For start-ups, scale-ups and indeed any technology-based company, applications for grant funding are a key part of raising funds for the vital research and development which drives business growth. This is a highly competitive and resource-intense process with no guarantee of success. Here we share some tips for increasing the likelihood of a successful outcome from grant funding applications.
It was drilled into us all at school: read the question. It sounds simple, but it is all too easy to get carried away with enthusiasm and passion for a particular technology or project idea and fail to objectively assess how well the concept addresses the funder’s requirements. Does it fully address the scope and objectives of the competition?
1. Collaborate in the application, as well as in the project
Ensure each partner contributes their ideas, technological insight and market knowledge to the application document. This will ultimately build a stronger project plan and business case and make a more compelling application overall. Nominate one person to lead pulling together all the inputs, but ensure everyone contributes.
2. Build the project from the ground up
Understand how the tasks and work packages will flow and fit together into a coherent plan. Ensure your plan is credible and achievable in the timeframe. Do you have the skills, resources, facilities and time across the team to complete the work?
3. Understand the project finances, early
This shouldn’t be left until the last minute. Each partner in your consortium should agree their contribution and grant requirement. Be sure to familiarise with funding eligibility based on the types and sizes of organisations in your consortium, and any requirements for the mix of partners.
4. Be clear where the innovation is in your project
Ensure you are not duplicating work already done by others. Consider the research category and Technology Readiness Level (TRL) of your work. Is it at the feasibility, industrial research, or experimental development stage? It affects the funding you are eligible for: take independent advice on this if necessary – contact the Knowledge Transfer Network who can offer guidance.
5. Challenge the business case
Thoroughly research the market, using publicly available information, your own business intelligence and experience, consult with experts. Be realistic when you model market uptake, your market entry strategy and revenue forecast. Try to be granular and specific in defining your potential customer base – which market segments are more likely to adopt your technology, are there export opportunities, are there any barriers to adoption which must be overcome – if so, how will you address this? How will your solution deliver value to your customers? Provide quantification and justification of your assumptions wherever possible.
6. Consider the project risks
Quantify them using a rating of likelihood and impact. If a project has very low risk, it is unlikely to attract grant funding, since the justification of a grant is in part to enable risky projects to go ahead in order to realise the benefits of high-risk innovation. Risk should be managed, with credible mitigation strategies in place.
7. Consider other risks
Consider the managerial, commercial, regulatory, ethical and environmental risks in addition to those associated directly with the technology. Consider the new level of risk post-mitigation.
8. Justify the use of public money
Consider what you would do if you weren’t awarded the funding. How else would you use your investment in the project? How does the project deliver value for money – both for you, and the economy and taxpayer more widely?
9. Check your application
Get someone to proofread your application and have it reviewed independently, such as by the Knowledge Transfer Network. You will receive some challenging feedback; take this on board and address it – better to receive this before submission, than via the assessors’ feedback on an unsuccessful bid.
10. Allow yourself plenty of time
Good bids cannot be written quickly. You need to plan for the inputs you need from your partners to arrive in a timely fashion, allow time for review and response to feedback, and to work out any unforeseen issues within your proposal or consortium.