Grant funding scheme for companies developing new products, offering a Proof of Concept grant designed to support the commercialisation of new technologies.
The Fund can award successful applicants a grant of up to £16,500 at an intervention rate of up to 55% to help fund an approved product development project, subject to eligibility conditions. The Fund is open to applications and closure is expected in early 2023.
It is part-funded by the European Regional Development Fund (ERDF), so to be eligible for support your business must be based within one of the three sponsoring LEP areas (Black Country, The Marches or Stoke on Trent and Staffs) and qualify as an SME (detailed conditions apply, but in summary, the company must have independent ownership, have fewer than 250 employees and an annual turnover of less than €50 million).
1. Applicant Organisation
To be eligible for support your business must be based within one of the seven Local Authority areas illustrated and qualify as an SME. Detailed conditions apply but in summary your company must have:
• Independent ownership
• Fewer than 250 employees
• Turnover of less than €50 million per annum
The Smart Concept Fund is targeted toward businesses that operate in the following sectors:
- Transport technologies (including aerospace and automotive)
- Building technologies/construction
- Advanced manufacturing including advanced engineering
- Environmental technologies
- Applied materials
- Agritech/agricultuItemsre, food and drink
- Medical technology
- Energy generation
- Defense and securities
The aim of the Smart Concept Fund is to support companies to carry out a programme of development work, where third-party suppliers are contracted to provide expert services such as:
- Design modelling
- Engineering analysis
- Protection of intellectual property
- Preparation of intellectual property agreements
- Market research
- Pre-clinical tests
- Phase 1 clinical trials
- User trials
- Product testing (including compliance with product standards)
To register your interest, contact the Smart Concept Fund Project Office at the University of Wolverhampton Science Park.
The Project Office will check your eligibility and advise on whether your project fits the Smart Concept Fund criteria.
Business Grant Application
If you decide to make an application, you will be supported by a Smart Concept Fund Advisor to develop the formal application (business plan).
The funding application will outline the commercial and technical merits of the proposed development programme and detail the PoC activity that requires support.
Your Smart Concept Fund Advisor will present your application to the Investment Decision Group, who will approve, reject or recommend
changes and resubmission.
For more information, please read here.
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