For many innovators, funding is often one of the biggest challenges. They face questions like: which funding route should we pursue, and how do we convince funders to back us? After more than a decade of supporting innovators in securing both non-dilutive and dilutive funding, we at FFUND know that the answer is rarely as simple as writing a strong application or polishing your investor pitch. In a recent masterclass organized by FFUND in collaboration with TOPX, we drew from our experience and brought together innovators, entrepreneurs, researchers, and ecosystem professionals for an afternoon focused on investor readiness, grant readiness and funding strategy.
Across the sessions, one message stood out: whether you are speaking to investors or applying for a grant, securing funding is about more than a promising innovation. You need to show that the project is credible, the team is ready, the opportunity is real, and the next steps are clear.
Understanding the bigger picture: how grants and investors asses your innovation
The masterclass began with two workshops exploring funding readiness from different perspectives.
In the investor readiness workshop, led by FFUND consultants Angela El Hebieshy and Siebe Warnars, participants explored what investors look for when evaluating opportunities. While a strong first impression and a compelling pitch remain important, investors ultimately want to understand the bigger picture: the market opportunity, the strength and execution capacity of the team, the commercial strategy, the risks involved, and how the requested funding will be used.
The second workshop, led by FFUND senior consultants Harita Yedavally and Filipa Carvalhal Marques, focused on grant readiness. Guided by FFUND’s extensive experience in interpreting evaluator feedback across funding programmes, participants explored how proposals are assessed. And why selecting the right funding opportunity is just as important as writing a strong application. After all, the funding needs to match the stage of development of an innovation.
Similar fundamentals for different funders
Although grants and investment are often viewed as fundamentally different funding routes, one of the most interesting takeaways from the day was how much overlap exists between them. Both investors and grant evaluators want to understand where the innovation stands today, what the next value-creating milestone is, and whether the team knows what will be needed to reach it.
Importantly, both routes require innovators to think beyond the immediate funding ask. Funding readiness means knowing what comes next, when to start investing in evidence, capabilities or partnerships that will be required later, and how today’s funding can prepare the company for the next investor, the next grant call or a higher stage of development.
Choosing the right funding decisions should be driven by strategy
Building on these themes, the masterclass concluded with a panel discussion featuring investor Zosia van Eesteren, FFUND CEO Judith Smit, and serial entrepreneur and FFUND co-founder Henk Vietor. While each panelist approached the topic from a different perspective, the discussion revealed a strong alignment in how they view funding decisions.
From an investor’s perspective, Zosia emphasized the importance of making a strong first impression. Investors review a large number of opportunities every year, making a clear and compelling pitch the essential first step.
From an advisory perspective, Judith highlighted the difference between strategic and reactive funding. Rather than pursuing every available opportunity, innovators should consider how different funding routes align with the milestones, objectives, and long-term ambitions of their venture. All three panelists agreed: funding decisions should be driven by strategy, not by opportunity alone.
Drawing on his entrepreneurial experience, Henk reflected on how funding strategies need to evolve throughout a venture’s journey. Different stages often require different funding instruments, each with their own advantages and considerations.
A particularly engaging discussion emerged around loans and other non-dilutive financing options. While loans can provide valuable access to capital, they also come with repayment obligations that should be carefully considered. The audience discussion that followed highlighted the importance of understanding the implications attached to available funding.
More broadly, the interactive discussions underlined the need for entrepreneurs to be resourceful when financing their ventures. Building a funding strategy is about thoughtfully combining different instruments and opportunities, rather than relying on a single route.
Despite approaching the topic from different angles, the panelists consistently returned to the same idea: funding decisions should be driven by strategy, not by opportunity alone.
The conversations continued well beyond the formal programme during the networking session, reinforcing the value of bringing together different perspectives from across the innovation ecosystem.
Looking ahead
Reflecting on both the workshops and the panel discussion, one message stood out above all others: there is no one-size-fits-all funding strategy.
The right approach depends on who you are, where you are in your development journey, the nature of your innovation, and where you want to go in the future. What may be the right funding route for one venture may be entirely unsuitable for another.
For us, this reflects one of our most important lessons for innovators : Funding readiness is an ongoing process of preparation, reflection, and strategic decision-making. The earlier innovators begin thinking about funding this way, the better positioned they are to identify the opportunities that truly support their goals.
We would like to thank Angela El Hebishey, Siebe Warners, Harita Yedavally, Filipa Marques, Zosia van Eesteren, Henk Vietor, Judith Smit, and all participants for contributing to an engaging afternoon of discussion and knowledge sharing.
Interested in bringing a similar workshop to your community or organization? We would be happy to explore how our experience in funding and innovation support can help address your specific needs. Contact us at info@ffund.nl.
