The Ideal Timeline for Innovation Grant Applications: When to Get Started
Applying for innovation grants such as Innovate UK Smart Grants can be a game-changer for businesses with high-growth potential ideas. However, timing is crucial. Many businesses miss out simply because they start the process too late, often resulting in applications that fail to compellingly address the eligibility criteria. In this guide, we’ll outline the ideal timeline for grant applications and explain why contacting a team of grant specialists like Apogee early on is crucial for success.
Get in Touch as Soon as You Have an Idea
As soon as you start planning an innovative project - whether it's a cutting-edge technology, a new product, or a unique service - we should speak. While it might seem early, ideally, this should be 2 to 3 months before the grant deadline. This allows sufficient time to assess your project’s eligibility, gather all the required documentation, and craft a compelling, well-substantiated application.
Why this early? Grants like Innovate UK Smart Grants are highly competitive - and the competition is only increasing! Having enough time to carefully craft a clear narrative that demonstrates how your project addresses the key challenges that grant bodies are looking to solve, and how it benefits the UK economy, significantly boosts your chances of securing funding.
Is Grant Funding Right for Your Business?
Grant funding is an excellent solution for businesses with a revolutionary idea but limited resources, especially when they want to avoid diluting equity or taking on significant financial risk.
By tapping into these opportunities, companies can secure the capital needed to undertake innovative, high-growth projects without sacrificing ownership or control. This is particularly valuable for businesses with ambitious ideas that hold strong commercial potential but may be seen as too risky for traditional investors or lenders. This support allows businesses to develop their innovations and bring them closer to market, without compromising their financial stability or long-term strategic direction.
What Makes a Project Suitable for Funding?
For a project to be eligible for an innovation grant, like an Innovate UK Smart Grant, it should generally meet the following key criteria:
Commercial Potential: The project should aim to create something commercially viable, with a clear route to market. Grant bodies, like Innovate UK, are particularly interested in projects that can drive economic growth and create jobs.
Innovation Focus: The project must have a unique, innovative approach that addresses a significant industry challenge or advances technology.
Impact: Demonstrating the broader impact of your innovation, both on the economy and society, is a key factor.
Feasibility: A well-thought-out project plan, including realistic timelines and costings, is critical to showing feasibility. By partnering with Apogee, you'll have the support of a team of experts who can help you craft a detailed project plan that meets the expectations of grant bodies.
Alongside these key criteria, each grant competition has specific eligibility criteria that must be met, so it's essential to review these requirements carefully before applying.
Developing a Strong Application (2-3 Months Before the Deadline)
Once you’ve contacted us, we’ll work with you to map out your application strategy. During this phase, we focus on key areas such as:
Project Alignment: Does your project align with the funding body’s goals, such as demonstrating commercial potential, economic, societal, and environmental impact, or advancing scientific knowledge? Projects with strong potential to disrupt industries or solve significant market challenges are the most attractive to grant bodies.
Commercial Viability: Grant bodies, especially Innovate UK, are looking for projects with a clear path to market. Ensure your project not only innovates but also has a plan for market entry and growth. This includes detailing how your innovation will solve industry problems and be commercially sustainable.
Document Preparation: A typical application requires technical descriptions, market research, financial forecasts, and team details. Gathering this information takes time, so getting started early is vital.
After Submission: Waiting for Results (Around 2 Months)
Once your application has been submitted, the assessment process typically takes around 2 months. This is when the funding body will review all submissions and decide which projects meet their criteria for funding.
During this time, you can begin preparing for next steps - whether it’s refining your project plan, securing other forms of investment, or revisiting your commercial strategy. We’ll also keep an eye on your application status and be ready to assist as needed.
If your application doesn't achieve a high enough score during assessment, Innovate UK offers a second attempt. By partnering with Apogee, you’ll have access to a professional team that will revise your application based on assessor feedback at no additional cost, helping you maximise your chances of securing a grant for your innovative project.
Project Start
If your application is successful, you will receive a notification email shortly after the 2-month review period (or as specified in the grant overview). From that point, you will have 90 days to complete the project setup phase. During this period, Innovate UK will conduct some final checks and require the last information before allowing the commencement of the project.
Grant Opportunities Cadence
It’s also worth noting that not all grant competitions follow predictable cycles. For instance, Innovate UK’s Smart Grants run regularly, with a fairly predictable schedule of opening dates and deadlines. However, other opportunities can launch with little to no pre-warning, sometimes giving applicants as little a month or two to prepare and submit an application.
This is why it’s beneficial to get in touch with us as early as possible - even if you don’t have a specific grant in mind. By understanding your project and goals, we can keep an eye on the grant landscape on your behalf and notify you when the best opportunity arises. Being prepared ahead of time ensures that when these short-notice opportunities pop up, you’re ready to act quickly. If you want to discuss your project ideas and explore available funding opportunities, feel free to get in touch with Jack at jack@apogee.co.uk.
Connect with Jack Morgan on LinkedIn for more insights on innovation funding opportunities.
Contact Information:
Email: jack@apogee.co.uk
Phone: 07496 096 032