Design Development Engineer & Business Development Manager, Will, shares insight into some of the organisations, programs and charities that may be able to help unlock the funding required to accelerate your new product or medical device development:
New product development is expensive and medical device development is often even more – Financing and planning the research, design, development and testing can be more challenging than developing the device itself! You may have a great idea that has the potential to positively impact people’s lives globally but, if you don’t have a suitable financial strategy or backing to overcome the expense of development, there is little chance your vision will become reality…
So, what funding opportunities are available to support new product and medical device development projects?
When starting a project we always ask our clients “what avenues are being used to finance this project?” and, “are you sure you’re fully utilising all of the grant funding opportunities available to you?”.
When looking to apply for funding, we recommend searching for the funding opportunity that would be best suited for not only your project, but for where you are realistically in your project timeline too. You can reach out to grant writing consultancies to assist in the form completion process. Here’s a link to a great blog about top tips for grant applications.
There is usually a surprising amount of local funding available too – we recommend searching for ‘YOUR COUNTY Growth Hub’. Stoke Staffs Growth Hub has been an incredibly useful support service for Haughton Design.
Finally, as we’re based in Staffordshire, there are local universities that have programs to help local businesses and organizations with research, innovation, KTP’s, Prototyping and Manufacturing. Here’s a list of local universities to Staffordshire, with a variety of supportive programs:
As you can see, there is a wealth of support available from organizations, charities, local councils and universities. We’d recommend all companies, small or large, to see what access to funding is available to you whether it be for commercial strategy, engineering services, sustainability initiatives as well as clinical or market research.
When seeking funding or an engineering partner, please reach out to us at Haughton Design – our team will happily help with drafting a Device Development Workflow Proposal to help support your grant proposal pack.