R&D grant scheme to launch
A new 'Grant for Research and Development' (GRD) scheme is being introduced to offer funding to small companies. The programme, which comes into effect from Monday (4 April 2011) will be managed by the Technology Strategy Board.
The GRD aims to help smaller companies invest in research – and the development of new products, processes and services.
Under the scheme the maximum funding available will be £25,000 for proof-of-market grants, £100,000 for proof-of-concept grants and £250,000 for development of prototype grants.
Iain Gray, The Technology Strategy Board’s chief executive, said: “Innovative small companies are vital to the UK’s economic future. Nearly two-thirds of all commercial innovations originate in small companies and we need to nurture and encourage this vital source of exciting new innovations.
“Small companies may under-invest in innovation because of the high degree of risk and uncertainty around both the development and commercial exploitation of new ideas. Offering partial funding through this initiative should help many innovative small businesses to overcome this barrier and to invest in innovation, helping to generate future business success.”
The new programme supersedes the former GRD scheme, which was managed by the regional development agencies but it will have similar objectives.
