This blog is written to give an overview on how to find a grant that suits your business. There are plenty of grants available to apply for, see our funding page for a collection of some of the bigger ones. As experts in the field, we feel that an explanation of what grants will fund a particular project is necessary in many cases. If you would like to speak to a professional one-on-one, we at Inovasi can help here.
What is a Grant?
A grant is where a project is given funding. This funding typically comes from governing bodies, with popular ones in the UK being with the government's Innovate UK. While grants are not the only source of money for your product, with angel investors and venture capital also being options, the chances of being accepted for a grant are higher than that of other sources of capital.
Where Can I Get a Grant
Grants are offered by governing bodies, and as such the most common place to find them is on government websites. However, there are normally smaller grants offered from local councils, such as the D2N2 grants. These will either be on a specific website, such as d2n2lep.org for D2N2, or they will be on the councils own website. It is also possible to call the local council and ask for support.
Is a Grant Right For My Business?
Grants are not for everybody. There are many cases in which a grant is not the best course of action, however, if you have an innovative new product or an idea with enough merit that it could start development, then a grant is likely what you should seek.
If you're at the stage where you think you should be seeking a grant, then finding the correct one is most definitely the next stage. We strongly recommend that you contact a grant specialist, such as Inovasi, to find the right grant for you.
What Grants Will Suit My Business?
Before answering, it should be known that there are two types of grants. There are open grants, where there is little or no scope around what businesses or ideas will be accepted, and there are grants with a specific scope that must be met in order to be accepted. Grants that are open have a lower success rate, so finding a grant that is specific to your niche makes for a better claim.
There is a plethora of different grants available for a wide variety of different practices, with grants specific for such project types as electric cars, medicine, and niches such as train engines. It's just a matter of finding the correct grant to suit you. For instance, if you have a product or company that focus specifically on medical products, the Innovate UK Health Tech Regulatory and Innovation Programme would be an excellent choice. We recommend that you find someone to help with the grant writing process. For more information on how Inovasi can help, please see here.
Inovasi helps companies to innovate with innovation incentives: R&D, Tax Credits, The Patent Box Scheme, and Funding. Inovasi aims to save you time, so you can focus on the core of your business, we offer expert advice, you can rest easy knowing your claim has been strictly adhered to the funders scope, reducing the chance of an inquiry, maximise all aspects of your innovation process, experienced, up to date on the latest guidance and changes related to grants.