COVID days are here to stay, and we definitely want to build a future that’s green, fair, healthy, and more resilient than before. Especially when it comes to R&D, a lot needs to be done. There are always new ideas that need the help of advanced technologies to support new technologies and vibrant new businesses. These are also helping people improve public services.
So how long till we finally get over with the pandemic scenario and expect people to spend more money in R&D and get good results accordingly. Let’s just say a systematic approach helps you with bold changes to ensure that you’re on the right track.
Let’s Understand Somethings We Really Need to Work On
Of course, we try to make it as awesome as it sounds. But like every other industry, R&D also needs some serious work. So what are some of the things you’d like to see work done on with respect to R&D? Most of the issues are funding-based. Let’s just say these issues are centered around private and public investments, bureaucracy, work culture and careers, development and innovation, and regional imbalances are some other areas that need work.
Some of these major issues are for the UK government to reconsider. Let’s address some of these issues. What are the problems and what are the potential solutions for all these problems? Short-term spending settlements can definitely limit people’s abilities to foresee the future and invest in things that are fruitful in the long run. For some people, even that short-term funding is hard to achieve. Let’s address some common problems with respect to R&D, and how to address these issues:
Access to Funding
Raising funds gets really tough for startups. It’s always challenging to generate more profits given that you’ve got a newbie startup and you’re not generating any revenues out of your newbie startup. As business is more likely to grow when you’ve got multiple sources involved as well. You can use these sources for funding purposes.
Funding only depends on what sector do you wish to choose. As of now, startups that are working primarily on coming up with COVID-19 vaccines receive a lot of attention. Since the funding sources also know that vaccines are in popular demand in the future.
If you’re a startup owner, your business might not have one source of earning. Fundraising through a venture capitalistic might involve a lot of steps, and you might be exhausted in getting the funds out, let alone making your big idea work. Then there are businesses that simply don’t know how to get more funds. Bank loans are a preferable option for all these businesses.
Research and Development Relief
UK’s SME and R&D tax relief has been a literal sigh of relief for multiple businesses. If it’s ever hard for any startup to bounce back again, they must look out for these schemes and expect equally good outcomes. These funding opportunities include Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), and the Bounce Back Loan Scheme. All of these three schemes have been notified as state aid.
If you’ve just started, it’s important to understand that things are not going to be any easier for you. It’s still hard to say when the vaccines will come into action, and confidence in the market can be regained. Let’s hope all the good stuff happens soon again that helps the investors gain back their confidence. Until that time, it’s not wrong to say that all the startups can rely on the funding opportunities introduced by the government.