Module 6.2 corrected
- 1. The European Commission support for the production of this publication does not constitute an endorsement of the contents, which solely reflect the views of the authors. The Commission cannot be held responsible for any use which may be made of the information contained herein IM 6.2 Funding of Eco-Innovation in SMEs
- 2. Learning Outcomes The Learner will be Able to Identify Public and/or Private Funding Sources for Eco-Innovation in SMEs in the Tourism Industry.
- 3. How to Get Started? Steps for Funding of Eco-Innovation in SME • Identify needs, goals and objectives of eco-innovation • Identify funding sources • Develop the proposal and project • Submit proposal and project • Follow-Up
- 4. • Internal - is funded from different subsidiaries, regional or departmental budgets • External funds are treated as the finances of key stakeholders and are taking into account their interests too • Self-Funding – is single department budget There are External, Internal and Self Funding Resources
- 5. Important Sources of Funding for Eco-Innovation in SMEs are • Your own funds, Self Financing, Equity; • Budgetary Financing; • Family and friends; • Credit, Debt; • Business angels; • Venture capital; • Project financing; • Mixed financing ; • Crowdfunding, etc.
- 6. Sources Classified according the Funding Areas Funding Areas Public - banking, insurance, start-ups, investors, consulting, academia and research institutions, traditional Bank, crowdfunding platforms, crowd funding campaign, Venture capital, International Funds, grants, etc. Private - Credit card, Personal and Business Loans, investors, etc. Own money - Cash flow, Independent income, Personal saving, Inherited funds, etc.
- 7. There are Different Methods of Financial Support for Eco-Innovation in SME
- 8. How to Apply for Funding? • Check the information about grantsmanship and funding resources, get special trainings and workshops for learning how to get the fund • Check the funding sources around • Pursue several potential funders, successful search are greater when you approach a variety of funders. Maintain a journal of what organizations you have contacted and when. Each grant program will probably have a different set of deadlines, so it is helpful to have a master list • Contact the information center for consulting. They may direct you to potential funding sources.
- 9. Grantsmanship and Funding Resources Public Funding • Research grants • Demonstration grants • Project grants • Block grants • Formula grants Private Funding • Private foundations • Corporate foundations • Community foundations • Direct giving programs • Voluntary agencies • Community groups
- 10. Grantsmanship Consists From Three Phases: • Preliminary planning and research • Effective proposal writing • Proposal follow-up Organize the comparative analysis of all the methods of financial support, that should be relevant to the main goals of eco-innovation in SME to select/or create the best funding resource or their composition for eco-innovation in SME Proposal and Project
- 11. Questions that could be Considered in the Funding Process • What do you need for eco-innovation from sponsor? • How address eco-innovation to the problems in SME? • Who apply for funding? • How it is possible to obtain the information about potential funders? • What are the goals and objectives of the program? • What are the priorities of the program? • What are the budget requirements in the program? • What type of proposal format should be used? Is SME consistent with the funder's application deadlines? • Who is the contact and responsible person for the project in SME? • Was the proposal granted, if yes - why? • Was the proposal rejected , if yes - why? • Is there a possibility of submission for already revised proposal again?
- 12. To be Determined the most Effective Way of Project Funding Incorporation • Some practices for eco-innovation funding started up front and carefully are managed over the whole lifecycle of the project • Some projects are granted step by step, after the accomplishment of milestones. • Define the main goals and mutual benefits of receiver and investing for eco-innovation in SME • Compare internal and external funding sources for the eco-innovative ideas in SME.
- 13. LinksPROJECT FUNDING REQUIREMENTS TEMPLATE https://www.projectmanagementdocs.com/template/project-documents/project-funding-requirements/#ixzz61EjbCgbX Cash Flow Management Strategies for Small Business https://www.youtube.com/watch?v=IB2qqDQ66iA Your Guide to Understanding Crowdfunding https://www.youtube.com/watch?v=voF1plqqZJA 5 Sources of Funding for Your Small Business https://www.youtube.com/watch?v=Yh_OfWuWh5I ETF and the Small Business Act https://www.youtube.com/watch?v=Byf1P7V_gCg Funding Animated Explainer https://www.youtube.com/watch?v=uIu4lmBQYUY EU funding for your project? https://www.youtube.com/watch?v=P62sjnHL59w European Investment Bank | Explainer Video Animation for SMEs https://www.youtube.com/watch?v=EN2HT1hsf18 Government supports for SMEs https://www.youtube.com/watch?v=PQvhq55MJTk SME Working Capital Loan https://www.youtube.com/watch?v=TApfOVKldJM Sources of Funding for Startups and Small Business https://www.youtube.com/watch?v=v3x1dENtPd8
- 14. Project web-page: http://Eco-Innovation -mode-project.eu/ This work is licensed under a Thank You