Support and Funding

About this course

Welcome to Course 6 of Module 2, the second of three carefully curated modules within the scope of the Challenger project. All courses are designed and developed by professionals from prestigious VET providers.

You will work in a team during this module on a given challenge. Your tutor/role model, experienced mentors, and industry experts will support you throughout the phase.

Module 2 will build up on Module 1. By the end of this module, you will have acquired valuable insights and skills and be prepared to bring your own innovative journey to life in the subsequent Module 3.

• Module 1:          Learning the basics
• Module 2:          Applied Phase 1: Working on hands-on projects for business
• Module 3:          Applied Phase 2: Creating your own innovations

All these courses are offered for free. If you registered for participation and handed in the group assignments to your tutor/role model, you will receive a confirmation of participation in the form of a digital badge. After completion of all courses of the module, you will receive an innovation certificate that will prove your experience and gained know-how.

The courses are aimed at learners in VET schools, bachelor students in universities, persons interested in developing their entrepreneurial mindset, persons interested in innovation and how to put ideas into practice, teachers/educators, industry experts, and community members.

Unleash your project: Mastering funding and support

Dive into the World of Project Innovation! Embark on an exciting adventure where your innovative ideas can soar to new heights! This course is your all-access pass to understanding the essentials of funding and support for your projects. You’ll learn about the various avenues for securing funds for your project, from government grants and private sponsorships to the dynamic world of crowdfunding. 

COURSE INSTRUCTION: USING THE VIDEO AS YOUR GUIDE 

Your Interactive Guide: 

This video is a crucial element of your learning journey and will serve as the foundation for understanding and exploring the course content. All the topics that will guide makerspace participants through the course are presented interactively in the video. 

During the course, you’ll also receive practical exercises and instructions. These activities are designed to apply what you’ve learned and encourage innovation and depth in your understanding. 

• Be Innovative and Thorough in Your Exercises: 

We urge you to embrace innovation and depth as you engage with these practical tasks. Think outside the box, challenge your creativity, and delve deeply into each exercise. This is your opportunity to apply the concepts in real-world scenarios and truly make the most of your learning experience. 

Remember, this video is more than just a learning tool; it’s a pathway to transforming your ideas into reality. Use it as a guide, a source of inspiration, and a means to push the boundaries of what you can achieve in your makerspace projects. So follow this video, and you will receive all the data and major explanations, along with included workshops.  

COURSE STRUCTURE 

Brief Introduction

• Introduction to the program, its objectives, and an overview of the content. 
• Presentation of key concepts and the importance of financing and technical support for projects in makerspaces. 

First Part of the Video: Overview of the Course Theme 

First Part of the Video: Overview of the Course Theme 

The initial segment of our video serves as a rough introduction to the theme of the course, ‘Understanding and Obtaining Financial Resources and Technical Support in Makerspaces.’ This section sets the stage for a comprehensive exploration of the crucial aspects of funding and technical assistance, which are vital for the success of projects in makerspaces. 

This part of the video is designed to provide participants with a clear understanding of the course’s scope and the fundamental concepts that will be explored throughout the program. 

Second Part of the Video: Which funding options are available? 

In the second segment of our video, we delve into the diverse range of funding options available for makerspace projects. This part is crucial for participants to understand the breadth of financial resources they can tap into. The video covers the following key funding sources; 

• Government Grants: 

The video explains how government grants are allocated for projects that align with specific governmental objectives, such as education, technology development, or community improvement. It highlights the process of applying for these grants and how they can be a vital source of funding. 

• Crowdfunding: 

Crowdfunding is presented as a unique way to raise funds by collecting small amounts of money from a large number of people, typically via the Internet. The video emphasizes how crowdfunding not only provides financial support but also helps in building a community around the project. 

WORKSHOP 1 (4 min): After the video introduces crowdfunding, the course progresses to its first workshop. This workshop is designed to provide participants with a deeper and more practical understanding of crowdfunding, so the participants study the link given in the video. 

• Private Sponsorships: 

This section discusses funding from corporations or individual donors interested in supporting projects that align with their interests or corporate social responsibility goals. The video provides insights into how to approach and secure private sponsorships. 

• Venture Capital and Seed Funding: 

For projects with high potential, venture capital and seed funding are explored as vital sources of investment. The video explains how investors provide capital in exchange for equity and the role of seed funding in getting a project off the ground. 

1. Additional options 

WORKSHOP 2 (20 min): Participants have to make a basic plan to determine which of the presented funding options are available and appropriate for their idea/project. There is also a presentation video on activities that are important for a successful crowdfunding project. For each selected form of project financing, it is essential that the activities are thoughtfully planned and properly documented at the end. It’s important to meticulously plan and record the steps you will take to ensure the successful financing of your project. 

