Persistence key to grant funding success
The SME Instrument from Horizon 2020 is into its 4th year and going by historical experience of the EU R&D grant funds, now is the time the programmes settle down, applications increase and more success stories start to be published by the businesses and entrepreneurs that have been awarded grant funding. Our client, Dashboard, has just been awarded funding under SME Instrument Phase 1 – a €50k grant, with no capital match requirement or equity dilution, to cover the full costs of a detailed technical, financial and market feasibility study. We have been working with the team at Dashboard since late 2016 and the grant funding has taken longer than usual to secure – in fact we had to resubmit the Phase 1 application following feedback from the original application. It is a good reminder that persistence and patience are critical to maximising the chance of success in the grant funding arena – in fact this is true of all funding, persistence is key.
Dashboard are a prime example of UK based innovation, at the cutting edge of technology in the remote sensor market, specialising in the identification and monitoring of leak detections in the oil and gas industry. Their technology is a combined hardware and software solution that will revolutionise the way the oil and gas industry protects against natural disasters and human intrusion. The wider impacts on the environment and economy are significant – elements that strengthened the argument for funding from the EU.
The next stage is to undertake the study and prepare the application for the 2nd Phase of the SME Instrument – the bigger prize of €500k to €2.5m to develop the prototype and test the technology in readiness for full scale commercialisation. We are looking forward to working with the entrepreneurial team at Dashboard on that and other bids in the future.
If your company has an innovative or disruptive idea, do get in touch and we'll apply over 8 years of investment funding experience to firstly validate the idea and then source and secure the non-dilutive funding you need to take the next step in your companies development.