A critical stage in the production pathway is the pursuit of funds so that the project can go into production. The rest of the development team may finetune content and creative elements at this stage, but for the producer this is the ‘make or break’ time. Without sufficient funding, it's hard to see how the project can proceed further. Occasionally, producers will commence production with the project only partially funded in the belief, like Mr Micawber, that something will turn up. This is not recommended and often it is not possible anyway. Smart investors will tie their money contractually so that production cannot commence until it is sufficiently funded to go to completion. This is still no insurance against overspending or under-budgeting.

Funding for production comes from two main sources:

1. pre-sale of the program, most commonly to a broadcaster, in advance of it being made, or via a distributor advance or guarantee

2. investment contracted in return for equity in the project and a share of its revenue from sales.

From time to time, depending on the nature of the program, a third group may come into the picture, namely, parties with an interest in the subject matter of the program. Sponsorship may be a particular kind of investment, although its objective is not a monetary return but promotion of a commercial or policy interest of the sponsor through the program's content. Sponsorship wouldn't ordinarily impart a right to equity in the project.