This part of the video is designed to equip participants with a comprehensive understanding of the funding landscape, enabling them to identify and pursue the most suitable funding options for their projects. 

Third Part of the Video: Grant proposal writing 

In the third segment of our video, we focus on the crucial skill of grant proposal writing. This part of the course is dedicated to explaining what grant proposal writing entails and the key elements that such a document must contain. The video covers: 

Understanding Grant Proposal Writing: An introduction to what grant proposal writing is and why it is a critical skill for securing funding for your projects. 

Key Elements of a Grant Proposal: A detailed explanation of the essential components of a successful grant proposal. This includes the need statement, project description, budget, and organizational information. 

Best Practices: Tips and strategies for writing an effective grant proposal, including how to clearly articulate your project’s objectives, relevance, and potential impact. 

WORKSHOP 3 (8 min): In-depth exploration of Grant Proposal Writing.

Fourth Part of the Video: Support within Makerspaces 

In the fourth segment of our video, we explore the dynamic environment of makerspaces and the myriad of opportunities they offer. This part aims to clarify what makerspaces are and the unique benefits they provide. Key aspects covered in the video include: 

Understanding Makerspaces: Introduction to the concept of makerspaces as centres of creativity, innovation, and collaboration. 

Advantages of Makerspaces: Discussion on the benefits of using makerspaces, such as access to specialized tools, collaborative environments, and a community of creative minds. 

Accessing Resources: How to effectively utilize the equipment, mentorship, and advice available in makerspaces, emphasizing the importance of these resources in enhancing project development. 

Role of Mentors: This part of the video precisely defines the role of mentors in makerspaces. It details the areas where participants can expect to receive their support, such as technical guidance, project development, networking, and navigating the challenges of bringing an idea to fruition. 

From Idea to Prototype: Encouraging participants to seek support within the makerspace to evolve their project from an initial concept to a tangible prototype or a viable business idea 

This video segment is crucial for motivating participants to engage with the resources and mentorship available in makerspaces actively. It underscores how these elements can significantly aid in developing and realising their innovative projects. 

Fifth Part of the Video: Conclusion and Summary of Key Learnings 

The final segment of our video serves as a conclusion and a comprehensive summary of the key learnings from the course. This part is designed to recapitulate the essential points covered and provide a motivational outlook for the future.

Assignment

This assignment needs to be completed as a team effort. Your tutor or role model will guide you through the assignment. Please reach out if you require support. The final assignment should be submitted to your designated mentor.

Once your course is complete, your tutor or role model will confirm your completion and instruct you to upload the results to the platform to receive permission to obtain a badge. Upon completing all six courses within a phase, you will receive an innovation certificate for that respective phase.

Do funding strategy presentations in small groups!

Instructions:

Keep your current project in mind and work on the following tasks:

1. Identify Funding Sources: Based on the course content, identify suitable funding options for your project, such as government grants, crowdfunding, private sponsorships, venture capital, and seed funding.
2. Develop a Strategy: Create a strategy outlining how you will approach potential investors or donors, define your project’s value, and target specific funding sources.
3. Prepare a Brief Overview: Craft a concise overview of your funding strategy, including project details, targeted funding sources, and your approach to engaging with potential financiers.
4. Share and Feedback: Present your strategy to the tutor/role model. Exchange feedback focusing on one positive aspect and one area for improvement.

Additional voluntary assignment:

1. What are the main types of funding available for makerspace projects?
   • Answer: Government grants, crowdfunding, private sponsorships, and venture capital.
2. How can crowdfunding benefit a project beyond providing funds?
   • Answer: It builds a community around the project.
3. What should you include in a grant proposal?
   • Answer: Statement of need, project description, budget, and organizational information.
4. What is the importance of mentors in makerspaces?
   • Answer: Mentors provide technical guidance, help in project development, and assist in networking.
5. Why is understanding the audience crucial in securing project funding?
   • Answer: To tailor the pitch to their motivations and needs, ensuring relevance.
6. How do makerspaces support innovation?
   • Answer: By providing specialized tools, a collaborative environment, and access to mentors.
7. What should be the focus when writing a grant proposal?
   • Answer: Clearly articulating the project’s objectives, relevance, and potential impact.
8. What strategies can increase a crowdfunding campaign’s success?
   • Answer: Engaging storytelling, clearly communicating goals, and building a supportive community.
9. What are key factors to consider when choosing between different funding options?
   • Answer: Project alignment with funding source goals, community building potential, and funding terms.
10. How can the effective use of makerspace resources enhance a project’s development?
    • Answer: Utilizing specialized tools and mentorship can accelerate innovation, prototyping, and refinement of ideas.

Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.