New technology trends beneficial to nonprofits

As Master’s students in Entertainment Business, we hear the phrase “technology is ever-changing and rapidly advancing,” on a frequent basis. The former phrase is so true it’s astonishing. From player pianos and sheet music originating in the 19th century, to motion pictures, radio, television, CD’s, and digital music launched throughout the 20th century, and finally, to the Internet, digital music, and the use of the cell phone in the 21st century,   new entertainment media delivery methods each present consumers with new opportunities.

Nonprofit organizations must keep up with new trends in technology just as well as for profit businesses. To start, nonprofits must be engaging with all of their supporters. Things like “subscribe to our Blog,” “follow us on Twitter,” “join our LinkedIn Group,” “become a fan on Facebook,” and “subscribe to our Podcast,” are great and inexpensive ways to advocate your nonprofits cause. All of the former social platforms can help develop personal relationships with followers of the nonprofit.

The EBMS program has prepared me to excel in many areas involving technology, but the one area I find most useful to today’s generation is mobile technology. Nonprofits using email marketing, social media, mobile websites, and Smartphone apps have a great advantage when it comes to engaging their followers because the mobile audience is growing exponentially. Mobile marketing enables supporters to donate to the cause, be notified about upcoming events, RSVP to events, be connected to the nonprofits social media pages, provide feedback, and take action, all from their mobile device.

A remarkable new way to raise money through a mobile device is mobile giving or “text-to-give.” A fundraising study indicated that more than $50 million had been raised via mobile text in the aftermath of the earthquake in Haiti (Kats, 2011). Mobile giving allows nonprofits to stay engaged and connected with donors.

Technology will continue to evolve. Nonprofits must do whatever they can to fundraise and increase donor engagement. Nonprofits will reap benefits by integrating their marketing strategies through innovative devices.

References:

Kats, Rimma (2011). Mobile Web users increase to 69.9M: Study. Mobile Marketer. Retrieved August 26, 2011 from http://www.mobilemarketer.com/cms/news/research/5721.html.

Nielsen Wire (2010). What Americans Do Online: Social Media and Games Dominate Activity. Retrieved August 26, 2011 from http://blog.nielsen.com/nielsenwire/online_mobile/what-americans-do-online-social-media-and-games-dominate-activity/.

Alternative funding resources for your business

To stay afloat in today’s economy, businesses must consider new sources of revenue by looking at alternative funding. But, how are we supposed to know what funding sources are reliable? I decided to explore new funding options by considering alternative funding websites.

The Community Development Venture Capital Alliance (cdvca.org) invests in low-wealth communities and businesses that need social and financial assistance. CDVC funds help businesses gain customers, come up with marketing plans, and provide other means of financing in an attempt to build a successful business. To obtain funding, I recommend looking over fund profiles of industry leaders, and attend the introductory training sessions to gain necessary exposure. For a better chance at obtaining financing through CDVCA, your business should be poised for both financial and social returns. Your business will be more appealing if it is located in a low to moderate-income area where equity financing is not readily available. CDVCA also focuses on businesses that have great ideas, good management, provide numerous jobs with good wages, offer employee benefits, have marketing skills, and have strong growth potential. Having the former qualifications give the investors a greater return on investment and benefits the low-income community.

The Opportunity Finance Network (opportunityfinance.net) is another great alternative funding resource. Like CDVCA, The Opportunity Finance Network (OFN) benefits businesses in low-income communities that are outside the economic mainstream. OFN’s mission is developing communities in areas of childcare, healthcare, and education, and helping small businesses. To obtain OFN financing, a business must fill out a short application with its financial requests. The business must also provide a business plan with audited and interim financial statements, resumes of the staff, and a loan portfolio.

Through the examination of the former websites, I learned to not just focus on one potential funding resource. There are other ways of alternative funding, such as endowment funds, government grant programs (grants.gov), social and community fundraisers (philanthropyjournal.org, philanthropy.com), and private/local foundations. The Foundation Directory (fconline.foundationcenter.org) costs money to use, but cof.org/locator tells you what charitable foundations are located in your community and would be a good fit for your business. People dismiss these funding options because they require a lot of hard work, but if you are dedicated to seeing your business thrive, I would recommend taking a look at all of your options.