How To Use Grant Funding

After winning a grant, you’ll need to apply the grant funding to your project

Consider these best practices on how to use grant funding:

Build a rapport with your grant representative.

The grant representative is your contact point with the granting organization.

Find a way to work well with them.

Set up an accounting system for your grant.

Record all expenditures into the system to provide reports to the granting organization.

Also be prepared for an audit if one should occur.

Look up the reporting requirements for your grant and set up a plan to fulfill those requirements.

Grant funding is given for a specific set of activities.

Make sure you are using the funds only for those activities.

Close out the grant with a report to the granting organization.

Verify you met all their requirements.

Set a goal for what you want to achieve with the grant funding.

Focus on building a prototype and selling it to a strategic customer.

Consider these steps in using grant funding.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.