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…
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?”.
Often these questions are met with “private financing” or, “I’m only aware of Innovate UK grant funding, is there more available?”. Yes, there are a variety of funding opportunities available! Below we’ve listed just some of the organizations, programs and charities that may be able to help you unlock the funding required to progress through to the next stage of development, or even help getting your device to market:
Each is set up with different support capabilities, research initiatives, submission deadlines as well as Terms and Conditions. It can be quite challenging to be granted funding from these partners, and so you need to be extremely thorough with submission criteria and formatting.
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.
Senior Design Development Engineer & Business Development Manager
Will graduated from the University of Wolverhampton with a degree in Product Design. Prior to Haughton Design, Will worked for Renishaw, where he led the industrial design for the current and next generation metal Additive Manufacturing machines. Will has a strong interest in Design for Sustainability, and the Circular Economy, looking to reduce companies’ environmental impact and often teaches about design engineering at local STEM events. Outside of work, Will enjoys Formula 1, rugby and travelling with friends.
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