7 funding options to accelerate your product development
During the product development journey, one of the first questions to come up during the planning phase is “What kind of funding options are available for my project?”. It would be impossible to list all of them because it’s a landscape that is constantly changing. However, this article will give you a rough idea of some of the main sources to research, in the United Kingdom.
1. Government
Go to the government website (gov.co.uk) and check out what incentives they have available at the moment. If you are not finding what you need, jump on to the Innovate UK page and have a look there. All of their incentives are also funded by the government.
Something else to bear in mind, if you are based in other parts of the country, such as Scotland, you may have alternative incentives available via the Scottish government, so it’s worth checking out both.
2. Councils
Typically, you might not find innovation funding through councils, but if you are a start-up, it might be a good idea to check out what incentives they have for your business. Incentives may relate to staffing or premises, for example.
3. Competitions
Up and down the country, competitions are happening all of the time. Get into the online communities within your industry to find out what competitions are happening in your area.
A great one in Scotland is Scottish Edge. They facilitate lots of different industries so it might be a good place for you to start.
4. Universities
Some universities specialise in certain sectors so it is worth finding out what university may be best suited to your project. Universities are great because they can help you with a resource (i.e. providing labour to help complete a project) and they may also provide funding.
5. Banks
Banks obviously offer loans, so that is one place to start. However, some banks have their own incubators and also offer workspace or support. It is worthwhile finding out what the right bank is for your business and what incentives they can offer to help your project.
6. Private Investment groups
Private investors will be looking for equity as a return on their investment. Releasing equity is not always as a bad thing so do not discount this option. It could be an excellent way to accelerate your project, through funding and access to new expertise. However, be careful before you enter a commercial contract to achieve investment. Do your research and be sure to get the right deal for you.
7. Sector-specific funding
Check out who the big hitters are in your industry and find out if they are funding new innovative projects.
Let’s use the renewable energy sector as an example. Most big oil and gas companies have continually funded new initiatives within their sector. However, nowadays, these businesses are shifting their attention and funding to renewable energy and there is a serious focus on carbon-neutral initiatives. If you are within that industry, it might be worthwhile approaching companies like BP and Shell when seeking funding for a new project.
Those are the seven main sources we would suggest you start with to find funding for your product development project. However, if you want to discuss your specific plan, get in touch, and we will happily help.
