Sources of Funding
There are many sources of business funds in the UK at both national and regional level. These include grants from government. The Grant for Research and Development (GRD) provides grants to help individuals and small and medium-sized businesses (SMEs) who are based in England and are involved in researching and developing technologically innovative products and processes. Scotland, Wales and Northern Ireland also run their own equivalent schemes.
There are five different types of project that a GRD grant can be awarded for and each requires the applicant to make their own contribution to the project costs:
- Proof of Market grants to test the commercial potential of an innovative idea for a new technology. A grant of up to £20,000 is available to businesses with fewer than 250 employees.
- Micro projects are simple, low-cost development projects lasting no longer than 12 months. A grant of up to £20,000 is available to businesses with fewer than ten employees.
- Research projects aim to investigate the technical and commercial feasibility of innovative technology and last six to 18 months. A grant of up to £100,000 is available to businesses with fewer than 50 employees.
- Development projects aim to develop a pre-production prototype of a new product or process that involves a significant technological advance. Projects take six to 36 months. A grant of up to £250,000 is available to businesses with fewer than 250 employees.
- Exceptional development projects involve a significant technological advance and are strategically important for a particular technology or industrial sector. Projects take six to 36 months. A negotiable grant of up to £500,000 is available to businesses with a qualifying project.
For more information do feel free to call Coller IP Management on 0870 402 1611
March 2010
