Guidance Notes

Guidance Notes on how to complete the Application Form

The ability to explain concepts clearly, succinctly, and without jargon is as much a key driver in raising finance and support in the commercial arena as it is in obtaining research monies. Developing these skills will certainly enhance the chances of success, particularly if you are ever placed in a 'Dragons Den' scenario of pitching for external finance.

The Executive Summary should be used to provide an overview of the project, and what is expected to be achieved within the chosen timeframe of the Fellowship. This should accurately reflect the reasons behind the application for funding and will act as one of the first filters for a successful application. If it is difficult to understand, it will not reflect positively. The Fellowship will not support projects with a clear research-focussed goal.

Intended Work should give a more detailed explanation of exactly how the applicant will achieve the milestones detailed in the Executive Summary, together with a Gantt Chart illustrating how the project will progress after the period of the award. If the application is for a Follow-On award, the Executive Summary from the Final Report of the initial award should be detailed here, and a full copy of the report attached to the application.

The Market Analysis and Attractiveness section is for the applicant to qualify their current knowledge of the market for their technology/product, such as the competition and potential barriers to entry, as well as their appreciation for building such knowledge.

A suggested structure would involve looking at (i) the size and structure of the market (ii) the threat of possible new entrants, (iii) the bargaining power of the suppliers to the market, (iv) bargaining power of the buyers of the product, (v) the threat of substitute or alternative products and (vi) how intense is the competition within the market.

Useful questions to consider in each of these sections may include;

(i) What is the size of the market, and what potential portion of this could your innovation demand? Where is the market based? What are its growth trends? Who are your target customers? (eg public sector, private multi-nationals, SME or direct to consumer) What will you do to ensure the development of your idea meets market demands?

(ii) What are the barriers to entry? What are the routes to market? Does geographic location have any impact? How attractive are the margins for any competitor? What are the main hurdles to overcome before the product reaches the market? Where do the main risks lie?

(iii) Who dictates the prices in the supply chain - suppliers of raw materials? Buyers of your product? Consumer? How inconvenient would it be to switch suppliers? Importance of reputation, service and product quality?

(iv) How large is the potential customer base in terms of numbers, size and volumes? Any loyalty? Pricing? How important is quality?

(v) What alternatives are there for your technology/product? How cost effective are they? Do alternatives offer different levels of quality? Any foreseeable alternatives?

(vi) Who/what are the main competitors? Number and size of firms? How intense is the rivalry amongst the existing businesses/competitors? How easy would it be to exit the market?

It is not expected that an exhaustative assessment of the market is made, and the questions above are intended to stimulate an applicant's thinking around the market issues rather than a 'need to be answered'

If further guidance is required, please liase directly with your University representative (see contacts) or with the Programme Co-ordinator.