IUK Smart Grants is one of the flagship programmes run by Innovate UK (IUK), and distributes £25M of funding four times per year for commercially-focused R&D innovations in the UK.
What is Innovate UK?
Innovate UK is part of UK Research and Innovation (UKRI), the non-departmental public body responsible for research and innovation funding in the UK.
Within Innovate UK’s flagship programmes there are the Smart Grants. This programme is for commercially-focused R&D innovations in the UK, and:
- It supports world-leading ideas and game-changing innovations,
- It favours larger disruptions that are not isolated to a specific sector,
- The project must be business-focussed with a realistic strategy to achieve return on investment and growth in the market.
Requirements for IUK Smart Grants
Any UK-registered micro, small, or medium-sized enterprise (SME) is eligible to apply, according to the Companies House definition. In short, the company must meet at least two of the following conditions:
- An annual turnover of less than £36 million,
- A balance sheet total less than £18 million,
- The average number of employees must be less than 250.
TRL & BRL required
Innovate UK is primarily focused on supporting innovations that are between TRL 3 and TRL 6. It funds feasibility studies, industrial research, and experimental development.
In the case of the BRL, Innovate UK accepts applications from very young businesses at BRL 1. However, it is considered a strength to demonstrate some market traction. Strata recommends applicants achieve a BRL between 2 and 4 before applying.
Funding Conditions for IUK Smart Grants
Non-collaborative Smart Grant projects must have a duration of 6 to 18 months and a total project budget of up to £500k.
Innovate UK funds 70% of the project costs (up to £350k) and expects the applicant to fund the remaining 30%. Applicants must demonstrate that they have access to these funds before signing the grant agreement.
For collaborative projects, the total project cost can extend to £2M and last up to 36 months. Innovate UK will allocate grant funding to each project partner to a total of up to 70% of the project costs.
About the application process
The main component of the Smart Grant proposal is a series of plain text questions on the Innovate UK portal. The plain text questions are:
- Scope and project summary (400 words): How does your project align with the scope of this competition?
- Your idea and innovation (600 words): What is your idea and innovation, and why is it game-changing?
- Justification for funding (400 words): Why is your innovation and proposal suitable for Smart funding, and why do you need public funding to help you succeed?
- The potential market (400 words): What is your target market, and what is your strategy for securing the market opportunity you have identified, including your route to market and commercialisation of project outputs?
- Impact and benefits (600 words): What will be the impact of receiving the grant, both for your business and outside your organisation?
- Delivering your project (400 words): Who is in the project team, why do you have the right skills and experience to succeed, and how will you successfully deliver your project?
- Value for money (400 words): How will you spend your grant funding, and how does this represent good value for money for the taxpayer?
You must also submit a two-page work packages appendix and a two-page risk register appendix with your application and complete the online budgeting form on the Innovate UK portal.
To know more about IUK Smart Grants
This guide intends to serve as an overview or starting point for applicants willing to apply for Innovate UK’s Smart Grants or also for entrepreneurs seeking national funding in the UK. It includes a summary of the most important points for potential applicants, and dives deeper into the main points that must be taken into account regarding the application process.
Currently on hold. Waiting for the publication of a new programme.
