The imaginative use of technology to tackle society’s biggest challenges has the potential to change the world, from education and employment to humanitarian aid and healthcare.
But despite most tech for good enterprises beginning in the same way as commercial startups, many traditional VCs and investors are dubious about the potential of ‘not-for-profits’ to scale and grow. Grant funding therefore has a vital role in social technology innovation. It can support the higher costs and risks of early stage R&D and later, help projects to access larger pools of impact investment.
But with such strong competition for limited funding, how can you maximise your chance of success? Here are our seven top tips:
1. Problem definition
Many applicants struggle to fully explain the nature of the social challenge they’re addressing. Instead of describing ‘top-level’ problems e.g. the ‘UK has high levels of youth unemployment’, funders want a credible explanation as to ‘why?’. You need to demonstrate a real expertise and understanding of the issues being tackled. Without detail on the root causes of a social challenge, it becomes difficult to explain why your proposed solution will be successful (and where others failed).
2. Tangible social change
The strongest applications are clear about the social change they intend to bring about, how they will achieve it and how they will demonstrate their effectiveness. Sometimes applications provide vivid explanations of a social challenge and detailed plans of activities, but they neglect their intended results. A useful tip at this early stage is to identify in your application what changes you will measure and what measurement tools you will use.
3. Demand not need
During funding applications, you might be asked for evidence of demand…