Securing funding for your innovation: The bid lifecycle

Here we focus on the pre-award stage, a critical part of the process that builds the foundation for a successful bid. Whether you’re new to the funding process or looking to refine an established approach, getting the pre-award stage right is essential.

We'll cover what’s involved in the pre-award stage and how our funding team can support you at every step. This includes identifying the right funding opportunities, understanding what to consider before applying, and preparing a strong, competitive bid that aligns with funder expectations.

Support from the funding team can make a real difference, helping you navigate the criteria, shape your bid to meet funder expectations, and improve your chances of success.

1. Signposting to funding opportunities

The first step is identifying the right funding opportunity. Our funding team has access to a comprehensive, tailored funding database that generates clear, concise reports highlighting opportunities that match your organisation’s eligibility and objectives.

Once potential opportunities are identified, we’ll work with you to plan the next steps. This may include selecting the most suitable fund to pursue, ensuring your proposal aligns with the funder’s goals and priorities, or exploring potential partnerships to support a collaborative bid.

To support this, we also maintain an extensive network of active contacts and stakeholders, helping connect you with the right people to strengthen your proposal and maximise its chances of success.

We understand that each organisation is different, so our support is flexible and tailored to your specific needs, whether you’re exploring funding for the first time or looking to scale an existing project. Our team has a strong track record of helping applicants navigate complex funding landscapes and submit competitive, high-quality proposals on time.

2. Bid development

A well-crafted proposal is essential for innovation to stand out, your bid should include four key components:

1. A clear and persuasive written narrative – Your proposal should tell a compelling story that clearly outlines the problem you're addressing, your solution, and why it matters.
    
2. Strong value for money – Funders want to see that their investment will deliver meaningful outcomes efficiently. Your budget should be realistic, transparent, and aligned with your project's goals.
    
3. A well-defined technical strategy – Provide a credible, structured approach to project delivery, including methods, timelines, milestones, and risk management.
    
4. A distinct competitive edge – Clearly explain what makes your innovation different or better than existing solutions, your unique selling point or advantage.

Once a suitable opportunity has been selected, the next step is to fully understand the application process. Most funders provide a specific template or format for proposals, ranging from short, targeted questions to more detailed and comprehensive applications. Being familiar with the format and expectations early on allows you to plan effectively, align your proposal with the funder’s priorities, and allocate resources, time, expertise, and data, where they’ll have the greatest impact.

For collaborative bids, appointing a Principal Investigator (PI) is key. The PI will lead the proposal, coordinate inputs from partners, manage timelines, and ensure all required documentation is submitted on time.

Strong proposals are backed by solid data and evidence. Be sure to include information that highlights your expertise, the impact and value of your project, and any future benefits. It’s also important to address potential risks and outline the strategies you’ll use to mitigate them. This shows evaluators that your plan is realistic, and you can manage complexity.

Your budget should be detailed, well justified, and fully aligned with the funding guidelines. Every cost should be clearly linked to a project activity or outcome, and where appropriate with evidence, helping to demonstrate value for money and build confidence in your delivery approach.

At the heart of your application is the narrative, it should be compelling, clear, and concise, articulating how your solution directly addresses the specific challenge outlined in the funding opportunity. A strong narrative ties everything together, from need and approach to impact and sustainability. For more guidance, check out our blog on Hints & Tips to writing a winning bid.

While our funding team can’t write the bid on your behalf, we’re here to support you throughout every stage of the process. We can help you avoid common pitfalls, offer insight into what evaluators typically look for, and review your application with a fresh perspective. This includes proofreading for clarity, ensuring your proposal aligns with the funder’s criteria, and helping you clearly communicate your unique strengths.

How we support your review is entirely up to you; whether you prefer to go through a full draft or work alongside you step by step, question by question.

Beyond funding guidance, our sector intelligence team can provide tailored, in-depth market research reports to support your bid. From analysing emerging trends to identifying market gaps and key insights, we’ll help you build a strong value proposition and position your project for success.

3. Submission 

Once your application has been refined and finalised, the next step is submission. While this might seem straightforward, it’s critical to plan ahead. Many funding portals can be complex or prone to technical issues, especially as deadlines approach.

Our funding team aims to submit applications well in advance of the deadline, allowing time to address any unexpected issues, such as system errors, missing attachments, or last-minute clarifications. Submitting early not only reduces risk but also demonstrates professionalism and preparedness to the funder.

4. Evaluation and feedback

Once your proposal is submitted, the next step is the evaluation process. Depending on the funder, your bid may be reviewed by a panel of subject matter experts, industry leaders, or independent assessors. The evaluation is typically structured and highly competitive, so understanding what reviewers are looking for is crucial.

Most funders assess proposals against a defined set of criteria, which often include:

• Technical merit – Is the approach feasible, well-planned, and methodologically sound?
• Alignment with funding objectives – Does your proposal directly respond to the priorities and goals of the fund?
• Expected outcomes and impact – What difference will the project make, and who will it benefit?
• Financial viability and sustainability – Are the budget and delivery plans realistic, and can the project create lasting value?

Our team can support you by offering insights into what makes a proposal stand out in the eyes of reviewers. If your application is shortlisted for an interview or presentation, we can help you prepare to confidently communicate your vision, value, and impact to the panel.

If your bid is not successful, it’s still an important learning opportunity. We can help you analyse the evaluator feedback, identify areas for improvement, and refine your strategy for future applications. Understanding the reasoning behind funding decisions not only strengthens your next submission but also builds your long-term funding capability.

Once your bid is successful, you enter the post-award phase, where final contractual details are negotiated between you and the funder or partners. This phase typically involves discussions around the project scope, timelines, funding, and deliverables. Keep your eyes peeled for an upcoming blog where we’ll explore this in greater detail.

Our funding team can support you across the course of the bid life cycle, including in the pre-award stage and market intelligence reports. To learn more about how we can help, please get in touch by emailing fundingsupport@lshubwales.com.