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 will fund feasibility projects, industrial research projects and experimental development projects, as defined in the guidance on categories of research.
To be in scope, 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.
- 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
Projects must also 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.
VALUE AND DURATION
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
Online briefing event: 21 November 2024 (join here)
Deadline: 22 January 2025 (11am)
Applicants notified: 28 March 2025
Your project must:
- Start by 1 July 2025
- End by 30 June 2027
Full details 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).