SMART - Innovate UK (TSB)
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. The grant scheme offers funding for SMEs to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services could emerge that offer potentially significant rewards and that could stimulate UK economic growth.
Smart is an ongoing scheme that is highly competitive (average success rate is 5%) and therefore split into several funding rounds per financial year. Round 1 closes on 21 May and Round 2 on 23 July 2015; future rounds to be announced.
Three types of grant are available:
- Proof of market, including:
- Market research
- Market testing and competitor analysis
- IP position
- Initial product commercialisation planning
- Proof of concept, including:
- Feasibility studies
- Basic prototyping
- Testing for basic proof of technical feasibility
- IP protection
- Production and assembly options investigation
- Development of prototype, including:
- Small demonstrators
- IP protection
- Trials and testing
- Market testing
- Marketing strategies
- Routes to market identification
- Product design work
Any UK SME undertaking research and development may apply. Key criteria vary depending on the specific grant applied for:
For Proof of market, the maximum award is £25,000 for up to 60% of project costs; project duration should be maximum 9 months.
For Proof of concept, the maximum award is £100,000 for up to 60% of project costs; project duration should be maximum 18 months.
For Development of prototype, the maximum award is £250,000 for up to 35% of project costs for medium sized companies and up to 45% for small and micro enterprises; project duration should be maximum two years.