Access to finance . Funding Success – Grants for Growth
Funding Success – Grants for Growth
Article by Edwin Karinga | 09.08.2016
Finance is a disproportionately large obstacle for high-growth firms – 32% say obtaining finance is a significant obstacle to the success of their business. Not only that, they tend to use a greater variety of finance to support rapid expansion and find it more difficult to secure than low/no growth firms.
Grants are one of a cocktail of finance options often used by ambitious firms and the good news is that the journey taken to secure grant funding can bring priorities into sharp focus.
Successfully securing a grant
Smart businesses do not chase grant funding. They are focused on their customers and look for grant schemes that will help them achieve their business priorities. Those businesses that fail to secure grants have usually applied for the wrong reason and/or not invested sufficient time in preparing their application.
Having found a grant scheme that will enable your business to achieve its objectives, application success depends on:
PURPOSE – grants don’t simply exist to help your business. Will our project also help the funding provider to achieve their objectives?
PREPARATION – does the grant fit with your activities and timescales? Can you provide any co-funding required?
PRESENTATION – does your application follow the guidelines? Is it concise and complete and does it meet the funder’s objectives?
PUNCTUALITY – know the deadline, remember the deadline and don’t be late!
Grants can be a useful source of finance if they are aligned with your business priorities. For help to identify grants that might help your business please contact Jakub or Marta, Innovation Advisers at Oxford Innovation Services on +44 (0)1865 261 487