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How to get funding for your social business?

the most important piece of fundraising

and pitching and I actually kind of see

fundraising and pitching as more as

generally the same topic because when

you're fundraising you're necessarily

pitching whether it's in person whether

it's through an application or a

business plan or any other way the most

important thing is really to make your

pitch a story a narrative and that has a

beginning and an end people are

susceptible to listening to this kind of

thing to stories we we as people are

prone to prone to this and we like this

and funders are no different I think the

one of the biggest mistakes that I see

is people will tend to focus too much on

the problem and the issue without

talking so much about their own solution

to it so for example if you're working

in clean water space I think a lot of

the funders will know what the issue is

what the problem is and we really want

to hear what your solution to it is

what's different about what's happening

out there and how you're the right

person or the right group to solve that

problem so really focusing in on what

your theory of change is and how you're

doing things differently from the other

organizations that are working in the

same space

the best way to approach funders is to

really get in front of them when you can

that's not always easy to do from with

someone that you don't know the best way

is to get an introduction to find people

at conferences to really be on the

lookout for them and find a minute or

two to really get their interest that

first minute or two is very important to

be able to get and this is also a

question of pitching to be able to

explain what you're doing why what

you're doing is important and why you're

the right person to be doing this and

get their interest so that you can get a

follow-on meeting

the the challenge is a lot of social

startups looking for funding will submit

applications spend a lot of time working

on paperwork

send it off and then kind of hope for

the best

funders get a lot of applications it's

very easy to miss even some really great

ideas just getting them getting them

kind of in a pile but once there's a

face to a project or to an issue it's

much easier to kind of build that

relationship in the end this whole game

as with everything else is about

relationships with people and the more

you can kind of nurture nurture those

and get direct feedback from funders the

better chances you'll have to get

funding

there are lots of funding opportunities

out there it's really important to do

your research in advance and to

understand what foundations what

organizations are funding what types of

projects in what stage of the

organization what geography and yet

target target areas I think this is very

important there a lot of social startups

will approach a foundation without kind

of knowing what target issues and target

geographies they're working on and this

is a mistake it's it's lost time the

best way to do this in my opinion is to

aside from obviously researching through

the website is to look at the annual

reports of foundations or corporations

to see where they're giving and you can

generally get a sense from that as well

based on how many donations they've made

how many investments they've made and

the total amount of money that's been

donated or or invested as to what size

grants or investments they're making

individually I see a lot of social

enterprises that approach Foundation for

ten thousand dollars or euros or pounds

and approaching an organization that

doesn't give less than a million and and

vice versa

this can be a problem also understanding

how the funding that you're asking for

is used so if a social enterprise comes

to me and says I need twenty five

thousand euros for my project my first

question is going to be how are you

going to use that and surprisingly a lot

of organizations have not thought about

this is called use of proceeds have not

thought about how specifically that

money is going to be needed and how it's

going to get them to the next phase of

the organization and how they're gonna

grow from there so this is really

important important aspect of

fundraising