A new 'Grant for Research and Development' (GRD) scheme offers funds to single small companies opens on Monday (4 April 2011) and will be managed by the Technology Strategy Board. The GRD aims to help smaller companies invest in research – and in the development of new products, processes and services.
Three types of grant are available:
- Proof-of-market – maximum grant £25000
- Proof-of-concept – maximum grant £100,000
- Development of prototype – maximum £250,000
Pre start-ups, start-ups, and small and medium-sized businesses from all sectors across the UK may apply for the Grant for R&D programme. Further information, including full guidance for applicants, will be available from 4 April 2011 – from www.innovateuk.org/deliveringinnovation/grant-for-research-and-development.ashx
Iain Gray, The Technology Strategy Board’s chief executive, said: “SME companies may 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 GRD initiative should help many innovative small businesses to overcome this barrier and invest in innovation, helping to generate future business success.”
The new programme supersedes the former GRD scheme, which was managed by the RDAs (regional development agencies) but has similar objectives.
