Subscribe
Share
Share
Embed
Finance Focus helps businesses navigate the ever-evolving world of finance. Each episode features expert insights, practical advice, and in-depth discussions on topics such as crowdfunding, trade finance, angel investing and debt. Hosted by Tracy Smart from The Smart Team and Sam Jones from Satellite Finance.
[00:00:00] Tracy Smart: Welcome back to Finance Focus. I'm Tracy Smart, here with my fantastic co host Sam Jones. Today we're bringing you a special bite sized edition that will give you a taste of the valuable insights we shared about grant funding.
[00:00:18] Sam Jones: In our feature episode we delved really deep into this topic and we were joined by Paul Finn from Oxford Drug Design who provided some really interesting insights with his expertise. Paul, this is our Tips Under Ten. If you would like to give us some quick tips on how to have a successful grant application to help out our listeners who might be considering the process.
[00:00:37] Paul Finn: Okay, so firstly you have to identify a funding source. There are lots of good resources out there to help you do that. So, in the UK, one of the major funders of Scientific research in companies is Innovate UK, the government's funding agency. They have a website, they provide a ton of details about their grant calls with lots of notice of upcoming calls.
The European Union, to which we can now apply, having rejoined Horizon, you know, has a very large and extensive website. They have many funding calls. There are places to look for charitable funding and so on. So do the research to identify those funding agencies you know, working in your area and are potential funders.
Once you think you've found a call that meets your needs. Read the call text and the call description and all the notes really carefully. Make sure that what the call is asking for in terms of the research and the area and what they want as the outputs really matches your needs as a company.
If you try to shoehorn your interests into a call that isn't really asking for that, that's just asking for trouble and you're very unlikely to have that grant application funded and you'll have just wasted a lot of your time.
The third thing is, to read the application form, read the application form again, and make sure that when you fill in the application form, you answer all of the questions. Look at the marking scheme so that you can see the questions which are important to them and don't neglect the questions which are more bureaucratic or, looking to the future.
Make sure that you really give as much attention to each area of the application form and don't spend all the time on one and not the other. unbalanced applications that don't really answer all the questions, never succeed.
[00:02:29] Sam Jones: Just quickly on that, Paul.
Are there outside bodies, organisations, consultants that can help with the process? Because I'd imagine it's not everybody's expertise in the form filling. So I assume there is help to get there.
[00:02:41] Paul Finn: Certainly there are. There's actually quite an industry of, companies that will provide assistance, for, companies who are looking for that help to put together their applications. There are dozens and dozens of companies in Brussels andelsewhere, you know, who will do this for EU funding.
There are certainly companies in the UK that will, also help you identify funding sources, for example. So they could be interesting to talk to if you're really, starting from ground zero. Bear in mind, though, that those companies will, charge for that service.
and, they can be of variable quality, so, make sure you get their track record and so on. You don't have to use them, and I think perhaps after one or two, you've already learned enough that you can now do that without their help. But it's maybe worth talking to them,if only to get some hints and tips. One thing they are good at are making the grants look nice, but also making sure that you do what I said earlier in terms of addressing each section of the form and giving it the attention it deserves.
[00:03:39] Tracy Smart: Do they usually take a percentage fee of the grant as their fee?
[00:03:42] Paul Finn: Yeah, that, that's another thing that you would need to look at carefully. So some of them will just charge a flat rate. Irrespective of whether the grant is successful or not. Some of them will,maybe have a lower upfront fee and take some percentage of the grant funding if they're, so more success based.
I mean, we've never used one of those companies ourselves, so I'm not speaking from personal experience there, but,there's certainly plenty of places you can go for help if, if you think that would be useful for your situation.
And I think the final thing is that the funding bodies want to be helpful.
So make use of them, there are helplines, there are contact points, there are national contact points in the UK, for example, that will help you, again, find funding, and these are free services from the UK government.
National contact points for EU grants that can help you make use of those because they know the system, they know what's what needed, they probably have contacts they can put you in touch with, and, if you establish relationships with these people, then that really helps while you're actually running the grant. If you come into difficulties or not quite sure how to fill in the finance form, you know. They'll not filling the form for you, obviously, but they can give you very useful tips and just make that whole bureaucracy of executing the grant and reporting the grant, much less stressful than it might otherwise be.
[00:04:57] Tracy Smart: And you mentioned allowing enough time as well, didn't you.
[00:05:00] Paul Finn: Especially for the larger grants. You can't put a grant together that has a chance of success, in a couple of days or a couple of weeks.
You have to plan ahead. You have to see those calls well in advance. You know, if you're gonna involve collaborators, you have to talk to them well in advance because you'll have to chase them up every day to provide you with the information. You have to allow monthsand put in the effort if you want to get success.
So it's,not inconsiderable effort, but it be very valuable when when you get it.
[00:05:27] Tracy Smart: Thank you very much. Very much appreciated that Paul. Thank you for your time.
[00:05:31] Paul Finn: It is a pleasure, Tracy.
[00:05:32] Sam Jones: There you go, that's our tips under 10 for grant funding. All our contact details for myself, Tracy, for Paul and Oxford Drug Design will be in the show notes on your preferred podcast platform. Thank you very much for listening and we will speak to you soon.