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Funding Strategy

Without a coherent Funding Strategy in place, you may not have the money you need to get your design solution off the ground.

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Stats

Suggested Time

60 Minutes

Level of Difficulty

Moderate

Materials Needed

Pens, Post-its, paper

Participants

Design team, key stakeholders and partners


Process Phase

A Funding Strategy will get you the money you need to get your solution out into the world. It’s best to design a Funding Strategy into your project from the start, though having a great design project can help you raise money along the way. Get any key funding partners together with your design team and Brainstorm the best ways to get your project off the ground. And remember, your Funding Strategy may be different than your ultimate Sustainable Revenue approach so focus on your short-term financial approach here.

Steps

  1. Sit down with your design team and key stakeholders and partners and start with a Brainstorm about how you might fund your idea’s launch.
  2. If you need to apply for grants or raise money, determine which relationships you may need to develop to help your chances. Creating a Pitch will be very helpful in raising money.
  3. There are lots of ways to raise money outside of traditional channels. Could a crowdfunding platform like Kickstarter or Indiegogo make sense for your idea?
  4. If you’re planning to pay for everything by selling a product or service, how many will you need to produce beforehand? If your product or service is free, how does that affect your Funding Strategy?
  5. As you plan your Funding Strategy, also look into the near future. When will you need to break even? How do you bridge from your initial strategy to a long term Sustainable Revenue plan.