As bank support declines it is only natural that many businesses will consider reducing their Research and Development spend, however for some companies with an innovative idea the new approach to innovation support from both The Scottish Government and Scottish Enterprise will be very welcome.

Long seen as an extremely valuable support mechanism the Smart Award scheme has been simplified and made non competitive. The result is that if your business has a genuinely innovative idea requiring the use of or invention of new technology you could qualify for as much as £70,000 in support (subject to a maximum support level of 75% of total project spend). Applications can be submitted at any time of year ensuring that the application process fits in with your business requirements rather than those of the awarding body.

Equally welcome is the approach taken for lesser awards which have now not only been streamlined but also increased. The popular Small Company Innovation Scheme has been rebranded to become simply an R&D Award and has had it’s upper limit lifted ensuring that grants of more than £25,000 can be awarded subject to certain job retention criteria being met.

For businesses seeking to de-risk a complex and innovative technical project the changes in the grant system should be welcome. The previously competitive Smart Award was an undoubted frustration for many while the cap placed on SCIS ensured that projects had to be of a limited size in scope. However, the SNP administration in conjunction with Scottish Enterprise has removed those frustrations. The signal seems clear and obvious – go forth and innovate.