Funding in 6 slides - The New Reality
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Experts urge funders to prioritize core costs over specific project ideas to enable non-profits to digitally transform. There is a knowledge gap hindering effective funding, while some organizations are not fully utilizing new social finance options. Successful digital transformation often relies on reallocating internal budgets rather than seeking external funding.
Funding in 6 slides - The New Reality
- 1. HOW THE NEW REALITY AFFECTS: Funding In 6 slides
- 2. Sector experts are calling for funders to prioritise core costs over individual project ideas in the next few years. This is the only way some organisations will be able to deliver the internal culture and infrastructure changes needed to digitally transform themselves. #1
- 3. There is a dangerous gap in knowledge that is stopping effective funding of digital transformation programmes: Funders may be discriminating against tech-led bids due to lack of knowledge. Potential fundees are rushing into digital project bids without the necessary skills. #2
- 4. The new range of social finance options is not yet being fully utilised by non-profits. Some organisations need to question whether there are more sustainable ways to operate than living on grant-funding. #3
- 5. Some of the most successful digital transformation work has been funded by re-focusing internal budgets rather than looking for external investment. This sometimes means making the tough decision to stop a more familiar (but less important) area of operations. #4
- 6. Whilst Crowdfunding is unlikely to be able to support the core costs needed for internal digital transformation – it is rapidly becoming a new option for funding digital service project work. #5
- 7. In successful transformation a lot of changes aren’t about asking for new money… but spending it differently” Owen Pringle, Founder, Therein “ Credit: Mohtj
- 8. Thank you JulieDodd http://thenewreality.info Insights taken from The New Reality digital transformation report: #NewReality