10 Parts Of A Successful Grant Funding Application

Often, a grant funding application can be a daunting process. Many people find it intimidating due to the competition and the precise requirements that must be met.

 

Navigating Grant Funding

Not every grant funding application is going to be successful – however, you can significantly increase your chances by ticking off these 10 things.

 

1. Ensure Your Project Aligns with the Grant Scope

Certain funds are available for certain projects and types of research and development. Step 1 is always going to be to check that your project falls within the scope.

 

2. Be Clear about what you’re Doing

A working plan that sets out every essential element, including milestones, tasks, deliverables and budgeting requirements is going to be vital.

 

3. Are you Doing Something Truly Innovative?

Grant funding tends to be available for those who are really changing the landscape of their sector – and impacting the wider UK economy. Does your project act as a disruptor for the status quo or is it advancing a current cutting edge? Where the answer is yes, success is more likely.

 

4. Have you Shown Market Awareness?

This is essential because it means you understand the market you’re addressing, as well as where commercialising what you’re developing will sit within that. If you’re able to show a robust understanding of what your competitors are doing then you’ll also be able to demonstrate the ways in which your innovation goes above and beyond.

 

5. Commercialisation is Key

How are you going to bring this innovation to market and where are the financial opportunities? Financial forecasts and letters of interest are both going to be important here.

 

6. What Difference are you Making?

Being able to clearly define the impacts that the project is going to have will be essential. For example, how will the innovation you’re developing affect government priorities and also the wider UK economy? You will need to be able to quantify your arguments.

 

7. Get Clear on the Risks

Part of the application should be dedicated to identifying risks and how they are going to be mitigated. This shows both an awareness of the risks you face and also what strategies are in place to minimise disruption.

 

8. Who is in the Project Team?

It’s frequently the people who are committed to a project that make the difference to how credible it feels. So, ensure that you fully detail all the members of the team including subject matter experts and collaborators. If you’re a little light on the expertise you need, would it be useful to bring in additional support?

 

9. Be Specific about the Costs and the Budget

The financial side of your application is going to get a lot of scrutiny, both in terms of whether it falls within the scope of the grant and whether your project provides value for money.

 

10. How are you Dealing with Intellectual Property?

Innovation needs protecting and there are a number of ways you can do this. Your grant funding application will need to detail how you’re dealing with trademarks, patents, design rights or copyright and how this will ensure you are protected, going forward.

 

Trusted Advice

Our trusted advisors can help you achieve your grant funding, ensuring you cover all 10 aspects. We also offer grant advance funding, giving you access to your funds when you need them. Get in touch with us today, and we can kickstart your grant funding together.

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