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Opening up on the 28th May 2020, the latest Smart Grant competition from Innovate UK will see them invest up to £25 million in the best game-changing and commercially viable innovative or disruptive ideas.
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.
What funding is available?
Innovate UK have allocated up to £25 million to fund innovation projects in this competition.
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 or small business
- up to 60% if you are a medium-sized business
- up to 50% if you are a large business
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 or small business
- up to 35% if you are a medium-sized business
- up to 25% if you are a large business
This competition provides state aid funding under article 25 Aid for R&D projects, of the General Block Exemption Regulation (GBER). It is your responsibility to make sure that your organisation is eligible to receive state aid.
The research organisations in your consortium 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.
Your application must include at least one micro, small or medium-sized enterprise (SME).
Your project must start no later than 1st February 2021 and end no later than 29th February 2024.
Your project must follow different rules depending on its duration:
- 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 durations between 19 months and 36 months must have total eligible project costs between £25,000 and £2 million. They must be collaborative projects.
If you want to submit a project between 19 months and 36 months with total project costs up to £3 million as a permitted exception, you must email firstname.lastname@example.org. You must give full justification at least 10 days before the competition closes. Do not submit your application until Innovate UK write to approve your request.
Innovate UK will give preference to applications that demonstrate realistic, significant potential for global markets.
Proposals from innovation-based businesses with significant ambition and potential for growth or scale-up are welcome.
Where possible, projects should take customer and user needs into account to deliver more desirable and useful solutions.
Proposals must demonstrate:
- a clear game-changing, innovative and/or disruptive and ambitious 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 clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- sound, practical financial plans and timelines
- awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays, etc) with realistic management, mitigation and impact minimisation plans for each risk
- clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
- good value for money, which will always be a consideration in Innovate UK funding decisions.
- Competition opens: 28 May 2020
- Competition closes: 26 August 2020, 12:00pm
- Applicants notified: 30 October 2020
Interested in applying? Myriad Associates can help
- Win Rate - Myriad Associates’ boast a strong success rate with Innovate UK applications.
- Proven templates & tools for success - Our templates make it easy to collaborate & prepare a winning bid.
- Honest & Trustworthy – We will not waste your time or money. If we feel your application won't succeed, we will tell you before we undertake the application process.
- Highly rated UK & European bid writers - We have a highly experienced team of bid writers with proven UK & European success. In 2018/19, we secured over €50m in grant funding for our clients.
- Unlimited revisions - Our grant writers provide feedback on both successful and unsuccessful grant applications. We review this feedback with you to give you ongoing advice and guidance.
- Risk-free Eligibility Call – Call us for a free eligibility call to see if you have an application worth applying for.
Click here to discuss your application with one of our expert grant bid writers or visit Innovate UK to find out more.
Where do I find more information?
For more information on this grant, please visit https://apply-for-innovation-funding.service.gov.uk/competition/586/overview#summary
Alternatively, contact us if you'd like to know whether your project would likely qualify for this grant.