Collaboration
Funding Strategy
To secure the necessary funds for your solution, it's important to have a Funding Strategy in place. It's recommended to incorporate this strategy into your project from the beginning, but having a well-designed project can also aid in fundraising efforts. Collaborate with your design team and key funding partners to brainstorm effective ways to launch your project. Keep in mind that your Funding Strategy may differ from your long-term Sustainable Revenue approach, so focus on short-term financial goals for now.
Workshop steps
Gather your design team, key stakeholders, and partners for a brainstorming session to discuss potential funding strategies for launching your idea.
To apply for grants or raise funds, identify the relationships you need to build to increase your chances. Develop a simple and actionable pitch to effectively raise money.
Numerous methods exist for acquiring funds beyond conventional means. Consider whether utilizing a crowdfunding platform such as Kickstarter or Indiegogo would be suitable for your concept.
When preparing to fund your project through selling a product or service, determine the quantity needed to produce in advance. If offering a free product or service, consider its impact on your funding strategy.
While planning your Funding Strategy, consider the near future as well. Determine when you need to reach the break-even point. Develop a plan to transition from your initial strategy to a long-term Sustainable Revenue plan.
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