UK Grant Funding and Why it Can be Helpful For Your Business
Updated: Mar 17
This blog is written to give an insight into the benefits of grant funding for your projects, as well as describing how grant funding works. If you would like to see what grants are currently available, please see here.
· What is Grant Funding?
What Is Grant Funding?
Grant funding is where a company, person, or government funds an external body's project, normally with specific goals in mind. These goals are called the scope of a grant, and a project must comply with the scope for it to be considered, with very few exceptions.
Funders can have many different motives, but the most common is to improve the economy and provide jobs. Grant funding from the likes of Innovate UK are provided by the government and funds
Where Can I Get Grant Funding?
Finding a suitable grant for your project can prove difficult, which is why we at Inovasi recommend using a system such as our database or messaging a company that specialises in them to ask for help. We at Inovasi can help you to both find a suitable grant for your company as well as complete the application for the grant.
However, if you would like to continue without specialist help, there are several places to check. The government has a site here that displays all of the current funding opportunities. It is also possible your local council have a smaller grant for you if you are an upcoming SME, so sending an email to them can never hurt.
Why Get Grant Funding?
Grant funding can be a great way to kickstart your business idea into a fully fledged business. Many businesses will have a great idea for a product or project, but lack the necessary funds to bring it to fruition. There are many different products available that have utilised such funding, even including larger projects such as satellites.
There are times where a certain amount of initial funding is required. This is known as match funding. This funding normally comes from an investment from the founders or directors. It is possible, however, for other sources to come into play, such as from investors or from the profits of the business, provided that it already makes a profit.
There are also equity funds where a percentage of your company is sold before the idea takes off to give the funds necessary. Think Dragon's Den.
Must the Project Succeed?
In short, no. The project need not succeed; the project must be worked upon until it is clear that the project will not succeed. Not everything is certain to work and funders are aware of this. The funders are aware that they are taking a risk in funding your work and cannot expect every project to be a massive success, or a success at all.
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.