The Technology Strategy offers grants to small and medium-sized enterprises (SMEs) to enable them to carry out R&D projects to develop new products, processes and services in the areas of science, engineering and technology.
Three types of grant are available:
- Proof of market grantThis grant enables SMEs to assess the commercial viability of a project through market research, market testing, competitor analysis and initial planning. The grant funds 60% of the project costs for up to 9 months to a maximum of £25,000.
- Proof of concept grantThis grant enables SMEs to explore the technical feasibility and commercial potential of a new technology, product or process. The grant funds initial feasibility studies, basic prototyping, specialist testing to demonstrate technical feasibility, intellectual property protection and investigation of production and assembly options. The grant funds 60% of the project costs for up to 18 months, and a maximum grant of £100,000.
- Development of prototype grantThis funding is available to SMEs to develop a technologically innovative product, service or industrial process, and can include projects such as small demonstrators, intellectual property protection, trials and testing and market testing. Projects will last up to 2 years and have a maximum grant of £250,000; up to 35% of total project costs for medium enterprises, or up to 45% for small and micro enterprises.
If you would like further information about the grants available and whether or not they may be suitable for your business, please contact Sara Crowther on 07723 916890.