Innovate UK, the UK’s national innovation agency, fuels business growth by funding and supporting the creation of new products and services. As a government-backed body within UK Research and Innovation, it’s led by experts across various fields to drive innovation nationwide.
How do I get an Innovate UK grant?
To get an Innovate UK grant, you can apply to one of their innovation competitions which can be found on GOV.UK. But before you do this, ask yourself five questions so you know you’re ready:
- Is there a big enough market for your innovation? Ask yourself, are there enough people who will benefit from my product or service?
- Is it world leading? Is your idea making a significant leap forward or is it only a minor change?
- Is it at the right stage of development? If you were given the green light tomorrow, could you hit the ground running and make significant returns?
- Does the idea benefit wider society? Why should public money be used? You should highlight how the idea benefits the economy, society and the environment.
- Are you the right person? Do you have the expertise, the team and the experience to commercialise your idea?
If you answered yes to all of these, you’re ready to go. So here are the next steps:
Eligibility
Are you eligible for the contest and does your project fit the scope? You must be a UK-registered business or a research and technology organisation. You must also intend to commercialise the results in the UK.
Contest criteria
Each contest has a specific set of criteria which must be met. From number of collaborations on a project, to location of the project work, understanding the criteria before application is critical. You might need a collaborator or partner so by reaching out to Innovate UK, they can help you match with a partner organisation.
Registration
Get registered for webinars where you can talk to the funders, ask questions, and meet other organisations.
Funding
Ring fence potential match funding as most contests require at least 30% match funding from the company. Innovate will pay the other 70%, so making sure you finance your portion of the grant is critical.
Support
Read the documentation and application on Innovate UK’s website and give yourself plenty of time. There are a great deal of appendices which must be added to your application so ensure you allocate enough time.
Budget
Sit down with your team and understand what your budget might be and how it fits with the grant criteria.
Innovate UK have a range of grants available from biomedical, to technology, agriculture to marine, but perhaps their most popular grant is the Smart Grant. Open on a rolling basis at multiple times during the year, the Smart Grant is Innovate UK’s ‘catch all’ technology grant. It’s designed to include as many companies as possible.
Do I Qualify for Innovate UK Smart Grants?
Smart Grants are a way to support brand new and high impact innovations from micro, small and medium-sized enterprises (SMEs). UK registered organisations can apply for grants varying from £100k to £2m. Innovate UK Smart Grant accepts applications for funding all year round, with specific deadlines every quarter. If you’re looking to enter, here’s a few things you should know:
Your project must:
- Start by 1st April 2025
- End by 31st March 2027
- Include at least one micro, small or medium enterprise (SME) as the lead or a collaborative grant claiming partner
- Follow specific rules depending on its duration
- Carry out all of its project work in the UK
- Intend to exploit the results from or in the UK
The concept must be a ground-breaking and innovative idea for brand new product or services. The idea should be notably different from products and services already on the market that is set for rapid commercialisation following project completion.
What is the Success Rate of Innovate UK Smart Grants?
Innovate UK’s Smart Grant is the most popular grant they offer and as a result is heavily contested. This explains the very low funding rate.
If you want to improve your chances, here are a few tips which will help:
- Ensure your project is truly innovative, not just a minor change.
- Know the market. Who are your competitors and where do you fit in with the rest of the market?
- Understand your weaknesses as well as your strengths. Smart Grant is for innovation, so these projects won’t come without their risks.
- If you need support it’s worth hiring someone to help. A critical pair of eyes is important.
- Don’t give up. Most people who go on to win Smart Grants don’t get it on their first application. The second application often responds to the feedback and wins the grant, so don’t be downhearted.
The Importance of an Innovation Ecosystem
Innovate UK plays a critical role as an anchor funder within the ecosystem, providing vital financial support. This partnership enhances the development of new technologies and solutions, contributing to the UK’s competitive advantage. Innovate UK funds new innovations that are too risky for traditional funders. Public money is used to boost UK Public Limited Companies and position the UK at the forefront of emerging technologies. Support can also be given to businesses as they move into international markets.
Innovate UK’s Mission
Innovate UK’s mission is to fund companies at the early stages of their development so they can bring innovative products to market. This allows the organisation to stay ahead of international innovation standards. Ultimately, it’s public taxpayers’ money coming through the government to Innovate UK, so they want to get the money back in taxes and profits. Innovate UK also goes beyond funding, ensuring companies find the right partners to access the right expertise and equipment. It not only supports domestic innovation but also helps UK businesses explore international markets, reinforcing the UK’s position as a global leader in innovation.
