The route to market is as important as the product/ service development aspects, so it’s important to get this right. Our consultancy experts have outlined three steps below to ensure you’ve got the route to market covered in your grant application.
Your project strategy is dependent upon your innovation’s business model and commercial forecast to secure market share. Your strategy needs to be ambitious, but realistic to show that the innovation has the potential to generate enough market traction to become a profitable business. Ultimately, it will demonstrate that the innovation will have a significant economic impact on the sector, the company, and the UK.
Innovate UK assessors will be looking for proposals where the target market and customer base have clearly been researched and defined, and a strong understanding of the potential markets has been presented and evidenced. Many projects fall down on the route to market aspect and don’t demonstrate that they have engaged like customers or manufacturers.
Remember, all plans must be realistic, appropriate, and practical for the identified market, including any barriers that exist. Povide achievable solutions to show how these will be overcome.
Applying for grant funding is a highly competitive process and preparing a funding application is time-consuming and can be stressful to get right. That’s why we offer a professional grant writing consultancy to assist you in translating your innovation into a language and format that funders require; increasing your chance of success. Trust in our grant funding specialists and contact us today to take your innovation to the next level.
Find more know-how, tips, and information on the grant funding landscape on our Vimeo channel.
Michael Lee, Senior Grant Consultant