When it comes to kickstarting your business, landing a grant can be a game-changer. That’s said, winning a grant is not a sure bet, but rather a journey of diligent research, strategic planning and unwavering perseverance. Here's a deeper dive into key tips to prepare for the process and bolster your chances:

  1. Know the Criteria Inside-Out: Before diving into the application process, conduct thorough research on the selection criteria. Understand every aspect, from the overarching grant objectives to the specific eligibility and evaluation criteria. Assess whether your business idea and core competencies align with the grant's purpose. This initial assessment will help you focus on applying to programs where you stand a strong chance of success in the competitive screening process.
  2. Do your homework: Grant applications demand thoroughness. Detail your business plan with precision, emphasizing its uniqueness and potential impact. Back your claims with solid & unbiased research—both primary and secondary—to make your case stand out. Seek diverse perspectives to refine your pitch and ensure it resonates with clarity.
  3. Embrace the Learning Curve: Join the start up communities and competition. Learn from fellow entrepreneurs who passed through to the final round. Put yourself in the eyes of the committees and assess the start-ups that are most likely to win. When it comes to your turn, remember that grant rejections are part of the course. Even if you don’t get it the first time, you can learn from your mistakes to improve your business model. Each iteration brings you closer to the winning formula.

In the journey of starting your business, securing a grant can mark a significant milestone. However, winning one is far from guaranteed; it demands preparation, strategic foresight, and determination. By embracing the key tips outlined above, you can critically assess and refine your business model, increasing your chances of navigating the initial hurdles successfully. Remember, setbacks are opportunities for growth, and with persistence and continuous refinement, you inch closer to realizing your entrepreneurial vision.

About Author

Asst. Pro. Dr. Thananporn Sethjinda
Instructor, Graduate School of Business and Advanced Technology Management

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