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Funding Competition: Innovate UK - Smart Grants


Smart is Innovate UK's 'open grant funding' programme, with the latest competition round having opened on Monday 17th January 2022. The application window will run until 11am on Wednesday 13th April 2022 with grant funds wholly provided by Innovate UK (part of UK Research & Innovation).


Overview


Through the Smart programme, UK registered organisations can apply for a share of up to £25,000,000 for game-changing, and commercially viable, R&D innovation that can significantly impact the UK economy. All funding awards will be in the form of a business grant.


Applications are open to any area of technology that can be applied to any part of the economy, such as, but not exclusively:

  • Net Zero

  • Health & Wellbeing

  • Technologies

  • The Arts, Design & Media

In addition, and where appropriate, applications with consideration for equality, diversity and inclusion (EDI) are highly encouraged although applications will be assessed primarily on their innovation merit, where innovation is defined as the potential for commercially successful exploitation of ideas.


Eligibility


To be eligible, a project must:

  • Include at least one micro, small or medium-sized enterprise (SME) as the lead or collaborative grant claiming partner

  • Start by Saturday 1st October 2022

  • End by Tuesday 30th September 2025

  • Follow specific rules dependent on its duration (see below)

If a project’s duration is 6 - 18 months it:

  • Must have total eligible project costs between £100,000 - £500,000

  • Can be single or collaborative

If a project’s duration is 19 - 36 months it:

  • Must have total eligible project costs between £100,000 - £2,000,000

  • Must be collaborative

Proposals


All applications must demonstrate the following:

  • A clear game-changing, innovative, 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

  • Awareness of all the main risks the project will face (including but not limited to, contractor or equipment failure and recruitment delays) with realistic management, mitigation and impact minimisation plans for each risk

  • Clear, considerable potential to significantly impact either or both, the UK economy and productivity in a positive way

  • Sound, practical financial plans and timelines that represent good value for money

Key Dates

  • Monday 17th January 2022 - Competition Opens

  • Friday 21st January 2022 - Online Briefing Event

  • Wednesday 13th April 2022 - Competition Closes

  • Friday 24th June 2022 - Applicants Notified

If you'd like to find out more or start a new application, please click here.


NB - As part of the 2021 Spending Review, Innovate UK secured an uplift in funding which will enable them to provide an improved range of funding and business support from April 2022.

As such, this round of the Smart funding competition will be the last in its current format.



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