One could argue that the start up funding required by new and smaller nonprofits, looking to elevate their organization to the next level (which is very different than struggling nonprofits looking to get profitable), is similar to the start up funding required for tech and other entrepreneurial corporate ventures.
The similarity continues when we look at the risk factors in funding start ups and nonprofit organizations: a tech start up is a risk for investors, who subsequently require tremendous insight and evidence of feasibility. Similarly, the nonprofit startup risk is addressed by funders who ask them to produce feasibility as well. Most nonprofits understand and experience this, making feasibility studies the bread and butter of many firms like Harvest Development Group.
Start up tech firms require industry expertise. Nonprofits starting up and those taking their sustainability to the next level also require expertise, not only in the program area of their specialty, but in business management experience as well. Both require a well designed, justified, and articulated detailed business plan. Investors on both sides of the aisle want to be certain that the organization has a well thought out plan, has explored the possible pitfalls, and have every aspect of their journey defined. They would prefer that each is lead by passion. In fact, it is this passion that will ultimately define their success. Leaders of tech start ups and of nonprofits need have a “never-say-die” spirit, a determination to make their plan work against all odds.
With so many similarities, one would think that nonprofits and business start-ups could benefit from collaborating, sharing insights, learning lessons and gaining experience from these shared efforts. To this end, Harvest Development Group has partnered with like-minded business owners to open the shoreline’s first ever co-working space. This co-working space will bring both nonprofit and for-profit startups and growing organizations together.
Shared space= shared experiences= stronger outcomes= more success! Want to learn more, send us an email at [email protected] or call us at 888-586-1103.