London, 29 January 2025: Innovate UK recently announced the ending of its Smart Grant scheme. However, it is currently working alongside other SMEs and start-up communities to further its grant-related work. The Smart scheme filled an essential gap within the grant funding landscape: it was sector-agnostic, and its regular timed announcements were well suited to SMEs with a more limited timeframe.
However, due to mass oversaturation in recent years, it is understandable that the scheme has been retired. Due to the ease of the application process, a significant number of low-quality applications were submitted to the board, some of which were ineligible, both by businesses submitting independently or through the help of certain advisors.
The Smart initiative was part of a larger global trend by governments to link grant funding to industrial strategy: targeted support to bolster specific areas of the economy where the country has the potential to succeed or compete globally.
The current opportunity landscape for UK businesses for grants is growing. Therefore, this news does not signal disinvestment but instead a restructuring from Innovate UK toward a more suitable funding mechanism.
Ayming’s Strategic Grants Advisory is an end-to-end, streamlined service through which we help businesses establish and execute a coherent grant funding strategy. We work with our clients to deliver a strategy that supports their investment plans, analysing the most likely eligible and competitive innovation projects. We then match those projects with upcoming funding opportunities as they are announced.
Learn more about our Strategic Grants Advisory service here.
ENDS
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For grants enquires:
Dr Jonathan Memel
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