Alongside funding in the form of R&D tax relief, there are other forms of public support available for innovative companies.
One popular source of support is through Innovate UK Smart Grants, for which a new competition has just opened.
Innovate UK Smart Grants are open from 21 January to 26 May
The next round of the Smart Grant applications opened at the end of last month with up to £25m being available to innovative UK based micro and SMEs.
To be eligible, a company must be developing game changing, commercially viable, innovative and disruptive ideas which lead to new products, processes or services, in any area of technology and any sector of the economy.
- Projects from 6 to 18 months with project costs of between £25k and £500k are eligible, on either a single applicant or collaborative basis.
- Projects from 19 to 36 months with project costs of £25k to £2m will be considered where the applicant is working on a collaborative basis.
The R&D must be carried out in the UK, and the project must start no later than 1 November 2021, ending by 30 November 2024.
Funding is available for feasibility projects, industrial research projects and experimental development projects, but not for commercialisation activities.
What kind of proposals will be eligible for Innovate UK Smart Grants?
According to Gov.uk, your project idea must be significantly ahead of others in your industry. It must also include a "strong and deliverable" business plan that includes market needs and potential.
Further information on the Innovate UK Smart grants, which companies can apply, and advice on what to include in your proposal, is available on the UK Government website.
As always, you can also contact your usual Radius advisor if you have any questions or would like any further information on Innovate UK Smart Grants or any other forms of support for innovative companies.
Scott Burkinshaw
Scott is Tax Partner at Shorts, specialising in providing strategic corporate and personal tax advice.
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