The SME Instrument Phase 2 Grant Agreement Explained
If you are an SME looking for funding to drive innovation and growth, the SME Instrument Phase 2 grant could be the perfect solution for you. This grant is designed to support SMEs that have already developed an innovative product or service and are ready to bring it to market or scale up production.
To obtain this grant, you must apply for funding through the European Commission`s Horizon 2020 program, which aims to promote research and innovation in Europe. If your application is successful, you will enter into a grant agreement with the European Commission, which outlines the terms and conditions of the grant.
In this article, we will explain the key terms of the SME Instrument Phase 2 grant agreement, so you can be better informed before applying for funding.
Project Description and Objectives
Your grant agreement will begin with a description of your project and its objectives. It will outline the key technical and commercial aspects of your innovation, as well as the expected outcomes of the project.
The agreement will also specify the expected results and impact of the project, including any economic or social benefits that your innovation will bring.
Budget and Funding
Your grant agreement will also include a detailed budget for your project, outlining the costs associated with developing and commercialising your innovation. This budget will be based on your application and will have been agreed upon by both parties prior to the start of the project.
The agreement will also specify the amount of funding that you will receive from the European Commission. This funding will be paid in instalments, based on the achievement of certain milestones and deliverables.
Intellectual Property
The grant agreement will also include a section on intellectual property (IP) rights. This section will outline the ownership and use of any IP generated during the project, as well as any pre-existing IP used in the project.
It is important to note that the European Commission does not claim ownership of any IP generated during the project. However, they do require that you grant them a non-exclusive, royalty-free license to use any IP generated during the project for non-commercial purposes.
Reporting and Monitoring
Throughout the project, you will be required to provide regular reports on your progress to the European Commission. These reports will be used to monitor the achievement of project milestones and deliverables, as well as the use of funds.
The grant agreement will outline the reporting requirements and the format of the reports. It is important that you adhere to these requirements to avoid any delays or issues with your funding.
Conclusion
The SME Instrument Phase 2 grant agreement is a complex document that outlines the terms and conditions of your funding. It is important that you understand the key terms of this document before applying for funding.
If you are unsure about any aspect of the grant agreement, it is recommended that you seek professional advice from a lawyer or consultant experienced in grant funding. With the right support and guidance, you can maximise your chances of success and achieve your innovation and growth goals.