What is corporate fundraising?
The definition of fundraising in general
According to dictionary.com, the definition of fundraising is the “The organized activity or an instance of soliciting money or pledges, as for charitable organizations or political campaigns.” or “the act or process of raising funds, as for nonprofit organizations or for a political cause.”
WWF defines fundraising as “the process a team uses to secure the financial resources it needs to implement its project.”
Definition of corporate fundraising
According to the WWF, corporate fundraising is “pursuing a relationship with a company that involves a gift, commitment of support or other monetary transfer to the fundraising party”.
Resources for corporate fundraising. Potential sources and resources for this type of fundraising are event sponsors, co-brands, corporate membership, program sponsors, corporate supporters and corporate partners.
Tools for corporate fundraising. Methods/tools to cultivate this form of fundraising are events, workshops, conferences, networking activities, board contacts, respondents of inquiries and pro-active contacts with corporations.
Market potential of corporate fundraising. Corporations operate everywhere so corporate fundraising can be done everywhere at anytime. Each market however requires a specific strategy and each corporation a specific approach. Which one is most suitable should be determined trough research.
The risks of corporate fundraising. There is one major risk to corporate fundraising. Once the fundraising party engages themselves with a certain corporation which does something negative, e.g. performs an action that damages their reputation, it will also damage the reputation of the fundraising organization; decreasing their credibility in the eyes of the public and in the eyes of other potential corporate partners/sponsors. So when establishing a relationship with a certain organization, as a fundraiser, you should always research their image and reputation first to minimize the risk of being associated with it in a negative way. However, you could try to minimize the risk but you can never totally remove it, as a corporation that seems to have a perfectly positive reputation, can still do something to harm it later on during the relationship/partnership. Always make strong and clear agreements with the other party to avoid them undervaluing the communication values of your partnership.
