MONEY MATTERS
HOW CAN MANUFACTURERS ACCESS FUNDING THROUGH HORIZON 2020?
1 PICK THE MOST APPROPRIATE FUNDING CALL FOR YOUR IDEA There are a number of funding options on the market. Conduct some research and talk to experts or other SMEs that have already gone through the process to find the right fit for you.
2 YOU MUST HAVE A SOLID PRODUCT IDEA
You must make sure that you have a product idea with true market potential. Be honest when assessing your idea and get it validated by others in the market place before progressing to the next stage.
3 FIND A TEAM TO DEVELOP A PRODUCT IDEA TO MEET YOUR MARKET NEED
Once confident that your idea does have that essential market potential, introducing the views and opinions of others can kick-start that all important development phase.
4 PULL TOGETHER A VALUABLE GROUP OF PARTNERS A set of high-quality partners is essential for successfully securing funding and for the future development of your idea. Evaluate whether you are proposing something completely new or whether a combination of technologies already exists when looking for suitable service providers. Those already working in relevant research and development sectors are a good place to start.
5 INTELLECTUAL PROPERTY RIGHTS Don’t forget to agree ownership in terms of rights and intellectual property at this stage.
6 THE PROPOSAL IS KEY
A proposal, written by an experienced author is crucial. I have seen plenty of fantastic ideas and strong consortiums fail at the proposal stage because it hasn’t been pulled together correctly. It might be that an author exists within your partner group; Pera Technology for instance, sits within consortiums and also provides proposal experts.
8 DON’T UNDERESTIMATE THE ADMINISTRATION
Hopefully at this point you will have received confirmation of your successful application for funding. There has been a real drive to simplify the administration associated with Horizon 2020, but there will of course be some degree of burden which you must be prepared for. Understanding these complexities and managing the partnerships is essential.
9 PREPARE FOR REACHING THE FINISH LINE
It’s important to remember that funding through Horizon 2020 won’t take you to the finish line; you need to have a realistic plan to take you right through to commercialisation.
10 MAKE USE OF THE SUPPORT SERVICES THAT ARE AVAILABLE There are various bodies of expertise available that you should investigate and maximise as much as possible once you reach the commercialisation stage. Pera Technology for instance, offers specialist in-house resources which can aid the creation of innovative ideas, or assist with the introduction of world-class commercial partners.
7 CONSIDER LONG-TERM PRODUCT BRANDING WHEN NAMING YOUR PROJECT
It can be easy to underestimate the importance of naming a project when it’s in the initial stages. It’s vital to remember that this could become an established brand and have a substantial impact on future interest in your product.
Paul Tranter
Chief Executive Officer Pera Technology
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