Innovate UK launch SMART Grants with new format

On 25th April 2022, Innovate UK 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.

The Innovate UK SMART Grant Changes

TBAT has reviewed the new Innovate UK SMART Grants competition and have noted the changes to the format, as detailed 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

Applying for Innovate UK SMART Grants

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 believes has inspired these changes to the competition format. Within the article, they 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 – you can find the link for the briefing event here.

How can TBAT help?

You can book to speak to one of TBAT's experts using their appointment booking system, or by filling in the contact form.