The five most common mistakes companies make

 

 

Getting the word too late about an opportunity.  The opportunity sounds great, but it’s due in two weeks. It can be tempting to respond, but submitting a shoddy proposal will do more damage than good. It’s key to stay on top of the funding pipeline and catch the opportunities when they’re announced so you have ample time to submit a quality bid. 

 

Chasing the wrong opportunity. Government funding can be a boon if it supports your technology roadmap, but small companies can be so eager for funding that they step off their own path to meet a government specification better suited to another firm. Never choose an opportunity that diverts you from your own technology path.  

 

Not conveying a credible path to commercialization.  The government wants to help innovative companies succeed, but if you can’t demonstrate a solid understanding of your markets, competitors, and the investment needed to scale up, you won’t be funded. 

 

Underestimating the time required to get signed Letters of Support or Commitment. Especially true when partnering with large corporations, where internal approvals can take several weeks if high-level buy-in and signatures are required. Letters of Support or Commitment demonstrate the strength of your team and can be used to document market interest in your technology, both of which are important to funders.

 

Failing to include all required elements.  Government proposals demand extreme attention to administrative detail. Each section and required form has to include precisely what’s been requested. The government’s first screen is checking for these elements. Missing items can mean the proposal is never even reviewed, despite the time you’ve invested.