3 crucial steps to select the right grant
Fields like life sciences and biotechnology involve capital intensive development programs, which requires optimal use of funding opportunities. Non-dilutive funding can provide critical cash injections to support your development, but finding the right opportunity can be a challenge.
There are so many databases, grants and grant providers available, that the whole process can be overwhelming. To shed some light in this complex process, our Funding Advisor Aniek Doensen shares some of the crucial steps when selecting the right grant.
How to select the right grant
The first question is: “Are you eligible?”.
For most grants a wide variety of conditions can apply. For instance, think of requirements regarding the organization you are working for, the country within which your organisation is located, your education, titles achieved or how long ago the Principal Investigator obtained his/her PhD.
For some grant programmes, consortia apply for the grant for a mutual project.
How many partners must be in your consortium, and does this fit with the partners you are already collaborating with? Is it possible to build this consortium for the project?
Is your project in scope? Do you fulfil the requirements for the envisioned activities? Is the Technology Readiness Level correct?
Sometimes a grant seems in scope but when you dig deeper into the requirements and the program document, specific activities are further defined or a certain TRL has to be achieved before starting the project. Sometimes certain activities are not eligible for funding, for example the funding provider may choose not to fund clinical trials, animal models or fundamental, even when they seem in scope with the program.
3. Funding awarded
Is the funding on offer what you are looking for? Is it a loan, a grant or an investment scheme? Is the budget high enough to fund your project? Does the provider expect something in return for their investment in your project?
You can think of a repayment scheme, revenue sharing or a part of the IP. Additionally, for some funding schemes, co-funding from the applicant is required. Are you able to co-finance the amount of money required for this project, and are you allowed to co-finance this in-kind? What are the eligible costs for the grant, can you pay salaries, equipment and consumables from the grant? And are overheads eligible for this specific funding opportunity?
Strategy in funding
Although these steps can help you select the right grant, this is still a very complex process influenced by many factors – both internal and external to your research. At Catalyze, we can help you with strategies for short, medium and long term funding.
Some of the questions we can help you answer:
- Which grant programs have the right fit with your projects, stage of development, topics and criteria?
- When should you apply for what opportunity and how will that affect your development?
- Is it the right time for a loan?
- When should you start raising investor money and how do you attract them? And alternatively, how can you leverage private investments for non-dilutive capital injections to accelerate your route to market?
Contact us to find out more about what we can do for you.