The Art of Fundraising: Parallels Between Business and Nonprofit Fundraising Strategies

When Sevetri Wilson, Founder and CEO of Resilia, worked as a nonprofit management consultant, she saw firsthand the challenges nonprofits faced in building capacity, securing funding, and demonstrating impact. But she also saw an opportunity to help these organizations in a new way – through technology. 

Sevetri wanted to create software specifically designed to meet the needs of nonprofits, so she founded Resilia. But building Resilia was challenging. Sevetri faced significant challenges in fundraising, particularly as a Black woman from the South in the tech industry. However, she persevered and has raised $50M in venture capital for Resilia, including a recent $35M Series B round, the largest single raise ever for a solo Black female-founded technology company.

In a recent webinar on the Art of Fundraising, Sevetri Wilson shared some of the wisdom she has gained over the years – from networking to leadership to remaining resilient. This blog post captures some key takeaways. 

Nonprofit Fundraising Tip #1: Set Yourself Up for Success as a Leader

Working in the nonprofit space is not for the faint of heart. 

To succeed, be sure to work on strengthening your interpersonal skills. Read up on how to develop your skills, and put yourself in situations where you can practice what you’ve learned. Communicate your commitment to the cause and demonstrate that you are the one who can best execute your organization's mission. Key characteristics to take to heart include:

• Resilience. Having the ability to keep going – even after failures – is a critical aspect of any successful journey in business and community service.

• Integrity. Work in such a way that people trust you will do the right thing. 

• Adaptability. Adapt and move quickly as circumstances change – this is particularly important given the current economic, social, and philanthropic environments.

Tip #2: Build Your Network with Goodwill

Building a network doesn’t happen overnight. Great networks are built one by one.

As you build relationships, other people will remember you. Oftentimes, they’ll think, “Oh this person is doing this . . . I wonder who I can connect them with?” That’s a key way your relationships and network can really grow. For instance, one of your connections may invite you to participate in a panel so you can meet the other panelists who should also be in your network. Goodwill expands your network and helps you succeed.

Tip #3: Get in the Room and Share Your Story

Putting yourself in a position to meet people and engage with others in your space is critical. Most people, particularly women of color, often don't want to talk about themselves and what they need, but if you don't speak up, people won't know what you're working on or your biggest challenges, and they won't be able to help you. 

Take advantage of opportunities to share the work you are doing.

Tip #4: Communicate Your Story and Connect It to the Investor

When communicating with investors and funders, it’s important to explain what you are doing, how you would do it with their help, and how they specifically have the right experience to help you. Connect with what their mission is, and there’s a good chance they’ll ask you to tell them more. 

They may request a proposal or presentation to stakeholders, and it’s crucial in that opportunity that you tell your story in a way that resonates with them. If you are starting out, it's a lot about YOU as the leader and how your story connects with them. 

That's what you're selling. 

If you're an established organization with team members, you also need to infuse the impact of your work. For instance, "We have been able to execute X, Y, and Z, and because of this, we know we can do even more. To do even more, we need this amount of funding, which will go here, here, and here.” 

In addition to considering their available resources and what drives that investor or funder, you also need to look at their network. How can you connect into their network to build even more help? 

When you appeal to individual donors, investors, or large funder organizations, you should not only look at the picture in front of you, but also look down the road to how they will help you make a more significant impact.

Tip #5: Don't Dwell on Rejection

If you are a founder or running a nonprofit, rejection is intense because you're always pitching and putting yourself out there. 

When you're rejected and don't get something you were hoping for – the position, the role, funding, or the award that you spent months preparing a proposal for – you must move on quickly and get to the next thing. Otherwise, you’ll waste time and be stewing in that rejection, which won't help you. It's going to hold you back. 

Tip #6: Your Budget Should Match Your Goals

Sometimes we don't get enough because we don't ask for enough. And we often find ourselves in positions where we underestimate ourselves. It's essential to be ambitious but realistic and to map your goal back to something measurable. 

Does your budget back what you're saying? Can you identify how you will use the funding, how you will put it to work, and where it will go? It's one thing to say “we need a million dollars;” it's better to say, “not only do we need a million dollars, but this is how we're going to put it to work.” 

Tip #7: Plan Your Fundraising Budget Accordingly

When you think about your overall budget, make sure that you plan a few years out and consider a few things: inflation, how your space is evolving, what it costs to deliver your services, and how that changes. You will want to immediately bake in that cost year-to-year before considering the increasing costs to deliver what your organization does.

Tip #8: Target Your Fundraising

Be specific about who you will contact, and zero in on who will most likely get behind your mission. Put together a target list, contact each person directly, and then see the people in their network with whom you may already have a shared connection. Give yourself a set time, and base your goals within that timeline.

Tip #9 Work Smart - Use Templates and Resources Already Available

Starting with a blank canvas can be overwhelming. But by starting with a template, you can easily build in the aspects that are specific to your organization. A template not only gives you a starting point, but it also has a solid structure to build upon. 

Resilia, with its on-demand nonprofit coaching and online platform, has many nonprofit management and fundraising templates to use – annual business plans, donor thank you letters, compliance checklists, and much more. The platform also has educational courses, storytelling and fundraising tools, peer-to-peer learning, and other resources to help you run your organization.

With proper planning and the right tools, you’ll be ready to fundraise for your nonprofit like a pro. To access free templates and much more, sign up for the Resilia Nonprofit Platform today!