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Smart is the new name for Innovate UK’s ‘Open grant funding’ programme.
Innovate UK will invest up to £20 million in the best game-changing or disruptive ideas with a view to commercialisation.
All proposals must be business focused, rather than pure research. Applications can come from any area of technology (including arts, design, media or creative industries), science or engineering and be applied to any part of the economy and competition closes at 12pm UK time on the 24th April which means the deadline is just over 3 weeks away.
In order to be eligible, your project must meet the following criteria as described by Innovate UK here.
This competition provides funding for innovation research and development (R&D) from feasibility (including market research), through to technology or prototype testing and development stages up to (but not including) commercialisation.
Proposals must demonstrate:
- a clear game-changing and/or disruptive innovative idea leading to new products, processes or services
- an idea that is significantly ahead of others in the field, set for rapid commercialisation
- a strong and deliverable business plan that addresses (and documents) market potential and needs
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays and so on) with realistic management, mitigation and impact minimisation plans for each
- sound, practical financial plans and timelines
- good value for money, which will always be a consideration in Innovate UK funding decisions
- a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way.
For more information on this grant, please visit https://apply-for-innovation-funding.service.gov.uk/competition/324/overview