Understanding the funding landscape can help you make informed decisions about funding your business, including optimizing fundraising strategies, negotiating more favorable terms with funders, and creating a sustainable financial strategy for the future. Building your knowledge base on the innovation funding landscape can also help you understand the areas your venture needs to grow and how you might want to present your venture to potential funders in the future.

Create a spreadsheet of different funding types (e.g., grants, angel investment, venture capital, crowdfunding) and specific sources within each category. Research the typical terms, application processes, and pros/cons of each option. Be sure to make note that the opportunity is appropriate for the stage your business is at, for example early stage companies are typically defined an "pre-revenue" and "pre-seed".

• Understand the implications of different funding types on your equity and control. 
• Prioritize non-dilutive funding sources like grants, revenue-based financing, or government programs to protect your venture during the early stages of growing your business. (e.g., America’s Seed Fund, IFundWomen). 
• Keep in mind that federal funding opportunities can also vary by Technological Readiness Level (TRL). For example, seed funding may accept awardees at a TRL of 2-3, but SBIR/STTR may only accept awardees TRL 3 or higher.
• Craft a pitch that not only sells your idea, but also demonstrates your team composition, market potential, and traction in the space, as these are factors that investors care about.

• Develop a phased plan for funding, recognizing that more funding is not always better, and too much funding too early can hamper focus and efficiency.
• Carefully consider the timing of seeking funding; bootstrapping until your venture gains traction can often be advantageous.
• Keep detailed and clean accounting records and be prepared to share with potential funders when requested.