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R&D grants are a popular and often lucrative way to raise the funding for ambitious growth and innovation. Why risk losing out to the competition?
It’s a cut-throat business world where knowledge is power and staying ahead of your competition is critical to survival. The more adaptable a company is and the more it knows about products, emerging technologies and its customers, the better.
Research and development (R&D) is the process by which innovation happens. The invention and development of new products, services and processes is what gives a business its edge. But this can only happen with trial, error… and usually a lot of prototypes.
This is all fine, but these days cash flow isn’t always, well, flowing - and R&D projects are notoriously expensive. From materials to testing and employing additional staff, any project that involves some kind of technical or scientific advancement was never going to come cheap. Therefore UK companies have been forced to explore all avenues open to them in order to gain funding, from investors to R&D Tax Credits.
R&D grants are another popular and often lucrative way to raise the funding required for ambitious growth and innovation.
R&D grants are non-repayable pots of money given to UK companies by the government to fund the research and development of innovative products, services and processes.
If your company is carrying out research and development to try and address a scientific or technical uncertainty, then R&D grant funding may well be available to help with the cost.
Grants can cover:
R&D grants are awarded depending on the nature of your organisation’s project, how much funding is needed and what the award will actually be spent on. Run in the style of a competition, the ‘winner’ will be chosen based on the submission of an application that best demonstrates their innovative plans, marketability and return on investment.
However, the difficulty lies in knowing exactly what R&D grants are available, when, and who is eligible for them. And trust us, there are a huge number of them out there, with new competitions launching all the time.
Even knowing if your project will qualify can be a minefield. This is why many organisations partner with a specialist R&D grant writing consultancy to guide them through the application process.
Here at Myriad Associates we have over ten years of experience in R&D grant writing. We therefore know exactly what works and what doesn’t and are proud of our market-leading success rate.
A good place to start is in understanding our process and what stages your application will go through.
When you come to us, we’ll first discuss with you all the relevant details about your R&D project to assess your chance of success. At this stage we’re most keen to understand the commercial, technical and financial details of your R&D project. After all, the last thing you need is to be spending time and effort on a grant application that won’t stick.
Next we will hold a workshop session with you so we can fully understand the technical challenges your team is facing and how the project will address them. We’ll also look at your project team and their skills and experience, plus the market dynamics, commercial opportunities and your financial projections.
Now the groundwork is complete, our experts will go away and create a high quality, award-winning R&D grant application that includes all the aspects you’ve discussed with us. We know what the judges are looking for specifically and will write it in such a way as to put your project and your organisation in the very best light. However, the application will only be submitted once you have had a chance to review and approve it.
Checked through the final application? At this stage, once you and your team are totally happy with it, we will complete the online registration process for you and submit your R&D grant application online on your behalf. Grant assessors will offer feedback on both successful and unsuccessful grant applications. This feedback will be reviewed by us, so we can offer further support and guidance.
Don’t forget that all your work with us is done remotely via video and phone call. So it doesn’t matter where in the UK your company is based; you don’t even need to leave your desk. This is a huge plus for many organisations as it saves travelling to us and means we can work in a way that’s accessible and convenient to you.
Then finally… Been successful in your R&D grant application? Great! That’s the aim and always the best outcome. But there will still be compliance and monitoring to be done to make sure you’re meeting the rules of your grant. So once your grant application has been approved, we will help you comply with all requests from the grant body’s monitoring officers.
As you can see, applying for an R&D grant isn’t as straightforward as it might first seem which is why grant writing specialists like us exist. Whether you know specifically the type of R&D grant you need or you’re simply interested in finding out what’s available, feel free to get in touch.
Perhaps you’ve made several R&D grant applications before and are ready to take the leap into your next exciting project, or just want to discuss the options. Whatever aspect of R&D grant funding you’d like us to help with, simply call 0207 118 6045. Alternatively, feel free to drop us a message using our contact form and we'll ring you back.