Funding opportunities
Funding is often the biggest barrier for SMEs when it comes to innovation and research and development.
There are many sources of funding available to help SMEs develop and grow.
Scottish Funding Council – Innovation Voucher
Set up in 2009, the Scottish Funding Council’s Innovation Voucher scheme provides an opportunity for Scottish SMEs to work with academic experts. Funding of up to £5,000 per project is available through this scheme for small projects between a partner institute and a Scottish SME.
Knowledge Transfer Partnerships (KTP)
For larger projects, the KTP scheme can provide part funding to employ a recent graduate who will work within your company on a project central to your needs. The graduate is jointly supervised by company personnel and a senior academic. Each partnership is part-funded by Government, with the balance of the costs coming from the company partner. An SME would expect to contribute a third of the project costs.
Industry grants
You may find that there are industry specific grants or other sources of funding only available in your industry. Both Scottish Enterprise (SE) and Highlands and Islands Enterprise (HIE) operate a number of priority industry sectors. Innovate UK, the UK’s national innovation agency, has also identified priority areas upon which to focus its work.
In addition, the AFRC’s SME innovation and support team has access to a database of funding opportunities and can identify sources of funding in specific sectors.
The team works with companies to identify the most appropriate funding route, helps to develop proposals and guides businesses through the application process.
Contact the team to find out how the AFRC can help your business grow.