How to write a strong application
A successful BALSA Grant applications is built on a good idea, and explains the importance and feasibility of the idea in a clear and convincing way.
When you apply, we ask you to describe the idea, passion, and business plan, along with the impact the Grant will have on your business. We want you to tell us what you want to do, why it is important, how you’ll do it, and why you’re the best person or team to do so.
Here are suggestions about what to include for each section:
Idea: When discussing your idea, you should explain why your product or service is needed. Did you see a gap that needed to be filled? A product or service that needed improving? Make sure to highlight why your product or service is the solution to the problem you described. How does it fill that gap and/or improve upon an existing product or service? With a need and your solution identified, you’ll explain what makes your product or service different from any others that may exist in the market. Is it less expensive? Higher quality? More efficient? To round out this section, include who your target audience is.
Business Plan: How do you plan on achieving your idea? What are the milestones that mark your journey on the way to success? These could be financial milestones, partnerships, meeting legal requirements, or other markers of success. You don’t need to be super specific, but you should have a general idea of the direction you need to take. Still unsure? Make sure to check out the Entrepreneur's Roadmap!
Impact: If you win, in addition to the $1000, you will also take part in a learning series, receive opportunities for networking, and other in-kind services. How do you plan to make the most out of the Grant’s monetary and in-kind winnings? In other words, how will the BALSA Grant help your business succeed? Make sure to have an idea of how you plan to use the $1000. You’ll also want to mention any areas where you can utilize the in-kind services, like learning more about marketing or connecting with services your venture needs.
Passion: Why are you (or your team) right for the job? While the Idea section describes how the business came to be, the Passion section should talk about why it came to be. Why are you taking this chance? What does this mean to you? Describing steps you took in the Entrepreneur’s Roadmap is a good way to demonstrate commitment and passion.
Please note that we will not review applications which are outside of the word limits described in the application (typically 200-300 words per section).
