Funding

Smart is the DTI (Department of Trade and Industry) initiative that provides grants to help individuals and small and medium-sized businesses to make better use of technology and to develop technologically innovative products and processes. England, Scotland, Wales and Northern Ireland all have their own initiatives within the scheme. a) Technology Reviews help individuals and small and medium-sized businesses assess their use of technology against best practice in their sector; Grants of up to £2500 for individuals and small and medium-sized firms (fewer than 250 employees) to help identify technological opportunities leading to innovative products and processes. Bottom line, matched funded, up to £2500 spend, up to £2500 grant, two weeks for application, duration 4 to 8 weeks typical. b) Technology Studies help individuals and small and medium-sized businesses identify technology opportunities, which may lead to innovative products and processes. Grants given match that given for technology reviews. Bottom line, matched funded, up to £6600 spend, up to £5000 grant, two weeks for application, duration 6 to 12 weeks typical. c) Micro Projects help individuals and very small enterprises (“micro businesses”) develop simple prototypes of innovative products and processes; Grants of up to £10,000 to help individuals and micro-firms (fewer than 10 employees) with developing low-cost prototypes of products and processes involving technical advances and/or novelty. Bottom line, matched funded, up to £20,000 spend, up to £10,000 grant, four weeks for application, duration 10 to 20 weeks typical. d) Feasibility Studies help individuals and small businesses assess the technological and commercial prospects for turning innovative technology into new products or processes; Grants of up to £45,000 are available, for individuals and small firms (fewer than 50 employees) undertaking feasibility studies into innovative technologies. Bottom line, up to £60,000 spend, £2500 grant, two months for application, duration 6 to 12 months typical. e) Development Projects help small and medium-sized businesses develop to a preproduction prototype stage new products or processes involving a significant technological advance; Grants of up to £150,000 for small and medium-sized firms (fewer than 250 employees) undertaking development projects. Bottom line, £450,000 spend, £150,000 grant, two months for application, duration 10 to 88 months typical. Eligibility: Individuals and Small and medium businesses