3 answers
Alejandra
Student
Richmond, Virginia
2
Questions
Asked
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What is the best way to engage with a philanthropist?
I am interested in starting a project which integrates sustainable buisness practices, nutrition, and community involvement. #nutrition #ecology #community #sustainability
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3 answers
Sarah Koenig
Corporate Responsibility
20
Answers
Boston, Massachusetts
Updated
Sarah’s Answer
Hi there,
Sounds like you have an awesome idea for a program! I would do a little research to understand who else in your neighborhood/city cares about this issue. You can do that by talking to other non-profits who have similar services, and by searching for 'community foundations' in your area. They would be great organizations to have an information interview with to learn more about the philanthropic process in your community. Companies will often share on their website what their philanthropic focus areas are, so make sure to research a few companies in your area. If any align with what you are hoping to accomplish, you should reach out to them for a quick call to see what you can learn about their programs and how you may be able to help each other!
Sounds like you have an awesome idea for a program! I would do a little research to understand who else in your neighborhood/city cares about this issue. You can do that by talking to other non-profits who have similar services, and by searching for 'community foundations' in your area. They would be great organizations to have an information interview with to learn more about the philanthropic process in your community. Companies will often share on their website what their philanthropic focus areas are, so make sure to research a few companies in your area. If any align with what you are hoping to accomplish, you should reach out to them for a quick call to see what you can learn about their programs and how you may be able to help each other!
Patricia Simmonds
Social Impact, DEI, and Employee Engagement Maximizer
5
Answers
Las Vegas, Nevada
Updated
Patricia’s Answer
I appreciate all of the answers already given. If you haven't done so already, I would suggest the following:
1. Create a simple business plan outline of what your idea is, how it works, what problem it solves, what is unique about it, who your audience or target market is, and your assumptions of funding needed.
2. Research the for-profit and non-profit companies that may already be in the space you want to enter.
3. If there are existing businesses in that area, write out a chart detailing what your plan/idea includes and what those other companies are doing.
4. Contrast and compare the pros, cons, unique factors, and possible opportunities for collaboration. (Sometimes you do not have to start from scratch if you can partner and add value to something that already exists.)
6. Research business development grants available to you based on your business proposal, location, or various demographic classifications you may represent. There is a lot of funding that could be available that doesn't get claimed and would not require you to partner with others if you qualify. Philanthropic companies, groups and individuals donate to these areas and sometimes offer free assistance with developing and executing your idea. Also, going through the process of filling out the questions required to apply for those grants will help you prepare or have answers ready for any Venture Capitalist or Philanthropist that you may approach. They will want to know you know your stuff.
7. Before you pitch any idea to another investor who may have access to capital or resources, ensure you do not share all of the key components that make your idea work or that is unique. All they need is an outline of the idea until it looks like there is some kind of possible genuine interest or financial commitment. This is a life lesson to understand that some people may take your new idea and and execute it for themselves once you have shared all aspects of how to achieve results.
8. Once you have finished the above research, you can select the best course of action, whether it is to approach existing industry players, access grants, or look for an investor.
Good Luck!
1. Create a simple business plan outline of what your idea is, how it works, what problem it solves, what is unique about it, who your audience or target market is, and your assumptions of funding needed.
2. Research the for-profit and non-profit companies that may already be in the space you want to enter.
3. If there are existing businesses in that area, write out a chart detailing what your plan/idea includes and what those other companies are doing.
4. Contrast and compare the pros, cons, unique factors, and possible opportunities for collaboration. (Sometimes you do not have to start from scratch if you can partner and add value to something that already exists.)
6. Research business development grants available to you based on your business proposal, location, or various demographic classifications you may represent. There is a lot of funding that could be available that doesn't get claimed and would not require you to partner with others if you qualify. Philanthropic companies, groups and individuals donate to these areas and sometimes offer free assistance with developing and executing your idea. Also, going through the process of filling out the questions required to apply for those grants will help you prepare or have answers ready for any Venture Capitalist or Philanthropist that you may approach. They will want to know you know your stuff.
7. Before you pitch any idea to another investor who may have access to capital or resources, ensure you do not share all of the key components that make your idea work or that is unique. All they need is an outline of the idea until it looks like there is some kind of possible genuine interest or financial commitment. This is a life lesson to understand that some people may take your new idea and and execute it for themselves once you have shared all aspects of how to achieve results.
8. Once you have finished the above research, you can select the best course of action, whether it is to approach existing industry players, access grants, or look for an investor.
Good Luck!
Emily Garavaglia (she/her)
Agent Experience Manager
5
Answers
Denver, Colorado
Updated
Emily’s Answer
Hi Alejandra,
Sarah is spot on with what she's shared about identifying philanthropists you may like to work with. Once you do get in a room with this person it is super important to assess if your partnership is a good fit! If it is, you'll increase the likelihood your project will be a success.
Some information I like to have when identifying strong partners is what sort of projects this person has done in the past, and what their goals for the next year/couple of years depending on when you plan to launch your project. I also like to spend some time with potential partners getting curious about community needs, who else they know working in that space and their feedback on your idea.
Sarah is spot on with what she's shared about identifying philanthropists you may like to work with. Once you do get in a room with this person it is super important to assess if your partnership is a good fit! If it is, you'll increase the likelihood your project will be a success.
Some information I like to have when identifying strong partners is what sort of projects this person has done in the past, and what their goals for the next year/couple of years depending on when you plan to launch your project. I also like to spend some time with potential partners getting curious about community needs, who else they know working in that space and their feedback on your idea.