Discussion about sponsorships and Summary of previous threads.

[brian...@gmail.com]

There are a number of threads about sponsorship and some are dated. We summarized the actionable advice below and have the following specific questions for you about how to best launch a sponsorship program.

Our Questions

• How much are you getting for your cash sponsorships? How do you sell them? What benefits are you offering your sponsors?
• If you are offering memberships to other organizations(like a neighborhood crossfit gym), how does that work for you? 
• Which specific companies have you worked with? Any suggestions? We love Justin's Snacks by the way.
• What other ways have you been able to get sponsorships? 
• If you have had some success, we would love to chat and share some best practices. (Hint: Free Beer)

SUMMARY NOTES FROM PREVIOUS POSTS:

Types of Sponsorships

• Sponsorships come in all shapes, ways, and form; sponsorships for invoicing, accounting, supplies, car sharing, CRM software, computer accessories, printing, and cafes are a couple examples.
• Apply for a grant, program, or competition from a government program, university, or other organization in the area.
• Work with Internet providers, especially with fiber companies that are looking to grow, for free or discounted Internet.  Many co-working spaces are receiving six months to a year in free Internet or large discounts for the service.
• Sell ad spaces on the building or inside the office space.  For example, many incubators are selling the name of their rooms, such as a conference room.
• Create membership packages with universities, gyms, coffee shops, and larger venues to get discounts for their members to your space or for your members to their space.  For example, a cowork space in the UK sold two memberships to a local university in which two students at a time may use the space. Another example is getting a gym discount for your members.
• Partner with public transportation networks, such as shared bikes, shared cars, and subways.
• Create incentives for members to sponsor or contribute more upfront.  For example, you can print exclusive black RFID cards for members that pay for an entire year in advance.  One space created a “Wall of Fame” that features the initial “founders” and “sponsors” forever for $500 to $1500.
• Work with a law firm (either local or national) for a cash sponsorship or for them to give free advice and services.  The firm is able to connect members with their connections and often will write about you in articles, blog posts, and magazines.
• Create events, such as pitch competitions, in which companies are able to participate in, recruit from, and provide funding or a service.
• Partner with media sources (generally local) to advertise your workspace for content.  Ad departments have empty ad spaces to fill.

 

Advice for the Pitch

• Create a formal proposal that you can provide to the potential sponsors.  The platform helps you know what you are asking for and what you can provide to the sponsor.
• Make sure that your sponsors know what they are getting in return.  The return for them should be several times larger than their contribution.  This is crucial because it has been expressed to us that so many people call for a sponsorship but they never talk about what the sponsor will get in return.
• Make sure the company that is sponsoring is a great fit. They want access to your members.
• In-kind sponsorships are easier to get than cash sponsorships
• One-time sponsorships are easier to get than on-going sponsorships.

Brian Yen

Sponsorships

GeniusDen Business Incubator - Dallas TX

214-455-5652

[Megan Holcomb]

Thanks Brian! Ive been through nearly all the threads and this is a great summary. You should make this a top/sticky post in the group.

Megan Holcomb

Community & Outreach Manager

Green Spaces - Denver, CO