£25k - £500k funding for single applicants
Up to £2m funding for joint applicants
Projects should last 6 - 18 months for single applicants
Projects for joint applicants can last up to 36 months
Applications can come from any area of technology and be applied to any part of the economy, such as, but not exclusively:
the arts, design media
science or engineering
The Smart Grants can support three different stages of development:
What is the Innovate UK Smart Grant?
Innovate UK through its Smart Grants programme offers £125m in support to UK businesses every year.
Whilst the Smart Grant is open to every industry, it's essential that the work you're undertaking meets the following criteria:
Beneficial to the UK and the wider society
Are you eligible to apply?
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How much can I apply for?Projects with durations between 6 and 18 months must have total eligible project costs between £25,000 and £500,000. They can be single or collaborative projects. Project duration between 19 months and 36 months must have total eligible project costs between £25,000 and £2 million. They must be collaborative projects.
I am a single applicant and this is my first application, can my total eligible project costs be £500,000?"As the first application we advise our client to have total eligible project costs between £250,000 and £350,000.
Which category does my project belong to?Industrial research: planned research or critical investigation to gain new knowledge and skills. This should be for product development, processes or services that lead to an improvement in existing products, processes or services. Feasibility studies: analysis and evaluation of a project’s potential, aimed at supporting the process of decision making. This is achieved by uncovering its strengths, weaknesses, opportunities and threats as well as identifying the resources needed and the prospects for success. Experimental development: combining, shaping and using existing scientific, technological, business and other relevant knowledge and skills with the aim of developing new or improved products, processes or services.
What size is my buisness?
How much funding can I request?For feasibility studies and industrial research projects, you could get funding for your eligible project costs of: up to 70% if you are a micro/small organisation up to 60% if you are a medium-sized organisation up to 50% if you are a large organisation For experimental development projects which are nearer to market, you could get funding for your eligible project costs of: up to 45% if you are a micro/small organisation up to 35% if you are a medium-sized organisation up to 25% if you are a large organisation Note: The research organisations undertaking non-economic activity as part of the project can share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation, this maximum is shared between them.
If the grant funds 70% of my project, do I need the other 30% in the bank?"You need to think about about how you will contribute 30% of the project costs. Whilst these funds don't need to in the bank today, if your grant is successful you will need to be able to prove you can fund the project. If you currently have no funds, you may need to raise private funding for the remaining 30%. This is NOT something you need to demonstrate during the application process.
How do I receive the grant funding?You will receive the funding through re-imbursement. You will receive the re-imbursement on a quaterly basis so it's important you have a minimum of 3 months of funding.
Can I spend funds outside the UK?Ideally, all funds will be spent in the UK. Innovate UK will allow upto 30% of the funds to be spent outside of the UK, however this has to be for a very good reason. For example, you require a special type of contractor that is not avaiable in the UK therefore you have no choice but to look elsewhere.
I've already applied for the Smart Grant before, can I apply again?"You can make 2 submissions for the same project with Innovate UK Smart Grant. If you would like to make another submission, your application and the project must be different.
I've applied for other grant funding, can I receive more than one grant?"Yes, you can receive more than one grant, however you must disclose any winning applications to the grant provider. If you have applied for multiple grants for the same project, you will most likely not receive double funding. However, if you have applied for grants for different projects, you can receive multiple grants.
Does the smart grant require an Interview?No, unlike many other types of grant funding, there is no requirement for Interviews with Innovate UK Smart Grants.
What's my chance of sucess?It's important to note that any source of grant funding is competitive. As an estimate around 5% of applicants are successful. However, 70% of applicants are deemed non competitve due to the poor nature of their applications. Writing a well structured application will boost your chances significantly, GrantEd are here to help!