Innovate UK has paused its Smart Grants program to address issues with low success rates for small and medium-sized enterprises (SMEs). Success rates have reportedly fallen below 10%, prompting a review to make the application process easier and to focus support on companies with genuine growth potential. The changes align with government objectives to foster scalable companies. Innovate UK aims to create a more accessible application system while ensuring support targets promising businesses. The overhaul is expected to be unveiled before summer, without any Treasury funding cuts driving the pause.
Innovate UK temporarily halts its Smart Grants program to overhaul support for SMEs, targeting low success rates and easing application processes.
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