Right now for SMEs, raising funding from VCs is harder than it has been for years. Lack of growth on financial markets, and high failure rates for SMEs, has reduced appetite for risk. So, many SMEs want to look for additional sources of funding, such as non-dilutive grants.

These grant funding schemes for SMEs are, as a consequence, now highly competitive. How could you increase your chances of success?

In my consulting company I have written or co-written a lot of successful grants for client SMEs, and I have also been an assessor and panel member on a number of major funding schemes. So I have learnt a few tips along the way:

Tell a compelling story

Plenty of grants I have reviewed and scored had the kernel of a great project within them. But I couldn't tease it out of the wordy, acronym-laden, assumed background knowledge mess in front of me. Assessors have limited time, and perhaps limited interest, so you need to make it easy for them. Create a narrative of why this project is exciting and must be funded. Explain why this project will make a huge difference - not focussed only on why the science is exciting, though that is nice, but why this project will increase company value and help patients or customers transform their lives.

As a reviewer or assessor, I need to understand your story easily. Don't assume I am an expert in your narrow field. Tell me, explain to me like I am a smart non-expert. Keep it simple and clear. Be clear about why the specific work packages you are including are necessary and what they will achieve.

Know what the assessors are measuring

One reason SMEs bring me on board to help develop and strengthen their grants is that I understand what assessors are looking for. If you don't have the right 'exam technique' you will be throwing marks away by not saying the things that the assessors are asked to score against. 

Equally, if you pay a semi-automated grant company, your grant will look like a cookie cutter version of lots of other grants, which means you will not stand out from the crowd. If someone on your grant writing team understands the rules, and has a track record of success, you will move the needle towards getting funded by including not just what is asked for but what is important in the scoring system.

A strong, diverse team

Assessors are humans, they don't like to get things wrong, and are looking to not mess up by allocating large sums of public money to teams that won't deliver. So can you provide them with assurance that your team is credible and can deliver? Who can be involved in your project who is experienced, perhaps well known in the field, and/or has a track record of project delivery? This may be a named leader at a CRO you will use, a collaborator you can bring into your project, or an experienced project manager you can recruit.

Many funding programmes are also looking for a team that has properly considered EDI principles. Have you thought about your business hiring principles, is your team inclusive of a diverse range of backgrounds and experience, and are you partnering with a diverse range of collaborators, to including voices who others might exclude?

Appendices are not an afterthought

Grant submission forms often have tight word limits. So it can be hard to tell your full story. But they often let you include appendices which provide the space to get into the key aspects you want assessors to know. I can't tell you how often people waste appendix space because they don't understand the opportunity. Don't miss the chance to help assessors 'get it' with data, graphics, figures, images, article links, and explanatory content. And don't put in a perfunctory risk register which doesn't address risks in a serious considered manner.

Make full use of your appendixes, they are your friend.

Keep writing

This can be a lot to get right, but it isn't intended to put you off. Inexperienced teams do get awarded large pots of funding when they can tell a compelling story. You will also get better from grant submissions which don't win - the feedback will help you understand what you didn't do enough of. Take it on board.

If you would like to discuss how Peter Simpson Consulting Ltd can add shine to your next grant, do reach out for a no-obligation chat. Good luck with your next submission!