Innovate UK Smart grants: November 2024

Text update 13 November 2024: a change has been made to the total funding amount available in the funding section.

Who can apply

Your project

Your project must:

• start by 1 July 2025

• end by 30 June 2027

• include at least one micro, small or medium enterprise (SME) as the lead or a collaborative grant claiming partner

• follow specific rules depending on its duration

• carry out all of its project work in the UK

• intend to exploit the results from or in the UK

Projects must always start on the first of the month, even if this is a non-working day. You must not start your project until your Grant Offer Letter has been approved by Innovate UK. Any delays within Project Setup may mean we need to delay your project start date.

The end by date is the date by which all funding for this round of the competition must end. Your contracted end date will not be extended.

If your project’s duration is 6 to 18 months, it must:

• have total eligible project costs between £100,000 and £500,000

• be single or collaborative

If your project’s duration is 19 to 24 months, it must:

• have total eligible project costs between £100,000 and £1 million

• be collaborative

You must only include eligible project costs in your application. See our overview of eligible project costs. For specific guidance, see the eligibility section in this competition.

If your project does not meet the eligibility criteria for this competition it will not be sent for assessment.

Lead organisation

To lead a project or work alone your organisation must:

• be a UK registered SME if you want to work alone

• be a UK registered business of any size, or a research and technology organisation (RTO) if your proposal is collaborative

• include at least one grant claiming micro, small or medium-sized enterprise (SME) if you are a large business or RTO and wish to collaborate with other UK registered businesses, research organisations, academic organisations, public sector organisations or charities

• claim grant funding

More information on the different types of organisation can be found in our Funding rules.

If the lead organisation is an RTO it must collaborate with at least two businesses (one SME, and one business of any size) and there must be a credible route to market for the output of the project. Since the purpose of RTOs is to speed up the process of those using their services this is expected to be through the other project partners, rather than the RTO itself.

Academic institutions cannot lead or work alone.

Project team

To collaborate with the lead, your organisation must be one of the following UK registered:

• business of any size

• academic institution

• charity

• not for profit

• public sector organisation

• research and technology organisation (RTO)

Each partner organisation must be invited into the Innovation Funding Service (IFS) by the lead to collaborate on a project. Once partners have accepted the invitation, they will be asked to login or to create an account in IFS. They are responsible for entering their own project costs and completing their Project Impact questions in the application.

To be an eligible collaboration, the lead and at least one other organisation must apply for funding when entering their costs into the application.

Including collaboration partners within your question responses is not sufficient for an application to be considered collaborative. You must follow the above instructions to meet the eligibility requirement for collaborative proposals.

Non-funded partners

Your project can include UK partners that do not receive any of this competition’s funding. Their costs will count towards the total eligible project costs.

Subcontractors

Subcontractors are allowed in this competition.

Subcontractors must be based in the UK for the duration of the project and their portion of the project work must be carried out in the UK. Subcontractors can be from anywhere in the UK and you must select them through your usual procurement process.

All subcontractor costs must be justified and appropriate to the total eligible project costs.

For the purposes of this competition the Channel Islands and the Isle of Man are crown dependencies and not classed as part of the UK. Subcontractors located there would be ineligible.

Subcontractors are not considered collaboration partners.

Number of applications

A business or research and technology organisation (RTO) can only lead on one application but can be included as a collaborator in two further applications.

This limit extends to current owners, directors and persons of significant interest, prohibiting them from leading multiple submissions through different entities. Any subsequent applications submitted with the same lead will be ineligible and will not be forwarded for assessment.

All project partners can collaborate on any number of applications.

Sanctions

This competition will not fund you, or provide any financial benefit to any individual or entities directly or indirectly involved with you, which would expose Innovate UK or any direct or indirect beneficiary of funding from Innovate UK to UK Sanctions. For example, through any procurement, commercial, business development or supply chain activity with any entity as lead, partner or subcontractor related to these countries, administrations and terrorist groups.

