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Innovate UK is offering UK businesses £100 million in grants for pioneering research and more than £25 million in loans to commercialise their innovations.
Innovate UK Smart Grants (the new name for Innovate UK's 'Open Grant Funding' programme) are designed to help encourage innovative and disruptive ideas from companies. Innovate UK offers companies with ideas with “strong commercial potential” a chance to access funding in the shape of loans and grants via a competitive application process. These government initiatives ultimately aim to significantly improve the UK economy – with the latest competition closing on Wednesday 11th September 2019. Individual company loans of between £100,000 and £1 million are available. Eligible companies include micro, small and medium sized enterprise (SME) from any sector and include foreign owned subsidiaries.
More information on how to apply and full details on the qualifying criteria can be found here.
Previous winners of a Innovate UK Smart Grant include machine-learning company Magic Pony Technology, which was sold to Twitter for $150m.
With more loans expected in the future, you can sign up for updates on future Innovate UK loan and funding competitions here.
If you would like to discuss your company's R&D position or for more information please contact:
Tel: +44 (0)20 7430 5894