Grant Writing- 7 Reasons to use a Specialist.

????https://calendly.com/innovation-insights/innovation-funding-chat ???? Click here to book call

Grants can be amazing for business growth.

But it’s a complex, time consuming and overwhelming experience if you’re not familiar with the landscape.

That’s why you owe it to yourself to see what a grant writer can bring to the table.

So let’s dive in!

1)????? Professional Detachment.

Your project is your baby.

And so you'll write your application describing it as such.

Which kills your chances of winning instantly.

A grant writer, on the other hand, can separate themselves on a personal level.

Assessors don’t care how amazing your project sounds, what fantastic features it has, how functional it is.

Instead they want to know straight up

??Why is it new?

??What challenge does it address?”

and

??Why should I be giving you UK tax payers money to build it?”

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If you can't answer the above in 60 seconds without emotion or waffle, your application will crumble.

2)????? Knowing the difference between R&D claims VS Grant Funding.

There are big differences in carrying out these two exercises.

• R&D Example

If you managed to find a way to replicate the KFC chicken recipe- you get it tasting the same, smelling the same, cooking the same without having access to their patented recipe then well done, you have advanced the knowledge in your industry and therefore the activities and costs around doing so are claimable for R&D ????

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• Let’s now switch to innovation Grant Funding

If your pitch was “I’ve managed to come up with a new process that now allows me to replicate the KFC recipe”- you would be told,

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? it’s not new

? it’s not innovative

? the fact that it already exists is enough to deny your application (and given the fact that it’s patented again, would be enough to reject your argument immediately).

What your project needs to do is kick KFC out of the park by creating a product that is an exact replica but is actually nutritious for you.

Thus, helping to solve the obesity pandemic that has taken over the UK.

You see- your product can’t just be great to you and your customers- it needs to be solving an industry challenge that isn’t already being addressed.

The bigger the impact- the bigger chances of success.

3)????? Spending your Funds.

You’re application is asking for ￡500K

Great- now show the assessor how you plan on spending that money.

Screw this part up? Immediate fail...

• But an expert knows how to articulate this perfectly.

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For example-

• did you know that for most cases, ?you can only use up to 30% of the fund towards a subcontractor?
• And that the subcontractor needs to be in the UK?* (some international funds are exempt of course)
• Depending on the size of your company- you may only be permitted to claim up to 50% of the project costs?
• Project management: What will this part look like?
• Upfront costs- do you have this ready to go?

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There is a lot to learn here so talking to a specialist is paramount.

4)????? Assessor Language

For your knowledge, there are typically three types of assessors reviewing your application.

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? 1 x industry professional

? 1 x financial professional and

? 1 x ‘jack of all trades’

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If all 3 of them can’t individually understand your project well enough- it’s a straight fail.

Withholding vital information about your project because you “assume” the assessor will know what you’re talking about happens a lot with DIY applications.

Don’t let it happen to yours.

5)????? Understanding the nature of a competition

You may think that by going through a specialist, you are destined to win. This would be a mistake.

Using an expert will no doubt maximise your chances of winning vs doing it on your own and you will 100% leave the experience having learned so much more about the application journey in general.

Nonetheless, do your homework on the writers success rates and prepare yourself for a win, as well as, a lose.

6)????? The Correct Funding Pot

Not being sure of the sector where your innovation actually sits is a massive mistake and can be enough to fail you immediately (as your pitch will be off).

So let an expert help you identify which pot is right for you.

Let’s say you have developed a way to improve the shelf life of salad products. You may think that your innovation sits in the food space but in actual fact it’s in agriculture and science.

• Knowing this difference is imperative as it can be the difference between you going up against a competition with 100 applicants VS 10.

7)????? Managing your Expectations

Speaking to a grant specialist only costs your time in the beginning.

But that time could be the crucial difference between you learning something valuable, VS wasting ￡100K on a product idea that already exists.

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Believe it or not, although a grant writers fee can range from ￡5-￡10K to write the report (+ % of success fee), they have NO interest in taking on dead cases.

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Because the real money comes from the win fee at the end, for everyone!

Therefore, at the very outset, they should have a good understanding on which funding avenues are suitable for your company needs, and which ones are out of your league.

So there you have it- 7 strengths a grant writer brings to the table.

What are your next steps?

If you have a project in mind and want to understand your potential to apply for funding, let’s grab a call through the link below??

???? https://calendly.com/innovation-insights/innovation-funding-chat ????

As always- thanks for reading and stay tuned for more ??♀???♀?