EU funds can speed up business development, but only if they come at the right time. If a project is submitted prematurely, there is a risk of rejection, loss of time and resources.
Many entrepreneurs start EU projects because ‘competitions are open’ or because they have heard that ‘money is shared’ and not because their project is really ready.
It often happens that due to one investment, for example the purchase of a machine, attempts are made to come up with a story in order for the project to fit into the terms of the tender. In practice, this usually means that the idea is insufficiently elaborated and the business model unclear.
The result? A project that does not pass or a project that passes but is difficult to implement. If the purchase of the machine is really strategically important for your business, the application can be justified, but only if the project as a whole is sufficiently prepared.
Rapid EU Project Readiness Checklist
1. Do you have a clearly defined idea that brings value?
- It's clear what problem you're dealing with.
- the target group is defined,
- The value of the project can be explained briefly.
If the idea is still in the elaboration phase, it is probably too early to apply for the competition.
2. Is there a plan, not just an idea?
- The final result of the project is defined,
- there are basic implementation steps;
- the estimated costs are indicative.
EU projects finance development and implementation, not ideas.
3. Are there any capacity for implementation?
- A team (internal or external) is provided.
- there is a realistic timeline,
- the organisation can support the implementation of the project.
Lack of capacity often becomes a key challenge in implementation.
4. Can you provide co-financing?
- You have your own resources at your disposal or have provided additional sources of funding;
- understand the dynamics of funding.
EU projects require financial stability during implementation.
5. Is there a clear reason to enter the project?
- The project is linked to a business strategy;
- there is a specific objective (development, growth, digitalisation…)
Most often it is not enough if the only motive is the availability of financial resources.
The answers to these questions have shown you that some of the key elements are not yet sufficiently developed? This does not mean that the project does not have potential, but that it is in the preparation phase. This is precisely the moment when it is worth further elaborating the idea, defining the goals more clearly and ensuring organizational and financial preconditions for quality implementation.
EU funds are most prominent when they are used as a tool to accelerate initiatives that have already been set up, rather than as a starting point for development. Such an approach significantly increases the likelihood of a successful application, but also the subsequent implementation of the project.
Not sure how ready your project is for the next step?
Assessing project readiness can be the first step towards making an informed decision. Through counselling and analysis we help to determine at what stage the project is located, identify key shortcomings and define concrete next steps that increase the chances of successful application and quality implementation.
Contact us for more information and support here.
