Giving Compass’ Take:
• Marc Rand shares advice for funders and nonprofits that want to push for innovation effectively.
• How can you help to advance innovation in your field? What innovation is most needed?
• learn more about innovation in philanthropy.
How can you fund innovation when your nonprofit continues to struggle to keep the lights on? Here are some ideas to get you started:
- Commit to Innovation: Be clear about your vision. Make sure you clearly, compellingly explain the problem you’re trying to solve and who your work stands to benefit.
- Develop a Beta Version: This is a fancy way of saying create a pilot program. Experiment with your idea and track what’s working and what’s not.
- Partner with Others in your Ecosystem: Who else in your sector shares your goals and may be interested in innovation and collaboration?
- Get the Word Out: If you already have an “innovative idea,” then put it on paper. Create a one-pager that shares the basic elements of your idea with a visual and narrative description.
- Invest in R&D: Many nonprofits budget for research and development. This can be fairly straightforward if you’re at a big nonprofit, but it doesn’t mean you can’t allocate time and energy even if you’re small. If it’s not in the budget, it’s not going to be funded, period.
Read the full article about tips for funding innovation by Marc Rand at Blue Avocado.
Impact Investing is a complex topic, and others found these selections from the Impact Giving archive from Giving Compass to be good resources.
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