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FAQ's - Proof of Market
I'm thinking of setting up a business. Can I apply?
Yes, the scheme is available to individuals planning to start a new business as well as established small and medium sized enterprises (SMEs).
How can Proof of Market help my business?
It will help you assess the commercial prospects of your innovative technology before you embark on an expensive Research and Development programme.
What level of support is available?
A Grant of between £5,000 and £20,000 based on 60% of the eligible project costs.
What costs are eligible?
Paycosts, overheads, consultancy fees and Intellectual Property costs.
Do you support in-kind contributions?
No, these are not an eligible cost.
What are the criteria?
Guidance on the scheme can be found at the download here: http://www.nwdabusinessfinance.co.uk/research-and-development-grants
Essentially we are looking to assist SMEs carry out studies which will investigate the market for an innovative idea. An innovative technology will be novel and push the boundaries of existing technical knowledge in a sector. The study will help you refine your future research and development plans so they reflect the marketplace.
I want to apply for a Proof of Market Grant. What information do I need to supply?
a) Project Team CVs
b) Project Costs
c) if your report is going to be completed externally, please provide a detailed quotation for the work and include a justification for the costs and rates quoted. Competitive Supplier Proposals are not required.
Who can write the Proof of Market study?The study can be written by the applicant or an external consultant chosen by the applicant. In both cases the applicant will need to show the relevant expertise is in place to complete the report.
I've developed a product. Can I carry out a Proof of Market study to assess its commercial potential?
No. Proof of Market is only available to companies wishing to test the market for their innovative idea. Companies with prototypes and products ready for market should approach Business Link NW to look at their market research options.
Do you have a list of consultants who can write the Proof of Market study?
A list of potential suppliers is available from the Business Link Knowledge Providers database http://www.businesslinknw.co.uk/directory
Where can I get help to apply?
Please contact Business Link NW on 0845 00 66 888
Where can I apply?
Applications can be made on-line: http://www.nwdabusinessfinance.co.uk/research-and-development-grants/types-of-project
