Successfully Tapping Unusual Sources of Research Funding Presented by: Tia Cavender, MA, GPC Principal Investigators Association Principal Investigators Association 3606 Enterprise Ave, Ste 160 Naples FL 34104 800-303-0129
Successfully Tapping Unusual Sources of Research Funding Prepared for: Principal Investigators Association TODAY S PRESENTATION Why this strategy is necessary Steps for building a strategic funding plan A real-world example of a successful funding plan Q & A Building a Strategic Funding Plan 1
Why Diversify? Standard funding sources (i.e., NSF, NIH) are more competitive than ever Tight turn-around times for federal grants make it more challenging to apply To have more discretion with how you spend the funds To reap the benefits of leveraging support for more support Types of Funding Sources Funding Source Federal agencies State agencies Private Foundations (national & local) Corporate Foundations Corporate Giving Programs Individual Donors Example NIH, NSF, DHHS, DOE, HUD, DOT, Dept of Treasury Colorado Department of Public Health & Environment Robert Wood Johnson Foundation, Gerber Foundation, WT Grant Foundation, WK Kellogg Foundation Meijer Foundation; Qwest Foundation Bayer; Meijer; Qwest Peter M. Wege; Steve & Cindy Van Andel How to Start the Process 2
Step 1: Divide Your Project Expenses into Budget Buckets Budget Budget Buckets Program Feature 13% Revenue- F&A Generating e 10% 2% Research study 52% Capital / New Lab 23% Step 2: Match Your Buckets to Appropriate Funding Sources Budget Bucket Prospect Category Federal agencies Research expenses Private foundations Corporate giving programs (donations) Federal agencies Capital / facility costs State agencies State agencies Program support Private foundations Corporate foundations Corporate giving programs General operating support / F&A Private foundations Sponsorships Corporate foundations Discretionary funds Corporate giving programs Sponsorships Small business loans Revenue-generating opportunities Program revenues Step 3: Identify Stakeholders & the Benefits They Desire Stakeholders = Funding Prospects Think like a strategic philanthropist Pay attention to who funded similar projects Put yourself in their shoes grants are investments Look at the project from their perspective i.e., how can your project help them reach their goals? Be creative and bold Create win-win-win situations 3
Tips to Identifying Stakeholders Pay attention to national trends What s innovative now, eventually becomes standard Being a secondary applicant / key partner opens up an additional pool of funding Ex: Pipeline program for high school projects Explore existing relationships w/private fdns Can you engage partners? Other academic departments Non-profits/businesses/K-12 Municipalities Step 4: Accumulate Research Data Don t underestimate the importance of research & analysis The research process is a worthwhile investment of time minimal cost with BIG potential for payout Digging deeper yields clues to create an ideal application Can also help estimate likelihood of success Create a database to capture cumulative research data about specific grant programs Research data = clues for success 4
Benefits of Using a Database Provides a consistent place & format to record your research data Numerous people can access the information Facilitates coordination & planning: Can help plan for the next round of funding Other applicants will have only six weeks to prepare Allows more time to plan, review & revise $$ More competitive proposals $$ 5
Step 5: Tailor Your Appeal Different stakeholders, different interests There s no such thing as a one-size-fits-all proposal Your buckets can help chameleonize your project make it so there s something for everyone! Caution against a rookie mistake: Don t pursue a grant opportunity unless it s a perfect fit Step 6: Identify Leverage Opportunities Planning strategically can help leverage commitments of $upport for more $$upport Grants are investments investors prefer to share the risk with others who believe in the project Bandwagon funders In-kind support & donations counts, so take the time to measure them! Consider timing carefully Consider challenge grants & matching grants Step 7: Keep Funders Engaged In addition to regular progress reports, send other information to keep them informed You can never thank them too much! Invite them to events even if you know they won t come Handshakes instead of open hand 6
Example of a Successful Funding Strategy Example of a Successful Funding Strategy Metro Health Hospital (Wyoming, Michigan) Newly constructed LEED-certified hospital HDR incorporated many sustainable design features Fundable design features were rain gardens and a 60,000 SF green roof Adding a research component converted: Installing a green roof & swales into.. Evaluating long-term benefits of vegetative technologies on water quantity & quality Example of a Successful Funding Strategy Experimental research design that involved a control roof & control rain gardens Collected & analyzed data to quantify the benefits No existing project of this magnitude Results will be shared broadly Economic analyses = SROI data 7
Example of a Successful Funding Strategy Grant-seeking efforts resulted in: $400K matching grant from Michigan Dept of Environmental Quality $150K from Kresge Foundation $11K from Frey Foundation $10K from Roof Consultants Institute Fdn Corporate sponsors cash & in-kind matches ranging from $2K to $25K Green Roof Corporate Sponsors Project contractors Technical consultant Nursery of plant material Local college (interns) Local waste mgmt company Extra Benefits: Minimal grant administration Discretionary funds Tap into marketing funds Can lend more credibility Establishes relationships Stakeholder rs Benefits for Corporate Sponsors Strategic philanthropy Recognition/brand awareness Permanent signage g in the facility Marketing/promotional benefits Strengthens collaboration w/client 8
Example of a Successful Funding Plan Summary Secured over $600K in grants & sponsorships 65% of project costs Diversified funding base (i.e., gov t, private foundations, corporations, professional assoc) Provided free publicity Helped establish relationships with untapped funders Helped develop credibility Created opportunities to educate the public Sets the stage for future funding Limitations Competition is still fierce Timing No guarantees Dependent upon political climate vulnerable to changes in appropriations What s hot often changes A Few Take Home Messages Identify stakeholders & sit in their shoes Get creative Adequate planning can help create leverage opportunities Grants & sponsorships are investments Incorporate education to open opportunities Provide recognition benefits to corporations Capitalize on what s hot 9
Questions? For more information: Tia A. Cavender, MA, GPC Principal, Chase Park Writing Services tia@chaseparkgrants.com 720.785.4155 For grant-seeking resources: Resources tab at www.chaseparkgrants.com 10