A new scheme called the Grant for Research and Development is to be introduced in the UK from 4 April 2011, offering individual payments of up to £250,000 for small and medium-sized companies to carry out R&D on new products and services.
The scheme, to be overseen by the Technology Strategy Board will offer three types of grant:
* Proof-of-market grants to assess commercial viability through market research, market testing and initial planning;
* Proof-of-concept grants to explore the technical feasibility and commercial potential of a new technology, product or process through, for example, a feasibility study, basic prototyping and specialist testing;
* Development of prototype grants to develop small demonstrators, protect intellectual property, and carry out market testing and product design.
The maximum funding available will be £25,000 for proof-of-market grants, £100,000 for proof-of-concept grants and £250,000 for development of prototype grants.
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