Applying for a research and development grant requires a huge time commitment.
Myriad Associates would recommend that you follow the below process if you plan to submit your own application for R&D funding:
Outline the project, describe the research and development you want to undertake and explain what market need it’s fulfilling.
Work out how much capital you can put towards the project and how much extra funding you will need. A grant provider will want to see that your business is sound and that your project is financially viable.
Investigate what schemes you might qualify for. Check whether any project costs might qualify for R&D tax credits as an R&D grant could impact this.
Reach out to the grant scheme and confirm exactly what you need to do to apply for the funding you require.
Grant applications are time-consuming, a big drain on resources and are very competitive. So, think carefully about whether you want to make this commitment before you go any further.
Write the grant application. Take care to make sure your application is clear and articulates the business opportunity.
Depending on the R&D grant scheme, the decision may take several months to make. Be patient and bear in mind that you may need to provide extra proof of expenditure to claim your reimbursement.