R&D Grants and Funding: All You Need to Know To Get Started

Sometimes all you need to know to get started in a business is the R&D grants and funding. Innovating through research and development (R&D) can create and sustain a winning edge for your business. It can lead to innovative new products and services. Taking a concept from the idea stage and nurturing it through prototypes and setbacks into a marketable product is what R&D is all about.

Applying for an R&D grants usually involves completing application forms and demonstrating how you satisfy the funding conditions and requirements. A fact about government grants the federal government does not provide grants for starting and expanding a business. Grants from the federal government are only available to non commercial organizations, such as non profits and educational institutions in areas such as, medicine, education, scientific research and technology development. It also provides grants to state and local governments to assist them with economic development. However, small business owner can apply for a loan; government does offer a wide variety of low interest loans and venture capital financing programs to help entrepreneurs start and grow their businesses. Some federal and state agencies award a limited number of grants for very specialized business activities such as research and development.

In applying for R&D funding, you should be familiar with their approach and priorities. Most of the time, they support research that is defined, conducted and managed by developing country researchers. You must write a detailed proposal. This proposal is evaluated for scientific and technical merit, and potential to solve a development problem. The relevant program officers are in charge to your proposal they will prepare an internal project approval document which is submitted to the member of senior management for review and funding approval. Obtaining clearance should be initiated by the research institution while your proposal is being evaluated. If your proposal is approved they will send a memorandum of grant conditions, a formal agreement that sets out the value and purpose of the grant.

International Development Research Centre (IDRC) supports research funding in developing countries to promote growth and development. They pursue that goal by funding research focused on reducing poverty and creating equitable access to resources and services. They also support work that promotes good governance and builds strong policies. The applied research we back directly addresses existing or emerging problems in developing countries. They initiate, encourage, support and conduct research into problems of the developing regions of the world.