5 Critical Tips for Technology Funding

You've identified your problems. You've brainstormed and diagramed the best technology solutions. Now, what's your plan to pay for all the new equipment, training, and personnel?

Yes, technology planning can be fun but it's always costly. One fundamental error managers make is to problem solve without putting on the economic glasses.

We solve problems in an unrealistic world and are oftentimes surprised when we can't buy even 10% of the hardware we planned on.

The following five tips can help you get the funds you need to successfully plan for and implement your technology strategies.

Build Relationships

The world is fueled by relationships. This isn't about being chummy with senior executives for the sole purpose of selling them your case. It's about articulating your mission in a way that inspires passion in yourself as well as others. It's about building emotional ties and bridges so that others will understand and be sympathetic to your cause.

Be a Technology Guru

No, you don't have to be an expert but you do need to be able to plan your project's technology needs. We all understand that equipment and software needs to be upgraded. So plan for it. Make technology a permanent line item in your project's budget. People are important but, without the right technology, they won't be productive.

Focus on Your Program

Because technology changes so fast, we tend to get enamored with the glitz. Technology is great if you can tie it into your mission and goals. I've worked in organizations that buy the latest computers only because they think they have to upgrade.

Don't invest in technology for technology's sake. Funding agencies won't necessarily feel passionate about one technology solution over another. But they will respond to program managers who are able to clearly tie the technology to their program.

Use What you Have

Often times, programs can leverage existing technology to come up with better solutions. What better way to get funding than to explain in your proposal that you plan to use existing technology with new, fully-funded technology.

You show funding entities that you're willing to work with what you have. Managers understand that existing technology isn't fully utilized. It just takes courage to admit it.

Target Wisely

Instead of sending out blanket proposals to any potential funding group, why not choose those that are most likely to fund your program?

Be creative when searching for potential funding partners. More and more groups are funding technology related programs. Even if your program isn't heavy on the technology side, you can often get funding based on a creative solution.

Just like any commercial business, funding agencies want to know they're getting a return on their money.

 

Written by: Frank J Klein - CIO

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