Innovate UK has opened a competition to support SMEs and their partners in developing new innovations with significant potential for a rapid economic return to the UK.
The Innovate UK Smart Grants competition recently opened and runs to 24 July 2024. The competition is open for applications that come from any area of technology and may be applicable to any part of the UK economy. Successful applicants can secure a share of up to £25 million for funding their innovation projects.
Eligibility criteria for applicants can be found on the government website. As part of the application process, applicants should 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
Protection of intellectual property is a crucial part of any project that develops new innovations with the potential for economic return. IP rights such as patents, designs and trademarks can often be an important tool for demonstrating the commercial value of a project and assisting in obtaining of grants and other investments, even at the early stages of a project.
The team at Forresters has a strong track record of working with SMEs across a breadth of technologies to secure IP rights and develop strategies. If you are considering applying to the UK Smart Grants competition, then please contact a member of our team to discuss the protection of your intellectual property.