Use of animals in research and innovation

Innovate UK expects and supports the provision and safeguarding of welfare standards for animals used in research and innovation, according to best practice and up to date guidance.

Applicants must ensure that all of the proposed work within projects, both that in the UK and internationally, will comply with the UKRI guidance on the use of animals in research and innovation.

Any projects selected for funding which involve animals will be asked to provide additional information on welfare and ethical considerations, as well as compliance with any relevant legislation as part of the project start-up process. This information will be reviewed before an award is made.

Previous applications

You can use a previously submitted application to apply for this competition.

If you have previously submitted an application that reached our assessment stage, you can re-apply once more with the same proposal.

If there are differences to any subsequent proposal, but it is judged by us to be 'not materially different' or 'significantly similar', the same rule applies.

We will not award you funding if you have:

• failed to exploit a previously funded project

• an overdue independent accountant’s report

• failed to comply with grant terms and conditions

Subsidy control (and State aid where applicable)

This competition provides funding in line with the Subsidy Control Act 2022. Further information about the Subsidy requirements can be found within the Subsidy Control Act 2022 (legislation.gov.uk).

Innovate UK is unable to award organisations that are considered to be in financial difficulty. We will conduct financial viability and eligibility tests to confirm this is not the case following the application stage.

EU State aid rules now only apply in limited circumstances. Please see the Windsor Framework to check if these rules apply to your organisation.

Further Information

If you are unsure about your obligations under the Subsidy Control Act 2022 or the State aid rules, you should take independent legal advice. We are unable to advise on individual eligibility or legal obligations.

You must always make sure that the funding awarded to you is compliant with all current Subsidy Control legislation applicable in the United Kingdom.

This aims to regulate any advantage granted by a public sector body which threatens to, or actually distorts competition in the United Kingdom or any other country or countries.

This award is classified as a Subsidy which does not form part of your Minimal Financial Assistance or De Minimis allowance.

Funding

Up to £15 million is available to fund innovation projects in this competition. Funding will be in the form of a grant.

If your organisation’s work on the project is commercial or economic, your funding request must not exceed the limits below. These limits apply even if your organisation normally acts non-economically but for the purpose of this project will be undertaking commercial or economic activity.

The balance between your total eligible project costs and the amount of grant awarded must be funded by the organisations receiving the grant.

For feasibility studies and industrial research projects, you can get funding for your eligible project costs of:

• up to 70% if you are a micro or small organisation

• up to 60% if you are a medium sized organisation

• up to 50% if you are a large organisation

For experimental development projects which are nearer to market, you can get funding for your eligible project costs of:

• up to 45% if you are a micro or small organisation

• up to 35% if you are a medium sized organisation

• up to 25% if you are a large organisation

For more information on company sizes, please refer to the company accounts guidance.

If you are applying for an award funded under State aid Regulations, the definitions are set out in the European Commission Recommendation of 6 May 2003.

Research participation

The research organisations undertaking non-economic activity as part of the project can share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation undertaking non-economic activity, this maximum is shared between them. Of that 30% you can get funding for your eligible project costs of up to:

• 80% of full economic costs (FEC) if you are a Je-S registered institution such as an academic

• 100% of your eligible project costs if you are an RTO, charity, not for profit organisation, public sector organisation or research organisation

Your proposal

The Innovate UK Smart grant supports micro, small or medium-sized enterprises (SMEs) and their partners to develop the best game changing and world leading innovative R&D projects. It offers funding where other opportunities are not available or appropriate, and where timing is key to ensure swift and successful commercialisation, post project completion.

