Many individuals walk into the grant application process unprepared. This can harm a business’s chances of success, with less than 5% of SMART grants being granted in 2022. It is important to have a clear idea of the direction you want your company to go in, particularly for Research and Development (R&D) projects where the thinking needs to go beyond just a good idea. Strong and structured applications with detailed answers will put a business in a good position when coming up against other applicants.
Here are some critical things to consider before writing up an application:
- Does your business model work?
- Have you made sales, generated revenue or achieved customer traction?
- Does your business show viability and potential for growth?
Business owners need to be able to answer these clearly and effectively before using valuable resources to apply for grants. In some instances, it might be appropriate to postpone grant applications to allow time to reflect and work on the business model.
- Explore the funding mix
Before applying for a government grant, explore and consider other options. These might include startup loans, business loans, angel investors and venture capital.
- Clear research & development project plan
A clear R&D project plan includes well-defined objectives, methodologies and expected outcomes. These must go into detail, alongside realistic timelines and measurable milestones. Meanwhile, it is important to identify potential risks and mitigation strategies.
- Team capability
Businesses need to consider whether they have an experienced team with relevant skills to execute the plan of action if the grant application is successful.
- Market demand
Show evidence of market demand for your potential product or service in the application. Demonstrate a real understanding of the competitive landscape and how you are a clear thought leader in your space.
- Commercialisation plan
Grant reviewers look for evidence that the applicant can rapidly commercialise the business’s product or service. There must be a clear path for how the company can make a profit post-grant.
- Match funding capacity
Grant funding is not designed to be the sole income stream to elevate an organisation. Applications must show an ability to provide the required matching funds. This is a requirement for many grants and provides reassurance that the business has a clear source of continued funding post-grant.
- Wider impact potential
Finally, the business needs to demonstrate how the R&D project aligns with the grant competition scope and objectives. This look at the wider impact of the grant must include clear economic, social or environmental benefits for the public.
A business leader needs to ensure they tick all the above boxes before delving into the application process.
“I can’t recommend Helen highly enough. From the moment I spoke with her I felt in safe hands. When you run your own business, it can often be a lonely time and you can make decisions, bad ones and I did. I thought that they were irreversible. Helen calmly dealt with everything in a clear and firm way – this is needed when you might not be thinking straight! She was there at the end of an email whenever I sent her a message and she got me my loan within weeks. My business is now back on track and this is even during one of the worst economic times we have every experienced and hopefully never will again. Thank you Helen – you and your business are simply amazing!”
If you would like to discuss how Helen may be able to support your business with start up funding please email: helen@streamlionconsulting.com
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