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How can you showcase innovation in a grant proposal for entrepreneurship and economic development?

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If you are applying for a grant to support entrepreneurship and economic development, you need to demonstrate how your project or program is innovative and relevant to the needs and opportunities of your target community. Innovation is not only about creating new products or services, but also about finding new ways to solve problems, improve processes, or increase impact. Here are some tips on how to showcase innovation in a grant proposal for entrepreneurship and economic development.

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1 Understand the context

Before you start writing your proposal, you need to research the context of your project or program. What are the challenges and opportunities facing your target community? What are the existing gaps and needs that your project or program can address? What are the best practices and lessons learned from similar initiatives in your field or region? How does your project or program align with the goals and priorities of the grantmaker and the stakeholders? By understanding the context, you can identify the value proposition and the unique selling point of your project or program, and how it differs from or complements other efforts.

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Ricardo Trujillo

Passionate about helping companies getting rid of the box.
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Developing such a proposal is crucial to demonstrating the potential impact and sustainability of your project. Here are some elements to consider within a proposal: Problem statement and innovation gap Unique Value Proposition (UVP) Technology and methodology Partnerships and Collaboration Scalability and replicability Data-Driven Approach User-Centric Design Training and Capacity Building Risk Mitigation Previous Success Stories or Pilot Programs Remember to tailor your proposal to the specific requirements and priorities of the grant. Providing a compelling narrative around the innovation in your project can significantly enhance its chances of receiving funding for entrepreneurship and economic development.

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2 Define the innovation

Once you have established the context, you need to define the innovation of your project or program. What is the core idea or concept that makes your project or program innovative? How does it address the identified gaps and needs in a new or better way? How does it improve the efficiency, effectiveness, or sustainability of your project or program? How does it leverage the strengths and assets of your target community? How does it foster collaboration, learning, or adaptation? You need to articulate the innovation clearly and concisely, using evidence, examples, or testimonials to support your claims.

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3 Describe the impact

After you have defined the innovation, you need to describe the impact of your project or program. What are the expected outcomes and benefits of your project or program for your target community and beyond? How will you measure and evaluate the impact of your project or program? How will you share and disseminate the results and lessons learned from your project or program? How will you ensure the scalability, replicability, or sustainability of your project or program? You need to demonstrate the impact of your project or program, using SMART (specific, measurable, achievable, relevant, and time-bound) objectives, indicators, and milestones.

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Arjan Rensma
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Ideally you can already show some proofpoints and / or analogs to improve credibility. Investors are now also aware of the Steve Blank observation: “No plan survives customer contact “

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4 Showcase the team

Finally, you need to showcase the team behind your project or program. Who are the key people or organizations involved in your project or program? What are their roles, responsibilities, and qualifications? What are their experiences, skills, or networks that are relevant to your project or program? How will they work together, communicate, and coordinate their activities? How will they manage the risks, challenges, or uncertainties that may arise during your project or program? You need to highlight the team behind your project or program, using credentials, references, or endorsements to build trust and credibility.

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5 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?

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John Zakian, CEcD

Federal Grant and Long Term Disaster Recovery Subject Matter Expert Focused on Economic, Housing and Infrastructure Strategic planning and Development
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Keep in mind that in seeking to demonstrate your proposed project will be unique and innovated you do not lose track of the requirements of the grant program application. As a long time grant reviewer/grader for multiple federal agencies I have read many interesting applications offering innovative approaches to sustaining economic development and they do not get funded because the application fails to thoroughly answer all the required questions or provide the necessary information to demonstrate that the economic development initiative is consistent with the grant program. Also, keep in mind that economic development requires measurable outcomes which requires details fay beyond new ideas.

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How can you showcase innovation in a grant proposal for entrepreneurship and economic development?

1

2

3

4

5

1 Understand the context

2 Define the innovation

3 Describe the impact

4 Showcase the team

5 Here’s what else to consider

Grant Administration

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How can you showcase innovation in a grant proposal for entrepreneurship and economic development?

1

2

3

4

5

1 Understand the context

2 Define the innovation

3 Describe the impact

4 Showcase the team

5 Here’s what else to consider

Grant Administration

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