By Emma Lewis, Myriad Associates
The world of business is cut-throat and volatile. Knowledge is power, and innovation is key in staying ahead of the competition. The better a company can adapt, expanding its technologies and its customer base, the more chance it has of survival.
Innovation can only come to life thanks to Research and Development (R&D). The process of trial and error (and plenty of prototypes) is what allows new products and services to come to fruition. It gives companies the competitive edge.
The problem is that these days cash flow doesn’t always, well, flow. R&D projects don’t come cheap, especially when there’s the necessities of employing staff and buying materials. And when it comes to scientific and technical advancement especially, UK companies are understandably keen to explore all funding options possible from investors to R&D Tax Credits.
R&D grants are another popular and often lucrative way to boost the funds required for ambitious innovation and growth.
What are R&D grants?
R&D grants are offered by the UK government so that companies can fund the research and development of innovative products, processes and services. These grants don’t have to be paid back, which makes them incredibly attractive options when compared to something like a loan.
Essentially, if your company is undertaking R&D in order to try and address a technical or scientific uncertainty, then R&D grant funding could be an important way of helping to cover the cost.
Grants can help companies and high potential start-ups with:
- Collaborative research
- Feasibility studies
- Developing new or improved products, services or processes
- IP exploitation and management
R&D grants are given to companies based on how much funding is needed, what the nature is of the R&D project, and what the grant will be spent on. Run competition style, the ‘winner’ will be chosen based on the quality of their application. It must best demonstrate their innovative plans, return on investment and commercial viability.
However, understanding exactly what R&D grants are on offer, when each competition is being run and what kinds of projects are eligible is extremely difficult. R&D grants are launched regularly and putting together a quality application that stands out from the crowd can be something of a stab in the dark. It’s for this reason that many organisations work with a specialist R&D grant writing consultancy to steer them through their application for the best chance of success.
Partnering with an R&D grant writing consultancy has many benefits
Any R&D grant writing consultancy worth its salt will have been in business long enough to know exactly what works and what doesn’t in the world of R&D grants.
An excellent place to start is in understanding the application process itself and the various parts of it. Again, any half decent R&D grant writing consultancy will sit down with you right from the start to discuss everything about your R&D project, assessing your chance of success. They will want to understand particularly the technical, commercial and financial details of your R&D project. After all, the last thing you want is to spent time and resources on a grant application that won’t stick.
As part of the R&D grant application process, it’s essential that the technical challenges your team face – and how they will be addressed – are made explicit. Your project team and their skills and experience should also be clear, alongside your financial projections and the market dynamics.
Once the groundwork is complete, an experienced R&D grant specialist will go away and write a high quality R&D grant application that meets all the necessary criteria. It should also play to what the judges specifically look for, having been written in such a way that puts your organisation and your project in the best light. Only once you’ve had the opportunity to view and approve the finished application should it be submitted. Many R&D grants consultancies will also work with you remotely, which means you don’t even have to leave your desk and it doesn’t matter where they’re located.
Hopefully your application is successful, but either way you’ll want some professional feedback. Again, this is where a specialist R&D consultancy can be worth its weight in gold. This is especially the case where there are specific requests from the grant body’s monitoring officers.
Looking to apply for an R&D grant?
R&D grants, particularly those provided by Innovate UK, can easily run into hundreds of thousands or even millions of pounds. But as this article shows, applying for one is far from straightforward, which is why grant writing consultancies exist. Whether you know the exact type of R&D grant you need or just want to see what’s available, it’s well worth doing your homework. With serious money at stake, it’s one application you’ll want to get right first time.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.