New government funding to stimulate innovation
A new Technology Strategy Board scheme is offering funding to small and medium-sized enterprises (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.
The Grant for Research and Development (Grant for R&D) scheme will support R&D projects which offer potentially significant rewards and could stimulate UK economic growth. In contrast to the Collaborative R&D programme which requires several partners in a project, Grant for R&D funding is available to single companies.
Three types of grant are available:
* Proof of market
* Proof of concept
* Development of prototype
Any UK SME working in any sector may apply; applications are accepted on a rolling basis approximately every two months for assessment by independent experts. Grant for R&D replaces the scheme previously offered by regional development agencies. The new scheme will work alongside existing programmes in Scotland, Wales and Northern Ireland.
Proof of market grant:
This grant enables companies to assess the commercial viability of a project, 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
Projects will last up to 9 months, have a maximum grant of £25k, and up to 60% of total project costs may be funded.
Proof of concept grant:
SMEs may use this grant to explore the technical feasibility and commercial potential of a new technology, product or process, including:
* initial feasibility studies
* basic prototyping
* specialist testing and/or demonstration to provide basic proof of technical feasibility
* intellectual property protection
* investigation of production and assembly options
Projects will last up to 18 months, have a maximum grant of £100k, and up to 60% of total project costs may be funded.
Development of prototype grant:
This funding is used by companies to develop a technologically innovative product, service or industrial process, and can include projects such as:
* small demonstrators
* intellectual property protection
* trials and testing, including clinical
* market testing
Projects will last up to 2 years and have a maximum grant of £250k; up to 35% of total project costs for medium enterprises, or up to 45% for small and micro enterprises, may be funded. Medium is defined as turnover less than 50 million Euros and 250 employees and a micro (start up) and small enterprise will have turnover of less than 10 million Euros and 50 people employed, and businesses must be a single entity to apply for this grant.
Full details of Grant for R&D can be found at: http://www.innovateuk.org/deliveringinnovation/grant-for-research-and-development.ashx
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