As a start up you are always busy in arranging funding for your start up, continuously aiming at multiple national and international grants. Suddenly you receive multiple messages from various grant providers almost at the same time, informing you that they have approved your application. That seems like a great step forward for your startup, but is it really?
By leveraging the right sources of governmental funding at the right time a venture can reap substantial benefits. Grants allow a growth-stage company to accelerate the R&D program, close in on the time-to-market and extend their runway. Indirectly, this also fuels private financing opportunities by reducing perceived risks for potential venture capital investors. Nevertheless, grant management can be a stressful task involving a lot of paperwork, deadlines and complicated processes. In this article we discuss some of the best practices to succeed in grant management and free up your focus on what is really important: fulfilling your organizations’ ambition.