Applying for grants, pitch competitions and accelerators are all ways of promoting your business and acquiring funds to support your business’ growth. However, before you even begin the application process, you must develop an application strategy. An application strategy is more than just creating a spreadsheet with deadlines for upcoming funding opportunities. Instead, it is an opportunity for you to consider the needs of your target audience and your business to make an intentional decision when completing applications.
Here are some tips for mastering your application strategy:
- Consider your business needs. What is the problem you need to address?
- Who is your target audience?
- What type of support do you need?
- How much financial support are you projecting that you will need?
In this week’s Finurah Funding Friday, we are featuring accelerators, pitch competitions and grant opportunities that will all require that you answer the questions above.
Bank of America Breakthrough Lab Accelerator
In the startup phase of business, one of the most significant resources is access to mentorship and coaches who will help you develop models that will lead to sustainability. The Bank of America Breakthrough Lab Accelerator is for founders of color. Participants will receive mentoring, industry support and the tools necessary to receive funding. For more information, visit here. Apply by June 20.
Black Ambition Prize
Early-stage, Black-owned startups, students and recent alumni of Historically Black Colleges and Universities have the opportunity to participate in The Black Ambition Prize competition. Participants will receive pitch feedback, mentorship and access to funding. Grants up to $1 million are available. More information can be found here. Apply by June 20.
Cartier Women’s Initiative
Women-owned, as well as businesses operated by women, are eligible to apply for the Cartier Women’s Initiative. The mission of this annual program is to support women entrepreneurs in developing businesses with social and/or environmental impact. More information can be found here. Apply by June 30.
Global Good Fund Fellowship
Social entrepreneurs always operate with the mission of having an impact on others through their businesses. The Global Good Fund Fellowship provides entrepreneurs under the age of 40 with the desire to be coached, with the opportunity to grow as social enterprise leaders. Fellows will receive a grant of $10,000. More information can be found here. Apply by June 30.
Giving Joy Microgrant
For microentrepreneurs, seed money can make all the difference between launching a business at the kitchen table or daydreaming about when to begin. The Giving Joy Microgrant awards $500 to women who would like to start or expand a current business. In addition, the grant can be used to fund a nonprofit organization or non-governmental organization or charity. More information can be found here. Apply by June 30.