“Conformity to the present is invisibility to the future.” ― Stefan Molyneux
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 State and Local Funding Resources
State and local governments can provide valuable funding support for entrepreneurship and innovation programs through economic development initiatives. There are also many federal funds that flow to states to offer programs that support innovation and entrepreneurship that you can align with and leverage as part of your ecosystem strategy.
Securing funding from state and local sources requires special attention to relationship-building efforts and tailoring your program's positioning to each agency's priorities. You may collaborate with government affairs professionals and your local or state government representatives to advocate for programs with a demonstrated community need. With strategic preparation, you can make a compelling case for investment and partnerships.
Here are some key strategies to pursue these funding opportunities:
1. Identify Relevant Agencies and Programs
- Research state departments of commerce where economic development is typically housed, small business development centers, workforce commissions, innovation/technology funds, etc.
- At the local level, explore municipal economic development departments, business improvement districts, community development organizations, local utilities and more.
- Sign up for notifications about open funding cycles, RFPs, and grant opportunities.
2. Understand Agency Priorities
- Review the strategic plans and priority areas for each potential funding source (e.g. targeted industries, underserved areas, tech transfer, industry diversification, innovation)
- Analyze previously funded projects to understand what initiatives get support. These are may be available in the public record.
- Speak with program officers to gain insight into what outcomes they're seeking.
3. Highlight Local Impact
- Quantify your program's ability to create jobs, attract/retain businesses, boost entrepreneurial activity and meet the needs of your business community in the region.
- Provide success stories and testimonials from local entrepreneurs you've assisted.
- Emphasize partnerships with other local organizations and alignment with regional development plans. If possible, ensure your project is included in the Comprehensive Economic Development Strategy (CEDS) plan for your region. These are often put together by multi-stakeholder regional planning councils.
4. Build Relationships and Align with Existing Resources
- Attend events hosted by state/local economic development and innovation groups to connect entrepreneurs you serve with their resources and build trust.
- Seek opportunities to join advisory councils or committees focused on small business, economic prosperity, manufacturing or other areas of interest.
- Invite agency representatives to speak at your events, pitch competitions, demo days or other activities to see these activities firsthand.
5. Submit Compelling Applications
- Follow all guidelines precisely regarding submissions, formats, budgets, etc.
- Clearly outline measurable goals, key activities, timelines, evaluation metrics, etc.
- Emphasize your organization's track record and unique qualifications especially if you support .
I've created a database of State Departments of Commerce where you can look for funding from your state. Access the State database here.
Stay tuned for the next installment of the Ecosystem Builder's Edge, where we'll dive into additional sources of funding, including corporations and foundations.
Struggling to secure funding for your ecosystem? Join Amy Beaird & EcoMap for a FREE webinar today, May 15th, at 12pm EST! Learn to define your funding strategy, explore current opportunities, find diverse sources, and write winning applications. Register now.
Highlighted Events
Stay connected with upcoming events where ecosystem builders gather:
Funding Opportunities
Track important open funding programs for ecosystem efforts:
Weekly Reads
Engage in insightful conversations on ecosystem building from around the web this week:
Until next time, keep shining 🌟!
P.S. A quick note of thanks to our affiliates Airtable and Amazon who help keep this newsletter free!
