Those of you that are familiar with Innovate UK (IUK) as a government grant funding source may have picked up on the announcement that next round of SMART funding will open in August 2020.
The announcement will be a welcome relief for many #startup companies, businesses and innovators after IUK paused the fund during May 2020. In the announcement, IUK notes that the forthcoming round of SMART funding will open whilst it finalises “further bespoke Covid-19 recovery funding opportunities.”
Presently there is no real detail on what the new funding opportunities will be or when they will emerge. What IUK did mention is that they wanted to ensure that there was no confusion driven by two similar routes to grant funding open at the same time. With that in mind, what we can assume is that the “bespoke recovery” grant funding calls will take a similar structure to SMART grants.
For those organisations that applied to the most recent round of SMART funding before the sudden pause – have no fear! The good news is that IUK says it “will be able to fund more projects” from that round so keep your fingers crossed and look out for your decision from IUK over the coming weeks.
It looks as though IUK’s SMART funding will continue for the time being. However, organisations need to remain alert to the fact that a new IUK funding stream is likely to launch in the coming months, with the objective of contributing to the economic restart that the UK desperately needs when things begin to move back to ‘normal’. With the new funding call, the scope and eligibility could widen or narrow so if you are sitting on the fence about whether to apply for a SMART grant or not, it is recommended that you make your application in the August 2020 round.
If you are considering applying for funding from IUK, from UK Research Councils or directly from a UK government department, please do get in touch and we can certainly help you on your way to securing a transformative grant for your organisation. #grantfunding #tech #investors #grantapplication
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