To be in scope your proposal must demonstrate:

• a ground breaking and innovative idea for brand new products, processes or services

• an idea that is significantly different from already available products, processes or services globally

• an idea that is set for rapid commercialisation following project completion

• clear potential to positively impact the UK’s position, productivity and competitiveness within the global economy

• a clear, evidence-based business plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion

• why Smart funding is the right potential funding for your project, and the journey you have already been on to reach the point of application

• a team with the necessary skills and expertise to deliver the project successfully and on time, and to achieve rapid commercialisation

• awareness of all the main risks the project will face with realistic management, mitigation and impact minimisation plans for each risk

• sound, practical financial plans and timelines that represent good value for money, including the funding of post-project activities

Specific themes

Your project must focus on:

• taking customer and user needs into account to deliver more desirable and useful solutions

• identifying who is ready to buy your innovation

• being developed, planned and resourced beyond the end of the Innovate UK funded project, taking into account the focus of any project partners and their existing commitments

• fitting in with and complementing your ongoing business planning and development, product offerings and organisational structure to maximise chances of success

Research categories

We will fund feasibility projects, industrial research projects and experimental development projects, as defined in the guidance on categories of research.

Projects we will not fund

We are not funding projects:

• that do not meet the competition scope or eligibility criteria

• where the technology is already available

• that do not address the size, potential and access to market for their innovation

• that do not evidence the potential for their idea to lead to significant return on investment (ROI), positive economic impact, growth and scale-up of the business

• that do not provide clear and realistic plans to commercialise their innovation as soon as possible, post project completion

• where other Innovate UK funding support is available and more appropriate

We will not fund commercialisation activities such as marketing and sales.

We cannot fund projects that are:

• dependent on export performance, for example, giving a subsidy to a baker on the condition that it exports a certain quantity of bread to another country

• dependent on domestic inputs usage, for example, giving a subsidy to a baker on the condition that it uses 50% UK flour in their product

21 November 2024

Online briefing event at 11.30am: join here

Briefing slides will be available to download from supporting information after the event

28 March 2025

Applicants notified

Before you start

You must read the guidance on applying for a competition on the Innovation Funding Service before you start.

Before submitting, it is the lead applicant’s responsibility to make sure:

• that all the information provided in the application is correct

• your proposal meets the eligibility and scope criteria

• all sections of the application are marked as complete

• if collaborative, that all partners have completed all assigned sections and accepted the terms and conditions (T&Cs)

You can reopen your application once submitted, up until the competition deadline. You must resubmit the application before the competition deadline.

What we ask you

The application is split into four sections:

1. Project details.

2. Application questions.

3. Finances.

4. Project Impact.

Accessibility and Inclusion

We welcome and encourage applications from people of all backgrounds and are committed to making our application process accessible to everyone. This includes making reasonable adjustments, for people who have a disability or a long-term condition and face barriers applying to us.

You can contact us at any time to ask for guidance.

We recommend you contact us at least 15 working days before this competition’s closing date to allow us to put the most suitable support in place. The support we can provide may be limited if you contact us close to the competition deadline.

You can contact Innovate UK by email or call 0300 321 4357. Our phone lines are open from 9am to 12pm and 2pm to 5pm UK time, Monday to Friday (excluding bank holidays).

1. Project details

This section provides background for your application and is not scored.

Application team

If you are a single applicant decide which people from your organisation will help work with you on the project and invite them to help complete the application.

If your proposal is collaborative, decide which organisations will work with you on your project and invite people from those organisations to help complete the application.

Application details

Give your project’s title, start date and duration.

Research category

Select the type of research you will undertake.

Project summary

Describe your project briefly and be clear about what makes it innovative. We use this section to assign the right experts to assess your application.

Your answer can be up to 400 words long.

Public description

Describe your project in detail and in a way that you are happy to see published. Do not include any commercially sensitive information. If we award your project funding, we will publish this description. This can happen before you start your project.

Your answer can be up to 300 words long.

Scope

Describe how your project fits the scope of the competition. If your project is not in scope, it will not be sent for assessment. We will tell you the reason why.

Your answer can be up to 400 words long.

2. Application questions

The assessors will score all your answers apart from questions 1, 2 and 3. You will receive feedback for each scored question. Find out more about how our assessors assess and how we select applications for funding.

You must answer all questions. Do not include any website addresses (URLs) in your answers.

Question 1. Applicant location (not scored)

You must state the name and full registered address of your organisation and any partners or subcontractors working on your project.

We are collecting this information to understand the geographical location of all applicants.

