Genesis awarded £250,000 ($400,000 CDN) product development grant from Technology Strategy Board (TSB)
The application that Genesis made to the TSB for a SMART grant towards the development of its DSL Rings system products was successful and the TSB has confirmed that Genesis will receive a grant of $400,000/£250,000.
The Technology Strategy Board is the UK’s national innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. It is part of the Department for Business Innovation and Skills.
SMART (previously known as Grant for Research and Development) is a Technology Strategy Board program offering funding to small and medium-sized enterprises (SMEs) to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services can emerge.
Genesis will receive the grant on a quarterly basis. At the end of each quarter Genesis will submit a claim and the TSB will refund 36.4% of the qualifying expenditure up to the grant level of $400,000/£250,000.
This is a strong endorsement of the Genesis project as the applications are scrutinized by three separate reviewers and the bar is set very high in terms of qualifying for the grant.
The Genesis team is delighted with this contribution to our exciting project.