Innovate UK has launched the first SMART Grants funding competition with its new format and focus. The new competition is open for applications now, with a deadline of 27th July 2022. The competition has some subtle changes that mean it has a greater focus on game-changing innovative projects which demonstrate a strong route to commercial success.
An independent consultancy that specialises in R&D funding, TBAT Innovations Ltd., have reviewed the new Innovate UK SMART Grants competition and have noted the changes to the format, as outlined below:
- The scope has an increased focus on projects being ‘game-changing’
- Projects will not be funded if the technology is available or used in another sector
- There is a greater focus on business planning and early adopter interest
- Projects must justify their suitability for public funding over other investment channels
- Projects will not be funded if other Innovate UK support is available and more appropriate
- The application form has a new format, with changes that reflect these points
In their supporting article, to the new SMART Grants competition, UKRI and Innovate UK have stated that “typically, 50% of the applications we receive aren’t right for the funding”, which TBAT believe has inspired these changes to the competition format.
Within this article, UKRI and Innovate UK have put together a five question SMART funding checklist for applicants to consider; containing questions such as ‘Is my idea at the right stage of development?’ and ‘What does a successful project look like?’
Companies thinking about applying may also find it useful to attend the briefing event, being held on 3rd May 2022, to get a further understanding of the projects Innovate UK are looking to fund.
TBAT are currently taking enquiries to support businesses to apply for this round of Innovate UK SMART Grants and its team of Grant Funding experts have a clear understanding of the impact of this new format.