A new scheme called the Grant for Research and Development is to be introduced in the UK from 4 April 2011, offering individual payments of up to £250,000 for small and medium-sized companies to carry out R&D on new products and services.
The scheme, to be overseen by the Technology Strategy Board will offer three types of grant:
- Proof-of-market grants to assess commercial viability through market research, market testing and initial planning;
- Proof-of-concept grants to explore the technical feasibility and commercial potential of a new technology, product or process through, for example, a feasibility study, basic prototyping and specialist testing;
- Development of prototype grants to develop small demonstrators, protect intellectual property, and carry out market testing and product design.
The maximum funding available will be £25,000 for proof-of-market grants, £100,000 for proof-of-concept grants and £250,000 for development of prototype grants.
Iain Gray, Chief executive of the Technology Strategy Board said small companies often under-invest in innovation because of the high degree of risk and uncertainty around both the development and commercial exploitation of new ideas. “Offering partial funding through this initiative should help many small businesses to overcome this barrier and to invest in innovation.”
The new scheme supersedes a similar programme of grants that was managed by the regional development agencies, which are being abolished at the end of this month.Further information about the Grant for Research and Development scheme will be available on the Technology Strategy Board website, www.innovateuk.org, from 4 April 2011.
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