Your answer can be up to 400 words long.

Question 2. Animal testing (not scored)

Will your project involve any trials with animals or animal testing?

You must select one option:

• Yes

• No

We will only support innovation projects conducted to the highest standards of animal welfare.

Further information for proposals involving animal testing is available at the UKRI Good Research Hub and NC3R’s animal welfare guidance.

Question 3. Permits and licences (not scored)

Will you have the correct permits and licences in place to carry out your project?

We are unable to fund projects who do not have the correct permits or licences in place by your project start date.

You must select one option:

• Yes

• No

• In process of being applied for

• Not applicable

Question 4. Your idea and innovation

What is your idea and innovation, and why is it game changing?

Explain in your answer:

• the specific innovation you propose to develop

• how your innovation is clearly different from alternative solutions that are already available

• whether the innovation is for new solutions in existing areas, or a totally new approach or idea

• the specific need or challenge you propose to address and who would benefit from it immediately and longer term

• any work you have already done to respond to this need, for example, if the project focuses on developing an existing capability or building a new one

• any challenges or opportunities relating to equality, diversity and inclusion arising from your project

Your answer can be up to 600 words long.

You must submit an appendix to support your answer. It can include diagrams or charts to showcase the technical merit of your innovation and should evidence how it is world leading. It must be a PDF no larger than 10MB. It can be up to two A4 pages but must be legible at 100% zoom.

Assessors will be looking for proposals involving a game changing, world class innovation where the innovation need is clearly defined. Nearest state of the art is understood and evidenced, and the proposal demonstrates an idea that is different to, and ahead of alternative, already available solutions.

A fully developed proposal needs to go beyond presenting a brand new, commercially viable idea, and should demonstrate a structured and evidenced understanding of the sector and the opportunity identified.

Question 5. Justification for funding

Why is your innovation and proposal suitable for Smart funding, and why do you need public funding to help you succeed?

Smart grants are a highly competitive competition, where only the very best game changing and disruptive ideas, which score highly, will be successful in securing funding.

Explain in your answer:

• the journey you have followed to ensure you are ready for Smart grant funding, including any training, support and mentoring you have undertaken

• any other routes of investment, including alternatives from the public and private sectors, that you have already explored, why they are unsuitable, or why your application was turned down

• why you consider Smart funding to be the right route for your project, organisation and consortium, where applicable

• what will happen to your project if you are not successful in securing Smart funding

• what clear advantages would public funding offer your project that other routes would not; for example, enabling partnerships, leveraging wider investment, reducing risk and accelerating routes to market

• why public funding is justified as a means to fund this project

Your answer can be up to 400 words long.

Assessors will be looking for applicants who have researched the match between their needs and grant readiness against the scope of the competition before applying for Smart funding.

They will also assess the impact that Smart funding will have in terms of what would happen to the project if it did not secure grant support. For example, would it still be able to go ahead albeit with adjustments or would it not be able to go ahead at all.

For projects where benefits will accrue to others outside the project, they will look at the unique advantages Smart public funding will bring in de-risking the costs for the applicants.

Question 6. The potential market

What is your target market and what is your strategy for securing the market opportunity you have identified, including your route to market and commercialisation of project outputs?

Explain in your answer:

• the size and current structure of the specific markets you are targeting, including international, domestic, or both, supported by current market data

• the structure and dynamics of the target markets and how your innovation is distinct and strong enough to change and impact these, including customer segmentation, competitors, trends affecting market growth, and predicted growth rates within clear timeframes

• who is ready to commit to buying your innovation, and how you will ensure significant return on investment (ROI), including evidence from any end user or market research that you have already carried out

• your agreed plan for exploitation, your proposed route to market and commercialisation, including your business models and any partnerships you have formed or will be looking to form to secure market share

• the export potential for your project outputs

• any barriers to entry and how you will overcome these

• your freedom to operate and your project outcome’s potential for significant but realistic returns

Your answer can be up to 400 words long.

