It’s been around two weeks since the Tech Development Fund (TDF - Tækniþróunarsjóður) published the list of the “lucky” 16.7% of applicants who received grants this time around. I say “lucky” because of course luck had very little to do with these hard-working entrepreneurs and business leaders receiving grants. As we’ve written about before, writing a grant proposal takes a lot of hard work and time commitment and, as the 16.7% hit rate confirms, very few get the grant the first time around.
Don't Panic (seriously, don't)
Your first reaction to the TDF list may have been surprise, anger, disappointment, despair. Maybe you were counting on getting this grant so that you could accelerate the development of your product or to pay overdue salaries to your developers. Maybe a grant is just a nice-to-have but not necessary. Whatever your situation, it's totally reasonable to feel disappointed because you’re not on the list. I, myself, have been in a situation where the TDF announced on December 22nd and my business had a two month runway before having to close its doors. We got the grant and were able to spend a relaxed Christmas holiday with our families. But we've been through our fair share of no's as well and know, from experience, that the first, second or even third "no" from the TDF doesn't mean you can't get to a "yes". We've worked with some of Iceland’s most prominent startups and many of them have had to apply three or four times before securing a grant. If at first you don’t succeed, try again.
Pick Yourself Up, Brush Yourself Off, and Iterate
If you weren’t weeded out in the preliminary evaluation and fulfilled the fund’s basic criteria, you should have received an Expert Review from the TDF by now. This document is the best thing in your inbox right now as it will tell you exactly what to fix in your application. However, we have found that even the sharpest of the entrepreneurs we work with often have a hard time understanding these Expert Reviews and don’t know what all of these numbers and letters really mean.
So to help you get through your review, we've created a cheat sheet that explains how to read the Expert Review as well as giving examples of actual reviews with iteration strategies. And here's the 50 million kronur bonus: it’s totally FREE (for the next 40 days). Yes, you read the correctly. After August 5th this value-packed cheat sheet will be ISK 3,900, so get your FREE copy now.
You know the drill - click the box, enter your email address and you'll get the cheat sheet delivered to your inbox at no cost. While you're at it, why not join the P&P Community (just check in the box next to "email")? We regularly send out exclusive freebies, discount codes, and other goodies.
Want to Get the Most Out of Your Expert Review?
We’ve created a TDF Evaluation Package (in English or Icelandic) where, for the price of ISK 39,500 + VAT, you’ll get a complete iteration strategy and step-by-step guide on where to invest your time with the highest ROI and not waste time on things that don’t matter.
The TDF Evaluation Package will get you:
An evaluation of the Expert Review (A review of the review - let's call it an interpretation)
A step-by-step iteration strategy
An evaluation and review of the application documents (Project Description, Spreadsheet, and Electronic Application) - we’ll return them with comments and suggestions