How to make a successful funding application

By Fiona Castela, founder, Castela Consulting.

Applications for funding far outweigh the funds available that funders can distribute.

The main aim is to give money to companies that can evidence the impact they will make and where the greatest innovation is. There is much competition and in order to succeed, any application needs to stand out.

When applying for funding, ensure you show real innovation, proving you know your product and the science behind it. Highlight that your opportunity should not duplicate anything already on the market. Show your company skills and ability. Describe in detail the business opportunity and the business risk. Illustrate a thorough understanding of the target market, including routes to market and competitor analysis.

Understand your motivation: Will it help you get to market quicker, develop a new prototype, ensure it matches your business? Check the closing date carefully: Late applications will always be ignored by every funder. Develop a relationship: Contact the potential funder; ask questions; any contact prior to application submission may give you valuable information. Help them to help you. Understand the criteria and funding objectives. No matter how good your project is, they won't fund it if it doesn't meet their priorities. Make the application form clear and concise, but still tell the story. Above all, answer the questions that are actually being asked. Do your numbers add up? Check and double check. Add all of the additional information/documents requested Ask for a critique, get your friends or family to review.