R&D Grants

Applying for a research and development grant requires a huge time commitment.

Myriad Associates would recommend that you follow the below process if you plan to submit your own application for R&D funding:

• Outline the project, describe the research and development you want to undertake and explain what market need it’s fulfilling.
• Work out how much capital you can put towards the project and how much extra funding you will need. A grant provider will want to see that your business is sound and that your project is financially viable.
• Investigate what schemes you might qualify for. Check whether any project costs might qualify for R&D tax credits as an R&D grant could impact this.
• Reach out to the grant scheme and confirm exactly what you need to do to apply for the funding you require.
• Grant applications are time-consuming, a big drain on resources and are very competitive. So, think carefully about whether you want to make this commitment before you go any further.
• Write the grant application. Take care to make sure your application is clear and articulates the business opportunity.
• Depending on the R&D grant scheme, the decision may take several months to make. Be patient and bear in mind that you may need to provide extra proof of expenditure to claim your reimbursement.

Your grant application is more likely to be successful if it:

• Explains the positive impact your innovative project will have on your business and the market in general.
• Demonstrates why your business will succeed with this innovation over any of your competitors.
• Shows that you have a clear understanding of the target markets, including potentially competing products and your concept for commercialisation.
• Confirms why your proposed product, process, or service is a radically new application that will transform the marketplace.

Each R&D grant scheme has its own timeline for providing feedback and a decision on funding. It could take a few weeks, or it could be several months.

If your application is successful, you will need to provide the information required by the grant awarding body, which may include further documentation and financial checks. Depending on the awarding body, you may be assigned a monitoring officer.

Funding is generally paid in arrears, once the required audits and reports are complete. Each grant awarding body has its own payment rules.

Grants often fund activities that support the research and development of an innovative product, service or process, such as:

• feasibility studies
• development of prototypes
• collaboration with other businesses or with academic researchers

Yes. You can receive R&D grant funding and also claim R&D tax credits for the same project. However, to get the maximum amount of R&D credits, there are several complex stipulations that you must understand before you progress with your R&D tax claim and R&D grant application.

R&D grant and tax credit specialists like Myriad Associates can advise you on how to get the maximum amount of R&D tax credits and R&D grant funding for your innovative projects. Contact us now for help, support and guidance.

Grant applications are usually examined by independent experts in the area of innovation identified in the application. The number of experts scoring the application depend on the grant awarding body.