This chapter explores the significant role of public funding in driving innovation and supporting corporate R&D activities. Governments allocate approximately one-third of global R&D funding through non-dilutive mechanisms such as grants, tax credits, vouchers, and procurement programs, creating opportunities for businesses to reduce costs, foster innovation, and build collaborative networks. The chapter provides a practical overview of these funding mechanisms, emphasizing their potential to enhance a firm’s innovation capabilities while reducing the financial burden of internally funded R&D. It also highlights the strategic benefits of public funding, including establishing partnerships with academia and other innovative organizations and creating a talent pipeline. While acknowledging the complexities of navigating public funding schemes, the chapter encourages firms to explore their options thoroughly, offering insights on how to start and tips for avoiding common pitfalls.