SMART Innovation Funding
Funds Welsh organizations developing new or significantly improved products, processes, and services.
SMART Innovation Funding is a discretionary cash grant programme operated by the Welsh Government through Business Wales, sitting under the £20 million SMART Flexible Innovation Support (SMART FIS) umbrella launched in June 2023. The programme is the direct successor to the legacy SMART Cymru cash grant strand, which was previously co-funded by EU Structural Funds and wound down post-Brexit. It provides flexible, rolling RD&I support to help Welsh organisations develop new or significantly improved products, processes, or services, with the stated aim of improving competitiveness, increasing sales, and enabling entry into new markets. Eligible applicants include businesses of all sizes, social enterprises, knowledge-based institutions, and public sector organisations operating in Wales.
Award amounts are discretionary — no published minimum or maximum band exists — and are determined through Business Wales assessment of the application's merits and the organisation's financial viability. To be eligible, applicants must demonstrate increased R&D capability and capacity as a result of the grant, show a significant technical enhancement relative to current offerings, operate in Wales, and evidence measurable economic benefits for Wales. Business plans and proof of financial viability are required at application. Applications are submitted on a rolling basis through the Business Wales gateway (smart.fis@gov.wales); there is no fixed annual deadline.
Applicants are assessed on the ambition and technical credibility of the proposed innovation, the organisation's capacity to deliver, and the projected economic impact for Wales. Given the discretionary nature of award sizing, applicants strengthening their case should provide detailed project budgets, milestone timelines, and quantified market opportunities. The programme is particularly well-suited to Welsh SMEs and social enterprises seeking grant support for a defined R&D project that stops short of the full collaborative structure required under the SMART Partnerships strand.
Research and development of new or significantly improved products, processes, or services by Welsh businesses, social enterprises, public-sector organisations, and knowledge-based institutions to improve competitiveness.
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