You are passionate about a cause and you want to create real change in people’s lives. But the needs of your chosen cause will consistently dwarf the supply of available capital. So how can you put your money where it will make the most difference? Not surprisingly the first step is researching the field. Start with the basics, like identifying other funders and the solutions that seem to be working already. If your idea isn’t better than what is already out there, it will likely be an uphill climb to convince co-funders to get on board.
So before you jump in on an exciting new initiative, think about the questions you want to ask. Many of these challenges have been around for a while, and you are likely not the first to tackle your chosen issue. Given that–might there be “watch outs” to learn from so you don’t throw good money after bad? Are there potential partners to seek out whom you could join rather than going it alone?
Jeff Walker did such a thing when he teamed up with NPower. Walker began with a desire to help nonprofits that were struggling with technology. He discovered that a nonprofit–NPower–with a similar mission already existed. Instead of duplicating efforts, Walker teamed with NPower to create a thriving nonprofit. Click here to read the full story.