Funding for research and development innovations with significant potential for rapid economic return.
These grants support micro, small and medium enterprises (SMEs) and their partners to develop R&D projects aimed at swift, successful commercialisation.
Academic institutions cannot lead or work alone but can form part of project teams lead by eligible businesses (if you want help finding a project partner, contact Innovate UK Business Connect).
Innovate UK supports the following R&D categories:
- Fundamental research.
- Feasibility studies.
- Industrial research.
- Experimental development.
Applications can come from any area of technology and be applied to any part of the economy, but proposals must demonstrate:
- A groundbreaking 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.
- 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
Projects must focus on:
- 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.
Projects of 6 to 18 months must have total eligible project costs between £100,000 and £500,000 and can be single or collaborative. Projects of 19 to 24 months must have total eligible project costs between £100,000 and £1 million and be collaborative.
Research organisations undertaking non-economic activity as part of the project can share up to 30% of the total eligible project costs. Where consortiums contain more than one research organisation undertaking non-economic activity, this maximum is shared between them.
Key dates
Deadline: 23 October 2024
Projects must:
- Start by 1 April 2025
- End by 31 March 2027
Full opportunity details are available on the Innovation Funding Service.
Grants previously awarded under this scheme can be viewed on Pivot-RP (log-in required – get set up here).