"Innovation distinguishes between a leader and a follower." - Steve Jobs

Welcome to the Ecosystem Builder's Edge. The month of May is devoted to helping you overcome the biggest barrier to creating impact as an ecosystem builder: funding. Over a 4 part email series and a special webinar in partnership with EcoMap, you'll learn how to unlock strategic funding opportunities to meet the needs of your community. Follow along and RSVP for the webinar below!

Tapping into Local and Foundation Grant Opportunities

In today's dynamic landscape, securing funding for impactful ecosystem building initiatives is crucial. Local funding sources offer a variety of opportunities for deeper engagement, and understanding how to navigate these partnerships and resources effectively can be a game-changer.

In this newsletter, we're exploring the various local funding avenues, providing tips for successful engagement, and equipping you with the knowledge to unlock your community's potential.

Key Local Resources

Local funding opportunities are more diverse than you might think. From municipal and county initiatives to economic development organizations, development boards, and even local utilities, there's a wide range of potential funding sources to explore.

Additionally, banks, large corporations, recent successful startups, and foundations can often provide valuable funding opportunities aligned with their corporate social responsibility, supplier diversity or community engagement goals. By casting a wide net and understanding the priorities of these various entities, you can uncover a wealth of funding avenues to support your local initiatives.

Cities and Counties - Municipal and county governments often allocate funds for community and economic development projects.
Economic Development Organizations - These organizations focus on promoting economic growth and may offer funding for entrepreneurial endeavors.
Development Boards - Regional development boards can be a valuable source of funding for local initiatives.
Local Utilities - Utility companies sometimes invest in community projects aligned with their corporate social responsibility initiatives.
Banks and Service Providers - Banks are required by the Community Reinvestment Act (CRA) to invest in community resources. Research their CRA reports and funding priorities.
Fortune 1000 Companies - Large corporations often have programs focused on innovation, supplier diversity, community engagement, or corporate social responsibility, which can present funding opportunities.
Recent Unicorns - Successful startups and venture-backed companies may be interested in marketing through community engagement initiatives, providing potential funding sources.
Corporate and Foundation Funding - Explore opportunities with corporate foundations and private foundations that support economic development, entrepreneurship, economic mobility, financial literacy and other economic community initiatives.

Top Tips for Working with Local Funders

With such a diverse array of potential local funding sources available, it's crucial to approach each one strategically and effectively. Building strong relationships, understanding priorities, and tailoring your approach to highlight what they care about can significantly increase your chances of securing funding. Here are some valuable tips to keep in mind when working with local funders:

Know the Fiscal Year Cycle - Stay informed about the funding organization's fiscal year to ensure timely submissions and alignment with their budgeting processes.
Build Relationships - Establish connections with potential funders well before applying for grants or funding. Attend events, participate in discussions, and educate them about your initiatives.
Research Past Agreements - Investigate previous funding agreements, partnerships, board meeting records, and press releases to understand the funder's priorities and decision-making processes.
Understand Priorities - Local funders often prioritize initiatives related to economic development, innovation, community reinvestment, community development, entrepreneurship, and small business support. Tailor your proposals accordingly.
Engage Stakeholders - Identify and involve key stakeholders who influence funding decisions, ensuring your initiatives align with their collective priorities.
Highlight Impact - Clearly communicate the potential impact of your programs and how they contribute to the community's growth and well-being through both data and storytelling.

Valuable Resources

We encourage you to explore these local funding sources, build strong relationships, and leverage the resources available to drive positive change in your community. Remember, successful entrepreneurs often reinvest in their communities, fostering a virtuous cycle of growth and innovation

Stay tuned for the final email in our series on funding where you'll receive the webinar recording and recap and we'll explore revenue and other sources of funding.

Struggling to secure funding for your ecosystem? Amy Beaird & EcoMap hosted a FREE webinar last week called "The Ultimate Guide to Funding Your Ecosystem". We shared how to define your funding strategy, explore current opportunities, find diverse funding sources, and write winning applications. Next week we'll have the recap link available.

Highlighted Events

Stay connected with upcoming events where ecosystem builders gather:

Global Entrepreneurship & Innovation Research Conference June 13-14, 2024 Boulder, CO
IEDC Economic Future Forum June 16-18, 2024 Spokane, WA
SBIR/STTR Spring Innovation Conference and ESO Summit June 17-19, 2024 Washington, DC
- A gathering is planned for June 18 starting at 12:30pm, for organizations and entities that support innovators. Contact ecosystems@sba.gov for more info.
- Use code 24SBIR20 for a 20% discount when you select the “SBIR/STTR Program Only” registration option.
- Use code 24SBIREXPO at checkout when you select the “TechConnect Expo Floor Only” registration option.