Grant funds, or innovation funds, are one way for the aid sector to distribute money. They may be large, long-term, international challenges, or they may be very localized grant opportunities for researchers or businesses in specific sectors.
Awareness-raising among your target market can increase the number of quality applications and amount of industry interest in your grant competition. But funds are often under-promoted, or use a limited marketing mix, or do not clearly communicate their value.
Funds are now also affected by worldwide lockdowns, and they face challenges connecting with applicants.
Challenge fund examples
- Bill & Melinda Gates Foundation Grand Challenges
- UK Research and Innovation
- GSMA Mobile for Development Innovation funds
Below are our five recommendations for challenge fund promotions.
- Review other fund case studies. Challenge funds have existed for decades! Read existing material.
- Promote clearly. Your fund applicants are often unfamiliar with the aid sector. They are likely most interested in funding, brand recognition, and networking, so focus on those interests. Avoid too much backstory and jargon.
- Explore all your marketing options. Direct phone calls to potential applicants may be the best way to promote your fund. Facebook advertising, radio interviews, media releases, or webinars may be ideal. Produce helpful materials like fund success stories, welcome videos, and online informational campaigns so grantees clearly understand how your fund can help them.
- Consider who may be excluded from your marketing. The choices you make in promotions, language use, and fund application processes will each affect your overall indicators. Think about how even minor marketing adjustments may help you reach new fund applicants.
- Finally: Empathise with applicants! Your grantees may be unfamiliar with processes that you consider natural. They may be wary of sharing business info and documents. The application process may be daunting, and it may even cause potential applicants to abandon it. Find out applicants’ apprehensions.
More resources
Below is our list of challenge fund case studies and other materials. Contact us if you have recommendations.