A grant scheme which offers funding to small and medium-sized enterprises (SMEs) to engage in R&D projects in the strategically important areas of science, engineering and technology.

The scheme supports SMEs carrying out R&D which offers potentially significant rewards and that could stimulate UK economic growth.

Three types of grant are available:

SMART – PROOF OF MARKET

This grant enables companies to assess commercial viability, through:

–  market research

–  market testing and competitor analysis

–  intellectual property position

–  initial planning to take the project to commercialisation, including assessing costs, timescales and funding requirements.

Key features

–  Duration – up to 9 months

–  Maximum grant – £25k

–  Funding proportion – up to 60% of total project costs

SMART – PROOF OF CONCEPT

A grant to explore the technical feasibility and commercial potential of a new technology, product or process:

–  initial feasibility studies

–  basic prototyping

–  specialist testing and/or demonstration to provide basic proof of technical feasibility

–  intellectual property protection

–  investigation of production and assembly options.

It also includes pre-clinical research studies for healthcare technologies and medicines, including target identification and validation.

Key features

–  Duration – up to 18 months

–  Maximum grant – up to £100k

–  Funding proportion – up to 60% of total project costs

SMART – PROTOTYPE DEVELOPMENT

This funding is used by companies to develop a technologically innovative product, service or industrial process:

–  small demonstrators

–  intellectual property protection

–  trials and testing, including clinical

–  market testing

–  marketing strategies

–  identifying routes to market

–  product design work

–  pre-clinical studies for medicines.

Key features

–  Duration – up to 2 years

–  Maximum grant – £250k

–  Funding proportion – up to 35% of total project costs for medium enterprises; up to 45% for small and micro enterprises

The date of registration for this round of funding is 17th July with a closing date of 25 September

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352