R&D Grant Launched - Innovation support for SMEs
The Technology Strategy Board recently launched a new Grant for Research and Development programme designed specifically for individual small to medium enterprises.
Grant for R&D offers funding to help SMEs engage in technology-based R&D projects from which successful new products, processes and services could emerge, stimulating future economic growth.
Three types of grant are available - for proof of market projects, proof of concept and development of prototype. Depending on the type of grant, funding levels range from £25,000 to £250,000.
The Technology Strategy Board's Grant for R&D scheme is a successor to the programme which was previously available from many of the Regional Development Agencies, and shares similar objectives. It will work alongside existing programmes in Scotland, Wales and Northern Ireland.
However Grant for R&D is not simply a continuation of the RDA schemes; some of the arrangements and criteria are different. Businesses wishing to apply will need to study the guidance for applicants carefully and note that applications will have to be tailored specifically to the new scheme.
Grant for R&D is open now; for full information including eligibility and how to apply, please see their website.