Are there any grants for start-up companies?
There are not many grants available for start-up companies. Most of the grants go to established companies/organisations that have a track record of growth and strong financial performance.
Typically this occurs with revenues of around $1 M in revenue. Most companies we work with have revenues around $1M to $10M.
How do I fund my great idea?
Most grants require you to have at least 50% of the project costs available. This part is up to you. Try banks, family, angel investors and venture capitalists. But make sure you don’t look like you have too much money, as you might demonstrate that you don’t need a grant.
If your idea comes with a proven prototype, identified customers, and a route to market. Look at Accelerating Commercialisation. Other areas to look are your local council business grants.
Are there any grants for Not-For-Profits?
Grants for Not-For-Profits are becoming harder and harder to come by. Occasionally we publish grants given out by philanthropic organisations and trusts but this is not the core focus of what we do. We recommend partnering with a more established NFP and integrating your project into their infrastructure.Why do I need a grant consultant?
[/fusion_text][fusion_text]I can do many things by myself such as design my own logo, do my own bookkeeping or undertake my own marketing.
But I know that my time has a value and it is better employed doing high value activities in the business. Hence the reason why I outsource it.
Despite the Government’s efforts to cut red tape, grants still take a long time to write. They also can be pretty complex. There is also a big difference between submitting an application and submitting a winning application. Some of the more technical questions we know how to address are:
- How much net profit should the project generate?
- What is the optimum number of jobs created per dollar of grant?
- How will your project affect competitive neutrality?
- What is the net economic impact of the project?
Great companies with great projects will almost always get a grant, but in reality the applications that fight it out are good companies with good projects. We know what to focus on and what to leave out.How long does it take to complete a grant application?
[/fusion_text][fusion_text]First you should allow a couple of hours to read through the guidelines and make sure you are eligible before applying.
Then, you want to allow about 40 hours to complete a competitive grant application. Most businesses don’t have this sort of resource available considering grants are only open for 4 to 6 weeks.
Also, consider the fact that, if you are not spending this amount of time, the winners probably are. Imagine how good their application looks compared to your “night-before-deadline” application.
How do you charge for your services?
Some grants take a small amount of time, some take longer, so it comes down to the grant and the work involved.
We generally offer a few choices when it comes to fees, either all upfront or part up front and part in success.
Get in touch with us and we can be more specific.
What is your success rate?
Success rate is not something we really measure as the majority of the success of a grant application is outside our control. Things that influence the strength of an application are; company track record, revenue/profit growth, export potential, industry, level of investment required, job creation, competitive landscape and project choice.
But most of them we get. We have plenty of case studies of grants we have secured for clients, so we have a good knowledge of what it takes to secure a grant.
How to win Government Grants?
If you wish to tackle a grant application by yourself, here are some quick tips.
- Make sure you are eligible – if your organisation or project is pretty close but not exactly what they are looking for, then don’t waste your time. There will be a long queue already of organisations with projects that match the criteria 100%.
- Answer the question – sounds pretty simple but it is often hard to do when you are caught up in your business or project. When you think you have answered a question – give it to someone else to read and get them to give you feedback.
- Keep it simple – Your answers should be as brief as possible but still get the point across. Resist the urge to describe every intricate detail of your project. Use lots of headings and dot points.
- Look like you don’t need it – While we agree, grants should go to the most deserving, the reality is companies that are growing and profitable get full marks for financially viability and are more likely to get funded. Governments also want to see a track record of doing something similar in the past