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Funding
Chamber and
Economic
Development Programs
The Strategic Initiative
vs.
“Organizational Expansion”
The Strategic Initiative Concept
centers on meeting critical community
needs and opportunities, not on raising money for your organization. A strategic initiative should meet
the following basic criteria:
- Community needs drive the programs to
address them
- Scope of the program drives the resources
(dollars, staff, etc.) required
- Funding need
and campaign
goal are based
on defensible
costs
- Return on dollars
invested is computed
on expected
economic
gains (or loss
prevention)
The idea of a
strategic approach
to solving specific problems
or capitalizing on opportunities has
greater appeal to investors than
maintaining an organization or preserving
its existence. Many communities
have successfully funded initiatives to
address issues such as:
- Workforce development
- Aggressive business and industry recruitment
- Image enhancement
- Infrastructure improvement
- Industrial parks, sites, and spec buildings
- …and many others
Addressing specific problems/
opportunities lends itself to a clear,
compelling return on investment
proposal to prospective investors. A program designed around a specific set of
objectives with a specific timeframe will allow
you to achieve a
number of relevant and
measurable performance
goals. It is then a
relatively easy process
to project direct economic
benefits for the
community, certain industries,
and even individual
companies.
These benefits and
other program outcomes
distinguish your “investment proposal” from a “contribution
request.”
A bold initiative with relevant,
measurable goals will attract top
community leaders with a stake in
the program’s success. As major investors,
these leaders will provide needed
oversight, governance, and accountability
for the funds raised as well as the program’s
implementation. In turn, they will give credibility to and generate excitement for the program and ensure that it attracts a deeper, broader base of support than would any campaign for “organizational expansion.”
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