Exploring the Shifting Landscape of Funding
In the present funding landscape, there has never been more financial support available, both for not-for-profits and businesses. GrantGuru has witnessed a significant increase in the number of grants listed on our platform. Presently at 5000+ grants collectively worth more than $80 billion which is amazing growth from even 10 years ago.
How do you get a share of the pie?
However, the fundamental challenge remains – how do not-for-profits secure their share of this funding pie? The competition is fierce, resources are limited, and the stakes are high. Organisations and individuals must navigate these challenges skilfully to succeed.
With over two decades of experience in the grant sector and $800 million secured GrantGuru has gained invaluable insights into the trends, challenges, and opportunities that shape this vital ecosystem. Today we will shed light on the factors that make grant applicants successful and the trends that offer opportunities. We surveyed grant seekers and looked at the grants data.
The Myth of Size
The prevailing myth in the world of grants is that bigger is always better. Many believe that larger organisations have an inherent advantage in securing funds. While it’s true that larger organisations may have more resources at their disposal, success in grant seeking isn’t exclusively determined by size. In fact, we know that smaller nonprofits can be just as competitive as their larger counterparts if they strategically position themselves and effectively communicate their impact.
The Training Advantage
We wanted to understand success better and surveyed 400 grant applicants. The results provide the seeds of success. While only 25% of survey respondents had received any formal grant training, the impact of such training is undeniable. Trained grant seekers reported a remarkable success rate, with 41% enjoying a success rate of more than 50%, compared to only one in five untrained grant applicants reaching this level of success. Formal training equips organisations and individuals with the skills and knowledge needed to navigate the intricacies of grant seeking successfully.
Time Management Matters
The allocation of time in the grant-seeking process can be a make-or-break factor. Our survey shows that 36% of applicants won 50% or more of their grant applications when they invested more time in completing applications. In contrast, only 19% achieved a similar success rate when they spent more time searching for grants. This suggests that strategically planning your applications to find the best fit can yield better results than simply casting a wide net.
The Greatest Challenges
Grant seeking has many hurdles, it’s surprising to discover what people feel is hard. Our survey identified the most significant challenges faced. A whopping 53% of respondents found justifying the need for funding to be the most daunting task, while 30% struggled with creating the budget. These statistics highlight the importance of honing your storytelling skills to convey your organisation’s mission and impact effectively. And involving a team – one of whom is good with numbers!
The Opportunity to Transform
Grant success is not reserved for the privileged few; it’s attainable for organisations of all sizes. By seeking formal training, investing time in crafting compelling applications and being strategic, you can tip the odds in your favour. So, are you ready to continue to grow on your grant-seeking journey? If you just said yes, do check out our new GrantGuru Strategic Grant Writing Course, graduates are singing its praises.
“Taking the course was an eye-opener. It helped me connect the dots between what I knew and the gaps in my knowledge. Now, I know how to tailor my words to meet the funder’s needs and our needs.”
Lasting Impact
As the grant landscape continues to evolve, it is imperative that not-for-profit leaders adapt, learn, and stay agile in their quest for funding. GrantGuru stands ready to support you on your journey toward unlocking the funding your organisation needs to make a lasting impact on the communities you serve. Together, we can turn the vision of a brighter, more equitable future into a reality. Visit us to access today’s grant opportunities and embark on your path to grant success.