Smart (previously known as Grant for Research and Development) is a Technology Strategy Board scheme 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 Smart 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, Smart 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 for assessment by independent experts.
Smart replaces the Grant for R&D scheme previously offered by regional development agencies. The scheme works 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.
It also includes pre-clinical research studies for healthcare technologies and medicines, including target identification and validation.
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.
Further information including full guidance is available here