Applying for funding can be a test at the best of times, but here are three tips I shared with a client recently.
“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.”
Matt McLauren, Entomics Biosystems.
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 advisers who are experts in topics such as securing EU and national funding for research and innovation.
I recently worked with Entomics Biosystems to help them develop a successful application for Horizon 2020 SME Instrument funding. So let me share with you three ways in which you can strengthen your application today.
Understand the competitive landscape
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.
Focus on the commercial potential of the technology
When you’re applying for your funding, the lender wants to know that the money will be used to turn an innovative idea into a business that makes money and leads to business growth. Be sure to illustrate exactly how you are going to enter the market place and exploit the opportunity.
Quantify the opportunity with facts and figures
Be sure to use facts and figures within your application, and make 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.
Get in touch with us to find out how we can support your application for funding.