How to find funding for your research and innovation project
In this comprehensive guide, we will explore the steps and strategies to help you identify relevant European funding for your research and innovation project.
Undertaking a research and innovation EU project is an exciting journey that can lead to groundbreaking discoveries and advancements in various fields. However, securing the right funding for your project is a critical factor in ensuring its success. European funding sources offer a wealth of opportunities for researchers and innovators.
Before delving into the world of European funding, it is essential to have a clear understanding of your project's goals and objectives. What problem does your research aim to address? What innovative ideas or technologies will you be developing? Defining the scope and objectives of your project will not only help you target the right funding sources but also enable you to communicate the project's value proposition effectively to potential European funders.
Tip: Many programmes fund projects based on the technology readiness level (TRL) of the innovation. If you are not familiar with the TRL scale, read more to better understand what each level means and map your product, process or service onto it. This will help you refine the competitions you should be looking at.
Once you have a well-defined project plan, it's time to determine your funding needs. Estimate the total budget required for your research and innovation project, considering all expenses, including personnel salaries, equipment, materials, travel costs, and other operational expenses. Understanding your funding requirements will help you identify European funding opportunities that align with your project's financial needs.
The European Union offers an array of funding programmes to support research and innovation projects. These programs are designed to promote collaboration across Europe and address a wide range of societal challenges. Some of the most prominent EU funding programmes include:
Tip: To explore EU funding opportunities, visit the official EU Funding and Tenders Portal (formerly known as the Participant Portal) and search for relevant calls and programs.
In addition to EU funding, many European countries and regions offer their own research and innovation funding programmes. These programmes may have specific priorities and criteria, making them valuable options for researchers seeking local support. To identify national and regional funding sources, consider the following steps:
Tip: Some regional development agencies will have pots of money to facilitate international cooperation and bid-development, so be sure to ask what financial support is available to help you apply for European funding.
Private sector funding in Europe can come from corporations, foundations, venture capitalists (VCs), and angel investors. European companies may be interested in supporting innovative projects that align with their business goals or corporate social responsibility initiatives. To find European private sector funders consider:
European universities, research institutions, and academic organisations can offer a range of funding opportunities for researchers and innovators. These opportunities can vary by institution and may include:
Tip: Academic and institutional funding opportunities are typically smaller than the large grants offered by the larger grant programmes such as Horizon Europe, but they can be a useful way of moving your project along incrementally, and also building a track record of accessing funding if you are new to the scene.
Online grant databases and search engines can simplify your search for European funding opportunities. While some of these databases cover global opportunities, you can filter your search to focus on European options. Useful databases include:
When using these databases use specific keywords related to your project to narrow down your search and identify European funding opportunities that align with your research. Some databases allow you to filter results by country or region, making it easier to find grants that are geographically relevant to your project. Also, consider setting up alerts or subscribing to newsletters to receive notifications about new European funding opportunities that match your research interests.
Collaboration and networking are essential components of the European research and innovation landscape. Consider the following networking strategies:
Tip: Building connections with potential collaborators, partners, and funders can significantly enhance your chances of securing European funding.
Navigating European funding for your research and innovation project offers a myriad of opportunities to turn your ideas into reality and make a meaningful contribution to your field and society. By defining your project goals, identifying your funding needs, exploring diverse European funding sources, and networking effectively, you can enhance your prospects of securing the right funding for your project.
Remember, persistence and adaptability are essential traits in the pursuit of European research and innovation funding. With dedication and a well-crafted proposal tailored to European priorities, you can bring your innovative ideas to life and contribute to the progress of Europe's research and innovation landscape. Whether you are seeking funding from EU programs, national agencies, or private sector investors, the path to success lies in your commitment to excellence and your ability to align your project with European aspirations for a brighter future.
This article is written in a cooperation with our valued partner RedKnight Consultancy.
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This article delves deeper into the Technology Readiness Level (TRL) concept, examining its various applications and highlighting its significance in securing EU funding. Here you will also find expert insights and tips on this topic, as well as a guide to correctly assess your TRL for your proposals.
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