Industrial, healthcare, technological and pharmaceutical firms are continuously having to fight for funding for research and development. Not only do these sectors have to fight for very limited research funds, they have to seek it out themselves, pitch their projects and hope for the best that their research will be chosen as the one to watch. Small business owners could find those financial requirements fairly minor for regular business activity, but for research and development, the highest expenses can run into the billions of dollars – not a cheap ask!
Research is a competitive market, and most investors only want to get involved with the projects that are going to get somewhere. It’s not just the research that needs funding; it’s the equipment such as the ChIP kit you need to buy to further your project research. It’s the staffing that you need to keep your research going through the year. It’s paying for premises to ensure that you have the best location for your research to take place. The funds are important, but getting them in the first place can prove impossible if you’re not in the know. There are still some ways that you can raise the funds that you need for your research and development project, and we’ve got four of them right here:
Meet Venture Capitalists.
Most venture capital fund companies often finance research and development programs that are high risk, as well as the start up businesses in their early stages. Before you approach, though, you need to make sure that your business plan is up to scratch, to the point and ready to be shared. Don’t talk about funding terms, and be prepared to answer all questions about your business experience and the market trends in your present industry.
Seek Out Angel Investors.
If you haven’t heard of them before, angel investors are private sector high-net-worths who look to back promising projects that they are interested in. They will usually give you funds in exchange for a return on their investment, but prepare a business plan that is more detailed so that you can prove how your research is going to work. They are making an informed decision about their investment in your research, so make sure you’re prepared with information.
There is plenty of support out there in the public for funding that contain various people to will support individuals in a particular cause. By speaking out about your project, you may also find other individuals who want to work with you, so it’s worth putting the feelers out there for crowd-funding.
Your research project isn’t going to be dead in the water just because you don’t have funding right now. However, the faster you put the funding together, the better off you will be in getting your project moving.