In the competitive world of funding applications, it can be hard to stand out from the rest of the crowd. Oftentimes, writing proposals for funding can be daunting, stressful, and time-consuming. Our team at Innovate BC is here to support you in submitting a successful application for Innovate BC’s Ignite program.
Ignite program applications are now open until July 4, 2022, for up to $300,000 to fund B.C.-based innovation projects. In this post, we’ll cover four tips on how to make your application impress the evaluators.
Before submitting your application, make sure your profile meets all the eligibility requirements, including:
Industry and Academia Partners
Must contain a partnership between a BC-based industry and an academic partner. In addition, that partnership must be developing an R&D project in natural resources, applied science, or engineering.
You must bring 2:1 in matching funding to your project. For example, if you are requesting $300,000 in funding from Ignite, you must bring to the project from your partnership $600,000 from other sources such as industry, academic, or government.
Commercialize Within Three Years
Projects submitted can be up to three years in length or less. Applicants should demonstrate how they plan to acquire a first customer or bring in revenue within that timeframe.
For more information on all the eligibility requirements, click here.
4 Tips to Stand Out
Along with meeting the eligibility requirements, it is recommended that applicants include the following information to make their application stand out from the rest of the competitors.
Tip #1: Introduce the Team
Evaluators want to see that the people on your team have the appropriate expertise and that they are adding value to the project. Be sure to specify who is on the team, why they are on the team, and what role they are going to play.
Tip #2: Zero in on Your Commercialization Plan
Emphasize the business opportunity that will come from your project by including a reasonable timeframe and clear milestones that show the go-to-market plan. This should include the business model and pricing strategy; how the initial market customers will be engaged or involved; and any future commercialization opportunities, like market expansion or other applications, etc.
Tip #3: Get Specific about the Market Need or Problem
A common oversight in Ignite applications is not specifying in detail what the industry challenges are, and how well your project solves them. Illustrate the market need using quantifiable data whenever possible, and remember to highlight the benefits of your solution in the context of your competitors and within the Province of B.C.
Tip #4: Demonstrate a Strong Relationship with your Partners
A well-presented application should demonstrate collaborative efforts and display a strong relationship between the academic and industrial partners. It is highly recommended that both lead partners work together on the business and technical aspects of the application. A strong partnership can also be demonstrated by including other strategic partners such as customers and/or government agencies that benefit from your innovation.
For more information, please check out our Ignite Info Session which covers topics such as oversights seen in applications and commonly asked questions. Deadline for applications closes on July 4, 2022. Check out our website to learn more about the Ignite program and view the program guidelines.