Funding Chamber and
Economic Development Programs

Have You Considered Strategic Partnerships?

• For a strategic initiative to achieve real impact — especially in rural communities — it is often necessary to involve multiple organizations, agencies or jurisdictions. When each partner concentrates on its specific role and area of expertise, a partnership can produce outcomes far more meaningful than any single entity.
  
  
• A partnership can broaden an initiative’s scope, either geographically or in terms of deliverables. A regional approach will generate more interest, attract greater financial support, and produce better results than the economic development efforts of a single town our county. Similarly, a cooperative effort that includes some combination of an economic development agency, chamber of commerce, local governments, community college, port authority, or convention and visitors bureau can tackle a number of distinct — but interrelated — issues and ensure that everyone is working toward a common goal.
  
  
• Although the process of forming partnerships can sometimes be difficult, it can spawn new ideas, new leaders, and new levels of community spirit and unity. The efforts your organization undertakes to form partnerships will often raise its stature and credibility among existing and potential constituents.
  
  
• An effective strategic partnership can expand the pool of potential leaders and investors — two critical components of any fundraising effort.
  
  
• Partnerships are attractive to your prospective investors, especially local businesses. Many companies support multiple community, business and civic organizations. These organizations and their missions are sometimes perceived as redundant and as duplication of efforts by those who support them. Many companies have become “check weary.” Strategic partnerships offer the funding community many advantages over individual efforts, including maximizing resources, creating synergies, and reducing total time and financial commitments.
  
  
• Outside counsel is sometimes necessary to facilitate the creation of these partnerships, especially when there are political, financial and control issues involved.