When to apply to grants and how to measure ROI
When to apply to grants and how to measure ROI

Don't Waste Your Time: When to Apply for Grants and How to Measure ROI

Wednesday, September 6, 2023

You are building a climate tech startup supporting second-hand clothing, and with all of the new funding for climate companies, decide it’s finally time to dive into the grants world. You sit down, and begin the process. Days later, you realize that you've just spent countless hours crafting a grant application for a funding opportunity that's far from relevant. The truth is, the most significant time-waster in grant writing isn't the writing itself—it's applying for grants that were never a good fit to begin with.

We hear this story all the time. Often people do not realize they were a bad fit until after they get rejected from the grant opportunity. There are so many ways to prevent this.

At Streamline, we've been there, and we're here to help you save hundreds of hours by steering clear of ill-suited grant opportunities. In this guide, we'll walk you through our framework for evaluating the suitability of a grant opportunity before investing your precious time.

Pre-Requisites: Checking Fit & Eligibility Requirements

Before you dive headfirst into the world of grant applications, it's crucial to assess two fundamental aspects: fit and eligibility.

1. Measuring Fit

The proposed project doesn’t meet the specifics of what the grant is looking for, in other words, it’s a poor fit. Allow me to clarify.

Government grant opportunities often zoom in on highly specific topics. If you haven't seen one of these before, take a look at Topic 5B from a recent EPA SBIR Solicitation:

👉 Note that though recycling refers to a large range of topics, this solicitation is about MSW processing at materials recovery facilities specifically. Not about re-using or re-selling for a second life (ie not for a second hand clothing startup!)

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If your proposal doesn't precisely align with the grant makers' expectations, you're in for a bumpy ride. No matter how revolutionary your technology is or how eloquent your application may be, it won't matter if it doesn't align with the specifics of the grant. (This isn't always the case for private grants, awards, etc.)

The best way to confirm a good fit is to reach out directly to the program managers, share what you're working on, and inquire if it's a suitable fit.

2. Checking Eligibility Requirements

In most funding opportunities, a lengthy list of requirements dictates who can apply. These requirements range from the type of legal entity (NGO, C-Corp, Nonprofit, etc.) to more intricate, hidden prerequisites buried within various sections.

Measuring ROI: It's a good fit and I qualify— but is it worth the time?

Government grants can devour up to 100 hours of your precious time. Since there's no guarantee of success, it's wise to invest time in further qualifying the opportunity. The decision isn't one-size-fits-all; it hinges on your available resources.

After consulting with countless grant experts, here are some criteria we recommend in your decision-making process:

  • Complexity of Application: Scrutinize each attachment and supplement required; sometimes, a 15-page narrative masquerades as "Attachment A" and can catch you off guard.

  • Competitiveness: Assessing competitiveness can be challenging or impossible—most agencies don't disclose the number of applicants versus awards. As a rule of thumb, well-publicized federal grants tend to be more competitive than obscure state or local grants.

  • Matching Funds: If the grant mandates matching funds, you'll need to secure additional financial support for your project or put it up yourself.

  • Award Amount: Set a minimum dollar threshold for grants to pursue; if the amount won't move the needle, it might not be worth pursuing.

  • Partnership Requirements: Partnerships can make or break an application. If you have established partnerships, great! If not, be prepared for a lengthy business development process.

  • Reporting Requirements: Consider the workload involved in complying with milestone reporting.

Once you gather these data points, your decision largely depends on your risk tolerance.

Streamline Your Grant Sourcing Efforts

Streamline simplifies your grant sourcing work. By creating a profile and sharing information about your company and technology, Streamline identifies opportunities that match your needs in terms of fit and eligibility.

Streamline goes a step further by helping you create your own ROI measurement.

Help us build grant sourcing?

If this looks interesting, let us know! This feature is in early development and we're always looking for new design partners: we'd collaborate to take your current workflows in grant sourcing and add automations and AI to streamline them. If this sounds like fun, please reach out to hello@streamlineclimate.com!

To learn more about what it means to be a design partner, check out our blog article about Design Partners here.

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Because the planet can't wait.

Because the planet can't wait.