The typical image that comes to mind when one thinks of grants are scholarships for students who need financial help. However, there are grants that are available not only for academic purposes but also for startups that need capital to succeed.

According to Dr. Usha Rajagopal, there are many ways startups can apply for grants. They can be through venture capitals, through crowdfunding or private companies willing to lend their money to a promising startup.

If you are an entrepreneur looking for opportunities to grow your new business, startups can be a great entry point. Here are some of the ways grants can help your business succeed.

Grants can provide financial assistance.

The major reason why startups look for grants is because they are seeking financial help. Startup companies take money to build, and therefore some business owners look through venture capitalists who have the funds to support their growth.

Venture capitalists are willing to invest in companies which are innovative or have a potential for global growth. According to Dr. Usha Rajagopal, if you fit criteria to apply for venture funding, then don’t hesitate to do so. The decision to be funded can reap great benefits for your startup.

Grants can give exposure to a startup company.

Aside from the financial assistance, grants from well-known institutions can also provide exposure to what your startup is about. For example, if National Geographic had a business grant for eco-friendly tech startups, then being featured on their websites is one great way to build exposure about your company.

A great tip to apply as a startup business is to find grants from known institutions who already have a large audience. Although the competition may be fierce, it doesn’t hurt to take your chances. You can still apply for smaller grant companies, but there’s no harm in trying for well-known grants. They can be your key to marketing success.

Grants provide access to more resources.

Not only does a grant company provide financial support, but they can also give you other resources to use to make your company succeed.

Whether it’s through informational support, manpower, or any part of your operational systems, you can partner with grant companies in helping you get started with the resources you need.

Grant companies can be shareholders of a startup.

Financial assistance is a great help. However, when your company shows great potential, it can have a chance of acquiring stakeholders from large funders. Think like startups proposing ideas to the TV show called Shark Tank–when a bigger company finds you promising, they could also offer you capital along with continuous funding in exchange for being shareholders.

Having shareholders in your business can be a win-win situation because not only do you get proper funding, you also can join the stock trade in the future in case your company grows.

Grants can also support a common social cause.

You don’t always associate startup success with growth and profitability. Sometimes, you must measure it with the core values you represent. Does your company support social causes such as protecting the environment, caring for the minorities, or giving to charitable institutions?

By searching for grants, they can also partner with you in supporting the social causes that you put forth in your startup. Not only will you get to benefit, but also the people and issues that need the most attention.

Grants can be an entry point to have more financial support in the future.

Winning a grant is a fulfilling experience. This implies that you are a startup worthy of financial support. This helps pave the way for other institutions to consider themselves as your sponsor.

As you win a grant, you get to prove your worth and usefulness towards society. Consider these great benefits and do your research about your first step towards getting a grant for your startup.