Many people wonder how to get their projects started. After all, a business is a business. If you are new to the idea, you should know ? it’s very, very easy. You don’t need to have any capital to open a company.
Most governments would allow you to register one in your own name for as little as $10. Understandably, there will be some small fees to cover first, but these aren’t really that difficult to foot.
Besides you can always shut down your company.
But this is why not we’re here. We’re here to shed some light on the so-called technology transfer programs, better known as TTR. In basic terms, these are government-backed funding programs, which will allow your business to start shaping up nicely as long as you partner up with a scientific institution.
Challenges of This Type of Funding
First off, let’s start off by saying that in the United States alone, such grants can range between $15,000 and $1 million. Elsewhere in the number these number may vary. It’s mostly governments who look to fund such operations, as they seek to give you a leg-up in setting up your business.
Speaking of government-back initiatives, we can identify at least five:
- National Science Foundation
- National Institute of Health
- Department of Energy
- Department of Defense
Subsidies by each department can be quite big. You’ll have to find a marketable idea, though. It’s really important that you stay on track.
Here’s a list of the Don’ts’s when applying for a grant:
- Don’t apply for any funding just because the money is good
- Don’t try to make up expertise that you don’t have
- Always outline the challenges that you might face with the execution of an idea. This way, if you get the funding, you will be able to see it through
The Do’s of this industry are quite easy to pinpoint:
- Make sure you know what you are doing
- Always be honest
- Don’t chase the money, chase the idea
- Make sure you have all you need before you even apply
- Make sure you can meet deadlines (don’t pull deadlines out of thin air)
This is a very basic guidance to how to successfully procure funding. You will certainly see for yourself that there are very little challenges when you are being honest about the entire application process.
We recommend that you stick to the proven ways of securing funding. If you can collaborate with the government to help you with developing businesses.
It’s all about adding value, so when you apply ? ask yourself the big question: In what way is your business adding value?
On the plus side, there are hundreds of different ways to pursue funding, so we recommend you to go after the segment. It’s really quite feasible and important that you don’t give up. Do go ahead with your business plans and remember ? it’s all about persistence. The more effort you put, the better the final results will be.