10 Elements to a Successful Innovation Grant Application
We believe there are 10 key elements to an innovation grant application, and it’s important to consider each one, so you present a well-rounded and promising grant funding application project.
1) Fit to Scope
Specific competitions only fund certain types of research and development (R&D), so it is always worth checking that your project aligns with the scope of the competition, including any specific themes. Also, check what the funder will not fund, as they are adept at spotting projects that have been shoe-horned in.
2) Project Definition
Ensure you have a clearly defined work plan, weaving in tasks, milestones, deliverables, resources, budgetary requirements, dependencies, and timings.
3) A Truly Innovative Project
A grant-fundable project requires developing game-changing and commercially viable R&D that can significantly improve the UK economy. Consider whether your project is truly innovative at its core. Does it advance on the current state-of-the-art, improve an existing product, service, or tool, and/or disrupt an industry?
4) Market Awareness
By demonstrating a strong understanding of the market opportunity you are addressing, you can show that you have thoroughly researched the future commercialisation of your innovation. Understand and demonstrate what your competitors are currently doing and why your innovation is superior.
5) Commercialisation
At the centre of any industry-focused application is the route to market, which focuses on how you will make money from the market opportunity you have identified. Financial forecasts and readily available letters of interest are important here and give credibility to your application.
6) Project Impacts
When you build your proposal, you will have to demonstrate how the different impacts of your innovation will meet government priorities and have a spillover effect on the national economy by generating revenues, potentially creating a new market, jobs, etc. Quantification will be key in supporting your arguments.
7) Project Team
Identify your team, including any collaborators or subject experts. Often, the people involved in the project are just as critical as the innovation itself. When developing your team, it is vital to think about this from two perspectives: Firstly, what do the project’s resource and skill requirements look like? And secondly, do you need to bring in additional support on any aspects?
8) Project Costs and Funds
Project costs and finances will be under scrutiny from assessors and need to be in line with the competition scope. Funders will seek evidence that your project can provide suitable value for money. Ensure you have compliant and justified project costs (including any partners).
9) Intellectual Property
There are broadly four types of Intellectual Property (IP) rights: patents, copyright, design rights, and trademarks. Patents relate most to grant funding because of the nature of R&D funding competitions that look for novel technologies, products, or processes that will put the UK at the forefront of innovation. Within some grant funding applications, there is a dedicated section to outline any IP you have and how you are going to protect it.
10) Identify and Mitigate Risks
Categorising risks will assure assessors that you have a holistic understanding of your project and technology. Creating a risk register demonstrates you are aware of potential risks and have the strategies in place to cope with any type of disruption.
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