Top 5 tips for securing grants for your product development project: Higher secured funding can help you raise more in the long term, affording you an accelerated route to market compared to your competitors. We speak to professional grant writer, Dr Dawn Hargy-Louden for her funding insights.
Recent independent research unveiled that companies who secured higher level funding found it easier to secure their next equity raise. This is no surprise to Dr Dawn Hargy-Louden (Director of Grants at Wilby Jones) who commented that:
Grant bodies are often the first peer review your product development project will receive. For example, if you apply for funding from Innovate UK, they use assessors from your field which will provide you with great insights into how pivotal your work is. This not only acts as a green flag to investors but also to other funders.
Applying successfully for grants is no easy feat so as a professional grant writer, we asked Dawn for her top 5 tips to increase your chances of success:
1️⃣ Scope match
Rigorously check that your project aligns perfectly with the competition’s focus. Scrutinise the competition brief and ensure your project’s objectives, activities, and outcomes clearly fit. Don’t assume; seek clarification if needed.
2️⃣ Disruptive innovation
Don’t just show incremental improvements – your funders want more. Ensure you demonstrate how your project is a game-changer. Highlight the novel aspects of your technology, process, or service. Show how it significantly advances the state-of-the-art and has the potential to disrupt existing markets or create new ones. No unfounded claims though! Get specific.
3️⃣ Robust business case
Prove there’s a real market need and that your solution is commercially viable. Back up your claims with solid market research and data – get those reports out! Clearly articulate your target market, its size, and your projected market share. Outline a realistic financial model that demonstrates your project’s potential for profitability and return on investment. Don’t feel compelled to make bold financial claims – accuracy is best.
4️⃣ Wider impact
Highlight the economic, social, and environmental benefits your project will bring. Think beyond your own bottom line. Show how your innovation will create jobs, improve lives, protect the environment, or address societal challenges. Quantify these benefits whenever possible.
5️⃣ The right kind of risk
Acknowledge and mitigate technical risks, showcasing your team’s ability to overcome them. Don’t forget that every innovation comes with risks. Don’t shy away from them! Address them head-on. Your assessors want to know you understand where the pitfalls in your project might be and how you’re going to mitigate them. Explain your risk mitigation strategies and demonstrate that you have the expertise and experience to manage and overcome potential challenges.
Applying these tips will help showcase your project and secure the funding you need! If you need any help, get in touch with Dawn.
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