Research is essential for advancement. However, finding proper funding for it is hard. Most researchers need it - doctoral students, postgraduates, senior researchers and so on.
Even though governments and charities offer money, there are still too many researchers for that funding to be enough. That’s why you need to learn to find and apply for funding on your own. Here is how:
1.Define what makes your project unique
When you apply for funding, one of the most important parts is that you explain why your project is unique and how it stands out from the crowd.
First of all, you need to address what has been done on the subject before - if there was any previous research and what the conclusions were, which techniques they used and so on. Next, you should describe what makes your take on the research unique, which techniques you plan on using, what design etc. This will help them understand why they should fund your project specifically.
Finally, you'll have to explain what the impact of this project will be - how it will change current knowledge and practice.
Not all projects are big enough to change this and that's okay - just explain which new information or findings your projects hopes to gather.
2. Define your methods
This may well be one of the most important parts of your application. It’s best to be clear and go into detail about the project and the design - especially if there are space restrictions. “Also, make sure that you describe this part with utmost clarity. Describe it as you would to someone who has no idea what you are talking about - avoid using jargon and being too technical about it. Simplicity and clarity will get your message across properly”, - explains Patrick Trawick, a Communication Manager at Academized and Paperfellows.
3. Find a good team
Having people that genuinely care about this project is essential to its success. Find experienced, knowledgeable people who are willing to put their time and their name behind different elements of the project. You should find an expert for each role in the project - people who will truly invest themselves. It’s also okay if you want to hire someone based on their popularity because they will be able to help your case when applying for the finding.
4. Be realistic about the cost
Most researchers believe that funding organizations have an endless amount of money but this is sadly not the case. This is why you need to be specific and realistic about the true cost of your research study. However, make sure not to overestimate the cost. It’s in your best interest to get the funding and quoting too much money could rob you of that opportunity. Hire an expert to handle this element of your application if you are not sure that you can do it on your own.
5. Write a good funding proposal
Writing a good application isn't easy but it can be done. The trick is to think like a marketer and sell the benefits of your project with good writing. Here are some tools that might help you:
- State of Writing and Via Writing - A lot of people whose main job isn't to write often forget how to do it properly, especially in business terms. This guide can help you improve your business writing.
- UK Writings - When writing your application, you need to think of the reader first. Structure of your application can either work for you or against you. If you want to achieve the former, use this formatting tool.
6. Find a good place to get funding
Knowing where you will be able to get decent funding is a big part of your application. Do some research to see which organizations will respond to your application best and tailor your application to their standards and rules.
Getting funding is a long process and it requires a lot of work. But a well-written application will enable you to do what you love. Follow these tips on crafting a perfect funding application.
Once you get to the point where you are ready to pitch your new product to investors will you be ready for the big pitch? Lucky for you we have a few quick tips to prepare you for that presentation. Check them out here.