For many years, government sources and other private companies have helped finance research and development programs. Independent research into various different illnesses and problems we face as a species have been gloriously backed with millions of dollars of investment.
Research and development grant money is becoming more common, too. There are many more independent ways of sourcing the money today than there was even ten years ago. As many companies see the benefits in the long-term of backing research programs, they are happy to invest in grants for research and development parties.
That the government is not left to fund these grants alone is very important. So many great ideas, innovations and theories would go untapped without private funding from elsewhere. It helps to spread the load and give bright people the opportunity to promote their idea or to answer important questions.
Research and development grants work in different ways across the world, in terms of who provides the funding. Funding applications tend to be thorough and require a long series of planning before they can be accepted.
The general criteria seems to be;
Research Is Based Within Funding Country
Many private firms will be national, rather than global, sized firms. They see the benefit of sponsoring their own to succeed and research great things. It means, however, that many grants require the process which is being funded by the grant take place within the country they reside in.
Have A Scalable Future
Grants are only provided to those with the ambition to grow from the humble beginnings. Many people find a plateau in business, and stick with it. When you are given grant money, it is usually huge sums of money with the promise of being scalable within the future.
Being able to have an idea which is diverse enough to expand and grow into larger client bases and therefore better commercially is a unique prospect in today’s world. Grants are given by both government and private funding sources for this very reasons. An idea which has not yet been tapped into is a very prosperous one, indeed.
Create New Markets
Equally so, any idea or breakthrough scientifically that can help generate new markets is very important. Grants are provided with the idea that in the future the idea can benefit the funder in some capacity. One of the most powerful ways to do this is to create new markets.
By having an idea so unique or innovative that it can capture a whole market of buyers to itself is lucrative indeed. Therefore, the power of a grant allows ideas to take off, but only if they have the ability in the first place.