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Innovate UK – more free funding for your business

Published on September 10, 2015

AAEAAQAAAAAAAAb6AAAAJGVlN2EyNGQ2LTJkNjAtNGE2My1hOTBjLTkxZmY4NWRhY2IwMgI read recently about a survey of MP’s disclosing that many were not aware of EIS, SEIS, R&D Tax credits and the work of Innovate UK (previously known as the Technology Strategy Board ,TSB, no not the bank) or UKTI.

Perhaps because I am particularly interested in technology businesses and start up and early stage businesses I am keen to publicise these great sources of funds which make the UK the best country in the world to start a technology company.

I publicised the SBRI Healthcare activities in my last article and this time I would like to explore some of the other offerings which I have found useful from Innovate UK.

Whilst there are funding competitions in particular areas which our government deem as special priorities there are always “SMART” awards of varying values.

SMART 15/16 opened last month and closes 24 September 2015. But this is just round 2 of 6 rounds every 2 months through to 24 March 2016 so don’t panic

There are 3 types of grant:

Proof of market, max £25k, up to 60% of total project costs

Proof of concept, up to £100k, up to 60% of total project costs

Development of prototype, max £250k, up to 35% of total project costs for a medium enterprise, 45% for small and micro enterprises

Any SME undertaking R&D in science, engineering and technology can apply.

Definitions of SME is the EU one , ie

More free funding

One of our clients has successfully started with a proof of market grant which led to a change from the original market to a larger market and has also been successful with a development of prototype grant.

Flitchio is a smartphone case-cum-controller that wants to make gaming on the go as fun as at home

See https://flitch.io/

So do take a look at

https://www.gov.uk/government/organisations/innovate-uk

Richard Brooks