Assessors will be looking for proposals where the target market and customer base have clearly been researched and defined, and a strong understanding of the potential markets, including how the proposed innovation will disrupt these in an ambitious way, has been presented and evidenced.

Route to market and commercialisation plans must demonstrate business skills and planning, the potential for early revenue generation, de-risking the path to significant ROI, and how commercial viability will be achieved.

All plans must be realistic, appropriate, and practical for the identified market, including any barriers that exist and provide achievable solutions to show how these will be overcome.

Question 7. Impact and benefits

What will be the impact of receiving the grant, both for your business and outside your organisation?

Explain in your answer:

• the nature of the outputs you expect from your project, for example, reports, demonstrator, know-how, new process, product or service design, and how these will help you to target the need, challenge or opportunity identified

• how your project fits with your current product, service lines or offerings and how your organisation will profit from the innovation, including increased revenues, growth, or cost reduction

• how your innovation will affect your share of the market, productivity and growth, in both the short and the long term

• the timescale needed to realise these benefits

• how your innovation will impact on the creation, safeguarding or displacing of jobs, both within your consortium and the wider sector

• how you will protect and exploit the outputs of the project, for example, through know-how, patenting, designs, or changes to your business model

• the sustained, long term expected impacts on the UK economy, society, and the environment, to your customers, supply chains and the broader sector

• any expected regional impacts

• any negative impacts that you have identified, and how you will mitigate against these

• how you have considered equality, diversity and inclusion in the development and design of your innovation, for example, unintended exclusion of minority groups

Your answer can be up to 600 words long.

Assessors will be looking for proposals that deliver and evidence considerable positive impact for the organisations involved and for the wider economy.

Impact should be considered at every level, from job security or creation and safer working environments or practices, to developing skills, capacity, increasing market share.

Societal, environmental and regional benefits should also be demonstrated and measured, for example benefits to quality of life, public empowerment and waste avoidance.

Question 8. Delivering your project

Who is in the project team, why do you have the right skills and experience to succeed, and how will you successfully deliver your project?

Explain in your answer:

• the roles, skills, expertise and experience, including in project and risk management, of all team members, which are relevant to ensuring successful delivery of the project

• the diversity of the project team that is relevant to your approach, observing confidentiality of protected characteristics

• your capability to deliver in the required timeframe, given your existing business activities or constraints, and considering no extensions or delays to the project duration are possible for Smart funded projects

• any roles you will need to recruit for, and how you will promote equality, diversity and inclusion

• the resources, equipment and facilities needed for the project and how you will access them

• the details of any vital external parties, including subcontractors, who you will need to work with to successfully complete the project and why these tasks cannot be carried out by project partners

• the current relationships between project partners and how these will change as a result of the project, if your project is collaborative

• your approach to project management, identifying any major tools and mechanisms you will use to secure a successful project outcome

• how your project team will deliver outcomes and impact beyond the life of the project, and how you will ensure swift, successful commercialisation following project completion

Your answer can be up to 400 words long.

You must submit a project plan to support your answer. This needs to be in sufficient detail to identify any links, dependencies or potential duplication between work packages or milestones.

Your appendix can include diagrams and charts. It must be a PDF no larger than 10MB. It can be up to two A4 pages but must be legible at 100% zoom.

You must also submit a risk register, indicating the main risks for your project, including, but not limited to, technical, commercial, managerial and environmental.

You must include any identified interdependencies between these risks, the likely impact and your mitigation strategy. You should pay particular attention to how you will mitigate project delivery risks with your immediate and extended teams, for example, your supply chain or end users.

It must be a PDF, up to two A4 pages long and no larger than 10MB in size. The font must be legible at 100% zoom.

Assessors will be looking for strong and capable project teams, who have clearly shown and evidenced their capacity to deliver the project and outcomes. This must include skills in managing complex R&D projects, financial and risk management as well as technical skills relating to the nature of the innovation itself.

Project plans should be realistic and should show how progress will be tracked and managed. A comprehensive risk register should give confidence that the project team have the necessary tools and mitigation strategies in place to successfully overcome challenges that may be encountered.

