The UK’s most innovative businesses can win a share of
£125 million to help them turn their most innovative
ideas into world-beating products and services.
Large and small businesses can take advantage of £100
million available from the Smart grant programme that
helps take innovative ideas in any field from the
concept stage to full commercialisation.
Previous winners of a Smart award include
machine-learning company Magic Pony
Technology, which was sold to Twitter for $150
million.
Industrial Strategy aims to create jobs and
growth
A further £25 million is available in Innovation Loans
to support late-stage projects that are close to
market. The loans scheme is aimed at getting businesses
over the final hurdle to commercialisation. Recent
recipients include Exeter-based Lightfoot, which
is using the loan to extend its technology to reward
better driving from the business to the consumer
market.
Business Secretary said:
Through our modern Industrial Strategy we are backing
our homegrown businesses to boost productivity and
create jobs, growth and opportunity in every part of
the UK.
Businesses benefit from innovation
awards
Many UK businesses have benefited from funding to
support innovative UK projects. They include digital
risk business Digital
Shadows, which has raised £20 million in private
investment to support its innovation developed through
a Smart award, and Oxehealth,
which has used Innovate UK funding to develop improved
patient care by combining computer algorithms with
optical sensors.
Dr , Interim
Executive Chair of Innovate UK, said:
Smart grants are an excellent way of supporting
innovation in single companies or, generating
collaborations between companies, working with our
world-class research base.
Our Innovation Loans suit late-stage-development
businesses about to become, or just becoming, revenue
earning. Both are awarded to projects that will make
a real impact on the UK economy.
The Smart programme has a rolling programme of awards
throughout the year.
