There is nothing quite as exciting as your trainee getting their own money. Apart from the obvious financial benefit to the lab and a lessening of the burden to support everyone's salary and fringe, the real relief is that you start feeling like the lab is viable and that you are actually considered as an independent scientist by your peers. Of course, getting an R01 form the NIH is the litmus test of your peers believing in what you do, but fellowships are a sign that you are deemed worth to train the next generation. The projects in the lab have enough legs to bring in money for multiple people. The trainee is happy, you are happy. Everyone wins!
So new PIs do not think believe those who say that you need to be established or have an R01, to get your lab peeps funded. Write a comprehensive mentoring plan identifying training objectives AND find an experienced co-mentor, then keep trying. I like this list from Berkeley to get you started.
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