Grant Overview: The SMART: SCOTLAND grant is designed to support small and medium-sized enterprises (SMEs) in Scotland as they conduct feasibility studies for new products, processes, or services. This funding aims to validate innovative ideas to see if they can work effectively in the real world. With a focus on high-risk, highly ambitious projects, this grant encourages technological advancements that could significantly impact the UK industry or sector concerned.
Eligibility Criteria:
· Applicant must be a small or medium-sized business, university spin-out, or an individual intending to establish a base in Scotland.
· The project should represent a technological advancement in its respective UK industry or sector.
· There must be identifiable technical risks and challenges.
· Applicants must own or have rights to all intellectual property involved in the project and will retain IP developed throughout.
· The project and the business must demonstrate financial viability.
· Financial aid from the SMART: SCOTLAND grant must be essential for the project's commencement
Funding Details:
· Feasibility studies supported by the grant can last between 6 and 18 months.
· Funding covers up to 70% of eligible costs for small enterprises and up to 60% for medium enterprises.
· The maximum grant award is £100,000.
· Payment is structured as one-third upfront and the remainder paid quarterly in arrears.
Funding Sources:
· The grant is partly financed by the European Commission's European Structural and Investment Funds (ESIF), ensuring additional compliance and eligibility criteria are met as outlined in the grant offer letter.
Intellectual Property:
· While obtaining a patent is not mandatory, ownership of all generated IP is required, and measures for its protection must be clearly outlined.
· The assessment process includes a patent search to evaluate the level of innovation and detect any prior art.
Application Process:
· SMART: SCOTLAND accepts applications year-round, allowing flexibility for applicants to initiate projects according to their readiness and needs.
Call to Action: For SMEs based in Scotland looking to explore the feasibility of innovative ideas, the SMART: SCOTLAND grant offers substantial financial support and expert guidance. To enhance your application and navigate the complexities of IP protection, contact Inventya’s team of expert grant writers. With our experience in managing grant applications and strategic project planning, we can help maximise your chances of success. Reach out to Inventya today to kickstart your innovative project with the right funding and support.
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