There’s a way to kindle your business without needing to bootstrap on your own or appealing to investors too early in your journey. Grants are a great way to support your business in the early stages of growth.Depending on your industry, purpose or the position of your founders, you can access many types of grants. Situations that tend to attract funding include innovation and research and development, founders with particular backgrounds or alumni status, and businesses with a social purpose.
When we started Adatree
we secured a $25,000 MVP Grant from vietnam cell phone database the NSW Treasury and a competition win from the University of Sydney’s Genesis program, which included $25,000 funding, expert mentoring and media exposure.
Here’s how you can leverage grants and funding to fast-track your business.
Research widely
Grants come from a range of sources. Government grants are usually accessed through specific departments – for example, if you are a tech business, you might try the Department of Industry, Science, Energy and Resources. However, also consider if you could access grants in another department. If you’re producing agricultural technology, you may also look at the Department of Agriculture and Water Resources. General business grants are also available and at different levels of government; your state government and even local councils have grant programs.
Other sources of grants include universities and other research and educational institutions
industry bodies and professional organisations and foundations. If you’re a tech business, I recommend applying for Amazon’s AWS Activate or Microsoft for Startups, which covers you for tech expenses with credits. While $3,000 or $5,000 here and there doesn’t sound like much, it adds up and can help cut costs.
Putting yourself out there is also useful. Go to networking events, enter pitch fests and even conferences. When we had applied for the NSW MVP Grant, we met their team after they saw us pitch at a conference, so it was great to make that connection in person, too.