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Business Funding Checklist

Posted in Insights by Jon on 21 Apr 2015 at 10:27 BST :361

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At Khemeia Consulting we often advise our clients to stay focused when applying for public innovation grant funding and prepare for a... 

 

“marathon not a sprint”

  

Lets face it, securing innovation funding is a big challenge for any business. Whether starting up or growing a business, securing funding will boost business growth initiatives and help in maximising the return on your potential innovation.

 

In this brief post, we’d like to share with you our Three Top Tips on how to secure public sector funding for Innovation.

 

Top 3 Checklist Tips

 

1. Research

Without research you won't be able to find out which innovation grants and support are available at:

- European level
- national level
- regional level
- local level

Competition for any public innovation grant funding is extremely fierce.

 

It is not quick and easy to keep abreast of the the latest funding opportunities. Always remember to keep monthly vigil on the latest innovation grant funding opportunities to help towards the development of your technology product / service.

 

For example, Innovate UK offers innovation grants to help accelerate the development of innovation to fund support, connect and accelerate sustainable business growth.

 

2. No Magic Formula

It is imperative you meet the criteria and conditions for funding, before spending time writing a professional application. Remember, no one funding application for R & D for new technology products / services will fit every public funding body.

 

 

3. Ask a Professional

Dependent on the grant funding objectives when completing the application, never be afraid to ask for professional help and advice. An accountant or a patent lawyer's help in reviewing or supplying additional supporting documentation could be the difference between submitting a blanket grant application and winning innovation funding. Alternatively an external consultant maybe able to offer assistance in adding some commercial unique selling points for the new product / service or help in outlining the bigger national and regional economic impacts of the innovation.

 

Nothing of Value is FREE 

 

Never just think of grants and support as financial support for free.

 

Not many people can afford to do work for nothing, nor can you expect to receive an innovation funding grant without some form of match funding. The government's Growth Accelerator scheme requires all business owners to pay a contribution (their match funding contribution is calculated on the size of the business) towards their approved business mentors, coaching and workshops' overall cost of support.

 

Funding Gap – Business Funding in Yorkshire

 

For a list of some of the first rate national and regional funding opportunities in Yorkshire, please check my recent post Innovation Funding In Yorkshire.

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Blog Image - Cameron Almas Khemeia Consulting 

 

About the Author

Jon

This post was written by Jon Stephenson - our Head of Business Insights

SUPER POWERS: Business Modelling, Business Analysis, Business Intelligence, Market Research, Marketing Strategy, Bicycle Repair Man

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