UK businesses can benefit from £100 million in grants for pioneering research and from £25 million in loans to commercialise their best ideas

The UK’s most innovative businesses can win a share of £125 million to help them turn their most innovative ideas into world-beating products and services.

Large and small businesses can take advantage of £100 million available from the Smart grant programme that helps take innovative ideas in any field from the concept stage to full commercialisation.

Industrial Strategy aims to create jobs and growth

A further £25 million is available in Innovation Loans to support late-stage projects that are close to market. The loans scheme is aimed at getting businesses over the final hurdle to commercialisation. Recent recipients include Exeter-based Lightfoot, which is using the loan to extend its technology to reward better driving from the business to the consumer market.

Find out more about applying for the current round of Innovation Loans

Businesses benefit from innovation awards

Many UK businesses have benefited from funding to support innovative UK projects. They include digital risk business Digital Shadows, which has raised £20 million in private investment to support its innovation developed through a Smart award, and Oxehealth, which has used Innovate UK funding to develop improved patient care by combining computer algorithms with optical sensors.

The Smart programme has a rolling programme of awards throughout the year.