How to secure funding for your research project

Getting your research project funded isn’t any easy feat. Laborious application processes, stiff competition, bias towards select universities and lack of government investment all present roadblocks when it comes to winning grants.

Although in 2020 the government announced an ambitious plan to double R&D spending in science and technology to £22 billion by 2025, this pledge was made before the pandemic necessitated a large amount of money and resource from the government. As such, you’ll still have to work hard to secure funding- especially if you’re situated outside the ‘golden triangle’ of London, Oxford and Cambridge.

There isn’t any one way to guarantee funding. However, there are a number of things you can do to give yourself the best chance at winning a grant for your project.

Understand the application process

The application process for funding can seem long and overwhelming, but it can be broken down into a few simple steps.

Firstly, narrow down your potential grantors based on relevance to your project. You’ll want to apply to multiple places, so a list of 5-10 should be useful to you. With the requirements of each grant in mind, you can begin to write specific proposals for each. These should include a review of related literature, a summary of the research you intend to undertake, and most importantly, estimated costs of your project.

All you can do after this is wait for your application to be evaluated. If you’re successful, you’ll receive an award letter which you should respond to as soon as possible. If not, don’t be afraid to reapply the following year, or to try other grantors.

Be realistic

It’s good to be ambitious, but setting unachievable goals will lead to the failure of your project. Having realistic aims for your research will ensure you hit your targets.

This also applies when searching for funding. Be realistic about the amount of money you’ll need; asking for too much might result in your application being rejected.

Be specific

Leading on from the last point, you’ll also need to be specific about what you intend to spend your funding on. Do you need a high-speed server to run simulations, or a scalable storage solution to preserve your research data? Note this down, and why it’s imperative for your project. If you need an upgrade later on, you can always apply for additional funding from the same or a different grantor.

Work within your budget

Once you’ve determined what you need, it’s important to acquire assets which fit within your specific budget.

Perhaps you need others to help with your project- if so, ensure you’ve budgeted in their salary. If you need to travel, you should calculate how much tpotential trips will cost, making sure to check what your grantor will and won’t cover.

If it’s hardware you’re after, you should seek a quote from a reliable IT partner. This will help you predict not only the cost, but also the timeline of your project.

It’s important to pick someone who takes the time to understand your project requirements. This will allow them to work within your budget to design a solution which is both bespoke and cost-effective, rather than selling you off-the-shelf hardware which is unfit for purpose.

An ideal partner will also have experience working on a variety of other research projects. This expertise means they will be able to offer you support and advice where you might need it, no matter your needs.

Need advice on a research project you’re working on? Get in touch with our friendly sector specialists today!