How can you secure funding for innovation in higher education?

1 Identify your goals and needs

Before you seek funding, you need to have a clear idea of what you want to achieve and why. What are the problems or opportunities you want to address? What are the expected outcomes and benefits of your innovation? How will you measure and evaluate your success? Having a well-defined and realistic project plan will help you communicate your vision and value proposition to potential funders.

2 Research potential sources of funding

Innovation in higher education can be funded in a variety of ways, depending on the project's nature, scope, and stage. Internal funding from your own institution, such as seed grants or innovation awards, may be available. External sources, like government agencies, foundations, corporations, or philanthropists, may also have specific requirements for proposals and reporting. Crowdfunding online platforms like Kickstarter or Indiegogo can also be used to generate interest and support for your innovation. To be successful with crowdfunding, you must have a compelling story and a plan to deliver rewards and updates to backers.

3 Craft a persuasive proposal

Once you have identified potential sources of funding, you need to create a persuasive proposal that highlights your innovation and encourages them to invest in it. Your proposal should include a concise summary of your project, its goals, and its impact, as well as a detailed description of your innovation and its features. It should also include a realistic budget, timeline, and risk assessment. Moreover, you should demonstrate why your project is unique, relevant, and feasible, as well as showcase your credibility, expertise, and track record.

4 Build relationships and networks

Funding is about more than money; it's also about relationships and networks. To build trust and rapport with potential funders and other stakeholders, such as partners, collaborators, mentors, or advisors, you should network by attending events or conferences where you can meet and interact with peers who share your goals. Additionally, you should engage with your contacts by sending updates, asking questions, seeking feedback, and showing appreciation. Finally, leverage your existing networks and connections to access new opportunities and resources. Ask for referrals, introductions, or endorsements from people who know you and your work.

5 Be flexible and adaptable

Funding for innovation in higher education is not a one-time event, but an ongoing process that requires flexibility and adaptability. You may need to adjust your project plan, budget, or timeline according to the feedback of your funders or stakeholders. You may also need to pivot your direction, strategy, or approach if you encounter any obstacles or failures. If you achieve success, impact, or recognition, you can scale your innovation by expanding or replicating it. Although funding for innovation in higher education is not easy, following these tips and strategies can help increase your chances of securing the funds needed to turn your ideas into reality.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?