How to Obtain a Grant to Start a New Business

Video Transcript

"Hi, my name is Bill Rae. I'm with Alumni Financial Services. I've been in the business and the finance world for well over 20 years, and have assisted many people in their budgets and planning. Today, we're going to talk about how to obtain a research grant to start a new business. Well, the first thing you obviously want to do is come up with an idea or a product or a service that you think is either different from anything that's out there or something that's not offered now. Once you have an idea you think will work, the next thing you want to do is develop a concise, well-written business plan. That's important. You're going to need that. Then you're going to want to make sure that your resume is up to date. Polish it up. Make sure that you put points that clearly show you can take the product or service you're talking about to the next level. You might want to also take a look and create a personal financial statement. They're going to want to look at that, also. Do you have the ability to hang in there as you do what you need to do? Once you do that, what you need to do is create a market plan. What this means is take a look around. Does anybody else currently offer the service you're talking about? Is there another product on the market that you need to compete with? And don't let that shake you because if there is, how are you going to be different? Once you have all that, go ahead and apply for the grants. And by the way, don't get discouraged. Hang in there. If your idea or your service or your product is worthy, you'll find the money. My name is Bill Rae, Alumni Financial, and we're helping you build wealth."