Applying for funding can be a test at the best of times. There’s no all-encompassing ‘how-to guide’ that tells you if you’re doing a good job or not. The Enterprise Europe Network has a team of advisors that are experts in topics like securing EU and national funding for research and innovation.
I recently worked with Entomics Biosystems Ltd to help them develop their application for Horizon 2020 SME Instrument funding, which they were successful in receiving. So let me share with you three ways you can strengthen your application today.
Make sure you’ve done your research on competitors within your area. Once you’ve done this clearly, demonstrate why your solution is better than anything on the market currently.
When you’re applying for your funding, the lender wants to know that the money will be used to make an innovative idea a business that makes money and leads to business growth. Be sure to illustrate how it is exactly that you are going to enter the market place and exploit the opportunity.
Be sure to use facts and figures within your application, and be sure that you can back these up. Stay factual rather than descriptive.
These are some of the tips I gave Entomics when they were in the process of writing their application. They’ve now received €50,000 grant to support their innovative biotechnology business that can transform human food waste into a sustainable source of fish feed.
Founder, Matt McLauren said
“Thank you so much for your help and support throughout this process. We really appreciate it, and we look forward to continuing to work with your team during our project.”
If you think you’d benefit from more information around securing funding you can attend our event on the 26th October – Sources of finance, or get in touch with us today.