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Sponsorship money is the lifeblood of the competition. Fundraising should continue as long as necessary; set a target goal and continue to work toward it for as long as it takes.
When talking with potential sponsors, clearly articulate the benefits of sponsorship, which in many cases will be visibility and the type of recognition they will receive. Visibility can be gained through sponsorship of workshops, supplying judges, putting logos on event publications, etc. Let them know that BPCs are process-driven events that generate frequent opportunities for sponsor participation.
To make finding sponsors as easy as possible, have some sales tools at your disposal:
- Website information
- A sales kit, including:
- Competition Annual Report (if possible)
- Fact sheets
- Entry kit for contest participants
- Press coverage
- A list of contacts, including:
- Mentors
- Alumni
- Entrepreneurs
- Sponsors
- Judges
As with just about everything else, there are positives and negatives to securing sponsors. Obviously, the biggest positive is getting the money you need to run the BPC. Negatives include the time spent forming the relationship; the fact that some donors may want something you cannot, or should not deliver; delivering value to a donor may take too much away from your core activities; and adding a new donor may diminish the trust with existent donors.
The ideal sponsor is someone who is fully satisfied when you are successful. It’s also very helpful when they:
- Can contribute to your success other than just with money
- Get benefits from association with your success
- Feel proud being identified as a donor at your events
- Advertise their support of you in their marketing materials, to new hires, during pitches to customers, etc.
- Understand the difference between a donation and a purchase
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