A guest post from non-dilutive funding experts Granted Consultancy, as part of the StartUp Studio Insight blog series.
Grant funding has the ability to significantly accelerate project time frames and markedly reduce a product or service’s time to market, beating the competition and establishing first-to-market status.
Not only does grant funding accelerate time frames but it can unlock and facilitate collaborations with unique industry, research, and academic partners to help deliver world-leading innovation projects.
As a guide, it typically takes between 9-12 months from engaging with Granted Consultancy to first drawdown of grant funds; taking into account the following steps:
1. Finding the right funding competition
R&D Grant Funds are generally divided into three categories defined by the Technology Readiness Levels (TRL):
TRL 1-3 = Fundamental Research
TRL 4-6 = Industrial Research
TRL 7-9 = Experimental Development
You will need to identify which stage your project is at, to ensure it fits within the scope of the funding competition, and that it meets eligibility criteria in terms of the purpose/outcome of the technology development but also project length, costs and timings.
2. Developing the application
One thing that is certain is that the worst time to apply for a grant is 2 days before the deadline! We would recommend starting to draft a minimum of 6 weeks before the deadline.
3. Waiting during the assessment window
Once you have submitted your application before the deadline, you will typically wait 1-3 months for the funder to make a decision on which projects to fund.
4. Progressing through due diligence
Once you have received the outcome of your application you will still not receive funds just yet. There is a due diligence process with the funder which may take a further 1-3 months.
5. Project kick off
Post-due diligence, you will be given the go ahead to start your project. Once your project has kicked off you will be responsible for delivering monthly and quarterly reports requested by the funder to make sure you are spending the grant on what was stated in your application.
This reporting process can be technical and time consuming so finding a Grant Project Manager that has a detailed understanding of the reporting requirement is advised so you can focus on delivering your project.
Get in touch!
Here at Granted Consultancy, we know where to find suitable funding, how to access it successfully, and how to use it to best effect. Our sector expertise and ability to upskill at pace in new technology sectors has enabled us to work with a wide variety of companies, from start-ups to blue-chip multinationals, in all economic sectors.
If you have an R&D project that you are looking to explore funding for or you have successfully secured a grant and would like assistance with reporting, get in touch with the team at Granted Consultancy on firstname.lastname@example.org.
To learn more about Granted Consultancy go to grantedltd.co.uk
Granted Consultancy is an expert partner for the Tech South West StartUp Studio. Find out more about the programme at techsouthwest.co.uk/startupstudio