This grant enables companies to assess commercial viability, through:
- market research
- market testing and competitor analysis
- intellectual property position
- initial planning to take the project to commercialisation, including assessing costs, timescales and funding requirements
- duration - up to 9 months
- maximum grant - £25k
- funding proportion - up to 60% of total project costs
Background to the Smart scheme
The Smart scheme tackles the funding gap often experienced by many small and early-stage companies with innovative ideas and high growth ambition and potential.
It offers co-funding to UK-based pre-start-ups, start-ups, micro businesses and SMEs, to carry out science, engineering and technology R&D projects which could lead to successful new products, processes and services.
Smart helps companies assess potential markets, prove concepts and develop prototypes.
By reducing financial risk, it aims to encourage SME investment, increase innovation capability, accelerate the commercialisation of new products and services, and contribute to economic growth.
The Smart programme is ‘always open' and is not restricted to projects in certain themes or sectors; offering funding to single, UK-based, small and medium-sized enterprises (SMEs), who have high growth ambition and potential, to engage in R&D projects from which successful new products, processes and services could emerge.
How it works
Smart is "always open", however applications are assigned into batches for final assessment, known as rounds. There are six rounds per year; the next closing dates are:
Round 4 - 26/11/2015
Round 5 - 21/01/2016
Round 6 - 24/03/2016
Once an application is submitted, it is forwarded to independent assessors to begin the assessment process. Following the round close date, Innovate UK collates all of the assessment feedback and scores from the assessors, ranking submissions in order to allocate the available funding. An applicant should expect to hear from Innovate UK approximately one month after the close date with respect to its funding decision.
Who can apply?
Smart is aimed at SMEs with high growth ambition and potential. Pre start-ups, start-ups, and small and medium-sized businesses from all sectors across the UK, undertaking R&D may apply.