One of the benefits to no longer commuting huge distances or rushing around for the school run is the time saved that is now available for activities. This time provides an opportunity for innovative creativity and to think about business strategies that could help to grow your business.
Grant funding is a route that can significantly help in achieving your business goals and is something you could be thinking about in your new-found time.
Benefits of grant funding
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. This can have a pronounced impact on your business through reducing the financial risk of your project, whilst simultaneously increasing commercial returns and subsequent business growth by allowing you to be ambitious in your project’s specification, all without releasing any equity.
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. These collaborations open up access to new technologies, techniques, and expertise – further enhancing outcomes for your business.
Innovation grant funding covers a variety of cost centres including staff costs, at a rate of up to 70% if you are an SME, plus an additional overhead on top of the staff element of 20%. This 70%+ intervention rate from the funder is in the form of a non-repayable, non-dilutive grant – you do not have to give away any hard-earned equity or pay back any interest.
It is all about the timing
One of the potential downsides of grants is they typically take six months from applying to project kick-off. In any normal setting, this could be a negative but an application made now will provide both a perfect opportunity to connect with potential partners and a project that will start in six months’ time when the external environment will be less impactful and you could be benefiting from a non-dilutive grant to kick off that ambitious project, dramatically accelerate your business growth and providing just the stimulus you need to succeed.
If you are looking for UK and EU funding opportunities for your project, get in touch with Jon Williams at Granted on jonw@grantedltd.co.uk or 01392 427 860. Find out more here.