5 Keys to Securing Technology Funding

Competing for grants funding is time-consuming, research intensive and just plain nerve racking. Has increased technological innovations helped with funding? Hardly so. What's more, it's created an even more competitive funding environment.

But, if you take the time to learn and apply certain skills, your chances of getting the best funding will increase. The following keys are those skills you should learn and apply.

Know Thyself

It makes sense that you should know about your project, initiative, and organization before you approach a technology funding body. But, a surprisingly large number of programs fail to get funding exactly for this reason. Know what you're asking for and why. Grant funding providers understand that you won't know everything "tech" about your tech project. But you will need to explain how the technology will further your goals in layman's terms. Once you understand your what, you will need to explain the how. How will you track and measure success?

Know thy Enemy

You don't necessarily need to think of your funding source as your enemy. However, you should know what types of projects have been funded in the past. Are you approaching a funding source that's turned down five other web initiatives? It's better to know what you're heading into than be disappointed later.

Don't Argue for Technology

Funding sources don't care about technology. They care how technology is going to help you better carry out your mission. Try to tie in simple, concrete objectives that humans can understand. You don't want funding for a database driven website, you want funding for community education. Make the connection between the technology and the value it gives, or will give, you. Technology is a means to an ends not and end in itself.

Think Total Costs

What's the total cost for your initiative? Think long term. Will your database require a certified database administrator? Technology nearly always comes with a higher human capital cost. What are yearly upgrade costs? Go beyond the normal response of "we need a website and it will cost $1,000 to develop." By thinking through your costs, you'll be sure to get the funding you need. Don't get caught short because you forgot critical maintenance requirements.

Plan Your Evaluation

Funding sources want to know they're getting a good return on their investment. Your evaluation system doesn't need to be complicated. But, you need to be able to show that you will have an evaluation system in place right from the start. There's nothing worse than getting funding and not being able to measure your performance.

Don't let the tech in technology scare you away from applying for and getting funding. Apply the five techniques above and you'll be well on your way to getting the technology funding you need.

 

Written by: Frank J Klein - CIO

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