The UK, EU and US governments all offer equity-free grants to support technical innovation - yet many small businesses don’t consider these grants because of the complex application processes.
At Grantify, we’ve talked to incredible founders who, despite the potential of their innovations, lost out on grants due to stringent applicant criteria.
In this post, we will share key information about existing grant options that are available to founders in the UK, EU, and US, so you can maximize your chances of success.
Table of Contents
Am I eligible for grant funding?
Below is an overview of the major UK, EU and US grant programmes you might be eligible for.
| Innovate UK Smart Grant | EIC Accelerator | SBIR | |
|---|---|---|---|
| What projects are eligible? | Tech-based projects, 6-18 month’s duration | Any field of technology/application | Technically innovative R&D projects |
| Who can apply? | UK-registered SMEs | SMEs in EU Member States | Majority (51%) US owned companies with >500 employees |
| How much funding can I receive? | Up to £2m (we recommend £500K for a first application) | Up to €2.5m | Up to $2.5m |
| How do I apply? | Written application, detailed appendices | Written application, slide deck, 3-minute video, presentation, Q&A | 1,500-word project pitch, written proposal, supporting appendices |
| Total pool of funding | £125m per year | €1.13bn (in 2023) | $200m+ per year |
How do I write a winning grant application?
There’s a lot of funding on offer – but application processes are complex.
According to our team of grant experts, there are some key elements that set winning applications apart:
- Clearly articulating WHY your solution is needed. The best applications explain, with evidence, who needs the solution, why one hasn’t been created yet, and why grant funding is the best way to finance this.
- Explaining HOW you’ll solve the problem. Here, you need to explain your solution in simple terms. The challenge here is demonstrating technical expertise while still making your explanation understandable to assessors who may not be experts in your field.
- Showing you have a team WHO can bring your innovation to life – outlining your relevant skills, academic achievements, commercial experience and any future recruitment needs.
- Creating a picture of WHAT the market looks like for your innovation – and outlining the benefits your solution will offer. The best answers create a clear vision for assessors of how their innovations will deliver real, tangible benefits for the wider ecosystem.
Fair warning: grant writing is a time-consuming endeavor that requires a certain degree of expertise. Some founders chose to do it themselves while other seek support from an expert grant writer.
My grant application was accepted. What's next?
So you've been successful in your grant application - congratulations! Depending on the grant you applied for, funding will typically cover between 70-100% of your total project costs, enabling you to recruit or ring-fence resources and accelerate your R&D.
Generally, you'll be paid your project cost in arrears, and in tranches. And most grant bodies require reporting on progress as your project develops. For example, if you secure an Innovate UK Smart grant, you'll be assigned a monitoring officer by Innovate UK, and you'll submit quarterly reports to demonstrate your progress. For further support, all grant winners can also access Innovate UK EDGE, an exclusive network empowering founders to grow at pace and achieve their ambitions through strategic advice and expert support.
The process is similar for US and European grants, and the majority of grant bodies are very supportive funders who want to help you bring your innovation to life.
We've also found that having successfully raised grant funding can open doors when it comes to future investment for angels or VCs. Our clients tell us that not having a prototype or early market traction can be a blocker to receiving investment: grant funding can help you get over this hurdle.
Leverage grants to maximize your growth potential
Grant funding holds tremendous potential for tech startups. By thoroughly researching and understanding existing funding options, you can identify the grants that align with your vision and goals. Additionally, seeking support from experienced grant experts can enhance your chances of securing funding.
With careful planning, knowledge, and expert assistance, you can unlock the doors to grant funding and pave their way towards sustainable growth and innovation.
About the author
Hemal Bhagwan is the Head of Investments at Grantify. You can contact Hemal at [email protected].
Grantify is a leading grant experts platform. We help you craft your grant application, with insights into assessor priorities to ensure you put your best foot forward. To date, we’ve secured >$100m in grant funding for 250 startups. Learn more at https://grantify.io.
