Utilization of advanced technologies can often be considered an industry-accepted best management practice (BMP) for capital and infrastructure projects. Therefore, government funders are more likely to support projects that successfully incorporate BMPs into a project’s design since it will help advance industry knowledge. By incorporating advanced and emerging technologies in your project, project funding becomes more accessible. For example:
- Green Technologies – Green technology refers to technology that is environmentally friendly and is developed and used in a way that conserves natural resources, reduces the influence of human involvement, and has a much lower environmental impact than conventional technologies. By incorporating green technologies into your project, you make it more sustainable and therefore more appealing to potential funders.
- Emerging Technologies – Capital infrastructure projects have historically underinvested in emerging technology. In some cases, there is current focus on finding new ways to increase efficiency and performance of new capital infrastructure by leveraging emerging technologies and digital capability.
- Involves Research or Demonstration Scenarios – Best practices and informed by research and evaluation. Some funders – generally educational and scientific institutions and government entities – are interested in supporting the research or demonstration components of projects to help advance best practices. Incorporating research or demonstration activities into your project can open additional sources of funding for capital projects.
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