Learning how to write a proposal or how to write a grant pitch is a must for every entrepreneur.
Grant is one of the best ways you can get capital for your business. See 6 other ways to raise capital for your business idea here.
As exciting as grants are, they will not come to you begging; it’s usually the other way round.
Well, it’s not like you would be begging per se; you just need to show that you deserve the funds.
Like you most likely know already, grants are free funds that governments or organisations usually give to support businesses. And since it’s free, it attracts interest from all and sundry. Hereby making it highly competitive.
Governments and other grant-giving organisations usually require grant applicants to write a
proposal or pitch. The question now is, how do you write the pitch that would get you that grant? What should you include in your proposal or pitch that would stand out from the rest?
By the way, there is a video of some startups pitching to Canada-based investors at the end of this article. The video demonstrates in real life all the points highlighted here.
NB: The first startup to pitch in the video is a Nigerian
Begin with a story (Present the problem)
The best way to write a proposal or a grant pitch is to understand the aim of the writeup, then tell a story that resonates around the reason.
The people reviewing your pitch have several other pitches to look through after yours. Bore them from the start, and they would drop your proposal like it’s hot. And that would be followed by the mail you don’t want to receive (Thanks for applying for blah blah grant. Unfortunately…)
Storytelling is a great way to engage your audience right from the start. The story shouldn’t be about just anything, though. It should be a story that depicts the problem you have identified and trying to solve with your product.
Read Also: The Exciting Story of Obi Ezeude, Maker of Beloxxi Biscuit
Furthermore, you also want your audience to relate to the story since what you’re really after is to pique their interest.
Not sure how to proceed?
First, make sure you know your product customers well and understand their everyday struggles in relation to your product.
Next, research on your grant-givers and know what interests them.
Combine what you gather from these two and turn into a great story that would get their attention from the beginning.
Reveal your solution
Something is exciting about the problem-solution transition. It’s always satisfying for everyone. Therefore, the next stop after presenting the problem in a story is to talk about the solution your product is offering.
Go on and tell your investors every detail of your unique and outstanding product.
In addition, describe in detail how the product will address the problem in question. In any case, it is extremely important to keep it as concise and as short as possible. You don’t want to feed your investors with all the technical details about your product but rather keep them interested.
Tell them the market your product targets
It would be delusional of you to think that everyone across the globe could be your potential target market. It is inherently essential to be specific when pitching to potential investors to keep their attention.
Remember, there’s no need to feel unsure of yourself in this situation. Therefore, do your research, know what your target market wants, and be realistic.
Talk about the success you’ve recorded so far
Before you ask for five talents, what have you done with the one talent in your hands? In other words, investors want to know what you have been able to do with limited resources as it will be a testament to what you would if you get the grant.
Also, it’s important to portray yourself as credible to these investors. And sharing your success story thus far is an incredible way to boost your credibility.
You have the chance to make your potential investor’s jaw drop by showing off what you’ve accomplished so far.
Therefore, do not hold back on impressing your investors with some of your achievements such as sales, product launches, milestones, partnerships, among others.
Next, marketing strategies and business model
Finances, in general, are viewed with skepticism by investors. They don’t know how you plan to make money, how you plan to reach customers, how you plan to measure success, and most importantly, how much all of these would cost.
Therefore, business models should focus on pricing, placing particular emphasis on markets that are eagerly awaiting the release or distribution of your products.
However, marketing and sales strategies should be in place to ensure the product is distributed to meet the demand.
Introduce your team
Investors know the importance of a great team. See how you can put a powerful team together.
Your grant application will fail if you don’t introduce your team to investors because most of them invest in people before ideas.
However, the introduction goes beyond simply naming names and listing skills. You should go on to stress how their experience and previous achievements make them the right fit for the job. For instance, imagine one of your co-founders working previously with a renowned startup-like Paystack. Ensure you emphasise all the experience he comes with having worked with the “biggest payment company in Africa”.
State your specific funding needs and your future projections
Specificity about your funding requirements and future projections demonstrates how serious you are. Grant writing requires that you remain confident in yourself and everything you do.
The following are other items that you should be specific about in relation to your funding needs:
- How much money has already been invested in your firm,
- The names of the investors and their ownership percentages,
- Describe what you need to to go up to the next level. Include details about the level you want to achieve.
- The purpose of these funds, and
- The expected outcome.
Your future projections will play a crucial role in this regard. Investors want to know your outlook for the future in terms of finances. So make sure to share your projected revenues per product within the next two to four years.
Practice your pitch
This part is important if you’d have to present your pitch and not just submit a written format. It is important that you practice your pitch. When you are unable to speak quickly to every aspect of your business, every other tip on this list is almost useless.
There are too many entrepreneurs who think that simply by knowing their business, they can explain it succinctly and effectively. And they think their killer pitch deck with impressive visuals will be all they need to fall back on. Therefore, they do not prepare for pitch meetings.
You’ll quickly find that instead of saying, “I only need 10 minutes of your time,” and taking just 10 minutes, you have already rambled 20 minutes after making it only through slide 5. It is important to practice, simplify your messaging, and allow only the elements that will enhance your business to remain
In Conclusion
Irrespective of how it goes, whether you get funding through the pitch, they set up a (another) meeting, or you were told better luck next time, take feedback and look for areas where you can improve. Do not hesitate to ask for feedback and keep them in mind when you go the next time.
However, if they are not willing to provide any feedback, don’t stress it.
If it’s a physical presentation, make sure you go with another team member whose responsibility would be to take notes of comments and observations. Most of those investors are experienced, and those comments may prove helpful to your business. Maybe, even more than the grant you came for.
Here is the video I promised you at the beginning
Quick Summary
Prefer the short version? Here is a concise recap of the key ideas in this article.
NB: The first startup to pitch in the video is a Nigerian Begin with a story (Present the problem) The best way to write a proposal or a grant pitch is to understand the aim of the writeup, then tell a story that resonates around the reason. First, make sure you know your product customers well and understand their everyday struggles in relation to your product. Next, research on your grant-givers and know what interests them. In other words, investors want to know what you have been able to do with limited resources as it will be a testament to.