testing and demonstration, protecting intellectual property and to explore production and assembly possibilities.

In the field of healthcare the grant can be used for pre-clinical research studies.

The proof of concept grant is also for up to 60% of project costs and up to £100,000 with the projects expected to last no longer than 18 months.

Development of Prototype

The development of prototype grant is for firms who wish to develop a technologically innovative product, service or process and can be used to protect intellectual property, develop demonstrators, set up trials and conduct testing.

Unlike proof of concept and proof of market grants, develpopment grants can account for just 35% of total project costs but are for projects lasting up to 2 years and to a maximum grant value of £250,000.

Further information

The Smart programme is open to all pre-startups, startups and SMEs across all sectors in the UK.

Businesses can only submit one project application per category per round and currently Round 1 is open (Until noon on the 23rd May 2013) then further dates for batch assessment will be announced (18th July, 26th September, 21st November)

Interested applicants can go the following link for more information:

Related Articles

You can read more about Innovation in the articles What is Innovation?, Innovation Vouchers and Technology Stratgey Board.

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