The UK’s most innovative businesses can win a share of £125 million to help them turn their ideas into world-beating products and services.

Large and small businesses can take advantage of £100 million available from the Smart grant programme, which helps take innovative ideas in any field from the concept stage to full commercialisation.

The previous winners of a Smart grant include machine-learning company Magic Pony Technology, which was sold to Twitter for $150 million.

A further £25 million is available in Innovation Loans to support late-stage projects that are close to market.

The loans scheme is aimed at getting businesses over the final hurdle to commercialisation.

Recent recipients include Exeter-based Lightfoot, which is using the loan to extend its technology to reward better driving.

Ian Campbell, interim executive chairman of Innovate UK, said: “Smart grants are an excellent way of supporting innovation in single companies, or generating collaborations between companies working with our world-class research base.

"Our Innovation Loans suit late-stage-development businesses about to become — or just becoming — revenue earning.

"Both are awarded to projects that will make a real impact on the UK economy.”

The Smart programme has a rolling programme of awards throughout the year.

The closing date for the current Innovation Loans competition is 11 September (apply-for-innovation-funding.service .gov.uk/competition /411/overview).