Many people ask us how they may fund a proper market entry study for a new process, product or service. An excellent way of doing this is the DTI SMART feasibility award scheme.
This scheme, administered by the Small Business Service, allows companies with up to 50 employees to gain an award of up to £45,000, being 75% of a project intended to establish the feasibility of an innovative technology. You are expected to contribute the remaining 25%, to make a project of £60,000.
This sort of project requires careful thought and application beforehand, but is well regarded by many people who have used the scheme in support of their businesses. The objective of the project undertaken is usually to assess the feasibility of a technology by building a demonstrator (not prototype), and by assessing the market feasibility of the product or service.
Qi3 has carried out several market assessments within the scope of market feasibility studies. This provides a rarely found opportunity to gain substantial government support for investigation of an opportunity before proceeding to full product development (for which a SMART development award may be available at 30% from the DTI up to a maximum award of £150,000).
Please contact any of Qi3’s team members for a confidential, no-obligation discussion about the potential of SMART for your business and the role of technical and market feasibility studies in the process of product development. To find out more about the SMART award scheme, visit the Small Business Service