A grant is often given to an organization by a foundation, company, or governmental entity and is defined as “a financial donation provided to support a person, organization, project, or program.”. Grant money should account for 10% – 20% of your overall organization budget, depending on the sort of organization and industry.
Grant writing is the process of preparing an application for non-repayable financing for a project or organization. Grant writing typically entails the development of a financing plan or a strategy to determine which grants to apply for and when. After having established this financing structure, institutions may try to involve a grant writer or write one themselves. Good relationship and constant contact with the sponsors is equally important for institutions in order to be successful in attaining the funding.
A company should demonstrate its credibility by:
- Being comprehensive with the strategy
- Being deliberate in how they portray their relevance and worth, and knowing what has already been researched and worked upon
- Mention any previous successes that demonstrate their capacity to succeed and dedication to this endeavor
- Outline former collaborations formed with similar organizations and individuals
- All conditions outlined in the funding guidelines or notice of funding opportunity (NOFA) must be satisfied by applicants
The standard criteria include an appropriate narrative, monetary estimates, and other relevant documents.
Below are the points to keep in mind when applying for a grant:
- Make a thorough, insightful, and actionable plan for your goals
- Find a granting body or funding source that supports projects like the one you have in mind and confirm that its goals are consistent with yours
- Review sample proposals from your industry, your peers, and/or the organization, as well as the proposal guidelines for the latter
Important tips for writing a good Grant Proposal:
- Organize your proposal into several segments and designate them with distinct headings
- The language should be clear and concise
- Organize ideas using numbered lists and bullets
- It is important to note to never use the same proposal twice
Is Grant Writing and Fundraising the same?
Grant writing is more like a pitch. It is comparable to making a proposal to an independent donor, however, your connection with the funder is more structured and professional. When you apply for grant funding, you are submitting a proposal to an entity that exists solely to give money to organizations, while fundraising is more specifically defined as the process of collecting monetary support through individual contributors.
Simply described, fundraising is the way of raising funds for your company. One category of fundraising activity is grant writing. Grant writing is contacting foundations or governmental organizations for aid, whereas other fundraising initiatives may target individuals or enterprises.
The role of a grant author in grant writing:
A grant author is crucial in order to make the grant application a success. A grant author utilizes proposals to solicit funding from benefactors. He/she is responsible for research grants, as well as developing and sending grant proposals to patrons that provide substantial assistance to their non-profits.
An experienced grant writer has strong interpersonal skills and is well-versed in both fundamental research about funding and the grant writing process. The grant writer can build an incredible case for their organization with the correct research resource base.
Unseen Disadvantages of Grant Funding
While grant funding sounds appealing to many organizations to start off with, in reality, most governments/organizations help only well-established organizations. As mentioned earlier, grant funding should account for only a certain percentage of the overall budget since getting approvals takes a long time and often cannot be relied upon. Moreover, grant application and meeting grant requirements are demanding activities involving a lot of paperwork and extensive examination. Here, drafting an effective grant proposal as per the grant’s guidelines and keeping the limitations in mind becomes crucial.
Advantages of National & International grants for funding
Grants provide several advantages, such as the following, and are an excellent method to further your organization’s objective.
- Grants can give vital resources to groups that would otherwise be unable to carry out initiatives or deliver services.
- Most grants come with predefined commitment to goals and milestones defined by the benefactor and accepted at the time of providing the grant. Such commitment to milestones keep the recipient on track in terms of making measurable progress using the funds they receive through the grants.
- Organizations providing grants also do not take a stake or equity in your company thereby, allowing you to have funds without any dilution.
- The funds obtained from the grant do not have to be returned.
- Winning a grant can open doors for winning even more grants from other institutions.
- There is no limit to the number of grant applications that can be made per year.
This can take your organization closer to achieving your goals and making a real difference. However, a company should have a realistic grasp of the grant process, as well as the time and resources necessary to submit a competitive proposal. It can ensure that the right personnel are involved in this without compromising the existing operations at the company.
Elexes is here to help you in all these areas. Our dedicated team has years of experience in supporting our clients acquiring grants. Please contact us at firstname.lastname@example.org to let us help you gain the funding you need for your endeavors.
Elexes medical consulting is one of the leading regulatory & compliance consultant for several industries: Medical device, Pharmaceuticals, Cosmetics, Food, and Biologics.