Startups and for-profit organizations have recognized for long the value of collaboration and teamwork. Strategic alliances have benefits that go way beyond their monetary value. These include strategic communications, larger audiences, credibility, and brand image. That is just one aspect. Startups and young entrepreneurs today are driven by their age and their knowledge of the millennial generation, i.e the influencers. Their enthusiasm and awareness can greatly benefit any nonprofit initiative, and further a good cause.
So here are 5 reasons why collaboration with a startup might just give your nonprofit that extra edge in doing things better.
- Entrepreneurs are potential donors
Startups are a solid partnership for a nonprofit because of the funds available to them. There is a whole market of people out there who can dedicate time and energy in analyzing startup strategies, and invest heavy amounts in them if the idea sounds brilliant. That said, entrepreneurs make for great potential donors for your NPO. There are funds available for branding activities such as advertising, public relations, social media, and other platforms for communication. Such resources can be shared by teaming up with them. Thus Non-profit collaboration with start-ups is a win -win deal for both of them.
2. New innovative ideas
Startups bring fresh ideas to the table. Since a majority of the startups in our country are youth based, the ideas that are generated come from the influences of the larger population. Besides that, entrepreneurs are people who embrace risks fearlessly and such an approach can always prove beneficial in inspiring your team to become go-getters without limits. So if you’re a non-profit, desiring that ground-breaking impact, then collaboration with a start-up is a must!!
3. Loyal user/customer base
It is well known that most startups have an initial network of friends and family that constitute a really loyal support base to bank upon. A nonprofit, therefore, can always collaborate with a start-up, to leverage that network and convert it into a stable donor base, using effective and targeted communication. Most startups today take advantage of a community that is narrowing down every day due to social media. This means that entrepreneurs embrace collaborations with other startups, in order to maximize profits, as well as increase customers. For instance, there are large Facebook groups dedicated to communicating the innovations of startups. So collaboration with a startup gives a non-profit, exclusive access to a community that is driving path breaking change, across economy and society.
4. A chance to grow with them
While a startup may be small in the beginning, everyone aims to expand their business. They usually chalk out detailed growth plans that can take their organization from a regional, to national, to international standards. When you are in the shadow of a company with aggressive expansion plans, you have a great opportunity to grow with them! This is why non-profit collaboration with start-ups could be the way to fast-forwarding social change and progress.
Collaboration between nonprofits and start-ups is a symbiotic relationship that benefits both. While start-ups enhance their overall goodwill by firmly implanting their CSR imprint on firmer shores, nonprofits gain a lot by embracing their overall dynamism and leveraging their fast-expanding social and geographical reach. By attaching itself with a credible start-up, a non-profit can always gain that extra boost of corporate legitimacy- thus becoming more attractive to large donors.
For a non-profit collaboration with a start-up may seem as a risky proposition in the beginning, as they do not have an established name in the market. However, one cannot ignore the fact that these young startups with fresh ideas are the most driven, and have a better understanding of the youth’s relationship with philanthropy.
So don’t be afraid to step out of your comfort zone! Strike a partnership today.