Is your business grant funding ready?

The questions you will need to consider will vary depending on the type of grant, the amount of grant funding you are seeking, and the awarding body. For example, whilst grants from Local Authorities/LEP’s may be less onerous to apply for and direct (i.e., un-competed) awards, they are usually for smaller amounts of funding, unlike, for example, some of the larger, but highly competitive Innovate UK grant calls, for which we have listed below some the questions you would need to be prepared to robustly answer or evidence in your grant application/bid.

• Business Opportunity – What drives the innovation and market need?
• Equality, Diversity and Inclusion (EDI) – Has this been considered in your project plans?’
• Innovation – What is innovative / novel about your solution?
• Market – Which market will your solution solve and how will you target this?
• Exploitation -How will you commercialise the solution and within what timescale?
• Benefits – how will your solution provide wider economic, social and environmental benefits?
• Project Plan – How will you manage the project and turn your idea into reality?
• Team & Resources – Do you have a well balanced and experienced team to deliver the solution within the given timeframe?
• Risks – What are the main project risks – technical, commercial, managerial, environmental?
• Finances – Does the project represent good value for money and are your costs reasonable and fully justified?
• Need for Funding – What other funding sources have been tried and why is public money necessary?

That’s where Innovationlys experienced grant consultancy team come in, maximising your chance of success by guiding you through the whole process and taking away the hassle, whilst keeping you informed throughout.

Although each grant awarding body has different priorities and sectors, they target to ensure the best projects are funded. The range of activities which can be supported by grant funding are many and include (to name but a few):

• Innovation
• Expansion & Growth
• Capital Investment
• Ground-breaking Platforms & Technology
• AI & Expert Systems
• High Risk Projects
• Sustainability & Low Carbon Initiatives
• Business ‘Greening’
• Collaborative Projects
• Staff Training, Upskilling & External Consultants

Even if you meet the eligibility criteria and the aims of the grant there are many other things you will need to consider for the best chance of application success. Applications forms can be long and complex, needing a high level of detail provided within tight word limits and requiring careful preparation and plenty of man hours to stand a chance of a successful outcome. With thousands of companies applying every year, but less than 5% – 10% receiving funding for the most competitive grants, you must first determine if you should leverage company time and resources to apply.

We’ve met some great businesses with genuine innovations, who have lost out on previous grant applications due to:

• The eligibility criteria was not met due to legal form, sector, size, or geography.
• The application didn’t meet the funding guidelines / scope.
• To little up front time &/or resources were allocated to planning & writing-up the application.
• Project outcomes, evaluation, or consultation methods were not presented clearly and concisely.
• The budget failed to meet funding guidelines, lacked detail, &/or the financial management procedures were unconvincing.
• Match funding sources were not in place when the application was submitted.
• Insufficient risk management &/or monitoring and evaluation processes in place.
• The supporting documents were incomplete, inaccurate, contradicted the application, or were simply not enclosed.
• The applicants were experts on their projects, but not professional grant writers.

Innovationlys grants team are here to  help you succeed by providing expertise and guidance in the grant application process. This includes researching and identifying potential funding opportunities, helping to develop a strong proposal, and assisting with budget preparation and compliance requirements.

Innovationly also holds relationships with various  funding agencies, which may be beneficial for future grant applications.

So why not book in a Business Needs Assessment with the Innovationly team?

This is a free 30-minute session where you can work with our expert team to identify areas for growth & improvement, develop an action plan, and find resources to help take your business to the next level.