Innovate UK Smart Grants July 2024

UK registered organisations can apply for a share of up to £25 million for game-changing and commercially viable R&D innovations that can significantly impact the UK economy. This funding is from Innovate UK, which is part of UK Research and Innovation.

The Innovate UK Smart grant supports SMEs and their partners in developing the best game-changing and world-leading innovative R&D projects. It offers funding where other opportunities are not available or appropriate, and where timing is key to ensure swift and successful commercialisation post-project completion. 

Fund details

To be in scope your proposal must demonstrate the following:

• a ground-breaking and innovative idea for brand-new products, processes or services
• an idea that is significantly different from already available products, processes or services globally
• an idea that is set for rapid commercialisation following project completion
• clear potential to positively impact the UK’s position, productivity and competitiveness within the global economy
• a clear, evidence-based business plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
• why Smart funding is the right potential funding for your project, and the journey you have already been on to reach the point of application
• a team with the necessary skills and expertise to deliver the project successfully and on time, and to achieve rapid commercialisation
• awareness of all the main risks the project will face with realistic management, mitigation and impact minimisation plans for each risk
• sound, practical financial plans and timelines that represent good value for money, including the funding of post-project activities

Specific themes

• taking customer and user needs into account to deliver more desirable and useful solutions
• identifying who is ready to buy your innovation
• being developed, planned and resourced beyond the end of the Innovate UK-funded project, taking into account the focus of any project partners and their existing commitments
• fitting in with and complementing your ongoing business planning and development, product offerings and organisational structure to maximise chances of success

Eligibility

Your project must:

• include at least one micro, small or medium enterprise (SME) as the lead or a collaborative grant-claiming partner
• carry out all of its project work in the UK
• intend to exploit the results from or in the UK

If your project’s duration is 6 to 18 months, it must:

• have total eligible project costs between £100,000 and £500,000
• be single or collaborative

If your project’s duration is 19 to 24 months, it must:

• have total eligible project costs between £100,000 and £1 million
• be collaborative