INSIGHTS / Blog

For many startups, grants are a lifeline – they provide critical funding that enables these organisations to carry out their missions, conduct groundbreaking research, or launch innovative new projects with the power to shake up the sector. Whether it’s funding for scientific research or product development, grants represent a significant opportunity to achieve goals that might otherwise be out of reach. 

However, the process of applying for and securing a grant can feel daunting, especially for those who are new to it. The sheer volume of information, complex eligibility requirements, and competitive nature of many of the larger funding calls can make it feel like a puzzle that only seasoned professionals can solve.  

The good news is that while these applications can be complex, they’re not impossible to master. Understanding the ins and outs of grant funding is the first step in demystifying the process and boosting your chances of success. 

To help, Aleksandra Love, SETsquared’s Health and Wellbeing Sector Lead, shares her knowledge to help you succeed in your next application.   

Why collaborate with universities? 

Health and life sciences startups require access to numerous skills including engineering, biomedical science, and software development to bring their products to the market. However, many are constrained by in-house resources and small teams that organisations of this size are typically made up of. Companies must also navigate manufacturing, regulations, clinical trial delivery, and health economics, whilst raising the public and private funding required to take their innovations to market. 

The benefit of working with universities and their teams is that they have numerous highly trained experts within different multidisciplinary areas. These experts can provide valuable insights and access to facilities, as well as the core skills needed to deliver clinical trials and health economics. Moreover, universities have an established track record and reputation, which can enable companies to secure the funding needed to move the development of their products forward.  

Why should companies apply for grant funding? 

Academics and universities need funding to undertake research. To enable these partnerships, companies need to raise funding from investors, fund research from their established cash flow, or secure joint grant funding. There are many advantages and disadvantages to grant funding, so it’s important to be clued up on the subject before diving in head-first.  

Secured grant funding offers companies non-dilutive financial support without the need for equity. Grants also can provide validation and credibility, demonstrating to investors, partners, and customers that the company is viable, and the project has the potential to deliver real-world benefits. Grants can also help reduce financial risks associated with product development and innovation, allowing companies to explore highly novel innovative opportunities with minimised worries around cash flow.  

However, it is important to be aware that grant applications demand a substantial amount of time – they’re highly competitive and many applications do not get funded as a result. With that, it is important to consider if a grant is the right route for your company to take. Working with the team on The FWD Project will help you get all the building blocks in place ahead of submitting that all-important application and brush up on your skills around other key competencies like business strategy, leadership and more. Demonstrating knowledge and competency in all of these factors will only support you in your application.   

So how does a company know if a grant is right? 

To decide on a specific grant, you need to make sure the funding call aligns closely with your project and business objectives. This includes planning your product development and research stages, which will help you to ensure that a specific grant supports the long-term growth and sustainability of your business, rather than simply providing a short-term financial fix. 

It is also advisable to ensure that you meet the eligibility criteria. Many companies are quickly rejected because they are not eligible or because the project does not meet the scope of the grant closely. So, make sure that you study the eligibility requirements closely before you start your application! 

How should a company look for academics? 

There are many strategies to identify and connect with academics who have the right expertise in a relevant field. One is to explore academic journals and publications using PubMed, Google Scholar, or ResearchGate and attend relevant academic and industrial conferences and trade shows. If you’re looking for an expert in the field – these are likely to be the places you’ll find them! Start-ups can also use online platforms like LinkedIn to connect with appropriate academics. The final strategy is to connect with technology transfer and research offices at universities of interest to request introductions to certain academics and faculty if you know that that is where they are based. 

Nevertheless, these strategies are often time-consuming, and it is often difficult to find an academic who has the expertise, time and interest to partner with a startup. Academics often work on multiple projects at once and may not have the time for additional collaborations, but you shouldn’t let that discourage you.  

There are plenty of other routes to explore, like us at SETsquared. We have a broad network and access to six research-intensive universities in the South of England and Wales, as well as local NHS Trusts and other regional stakeholders. As part of The FWD Project, we offer companies access to the wider SETsquared network and help identify academics and clinicians associated with the Universities of Bath, Bristol and UWE who have the right expertise, willingness and time to partner and secure joint funding.   

How does a company build a partnership with an academic? 

To build a productive collaboration, it is important to explore and identify common research interests that align with both the company’s innovation and product development needs and the academic’s research priorities. Begin with smaller, manageable collaborations (such as consultancies or smaller research projects) to build trust and a fruitful working relationship before engaging in larger, more complex partnerships. 

Academics are more likely to collaborate if they are allowed to contribute ideas and see tangible benefits, such as access to funding or real-world applications for their research. 

Once a collaboration is agreed upon, it is important to establish clear expectations, roles, timelines, and legal frameworks (like research agreements), which can take place as part of the grant application, as this ensures a structured and mutually beneficial relationship.  

As mentioned previously, many grants are highly competitive. It is important to consider the effort required to apply against the probability of receiving the award. We know that startups are time-conscious and often cash-strapped, so it’s important to ensure that the funding you’re applying for will help you to deliver the development you need, without spreading resources too thin. 

To connect with Aleks and access her support and insights along with other FWD Project mentors, join the programme today.

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