What is Federal Funding and Why is it So Important?

What is Federal Funding?

The Federal government offers almost 1,000 different grant programs, distributed by 26 grant-specific agencies, and divided into 21 categories!

Historically, procuring any type of Federal funding has been a tale of lengthy applications, red tape and telegraphed decision-making. However, with government spending higher than ever, soaring interest-rates, and a contracting economy; funding as we know it- is changing.

So why does a startup choose to seek government funding?

The truth is that it can provide the necessary capital to help get the business off the ground quickly- arguably its most important advantage. Further, due to a streamlined application process, Federal funding has become easier to acquire than that of private investors.

Federal grants and funds also often help a startup access resources that would otherwise be unavailable to them. For example, free business consulting and mentoring services can be invaluable for a new startup looking to grow and scale up.

Having Federal funding also attracts private investment! Private investment groups often view businesses with government funding as less risky and with more confidence, which help a startup raise additional capital.

It is easy to see why start-ups and small businesses alike often rely on Federal funds to help make their vision a reality.

In collaboration with Strategic Marketing Innovations, BioNTX hosted its first episode in a series of webinars on best practices when engaging with the Federal government for non-dilutive funding.