Calculate Project Costs for Grant Applications – Step 4

Step 4: Calculate Project Costs for Grant Applications

To calculate project costs for grant applications effectively, you need a budget that is accurate, well justified, and aligned with delivery. While innovation and impact often take centre stage, assessors place significant weight on your cost breakdown. A thoughtful, transparent approach to budgeting shows that your proposal is not only ambitious but also feasible and cost-effective.

This step will guide you through how to calculate project costs for grant applications in a way that builds funder confidence and aligns with programme expectations from Innovate UK, Horizon Europe, and the EIC Accelerator.

Why Project Costs Matter

A strong cost section should do two things:

1. Demonstrate financial realism — showing that your activities are properly resourced and achievable.

2. Show value for money — assuring the funder that their investment will generate maximum return, both in terms of outcomes and public benefit.

Even if final numbers are subject to refinement, a clear and justifiable estimate is critical to writing a winning bid.