Maximising Chances of Funding Success
So you have a great product or innovation or organizational program, and you know that there should be someone out there with money to support what you're trying to do. But when you look at applying for grants or funding or investment, you either don't know where to start looking, or it all seems overwhelming, or when you do apply, you get knocked back.
These are the most common frustrations that I've heard from people over the last four years, and the reasons almost always come down to a few prevalent factors, which I'll go through with you now.
First, there's an idea, but it hasn't been structured and documented in a way the potential funders or investors expected to be presented. No matter who you're asking for money from you need to show the business case, the strengths and weaknesses of your idea. What you've done so far and what you hope to achieve.
Next, the focus of the applications is on the costs and not the outcomes or income that you’ll generate. There is a massive difference. Every funding source is looking for a return on investment for investors its income or profit for banks interest and governments, it could be increased employment, regional Improvement or other outcomes, but they're still looking to invest their money. Where will do the most good?
Next is little or no proof that the idea or concept works. You need to have tested it, even at the basic level and keep that data. There needs to be a market for it. Assuming that no one else is doing it, is not enough. It would help if you did your own market research and analysis.
Next, the risk factors for investors and funders. Haven't been identified or addressed. Do you own your intellectual property? Do you and your team have the relevant background and qualifications? Is the type of structure that you're operating in is appropriate for what you're looking to achieve and able to receive funding or investment into it for your product or project.
Think of it this way if you had a hundred thousand dollars to invest and someone came to you with your idea. What would you want them to show you for you to decide whether or not to give them the money? Make it as easy as possible for them to say yes. Please think of the questions they may ask and give the answers before they ask them.
One major thing to remember is that there are different types of funding, competitive and non-competitive. If you're applying for competitive funding, you want to make sure that you're putting your best foot forward ticking as many boxes as possible against the assessment criteria to put your innovation or project or program at the top of the list to receive the funding.
The more prepared you are, the more that you can show that you have the best team on board and I've already achieved outcomes and proven that your concept will achieve the purpose the funding body is looking for, the higher your chances of success.
Helping you navigate these challenges and answer the questions that you may not even know need to be addressed is a process I've refined over the past four years.
So if you have that something that works and you're ready to build a business and organization around it, but don't know how to take it to the next level book a discovery meeting and let's discuss your next step to make it happen.
Need help, book a meeting with me.