Even in today’s tough economic climate, there are still opportunities for small businesses to grow. One of the best ways to achieve this growth is through innovation. And one way you can encourage innovation at your company is through grants offered by the government and other organizations. Here Dr Brian Blick will explore four types of grants that can help small businesses become more innovative: idea stage innovation grants, development stage innovation grants, other business innovation grant programs, and how these programs work together
Grants to stimulate innovation for small business
A grant is an award of money or other resources, but not goods or services. Grants can be given by federal and state governments, as well as private organizations such as foundations and corporations. Grants are often used as incentives to encourage research in specific areas of interest to the donor.
Grant programs come in many forms: they may offer funds for education or professional development (such as fellowships), capital improvements (like building grants), or general operating expenses (such as start-up funding). Grantees are usually required to report on their progress in achieving objectives set out in the application process; however, if certain conditions are met (e.g., maintaining certain levels of performance), these requirements can be waived by the granting organization at its discretion
Other Business Innovation Grants Programs
There are other grant programs that can help you grow your business and create jobs. For example, the SBA’s Women’s Business Center offers grants ranging from $500 to $50,000 for women entrepreneurs. In addition to providing financial assistance to small businesses, this program also offers training and networking opportunities.
These grants can help you become more innovative
- These grants can help you become more innovative. If you’re a small business owner, then the [grant programs for small businesses](https://www.grantsforinnovation.com/) are just what you need to get started on your next big idea. In fact, many of these grants require applicants to have an innovative idea or product in mind before applying–so they’re perfect if you’re looking for funding that will help develop new products or services (or even make existing ones better).
- Grants fund innovation projects across fields like healthcare, agriculture and technology. You might be surprised at how many different types of organizations offer grant programs related specifically to helping entrepreneurs innovate their way into new markets! Grants range from $1 million all the way down toward smaller sums like $5k-$10k per year; most give out funds over multiple years as well as allowing some flexibility when it comes time for financial reporting requirements on how those funds were used throughout those years.”
The grants listed above are just a few of the programs available to small businesses. If you’re looking for more information on how to apply for these grants or other types of assistance, check out our free resources here at Small Business Grants Guide.