What strategies can small businesses use to receive translational research funding?

1 Identify relevant sources

There are different types of translational research funding available, depending on the stage, scope, and sector of your project. For example, you can apply for grants from federal agencies, such as the National Institutes of Health (NIH), the National Science Foundation (NSF), or the Department of Defense (DoD), which often have specific programs or initiatives for translational research. You can also look for funding from foundations, non-profits, or industry partners, which may have more flexible or niche criteria. You should research the eligibility, requirements, and deadlines of each potential source, and tailor your proposal accordingly.

2 Collaborate with researchers

One of the challenges of translational research is bridging the gap between academia and industry, and integrating different disciplines and perspectives. To overcome this, you can collaborate with researchers from universities, research institutes, or hospitals, who can provide scientific expertise, access to facilities, and credibility for your project. You can also benefit from their networks and connections, and learn from their experience in applying for and conducting translational research. You should establish clear roles, expectations, and agreements with your collaborators, and communicate regularly throughout the project.

3 Demonstrate feasibility and impact

Translational research funding is highly competitive and selective, so you need to convince the reviewers that your project is feasible and impactful. You should show that you have a clear problem statement, a viable solution, and a realistic plan to execute it. You should also provide evidence that your project addresses an unmet need, has a potential market, and can create social or economic benefits. You should highlight your unique value proposition, your competitive advantage, and your scalability potential.

4 Seek feedback and support

Before submitting your proposal, you should seek feedback and support from various sources, such as mentors, peers, experts, or consultants. They can help you improve your proposal, identify gaps or weaknesses, and suggest ways to strengthen it. They can also offer advice on how to navigate the application process, avoid common pitfalls, and prepare for interviews or presentations. You should be open to constructive criticism, and incorporate relevant feedback into your proposal.

5 Follow up and learn

After submitting your proposal, you should follow up with the funding agency or organization, and inquire about the status and outcome of your application. You should also ask for feedback on your proposal, and learn from the comments and suggestions of the reviewers. You should use this feedback to improve your project, refine your strategy, and identify areas for improvement. You should also keep track of your progress, measure your results, and report your findings to the funding agency or organization.

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?