Should You Apply for That Grant? A Checklist for EdTech Entrepreneurs

When resources are tight and your mission is strong, every funding opportunity can look like a golden ticket – especially those non-dilutive options like grants and competitions.?

But as attractive as they might be, grants come with their own set of challenges—most notably, the time and effort needed to craft a competitive application. At the end of the day, it's a trade-off between time and money.

To make sure your time is well-spent, we've put together a checklist of essential questions every entrepreneur should ask before applying for a grant.?

These questions will help you determine if a funding opportunity truly aligns with your mission, values, and capacity, ensuring you’re not just chasing funding for the sake of it, but rather securing support that genuinely advances your impact goals.

1. Alignment with Your Mission

Before anything else, assess whether the grant opportunity aligns with your mission and values. While it’s tempting to pursue every available source of funding, grants that don’t align with your vision can be more of a distraction than a help. Here are some questions to consider:

• Does this competition resonate with what you're trying to achieve? Ensure the goals of the grant are closely tied to the impact you’re aiming to make.
• Is it relevant to your target audience or solution domain? If the grant focuses on a different audience or area, you may be forced to pivot unnecessarily.
• Does it align with your organizational values? Integrity matters. Applying for funding that doesn’t align with your values can damage your brand and credibility.

Tip: Only pursue funding opportunities that complement your mission and core values, so you’re not pulled away from your core purpose.

2. Alignment with Your Development Cycle

Timing is critical when it comes to grants. An opportunity that arrives too early or too late may require you to divert resources or focus away from your current priorities. Ask yourself these questions to gauge timing:

• Will the competition’s requirements fit seamlessly with your current development stage? Avoid grants that require you to build something solely to satisfy the grant criteria rather than benefiting your customers.
• Will the funding be available when you need it? Some grants take months to process; ensure the timeline aligns with your needs.

Tip: Look for grants that will fuel your current growth stage and avoid those that force you to build products or features simply to secure funding.

3. Consider the Trade-Off for Reward

Grant applications can be time-consuming and resource-intensive. Before applying, weigh the investment of time and effort against the potential rewards:

• Do you have enough time, energy, and resources to make your application competitive? Strong applications often require advisors, budget, and experience. Assess whether you have these in place.
• Can your team deliver on the grant requirements within the budget provided? Carefully analyze the funding amount—after taxes and fees, will it cover your expenses?
• Are there alternative funding leads you can pursue that offer similar value? Consider if there are other opportunities that may be easier to access or more rewarding.

Tip: Think about whether the potential reward is worth the effort, and if not, focus on alternative funding options.

4. Review the Prize Structure

Some grants offer more than just cash. Consider any additional benefits that may make the opportunity worthwhile:

• Are there added benefits like mentorship, networking, or pilot opportunities? These can sometimes be more valuable than the grant money itself.
• Are you in a position to leverage these additional opportunities? Mentorship and networking can be invaluable if you’re ready to capitalize on them.
• Is there recognition or reward even if you don’t win? Some grants provide rewards for reaching certain stages, which can still be beneficial to your business.

Tip: Look for grants that offer more than just funding. Connections and mentorships can provide long-term value beyond immediate financial support.

5. Feedback Opportunities

Grant applications can be a learning experience in themselves. Choose grants that provide feedback regardless of the outcome, as this can guide you in future applications:

• Does the competition or grant provide feedback if you don’t win? Constructive feedback helps refine your approach for future applications.
• Can you ask for feedback from someone who has applied before? Learning from past applicants can help you understand the nuances of the application process.
• Can you ask advisors or peers for application review and feedback? A second opinion can be invaluable to ensure your application is strong and focused.

Tip: Seek grants that offer feedback, so even if you don’t win, you’ll walk away with insights that can improve your future applications.

Conclusion

In the quest for funding, it's easy to get caught up in chasing every opportunity. But not all grants are created equal, and spending time on opportunities that don't align with your goals or capacity can ultimately hold you back.?

Use this checklist as a guide to ensure that every grant you apply for is worth your time and effort.?

With a strategic approach, you’ll find funding opportunities that not only support your immediate needs but also drive sustainable impact.

Ready to dive deeper? Here is another useful resources to evaluate your next grant opportunity!