
Finding a grant opportunity that aligns with your mission and for which your project and organization are competitive can be a tedious process.
In fact, some estimates say the process of research and evaluation can take up to three days and cost $720 per grant opportunity.
Obviously, streamlining this process is one of your top priorities if you want a high ROI on grants.
Following, we show you a three-step process for filtering opportunities quickly and efficiently.
Step 1. Define Your Priorities
Before you can begin picking grants, you need to know what you are trying to get funded.
Pick two or three priorities that align with your strategic objectives for that year.
From there, you can create a program budget, detailing how much you need to secure in funding and what line items you will need funded.
As you pick your priorities, remember to consider:
The funding ecosystem (what are funders in your area or industry funding?)
How competitive is your project compared to others doing the same work (e.g., can your project easily stand out from others in your industry and area?)
Step 2. Pick the Right Database
Once you know what you want to get funded and how much you need, you will want to pick a database where you can gather a list of high-quality prospects.
The best databases to gather leads will allow searching by keywords or by comparable organizations.
For instance, Instrumentl will provide a list of open calls for proposals based on keywords you choose.
If you are looking to build long-term relationships with funders or looking to secure six-figure grants, you will want to focus on building key relationships with funders who are likely to offer repeat funding.
The key to finding these prospects is to understand who is funding your industry in your area and organizations of similar size and programming to yours.
For instance, Impala will allow you to search for funders based on “comparative organizations” (e.g., organizations of similar size and with similar programs). This is a fast way to find grantors likely to fund your organization. And Impala helps you build key connections by offering LinkedIn profiles or even email addresses.
If you are searching for government grants, you will want to make a list of federal granting agencies with strategic priorities that best align with your projects. From there, you can search grants.gov for the agency's open calls for proposals.
Step 3. Have a System for Evaluating Opportunities
Once you have a broad list of grants to pursue (e.g., 20 or so for federal grants or 50 or so for foundation grants), you will need a streamlined way of evaluating how well each opportunity fits your needs.
Essentially, you will want a list of pre-determined funder and opportunity criteria that will help you quickly reject prospects that are a waste of your time and energy.
Some example criteria include:
Funded Geography
Allowable Expenses
Grant Minimum Amount
Pro tip: Your chosen research software should help you quickly scan for this information.
A great way to efficiently evaluate prospects based on your criteria is with a matrix, a tool for quickly capturing why certain prospects are of higher priority than others.
As you consider larger, more complex grants, you may want to consider a “Go, No-Go” procedure—a series of questions that help your leadership decide whether or not this grant should be the highest priority for your organization.
Conclusion
Winning grants starts with a winning research procedure; when you find the right opportunities the first time, your chance of winning skyrockets.
Need sample research tools like a prospect research matrix? Download the free materials here:
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