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Innovate UK has today taken another step in implementing its 2016-17 Delivery Plan with the launch of its first ever open funding competition. This competition is in effect a replacement for the Smart Grants programme which was discontinued earlier this year. A total of up to £15 million is available for funding projects in any area of UK enterprise and industry, that can show innovation leading to novel, new products, processes, or services, which would lead to business growth and measurable ROI.
Any UK business of any size can apply for funding under this scheme, either on its own or in a consortium with other businesses or organisations. Project costs may range from £25,000 to £1 million, and projects may last between 6 and 36 months.
The open funding competition is designed to help businesses overcome barriers to innovation, and advice and guidance is available for businesses looking for partnerships or outside expertise to help deliver their innovative projects. The competition makes funding available for projects that might fall outside the scope of Innovate UK's four target areas for this year, which have their own funding competitions: Emerging and Enabling Technologies; Health and Life Sciences; Infrastructure Systems; and Manufacturing and Materials. All these programmes will run twice in the 2016-17 funding year.
The proportion of your project that can be funded by Innovate UK depends on the type of project, and on the size of the company making the application. Full details of the competition, and of the application process (which has changed from previous competitions) are at the Innovate UK website.
Companies wishing to apply for this funding competition must register with Innovate UK by noon on 31st August 2016, and apply by noon on 7th September 2016. Many companies choose to work with a specialist consultancy for their grant applications, and this may be particularly important for this competition as Innovate UK’s application processes and evaluation criteria have recently changed. If your company would like to work with Myriad Associates on your application for this grant, please contact us as soon as possible, as we would need to have an agreement in place with your company by no later than 1st August 2016.
About Myriad Associates
Myriad Associates are leading experts in helping businesses maximise public funding for their research and development activities through R&D Grants and R&D Tax Credits. If you would like to discuss any aspect of R&D grant funding or R&D tax relief please contact us today for a free, no-obligation consultation. We look forward to hearing from you.