Research and development, along with launching a new product or service can be expensive propositions for any company. Businesses need capital to take that next big project from a vision to the marketplace. The challenge is finding the cash to achieve it. Creative options should be considered in lieu of the usual routes, like taking out an expensive loan. The following four tips are both creative and innovative ideas for gaining the capital you need to get your next big project off the ground.
Reach Out to Past Investors
Investors that have supported your brand in the past are always a good starting point. Your propositions should be parlayed in a package that makes the opportunity better than the previous one. Your presentation might include something as simple as a percent or two more, and stock options for publicly traded companies. A board position is another carrot stick to solicit interest, and get investors to write a check.
Consider Grant Writing
There are a plethora of grants from private, public, and government agencies looking for a game-changing venture to support. While this may require hiring a grant writer or contracting a firm, it is money well spent. If the route is to engage in this option, investing in a grant management software product to navigate compliance complexities is essential. Programs like the ones from IT Works offer the means to monitor the responsibility to the grant-makers and employees. Features that must be included are user-friendly, seamless integration with existing computer infrastructure, and a central dashboard for administrators and decision-makers.
The 21st century has brought forth this innovative tool that corporate and small businesses alike can utilize. Crowd-funding campaigns are known for raising serious funding, and accounts are free with built-in control panels, analytics, and various options to reach specific demographics. More advantages include increased brand awareness and visibility, an open-ended time for running a campaign, and transparency for the supporting population to follow the efforts.
Partner with Employees
Companies have been incentivizing their employees for generations with profit sharing and depositing stocks in 401K accounts. A new innovative strategy would be to turn these staples around by appealing to them for the investment at the front-end of the venture. Consider allowing the support to be on-going until the desired amount is reached. This has the potential benefits of increased productivity and work-place moral.
The excitement and anticipation of a new stream of revenue for a company can be palpable. Take this synergy through the paces by using these out-of-the box strategies. They could also be considered the next big project since each has the potential to have a staggering ROI.