Grants Available For Software Development
Innovation, research, and development are essential elements of investment for any company, no matter the size. Thanks to New Anglia LEP, this has now become more accessible than ever with grants of up to £25,000 from New Anglia LEP’s Growth Through Innovation Fund for any business in Norfolk and Suffolk that can support bespoke software development.
The grants are specific to investments within innovation, research, and development so there is a good chance that any planned bespoke software development project will qualify. The grants offered start from £1,000 up to £25,000 which can support up to 50% of your project costs. So, a project costing £50,000 would be eligible for a grant of £25,000 if deemed eligible.
Am I Eligible?
There are some restrictions in terms of the sectors that are eligible, but in general if you are a SME employing less than 250 employees and your turnover is less than £43m, and you're in Norfolk or Suffolk, then you are in with a shot. If you’re unsure if your business will qualify, read through the full details available through the New Anglia website here.
Is My Software Development Project Eligible?
If the remainder of the funding for your software development project comes from your company, then your project is eligible, and you can now move onto applying for consideration. So far so good!
What Reasons Will Justify My Grant Application?
As the title of the funding call suggests, the criteria for eligible projects focuses on innovation. You will need to demonstrate the project is trying to overcome a problem and that there is a significant level of uncertainty. Most bespoke software projects have a chance at achieving this through the innate nature of this kind of work. Businesses tend not to build software that is already readily available “off the shelf” or via configuration of existing solutions.
(Source: New Anglia LEP Local Enterprise Partnership)
• Demonstrating that the innovation project would not proceed without our help;
• Showing the assistance will enable the innovation project to be undertaken in a shorter timescale or it can go ahead earlier;
• Describing the technical uncertainties that you are seeking to overcome
• Illustrating how the financing will enable you to do additional things;
• Showing that without funding the proposals would proceed on a lesser scale;
• Demonstrating help is needed because of the risks involved;
• The project is doing something innovative, and support would help;
• Illustrating how financial assistance would help you do something different from your current plans;
• Showing how funding would prove a catalyst - for example by providing confidence to lenders or investor
What Type of Project Would Be Eligible?
Software innovation sits in the area where process of applications can be achieved by software, but no one has yet created a solution for that specific need. Ergo, there is a technology gap full of uncertainty that will require some element of agile development to overcome obstacles as they arise during the process. The unknown nature of the size and cost of overcoming these obstacles stops a lot of projects from proceeding or at least delays them whilst funding is sought or saved. These are the projects this funding call is targeting.
Ok, What to Do Next?
We as a business have extensive experience in software development and are familiar with grant applications and justifications for R&D tax credit, so we are ideally placed to offer advice and support. If you have a project that you consider eligible, then please give the teams in Norwich or Cambridge a call on 01603 70 40 20 for a no obligation chat, or fill out the contact form below and we will endeavor to help.