Every government in every country have grants to promote new business ideas to boost the economy of the country. These grants are given to individuals and private organizations for inventions that are unique or that will provide a profitable solution to any economic crisis in the long run. Apart from profit benefits, these inventions also have the potential of employing hundreds of others in the country, and this opportunity is something that governments thrive on. When looking for grants, always approach the federal government as the first step for this information. If you are approaching a private organization for funding, beware that they only provide it if it supports the society and garner interest with the public. For those looking for grants and funding for their invention, try both the public and private sector grants and don’t restrict yourself to any one source.
Grants from The Government
When a government provides subsidies, the information is usually freely available for the public to access. Nothing is hidden from plain sight, but you do need to look into the right place. The best place to find information is the web or sometimes sat the federal government grants offices in your country directly. Some investment grants are given through private sector companies that vet the applicants. These private organizations are the controlling authority to make sure that the right candidate and invention get due to funding. They follow all the norms that the government will need to toapprove the grant and ensure that you comply with all of them too. The different departments of every country have their grants available for their industry directly. For example, if your invention has something to do with agriculture, you will need to look at the federal agriculture website for information.
The Process to Get A Grant
When getting the grant, there are different things you will need to submit to the agency to make sure your application comes in for consideration. These are the standard things you will need irrespective of which country you are looking for grants in. Apart from these standard documents, you will be required to give other certificates and materials depending on the industry you are applying for grants from.
- Invention Prototype
- Business Plan
- Application form
- Research Information and Drawings
The invention prototype and the business plan you have in mind for your grant request is inevitable. You will need to have a working prototype before you submit your application. A working prototype will ensure that you ‘wow’ the authorities with what your invention will be able to provide and your supporting documentation will help too. Business plans will tell the officers what you plan to do with your design and the benefits that you will be able to provide. The monetary, aesthetic, economic and commercial value of the product will have to explain in detail. Information about making a business plan is available freely on the website and will act as a guide. A filled out application form will get you through the door and on the system to identify you. Lastly, always make sure you do a patent search to make sure that no one else has already invented something similar to your product before you apply.