£440 million pounds. Who said there was a shortage of grants and practical support to help businesses succeed and prosper? Last week I attended an event on innovation hosted by HMRC and the TSB (Technology Strategy Board). The point of the event was to highlight the support and not insignificant sums ready and available to apply for. But, it got me thinking – just what is innovation? Let’s take a look at the dictionary definition:

“A new method, idea, product, service, or process.”

The Technology Strategy Board is the UK’s innovation agency, funded and sponsored by the Department for Business, Innovation and Skills (BIS). It was set up to speed up the journey to market of an idea, product, service, or process and to work with start-up, micro, small and medium-sized enterprises. The two most common grants are listed below:

SMART Grants – encouraging SMEs to engage in R&D projects in strategically important areas of science, engineering and technology from which successful new products, processes and services could emerge. Funding can be applied on the following:

• Proof of market  (Max grant £25k)
• Proof of concept  (Max grant up to  £100k)
• Prototype development (Max grant £250k)

Any UK SME undertaking research and development may apply; applications are accepted on a rolling basis for assessment by independent experts and I am assured that the entire process is pretty straightforward and access to a helpful advice line is available to help with a successful application.

To apply or find out more visit their website.

Innovation Vouchers – helping your business to access the knowledge it needs to innovate. An innovation voucher will enable you to work with an external expert for the first time so you can move forward with a particular idea or innovation. It can also be used to help you think through an idea that might lead you to apply for other types of support offered by the Technology Strategy Board, and can be applied for in the following areas up to a maximum of £5k:

• Ideas for new or improved products, processes and services
• Using design to improve your ideas
• Managing your Intellectual Property.

The application process is a simple online form, so to find out more take a look at the website.

So, there you have it – What new idea, product, service, or process are you involved in? How could you innovate? Have you considered engaging with the TSB? Were you even aware of the support and funding they have on offer?

If you have worked with the Technology Strategy Board or have a project in mind that the TSB could support I would love to hear from you. Contact us on 01494 568941.