Is that a good idea?
I have found myself being asked several times in the past few weeks as to what makes a good idea for a project for an innovation grant application. Often companies have areas that they need external funding to make happen within their businesses but are nervous about committing time and resource to putting an application together in case it doesn’t fit the bill.
I’ve got a checklist that I run any ideas against in my mind so I thought it might be useful to share it here.
Truly game changing and innovative
Is it a serious problem for someone somewhere
Fit with funding bodies objectives
Scaleability
Future commercialisation
Passion
For game changing and innovative always do a quick google of your idea (I was told once by an assessor it is what he does) and see what comes up. Maybe you aren’t as game changing as you thought. Remember that the competition is stiff for these funding rounds you need to set yourself apart.
It is basic business sense but missed by so many people the world over. For any product or service to be a success you’ve got to be solving someones problem somewhere and assessors want to see that that is the case with your project.
Fit with funding bodies objectives is key if you are asking for government funding for example, then you need to be able to prove that it aligns with their priorities and should be funded by them and not by other means.
All funding bodies want their funds to be the catalyst for an idea or business to really take off. It has got to be scalable and rapidly scalable to attract the assessors attention.
Will it ever make money? What is the plan to commercialise the project if you can’t see how it will ever make money then the assessors won’t either.
I write, but also review applications that other people have written, those written with passion always read better and sell their idea to you.
In my experience if you have all of those ingredients then pulling an application together and answering all of the inevitable questions around a project plan, risks, financials, markets, need and solution just flow and a strong case for why that funding should be granted can be written.
If you want to talk through your idea for a project and get a second opinion on an application that you have written, or if you want me to write part or all of it for you, please contact me on hannah@whitetraft.co.uk
Is your project right for Innovate UK funding?
Find out what Innovate UK class as innovative and check that your project is right for Innovate UK funding.
