EU Funding for Startups - The Need to Work with a Funding Consultancy

Posted by Beckett Collins on March 15th, 2019

Congratulations if you have decided to quit your 9 to 5 and decided to tread the risk yet adventurous and rewarding startup path. The startup ecosystem is becoming more vibrant by the day with technology playing the role of an enabler and creating a level playing field. But you know the rate of success among startups. For every success, there are dozens of failures. Some fail due to the lack of potential in the ideas whereas for others lack of funds delivers the killer blow. As a startup, you surely wouldn’t want to let go of your dream for the lack of funds. There are EU funds for startups and you need to explore these options.

Space is crowded…

Talk of EU funds and there are several funding options available to you including the most popular Horizon 2020 SME Instrument. And it involves big money with an estimated €80 billion being given out to fund innovative ideas. Naturally, every inventor and startup worth their salt has their eyes locked onto this funding instrument. The success rate here is extremely low and about 3% of all startups and innovators who apply for these funds get funded. In this competitive space, a funding consultancy can improve your odds of getting funded. These consultants would help you with innovation funding in many ways and help you rise above the crowd as far as getting funding is concerned.

Funding strategy is important…

Have you decided on a funding strategy for your startup? Do you know how the funds would be used to grow your business? If not, you don’t have to worry as an expert consultant would take care of the necessary work to be done to develop your funding strategy. They bring their years of expertise for building a tailored strategy that not only improves your odds of getting funded but also offer you a roadmap of how these funds would be utilized in due course of time.

The proposal remains the key…

An idea or a business plan is as good as it is presented. Impressing the evaluators who are already overwhelmed with lots of startup funding proposal is no easy task. You will have to bear in mind that most evaluators won’t necessarily read your proposal in details as the time they have doesn’t offer the luxury for the same. If the summary of your proposal doesn’t right the right bells they are likely to reject it. This is where a funding consultancy would help you in creating a perfect proposal for your idea, one that shows the true potential of your idea which will take you steps closer to being funded.

Exploring different avenues…

Horizon 2020 SME Instrument is by far the biggest funding option that is available to startups and innovators. But by no means is this the only funding option that you can explore. There are several other options available to you which you may not even be aware of. When you talk to a funding consultant they would inform you about all the funding options that are available. Even if you suffer a setback you are still likely to explore other opportunities in funding and bring in the necessary money to take your idea forward.

To conclude you must remember that the competition in terms of being successful with EU funding for startups is pretty narrow. If you don’t approach EU seeking funds methodically you aren’t likely to secure funding for your idea. A funding consultancy would narrow the gap between your idea and innovation funding and you shouldn’t let this opportunity slip by.

Summary – In this write-up, we talk about EU funding for startups and why you should work with a funding consultancy before look for funding.