Writing a killer proposal to secure grant money for your business
If you've got a killer idea for a new product that people will love, then you might be on the cusp of real business success. Hatching that initial idea is half the battle, if not more. But beyond that step, you also need to build a company that includes product developers and experts in marketing, sales and customer service. This will cost a lot of money, and you might not have the requisite funds in your back pocket yourself.
If your idea is truly great, there's a good chance people will want to invest in it – but how will you make this happen?
This is why a lot of first-time entrepreneurs choose to apply for grant money to support their business plans. If your idea is truly great, there's a good chance people will want to invest in it – but how will you make this happen? What sorts of grants will you apply for, and how? You'll need to sit down and write out a well-established game plan.
Building a case for your grant money
Getting a business off the ground requires paying attention to a lot of details. One of them is copyright law in Australia; another is getting the grant money you need to start things up. According to The Funding Centre, it's vital to build a case for funding that grant organisations will respond well to.
This means identifying a problem area in the current marketplace and providing evidence of how your product would help solve that problem. If you can weave a narrative that shows what pain points exist currently and what your product would have, you might be able to sell someone on the idea of a grant.
Plan carefully, then start writing
You can't just walk up to a financier and ask them blind for grant money – that will never work. This process requires careful planning. Research from Victoria University shows that the best grant proposals begin with a careful study of the marketplace as well as a keen knowledge of what the funding body is looking for.
You have long-term goals; so do the people with the money. The best grant proposals are based on a solid understanding of how your goals align with theirs. Once you're able to find that common ground, you're on your way.
Get vital support from Alder IP
At Alder IP, we do a lot more than just handle intellectual property services in Sydney. We also have a proven track record of working with clients to develop strategies for getting grants and launching businesses.
If you're an inventor, we want to support you in all your creative endeavours and help you commercialise your ideas. Contact us today to begin that journey with us.