Technology Funding – Where Can I get IT

An important part of strategic technology planning is to find ways to fund the technology in the long term.

But funding technology initiatives will prove to be more costly in the future based on the movement towards technology reliance.

As a business owner or manager, you will be required to make tough decisions about how best to spend existing funds. Once you've decided on a budget, the next task is to decide where to seek funding.

Below are four areas that have the potential to fund your technology programs.

Federal Funding

Federal funding is usually the first resource organizations turn to when budget planning. The Federal government is far reaching and can be tapped for funds at every level within every agency. Be sure to investigate all possibilities. Federal funds can be obtained but remember that this area has the most competition.

State Funding

Many states have started allocating funds for technology programs. Though states may not have funds earmarked specifically for technology, you still might be able to use the money. Look at the different programs and see if you can use the money to get the technology required to pursue another purpose.

Local Funding

Local funding is often an overlooked financing source. Organizations mistakenly assume that funds aren't available or simply aren't available in adequate amounts. The benefit to looking at local funding options is that you can use ties within the community to advance your cause. Any city or town wants to attract new business for economic development. Describe how funding your technology will help the community's economic growth.

Existing Money

Finding money within existing operating budgets should be a first option. Developing an accurate budget is the key to finding existing money. By tracking existing spending to a current budget, you can easily make adjustments—reallocating funds where needed. If funding sources see that you have a solid budget—and you're measuring against it—they'll have more confidence in your ability to spend funding wisely.

Funding at any government level is dependent on you laying out clear goals. If you've exhausted all funding sources, seek out the programs that best match your objectives and get the funding you need.

 

Written by: Frank J Klein - CIO

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