by Carol Brzozowski and Meredith Erlewine
Your incubator has been operating successfully for some time and you’d like to focus on a new sector, such as life sciences. Or perhaps your facility is consistently full and you need more space to meet demand.
Because most incubators’ operating budgets can’t handle such big strategic moves, some turn to capital campaigns to cover the costs. A capital campaign is an intensive, time-limited fund-raising endeavor to meet a specific financial goal to fund a special project. Recent capital campaigns have helped incubators expand facilities or build new ones, and have helped established incubators address new segments.
A capital campaign is a huge undertaking of both time and money. But even though a capital campaign is a lot of work, a well-planned strategy executed by a strong team of volunteers, consultants and in-house staff can cement the incubator’s future.
NBIA asked several members who have conducted capital campaigns to share their tips and strategies.
This article also is available as a PDF Quick Reference document through the NBIA Bookstore.
Keywords: budget -- incubator, consultant, financial management -- incubator, funding sources/fundraising -- incubator, partnerships -- organizational/corporate
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