Costs for research and development usually require billions of dollars of investment from large industrial, healthcare, technological, and pharmaceutical companies. They make sure to set aside enough budget for the creation and innovations in their systems, products, and services. The same thing goes for small businesses, nonprofits, and researchers.
Whatever goals and purpose of your research, even if it’s just for your paper, it typically requires some funds to keep it running and gathering results. Today, you’ll be reading some financing alternatives that will allow you to collect donations from third-party sources and other means. Despite not having enough financial sustenance and agency affiliations, you can still make your research project come to reality.
Incorporate the following ways to raise money, and you can start your research in no time:
1. Use Crowdfunding
One of the most famous ways of raising funds for any independent project is crowdfunding. You can do the same thing by utilizing donations or investment sites. You may try out and visit IndieGoGo and Kickstarter, as you can seek people who are willing to help in financing businesses, discoveries, and projects. The pool of networks in these crowdfunding sites is composed of those who possibly share the same higher purpose with you. If they find that they share your cause, they can support your research.
If you choose to crowdfund, the first step is to reach out to your friends and family first, as they usually support you with your causes. They can even help you find other potential donors.
As there are many crowdfunding platforms available to use, you might be wondering which one is perfect for your research. Getting one that will work for you could be as easy as writing donation letter. One thing that you must consider is its payment methods. It should utilize a convenient payment method to urge and generate more donations. Other factors to emphasize include traffic and social networking connections too.
Finding a crowdfunding platform that allows a mobile interface is the most convenient way for people to access it. This means they can donate from any of their gadgets, enabling you to have more probability of accepting donations from anyone and anywhere.
2. Seek Government Assistance
One of the essential entities that can finance your R&D activities is the federal government. This will, however, depend on the kind of project or research you have. You may approach the specific government ministry or entity which is related to your area of study.
Before applying for funding, you must first acquire the program's requirements as all the agencies usually have different guidelines set out by Congress.
3. Fellowships And Stipends
If your research goal is for the greater good, you can expect to attract academic and independent fellowships to be interested in your project.
Your topic or area of research will determine whether it will appeal to many academic institutions. Some students and graduate students receive opportunities to study and live abroad to conduct research related to culture, humanities, the environment, and others. You may apply for this program as long as you’re interested in those.
The same thing goes for specific industries. For example, some journalism businesses or organizations sponsor some programs to host and fund writers to continue their personal write-ups or book projects. This would run for a year, and they're even willing to go as far as marketing and distributing their outputs.
Suppose your project aligns with advocating on any related topics that range from social justice to domestic or international inclusion. In that case, you could be eligible for any specific programs handled by different fellowships and associations.4. Corporate Sponsorships
Some corporations donate 5% of their income to charities and nonprofits as part of their corporate social responsibility or as a way to decrease their taxes. Although this is an excellent source of funding for your research, you should probably consider that a company's budget for marketing and advertising takes up 10%-30% of its total costs. Especially for start-up companies which need more exposure, it would help them if someone can help and support their marketing.
Now, if your project is in parallel with a company's marketing campaign's goals, you can pitch a successful sponsorship deal. Take note that it's imperative to match their goals with yours while servicing or targeting the same audience.5. Seek Angel Investors
Angel investors are people who are willing to invest in your research project in return for having a share from the return on investment of your project. If this circumstance is possible with your research setting, all you need to prepare first is an effective business plan. It should be appealing as you share and point out your financial goals and indicate that you have a competent management team.
Your investors’ beliefs should be in sync with yours, so, together, you can be successful with your initiatives. If complete information is handed out to them, they’ll more likely invest in your project.6. Approach Venture Capitalist
Consider capital funding from venture companies too. They’re often on the lookout for start-up businesses that have trouble financing their R&D activities. You can secure a spot if you prepare a detailed business plan and explain how your business or research has a promising future and outcome.
The key is to keep an active brain when doing your research. This way, you'll be more ready and confident to handle all their questions. Also, anticipate their questions and keep in mind to prepare practical answers and solutions.7. Grants
If your research is focused on the social good, you can take advantage of the many varieties of grant programs available. Find a program in line with your area of study, and apply for funding.
Government hands out grant funds to those who pursue projects related to historic preservation, environmental protection, or any aspect that benefits the entire community. Check out which ones apply to your project.
There’s no need to lose heart even when you’re in the red for your research budget, despite having prepared a budget plan. Chances are, you'll land a sponsor who believes in your project and cause too. The key to raising money for your research is never giving up as you explore different opportunities.