Building a funding strategy requires being informed and planning ahead
When looking to launch a major project, one of the first areas of concern for most businesses is how that project is going to get funded. However, companies would be advised to approach funding in a holistic way rather than an individual, project-based one. Prior to getting started, it is important to build out a strategy that includes and optimizes all types of available funding.
A funding landscape that includes federal, provincial, and municipal grants, tax credits, and loans, as well as private funding and other incentives can be difficult and time consuming to research, access, apply for and keep track of.
Fundingportal simplifies and automates the funding process, working with companies and organizations of all sizes, including start-ups, SMEs, and very large organizations. Here are the top five things the experts advise all companies to evaluate when building a funding strategy.
Broadening the funding scope
When searching for funding, many companies focus on one potential avenue (industry, company size, project type) and do not consider that there may be other programs that also apply.
For example, a newly-launched technology company may focus on applying for funding in the tech space, but could also qualify for start-up funding, funding for female or minority entrepreneurs, hiring or job creation programs, and more. It is important to outline the entire project and broaden the funding potential beyond what is most obvious. Automating access to open and pending programs and having the ability to search and filter public and private funding can help companies rank which programs best align with their criteria and funding goals.
Understanding the application process
While funding programs can be substantial drivers in helping companies grow and innovate, applying for them requires an understanding of the funders’ criteria and requirements. It is critical to position the project in a way that highlights the benefits of its projected outcome not only to the company itself but also to the funder. As well, preparing and submitting the proper documentation can make all the difference in whether a claim or application is accepted. Being informed and gathering all available data prior to starting the claim or application can really simplify the process.
Leveraging future funding opportunities
Creating a funding strategy should not be a reactive or singular initiative. Ensuring that a company is leveraging all available funding involves staying informed on current, pending, and new programs. It also includes understanding how to create an internal structure that facilitates accessing and applying for funding. Many types of funding are awarded on a first come, first-served basis, so receiving automated alerts when new programs are launched or deadlines are approaching can keep companies from missing out on programs their projects qualify for. Programs often require projections and detailed plans prior to awarding the funds. Planning and matching project objectives to predetermined criteria can help filter and identify programs that are most closely matched with a company’s future projects.
Understanding and automating the funding process can save a company time and valuable resources, while generating the funding required to innovate, launch new projects, and grow the business.
Developing a holistic funding strategy that becomes part of the company’s annual planning and overall corporate culture can make all the difference in the number of programs and amount of funding a company applies for and receives.