Growth, Diversification, Internationalization or Skills and Knowledge projects were the four project categories discussed in our previous post discussing what ventures can be funded. If you are thinking “Those were all interesting project types which I could possibly work with in the future, but not ones that I am currently looking to work with” then read on as in this blog post we will look into another four categories of project types that might interest you.

• Research, Development and Innovation

Support under such schemes would be awarded for projects aimed at the development of new products, services or solutions, up to pre-commercialization stage. Such schemes support entities also with Feasibility studies to assess the potential of such research and development projects.

Innovation herein lies within the commercialization process of the new product, service or solution. It can also be through the development of new or significantly improved process to produce or deliver a product/service.

Example:

A gap in the market has been for a new tool that could combine traditional accounting tools like excel with the modern cloud-based accounting systems. A research and development project was carried out via funding support  including salary costs, related IP research and also the marketing of the newly developed product.

• Start-ups

Start-up projects are new business ventures that are scalable beyond their initial scope.

Using an example here would be limiting the idea of a start-up since any form of new business can fall under this category. Funding can be obtained for various aspects including but not limited to employee costs, upgrading of premises and purchase of equipment and machinery.

• E-commerce

Projects that fall under this objective include the design, development and implementation of websites and mobile applications, which include the possibility to purchase products or services online, integration of web analytics and registering and hosting of sites. In previous years we have supported numerous businesses with2 such projects.

We have supported a number of business with obtaining funding for the development of an e-commerce website such as companies that were looking to sell products online like heath food and beauty products,  and also ones offering accommodation services looking to have their own online booking platform.

• Consultancy

Schemes under this objective support enterprises by part-financing costs of projects which include feasibility studies of new ventures, business plans aimed at obtaining further funding through financial institutions or other EU and government schemes, and also organizational processes and systems reviews.

Example:

Helping companies obtain funding for the development of business plans to be used to apply for further funding or bank financing, carring out feasibility studies on operational expansion, evaluate processes, and also carrying out systems and process reviews to identify deficiencies in in the operation and provide guidance on how these can be improved.

Do you have a project in mind that you would like to develop and implement with the support of EU and government funding? Then contact us on freesupport@businessdoctors.com.mt to discuss how this can be achieved.

Next Post:

What is the process to benefit from EU and Government Funding?