In product development, funding is the act of providing financial resources to a project. This can be in the form of investment, grants, or loans. The purpose of funding is to help cover the costs associated with developing and bringing a new product to market. These costs can include research and development, manufacturing, marketing, and other expenses. When deciding whether or not to provide funding for a product development project, investors will typically consider the potential return on investment (ROI). If the expected ROI is high enough, they may provide the necessary funds to help make the project a reality.
In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.
The loans programme will broaden the financial support available to businesses, ensuring they can access funding at all stages of innovation.