If applicable, relationships between consortium members, and how this will lead to the successful delivery of work packages, should be defined. Post-project strategies for commercialisation should be adequately resourced and should take into account existing business commitments and plans.

Question 9. Value for money

How will you spend your grant funding and how does this represent good value for money for the taxpayer?

Explain in your answer:

• what the funding will be spent on and how are costs distributed between consortium partners, if applicable

• a breakdown of costs aligned with tasks or work packages, and how best value for money has been calculated, for example, quotation comparison

• how you and any project partners will fund their contribution to the project and ensure that this is in place, ready for the latest possible start date stated in the competition’s eligibility criteria

• any subcontractor costs and how these have been calculated

• how you will fund and resource any post project activities to continue your journey towards commercialisation

• any wider support that you may need to access, for example, partnerships, private finance and export advice, and how this is critical to project success

Your answer can be up to 400 words long.

Assessors will be looking for proposals where costs are commensurate with works being carried out, with evidence of how best value for money has been calculated.

Availability of match funding should be agreed by all consortium partners, where applicable, to ensure that the project is able to proceed if successful in this competition. Assessors will also be looking beyond the project to confirm solid financial planning, which will lead to swift commercialisation.

The project must demonstrate it is fully resourced, financed and has plans in place to maximise chances of success, for example, is funding available, is expertise in commercialisation and growth in house or externally provided.

3. Finances

Each organisation in your project must complete their own project costs, organisation details and funding details in the application. Academic institutions must complete and upload a Je-S form.

For full details on what costs you can claim see our project costs guidance. You can also view our Application Finances video.

4. Project Impact

This section is not scored but will provide background to your project.

Each partner must complete the Project Impact questions before being able to submit the application.

More information can be found in our Project Impact guidance and by viewing our Impact Management Framework video.

Innovate UK complies with the requirements of UK GDPR and the Data Protection Act 2018, and is committed to upholding data protection legislation, and protecting your information in accordance with data protection principles.

Assessment

Your application will be reviewed by three independent assessors based on the content of your application and their skills or expertise relevant to your project. All of the scores awarded will count towards the total score used to make the funding decision, unless you are notified otherwise.

You can find out more about our assessment process in the Smart: innovation funding guidance

Assessors will come from different backgrounds across business and academia and may focus on and highlight different aspects of your responses in their feedback, and award differing scores, based on their individual opinion of your proposal. Assessor comments will be reviewed for quality and consistency with Innovate UK guidance, but this will not impact on the outcome of the funding decision.

Your submitted application will be assessed against these criteria:

Smart November 2024 - Assessor guidance for applicants.pdf (opens in a new window)

Background and further information

The Smart programme is designed to support brand new and high impact innovations from micro, small and medium-sized enterprises (SMEs), and their collaboration partners where appropriate, with the aim of accelerating their innovation journey and creating unique opportunities.

Through this support, Smart grants help unleash the potential of a broad spectrum of innovators, empowering them to turn visionary ideas into market leading solutions. With an emphasis on inclusive growth, these grants also support diversity in innovation, enabling a wider range of businesses to contribute to the UK's competitive advantage on the global stage.

Briefing slides

Briefing slides will be available to download here after the briefing event.

Find a project partner

If you want help to find a project partner, contact Innovate UK Business Connect.

Support for SMEs from Innovate UK EDGE

If you receive an award, you will be contacted about working with an innovation and growth specialist at Innovate UK Business Growth. This service forms part of our funded offer to you.

These specialists focus on growing innovative businesses and ensuring that projects contribute to their growth. Working one-to-one, they can help you to identify your best strategy and harness world-class resources to grow and achieve scale.

We encourage you to engage with Innovate UK Business Growth, delivered by a knowledgeable and objective specialist near you.

Protecting your innovation

A Secure Innovation campaign has been developed to help founders and leaders of innovative startups protect their technology, competitive advantage, and reputation.

