Innovation Grants

Grant funding is a great way to raise funds for a project. By accessing grant funding opportunities, businesses can obtain the capital needed to develop innovative projects without selling equity and diluting ownership. This helps companies retain the control over their strategic plans while accessing vital funds for their projects. It can be particularly beneficial for companies who have ambitious projects that are considered too risky for investors or finance.

Every grant competition outlines specific criteria to help establish the eligibility of specific projects. Generally, projects should aim to produce innovative solutions that address a specific issue. This will have been identified during the research phase and then highlighted by data collected, with a clear vision on feasibility and the potential impact.

A well-defined route to market that supports the commercial strategy of the product or service is also key to establishing the eligibility of a project.

The success of a grant application depends on different factors. Grant competitions have different success rates and grants that are specific to certain industries or technologies tend to be less competitive than sector agnostic ones.

Submitting a well-written and compelling application that clearly demonstrates the feasibility and impact of the project will substantially increase the chances of success.

The percentage of project costs that can be funded varies depending on the specific grant. Each grant body running the competition sets its own funding limits. Generally, successful applicants can expect the grant to cover a significant portion of the project costs, often 70%.

The way grants are paid out varies depending on the specific grant. Typically, grants are paid quarterly in arrears, which means that you'll need to cover your investments in the project for the quarter and then be reimbursed by the grant body.

Start-ups can be eligible for grant funding. However, this often depends on the grant programme and the associated eligibility criteria. Many competitions are specifically designed to help start-up businesses receive the funds necessary to begin their innovation journey.

Once your application is submitted, this will be reviewed by assessors and scored. It is important to note that during this phase, if the application doesn’t meet the eligibility criteria and submission requirements, it will be disqualified. Based on the other applications received, the grant body will then announce which projects will be awarded grants.

Grant opportunities are periodically announced by various grant bodies and can typically be found on their respective websites. These grant bodies often provide the option to subscribe to newsletters, which notify subscribers of upcoming programmes and competitions.