Top five reasons to apply for business grant funding
For businesses new to investing time and resources into research and innovation, applying for grant funding can seem daunting. But with the right support, it could help grow your business in ways far greater than the scope of the project.
We asked our Innovation Growth Manager, Robert Saville, to explain why he believes with the right idea and motivation, grant funding can help unlock unexpected opportunities. Here are the top five benefits he believes could come from taking the plunge and applying for funding.
"Grant funding for business innovation is a pot of money that can be awarded to a specific project within a specific timeframe. The money doesn’t need to be repaid but will often require you to match the amount awarded through cash or in-kind contributions, like staff time.
While the finance received from grants is often a welcome boost to help turn your idea into reality – the benefits of applying for project funding could be far greater than a simple cash injection.
At Growing Kent & Medway, my role is to help businesses to develop their ideas and apply for funding. Over the last few years, I have seen the additional, unexpected benefits businesses have experienced by investing in innovation.
1: Networking and collaborations
Exploring new ideas can connect you with other people who are also interested in your focus area. It could be someone looking at a similar idea in a completely different sector, or from a similar business taking a different angle or approach. These new connections often help to shape and refine your project and ideas.
2: Technical support
If you’re not from a scientific or research background, developing robust trials can be challenging. Grant funding can connect you with technical specialists interested in your project idea, helping you to feel confident in your results.
3: Confidence
Starting with a smaller grant project can give you the confidence to seek new funding opportunities in the future. Once you’ve started innovating and reaped the benefits from your first grant, it can help catalyse the next project on your innovation journey.
4. Marketing and Promotion
Being seen by your customers and suppliers as an innovative, sustainable business could help strengthen your market position. Communicating news and updates about your project can help your brand identity and reputation.
5: Skills
Investing in new initiatives often means helping to not only develop your own skills in new areas but can help to develop and grow skills across your organisation. Helping to motivate and retain staff.
Of course, with a successful grant project, you may also be developing new products and services, leading to new revenue streams and job creation.
Perhaps the hardest step of all innovation journeys is the first step, having confidence in your idea and the belief to go for it.
Our team at Growing Kent & Medway are on hand to support you; offering technical support, connecting you to the right people and helping to shape your ideas.
Please get in touch to chat about our current grant opportunities. We’d love to hear from you."
Dr Robert Saville
Innovation Growth Manager, Growing Kent & Medway