This was developed by UK’s National Protective Security Authority (NPSA) and the National Cyber Security Centre (NCSC).

If your application is successful

If you are successful with this application, you will be asked to set up your project.

You will be notified by email on the date published for this competition. Notifications may be sent any time up to 5pm.

You must follow the unique link embedded in your email notification. This takes you to your Innovation Funding Service (IFS) Set Up portal, where we gather the information to set up your project.

Watch our video on what steps there are before a project starts.

During the project set up you will be assigned a delivery executive who will guide you through the whole project set up process.

Following your email notification, you will need to provide the following within 5 days (including weekends and bank holidays):

• the name and contact details of your project manager and project finance lead

• a finance contact for all partners

• a copy of your bank details

You will need to provide the following within 30 days (including weekends and bank holidays):

• a collaboration agreement, if collaborative

• an exploitation plan

You will have 90 days (including weekends and bank holidays) to complete all of your project set up. Within this time, you will also be required to submit:

• project location

• any answers to financial queries we have requested

• any requested documentation to support your project such as a spend profile

Your funding offer may be withdrawn if project setup is not completed within this or an alternative timeframe as advised by Innovate UK.

In order for us to process your claims, you must make sure you have a valid UK business bank account. It can take several weeks for a new account to be created if required. We recommend starting this process as early as possible to avoid any delays to your project start date.

The bank account which grant is to be paid into must:

• be a business account in the same name as the organisation listed in IFS

• be from a UK bank regulated by the Prudential Regulation Authority (PRA)

• have a cheque and credit clearing facility

Online accounts are eligible as long as they meet the above criteria.

Innovate UK will accept most banking societies apart from:

• Viva Wallet

• Intesa Sanpaolo

• Equals Money UK Limited

• Modulr FS Limited

If you have any doubts that your bank account will not meet Innovate UK's funding criteria, you can use the sort code checker. If you input the sort code and find a tick next to the ‘BACS Direct Credit payments can be sent to this sort code’, this will give you an indication that the bank account you hold is acceptable.

Finance checks

We will carry out checks to make sure you are an established company with access to the funds necessary to complete the project.

You must check your IFS portal regularly and respond to any requests we have sent for additional information to avoid any delays.

Failure to complete project setup may result in your grant offer being withdrawn.

During our financial due diligence checks you must provide evidence of how you will finance your project costs for the duration of your project. Grant claims are submitted three months in arrears.

Your Grant offer letter (GOL)

Once you have successfully completed project setup, we will issue your GOL.

The GOL will be made available on your IFS portal. You will need to sign and upload this for us to approve. Once approved we will send you an email with permission to start your project on your confirmed start date.

You must not start your project before the date stated on your email and GOL. Any costs incurred before your agreed start date cannot be claimed as part of your grant.

If your application is unsuccessful

If you are unsuccessful with your application this time, you can view feedback from the assessors. This will be available to you on your IFS portal following notification.

Sometimes your application will have scored well, and you will receive positive comments from the assessors, but you are unsuccessful as your average score was not above the funding threshold.

Data sharing

This competition is operated by Innovate UK.

Innovate UK is directly accountable to you for its holding and processing of your information, including any personal data and confidential information. Data is held in accordance with our own policies. Accordingly, Innovate UK and Innovate UK Business Connect will be data controllers for personal data submitted during the application.

Innovate UK’s Privacy Policy

Innovate UK Business Connect Privacy Policy

Innovate UK complies with the requirements of UK GDPR and the Data Protection Act 2018, and is committed to upholding data protection legislation, and protecting your information in accordance with data protection principles.

The Information Commissioner’s Office also has a useful guide for organisations, which outlines the data protection principles.

Contact us

If you need more information about how to apply or you want to submit your application in Welsh, email support@iuk.ukri.org or call 0300 321 4357.

Our phone lines are open from 9am to 12pm and 2pm to 5pm UK time, Monday to Friday (excluding bank holidays).

Innovate UK or any of our partners will not tolerate abusive language in any written or verbal correspondence, applications, social media or any other form that might affect staff.