New R&D scheme offering grants up to £250,000
TSB announcement comes just days after chancellor's credit increase
Britain’s most innovative small businesses could earn up to £250,000 through a new R&D grant scheme, launched by the Technology Strategy Board (TSB).
The scheme was unveiled last week, just hours after the chancellor announced an increase in R&D tax credits in his 2011 Budget speech.
The TSB’s Grant for Research and Development will provide: proof-of-market grants, which will cover market research and planning; proof-of-concept grants, covering feasibility studies and basic prototyping; and development-of-prototype grants, which will go towards product design and intellectual property protection.
The maximum proof-of-market grant available will be £25,000, while the proof-of-concept grants can stretch to £100,000, and £250,000 is available for development-of-prototype applicants.
Iain Gray, chief executive of the Technology Strategy Board, highlighted the risk and uncertainty which deters many companies from investing in innovation, adding that “offering partial funding through this initiative should help many small businesses to overcome this barrier and to invest in innovation.”