The search for research funding is always a high priority for researchers and administrators across industries, but it comes with a set of unique challenges. From uncertainty around new limitations on federal research funding to intense competition to secure available grants, teams need to stay on top of the daily demands of keeping research funded and should be aware of current best practices and available funding opportunities.
What are the best strategies for finding and securing funding opportunities in today’s research landscape? Let’s take a closer look.
Diversifying funding opportunities
While federal research grants have historically played a major role in funding research, recent administrative changes have produced uncertainty around federal funding. With the demand for research continuing to grow, teams will likely face even tougher competition to secure and maintain funding.
This new reality for research teams means that it is more important than ever to diversify the search for Sponsors and grants. While expanding the search for Sponsors may seem daunting, there are many resources available for teams looking to diversify their funding options without undue administrative burden.
- Dynamic grant search engines connect users with tens of thousands of potential Sponsors and grant opportunities from both federally- and privately-funded sources. These search engines simplify the hunt for funding by increasing access to relevant grants from a variety of sources and suggesting similar opportunities based on a project’s criteria and goals.
- Funding search software fills a similar role, providing a centralized platform from which to search and browse curated funding opportunities. This software often allows multiple concurrent searches and automated notifications, so teams can be alerted when a new grant opportunity matches an existing search instead of actively repeating searches multiple times a week or day.
- Centralized research administration management solutions like Sponsored Projects are useful for managing active proposals and planning ahead for future projects. When multiple funding searches begin to pile up, Sponsored Projects can save valuable time through integration with the platforms you use to locate the funding, reducing the need to manually juggle information between search engines, software, and digital or physical records.
Applying for funding
Once you’ve identified potential sponsors, it’s important to set the right strategy for your applications.
Here are some of the most important strategies for applying for funding:
- Start early. Applications can be complex, requiring a variety of elements, such as signatures, reports, letters of support, registering accounts, and more. Getting started early ensures you don’t make last-minute mistakes or miss key deadlines. It also helps to ensure you have a plan and the right team in place.
- Review the criteria and plan your application before starting. Map out how you’re going to structure the application, ensure you have a guide for style and grammar, and document all the unique requirements from the specific funder. Like reading through an entire recipe before you start cooking, planning out your application minimizes errors that could get your proposal rejected.
- Familiarize your team with the application requirements. Make sure everyone involved in the proposal process is familiar with every requirement. Find a way to centralize communication, reports, and more so everyone is on the same page.
- Leverage technology to make the process easier. Innovative digital solutions help teams catch or prevent errors, speed up the process, and stay on track. For example, Sponsored Projects can track and provide notifications for deadlines, while Proposals (S2S) has real-time error validation to ensure submission accuracy.
Leveraging a centralized platform
When it comes to funding, every detail matters. A centralized, automated hub for research activities can ensure your proposal has the best chance of success. Here’s how a software solution can support your team:
- A single source of truth. Your whole team is looking at the same copy of everything. No more time wasted on redundancy, errors, or needless searches for the resources you need.
- Improved collaboration. Digital, cloud-based solutions break down workflow siloes and ensure effective collaboration among your team.
- Faster workflows. With digitized records and proposals, your team can coordinate tasks in real time and simplify workflows. The right solution can automate repetitive tasks and eliminate redundancies slowing your proposal process.
- Increased visibility. Digital solutions not only help teams stay organized but also improve data availability and accessibility. Team members can see the status of any proposal and track against unique requirements.
- Reduced risk. Cloud-based compliance solutions can easily share data where it’s needed and help teams manage risk related to human ethics, animal oversight, hazard safety, outside interests, and training records.
- Seamless research lifecycle. A software solution can simplify the transition across the various stages of the research lifecycle, from identification of funding to commercialization.
