Congratulations on getting funding! Good for you, but what comes next? You are still far from achieving the results that you are expecting. If you did a good job during the project preparation phase, you have a good starting point for the execution of the project.
Regardless of whether you are starting to build the next ground-breaking personal communication device, world-changing AI-enabled software solution, or a large-scale biorefinery, you need to sharpen the purpose.
What is the big goal or vision that all partners should be working towards and how to achieve the result?
The Ecosystem Handbook looks at it from two perspectives: rational and emotional but they both follow basically the same path.
At every step, do not forget to communicate these to your partners so that also they understand why you are doing this together and how this aligns with their own goals.
In many cases, the projects are complex and it is good to have an experienced leader running them. Efficient collaboration cannot be made with contracts but it takes time and effort to build the trust and collaboration among the partners. Communication is the key.
Reporting your progress
Things to remember for financial reporting
Resources and changes in your company
Take pride in your achievement!
Remember: your idea and company has been “vetted” by very strict public investors so feel free to brag – you can leverage this publicity to secure the interest of further public or private investors. This could mean securing funding for other projects in your portfolio or to finance roll-out activities not covered by the current project.
There may also be a progression to some European Investment Bank (EIB) funding for instance, or the European Commission may offer you exposure to a pool of investors. Who knows, maybe the investors who turned you down before might want to reconsider! All these options – and more – might be open for you.
How to apply?