Do you want to apply for a grant for your small business? Short on time?
Most leading life science companies are aware of the benefits of non-dilutive funding yet do not know how to secure these funds when you have so much to do already. With between $225k and $2.5 million available for a single grant, and others up to $6 million, the benefits are significant. But you are short on time.
So, what exactly should your next step be?
When it comes to writing a winning grant proposal an effective approach is to leverage the progress, planning, and work already invested in the development of your product. In essence, winning a life science SBIR or other grant requires you to articulate the key elements of differentiation for your product, company and team. Medical and healthcare products succeed when they address an unmet medical need via a demonstrated differentiated capability or performance against the current or future standard of care.
The reality is that there are no silver bullets to quickly and easily winning grants. Winning grants can require significant time and focus. Its takes planning, cogent strategy, effective delivery. There are only lead bullets. But it is worth it, especially if you take the time to effectively prepare or partner with a leading company who can assist you with an effective strategy and realization of that strategy.
It’s important to remember that the benefits extend beyond receiving funding that you do not have to pay back. The efforts to secure grant funding include identifying and establishing commitments from industry partners, collaborators, and clinicians. Identifying gaps in your team and filling those essential roles to build the product is a natural outcome from writing a winning grant. Lastly, the act of having a plan written down improves your chances of success. These activities translate to improved results for your company. Life Science companies that obtain SBIR grants from the NIH are more likely to receive equity funding, more likely to exit and more likely to exit at a higher valuation according to An Assessment of the SBIR Program at the National Institutes of Health by the National Research Council.
The bottom line, despite the effort involved, is that the juice is worth the squeeze.