We normally say there are five ways of funding innovation projects.
1. The Hard Way
Boostrapping- secure that revenues from consultancy or sales concover the cost of the innovation world.
2. The Expensive way
Convince investors to invest in the company and provide funding for the innovation project and “give way” part of the ownership in the company.
3. The strategic way
Convince strategic business or industrial partnets provide funding either as equity in the form of convertible loans or similar financial instruments
4. The difficult way
Borrow in the bank- just try- you will find it is rather difficult. Banks love security and hate risk. Remember you will need to repay the loan.
5. The smart way
- Apply for public or private “Grants” You dont give way ownership. No need for repayment of the money and evaluation criteria focus on opportunities_and it funded it might also attract investors