If your business has an innovative idea, it is a good time to decrease time-to-market, and cut feasibility study and market research costs by applying to Innovate UK Smart Grant. The scheme allows you to discuss the growth opportunities for your business and offers tailored business support services that will help you maximise project outcome and its business potential.
The opportunity exists to apply for a share of up to £25 million to deliver ambitious or disruptive R&D innovations that can make a significant impact on the UK economy.
The scheme accepts proposals with a duration between 6 and 18 months. Total eligible project costs must be between £25,000 and £500,000: can be single or collaborative. For a period between 19 and 36 months and overall project costs between £25,000 and £2 million projects must be collaborative. The application must include at least one micro, small or medium-sized enterprise (SME).
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
Your project must start no later than October 2020 and end no later than October 2023.
Competition opens: Friday, January 10 2020
Competition closes: Wednesday 22 April 2020 12:00pm
You can get more information at the official government website for Innovate UK scheme.
To bring everything together, you may need knowledge transfer about the application of innovation grants, loans, and work with investment accelerator and useful contacts in the industry. On March 4, The Knowledge Transfer Network holds a conference on such topics with prominent speakers like Jeremy Elden, an angel investor with Anglia Capital Group. Speakers will share their perspectives on what investors are seeking in early-stage business and how you can increase your prospects of securing investment. You can uncover unique networking opportunities during the conference.
What about the EU funding for innovation projects in the UK?
The UK still is the second-highest recipient of Horizon 2020 funding for science and innovation. The UK organisations can continue to bid into calls for grants until the end of the Horizon 2020 programme.
The Withdrawal Agreement means that the UK continues to participate in EU Programmes financed by the 2014-2020 Multiannual Financial Framework (MFF) until their closure. UK businesses, scientists and researchers will continue to participate in these programmes and receive EU grant funding for the lifetime of individual projects. It also applies to projects finishing after the transition period ends in 2020.
Oracle Capital Group, as a professional consultancy helps businesses to apply for governmental support, create a business plan and assess eligibility criteria.