Swoop helps UK businesses by providing them with quick and easy access to funding across loans, equity and grants. Grants come in all shapes and sizes, and we’re pleased to see Innovate UK has just launched its latest programme.
The Innovate UK Smart Grants
The Innovate UK Smart programme offers grants totaling £25m to UK businesses seeking to develop game-changing products, services and innovative business projects.
Are you interested in the opportunity to apply for a share of £25m to deliver your ambitious or disruptive R&D innovations? Applications can come from any area of technology and be applied to various sectors of the economy, such as:
- the arts, design and media
- creative industries
Am I eligible?
This grants programme supports the best UK business ideas whatever area they come from. To be eligible to apply you must demonstrate the following:
- a clear game-changing, innovative and/or disruptive and ambitious idea leading to new products, processes or services
- an idea that is significantly ahead of others in the field, set for rapid commercialisation
- a strong and deliverable business plan that addresses (and documents) market potential and needs
- a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- sound, practical financial plans and timelines
- awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays, etc) with realistic management, mitigation and impact minimisation plans for each risk
- clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
- good value for money, which will always be a consideration in Innovate UK funding decisions
The competition is now open…
Deadline for applications is midday on Wednesday 22 April 2020.
Businesses of any size may apply, and all applications must include a micro, small or medium-sized company. Projects can range in size from £25,000 to £2m and last between six and 36 months.
Swoop is here to help
The process of applying for grants can be lengthy and time consuming. Read our blog for top tips on securing your grant. Register with Swoop and we will be delighted to help – from offering simple advice, to one of expert grant application partners taking on the entire application process on your behalf.