Finding Funding 02: Develop a funding application with the best chance of success
A successful application for funding can accelerate a sustainability project that might otherwise stall. It can help that project live up to its potential and positively impact the environment and community it operates in.
Applying for funding doesn't need to be complicated. As we discussed in the previous article in this series, the first step is prioritising the available opportunities and pinpointing those that best fit your project. Then, it's time to work on your application.
This part does require ample time and hard work. Funding opportunities are competitive, which can feel offputting to sustainability teams who lack internal confidence in what they're submitting. But with the right effort in the right places, it's worth the allocation of resources.
So, how do you make sure your time and team are used wisely, your application is attractive, and you have the best chance of being awarded funding?
We'll answer that question in this article, covering:
- how to develop a strong, considered application;
- how our experts can take the pressure off your team; and
- which opportunities it's worth considering now, if you'd like to submit applications.
How can project teams build a strong application for sustainability and innovation funding?
1. Build the investment case
The first step is to know your project inside-out. What are you asking these funding entities to support? Why should they be keen to support you? We recommend that you:
- Refine the project concept and make sure there is internal alignment on the project description, aims, and objectives.
- Ensure consistency with the ambition, scope, and expected outcomes of the targeted funding programme.
- Conduct a comprehensive assessment of the state of the art and operating context. Build on the results of comparable initiatives and an understanding of the needs and challenges the project aims to address.
This analysis should be supported by robust evidence and quantified data to substantiate the project's relevance, innovation potential, and expected contribution.
2. Test the eligibility and consistency of your project
The next step is to double-check that your project meets the requirements outlined in the funding opportunity. Assess it against the evaluation criteria. Make sure to list the specific ways your project can deliver what the funding entity is looking for.
If it performs strongly across all key dimensions, this is a clear indication that the opportunity is a good fit. If this is the case, outline how your project addresses the donor's objectives and demonstrate how it can deliver the expected outcomes.
Conversely, if there are significant gaps between the project's characteristics and the funding requirements and ambitions, it may be more effective to pursue a different opportunity. Investing time in an application that lacks strategic alignment is unlikely to result in a successful outcome.
A clear understanding of the proposal's level of innovation (both in relation to the state of the art and to its specific application context) enables its distinctive features to be effectively highlighted. This enhances the initiative's alignment with, and strategic relevance to, the objectives of the funding programme.
3. Address any funding or viability gaps
Know what your project's current limitations are and explain how funding would help overcome them. Be transparent about any technical, economic, operational, or commercial viability issues and outline structured plans to address them, backed by robust evidence and data.
In short, you can strengthen a proposal's credibility and increase its chances of success by:
- demonstrating a clear understanding of the obstacles facing the project; and
- explaining how the funding will help bridge these gaps.
4. Build and co-ordinate a strong consortium of partners
Where a consortium is required, you'll need to carefully select partners that collectively provide all the resources, capabilities, and assets necessary for successful project delivery.
This kind of partnership should offer:
- complementary expertise;
- relevant experience;
- a proven track record; and
- access to the infrastructure needed to achieve the project’s objectives.
Make sure to clearly define roles and responsibilities, aligning them with the planned activities, project timeline, and expected outcomes. Promote a balanced distribution of financial resources across project activities.
Leverage experienced coordinators and, where possible, involve organisations that have previously collaborated successfully in similar projects.
Bring partners together early to collaborate on the technical, financial, and administrative aspects of the project proposal. Ensure everyone is aligned on the aims of the application and what is needed from each of them.
Well-supported, reliable, and consistent information across the consortium will strengthen the quality, compliance, and competitiveness of your application.
5. Clearly identify and quantify the expected impacts of the project
At the core of things, this is what funding entities want to know. How will the funding translate into impact? What can your project feasibly achieve?
Back up your assertions with data as much as possible and set expectations realistically. Here’s how:
- Establish the project baseline using robust, recognised and widely accepted methodologies, together with clearly defined metrics and key performance indicators.
- Quantify the expected impacts against measurable targets and assess them comprehensively across all relevant dimensions, including environmental, social and socio-economic outcomes.
- Identify and implement appropriate risk mitigation measures. Define a stakeholder engagement strategy aimed at fostering public acceptance and ensuring the long-term sustainability and legitimacy of the proposed intervention.
How can BIP.Verco support sustainability and innovation teams with funding applications?
When it comes to high-potential applications like these, it’s useful to get expert support. Our team has already helped clients with 130+ successful funding applications, securing €5bn+ in funding. We are well-versed in this area and skilled at the application process. We can help you:
- develop robust, compliant, competitive applications, with the right project partners; and
- build internal confidence around governance and monitoring, technical and financial reporting, change control, impact assessment, communication and dissemination.
We can also help you with audits and reporting for successful projects after funding is granted.
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What kind of sustainability and innovation funding opportunities is it worth considering now, in order to apply in good time?
BIP.Verco’s global Funding Compass monitors 600+ funding entities, and we can help you identify relevant opportunities. In the previous article in this series, we list four current examples from the Horizon Europe programme that we can help you apply for, should they fit your projects.
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