"Innovation is creativity with a job to do." - John Emmerling

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, we're teaching you how to unlock strategic funding opportunities to meet the needs of your community. This is the last email in the series and a full recap of the webinar with recording and slides is provided below!

Securing sustainable funding is crucial to maximizing your impact and continuing support resources for innovators in your ecosystem. As we've shared in this month's email series, federal, state, local and foundation grants are often a primary focus. Make sure you are using the tools below to keep up with the best funding opportunities.

Beyond grants, further diversifying your revenue streams and leveraging creative sources of revenue as well as in-kind contributions can provide an even more robust financial foundation. We'll explore how to keep tabs on grant opportunities, innovative revenue strategies, and tips for in-kind support avenues.

Discovering Grant Opportunities

Grants can provide substantial funding for your programs and initiatives. Here are some valuable resources to help you find, track and pursue grant opportunities:

Pivot ProQuest: (via university libraries): This powerful tool allows you to set up alerts for relevant grant opportunities and track specific funding sources.
Grants.gov: This federal database is a comprehensive source for government grants, but can be overwhelming without specific keywords or search strategies.
Google Alerts: Set up alerts for agency names, program names, Requests for Information (RFIs), and Notices of Intent (NOIs) to stay informed about potential funding opportunities.
SSTI's Funding Supplement: The State Science & Technology Institute's Funding Supplement is an excellent resource for keeping up with tech-based economic development grants.
SBA's Ecosystem Newsletters and Calls: The Small Business Administration hosts monthly ecosystem calls and newsletters, where program managers often discuss new funding opportunities.

Creative Revenue Streams

While grants are critical, diversifying your revenue sources can provide long-term sustainability and financial resilience. Consider exploring these innovative revenue streams:

Donations and Sponsorships: Seek corporate sponsorships for your events, programs, or operations. Platforms like Patreon, GiveLively, Harness Giving or DonorBox can help facilitate crowdfunding and recurring donations from supporters.
Ecosystem Data and Consulting: Leverage your insights and expertise by providing data analysis, tech scouting services, or consulting engagements to corporations or economic development agencies.
Events and Conferences: Host events like demo days, pitch competitions, or entrepreneurship conferences that generate revenue through ticket sales, sponsorships, and vendor booths.
Membership and Service Fees: Offer premium services like market research, investor readiness support, or specialized training programs for a fee. Growth stage companies may be willing to pay for high-value services tailored to their needs.
Product Sales: Partner with local artists or entrepreneurs to create branded merchandise and show your region some love. Or package your unique training programs as online courses or digital products.
Technology Licensing and Intellectual Property: If you've developed proprietary curricula, tools, or methodologies, consider trademarking and licensing them to other organizations or educational institutions. You can also explore obtaining equity in the startups you support.

Harnessing the Power of In-Kind Support

In-kind contributions can be a game-changer for organizations with limited financial resources. These non-cash donations of goods, services, or expertise can significantly supplement your operations and programs. Some examples of valuable in-kind support include:

Professional Services: Legal assistance, accounting services, marketing/PR support, and subject matter experts can provide pro bono expertise to your organization and the entrepreneurs you serve.
Facilities and Equipment: Companies or institutions may offer the use of their office spaces, meeting rooms, or equipment, reducing your overhead costs.
Volunteering and Mentorship: Encourage professionals and experienced entrepreneurs to volunteer their time and skills as mentors, advisors, or trainers for your programs.

Properly documenting and valuing these in-kind contributions is essential. Not only does it demonstrate community investment, but it can also be leveraged as matching funds for grant applications. Checkout this Complete Guide to In-Kind Donations to learn more.

Thanks for joining for this email series exploring many different facets of funding. We hope you found a few items to take action on in your ecosystem! Email me and let me know what was most valuable to you.

Struggling to secure funding for your ecosystem? Amy Beaird & EcoMap hosted a FREE webinar this month 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. Get the full recording here and slides!

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.