From 4th April 2011, the Technology Strategy Board (TSB) is taking over the R&D grant schemes previously managed by the Regional Development Agencies (RDAs).

Three new grants are available:

• Proof-of-Market Grant – Up to £25,000 towards 60% of costs over a maximum 9 month project to assess commercial viability.

• Proof-of-Concept Grant – Up to £100,000 towards 60% of costs over a maximum 18 month project to explore technical feasibility.

• Development of Prototype Grant – Up to £250,000 towards 45% of costs (micro & small enterprise) or 35% of costs (medium enterprise) of developing a commercial prototype.

At a time of big Government cut-backs placing tough financial constraints on businesses, this is welcome news for those pioneering new innovations in the market. The overall budget may be restricted so businesses will need to move fast to make the most of this opportunity.