TFM trains social entrepreneurs on funding options for sustainable impact
The Funding Magnet ( TFM) is training social entrepreneurs across African on various funding options to help them build thriving nongovernmental organisation (NGOS) that deliver sustainable impact.
According to the organisers, the training is aimed at helping social entrepreneurs fund their vision of a better future for the continent without solely relying on foreign aids or funding.
“No longer will NGOS across Africa rely solely on foreign aids and foreign funding to fund the vision of a better future for the continent,” Omotola Akinsola, lead at TFM said.
She noted that a lot of social entrepreneurs are clueless about various funding options and that is why TFM is hosting a coaching programme to train them on how to find nurture and steward individuals donors through the signature programme.
To bring about sustainable funding for NGOS, Akinsola and her team are focused on helping NGOS scale, using three key fundamental elementsstructure, proper documentation, and programme design and delivery.
She believes that the NGO sector is a critical sector that has been overlooked and underfunded in time past but has the potential to improve various sectors within the African economy.
She called on NGOS to take advantage of the principles that High Net-worth Individuals (HNWIS) practise- using multiple streams of income.
“The same way that High Net- worth Individuals take advantage of multiple streams of income to attain their wealth, it is also essential for NGOS who want to thrive and be fully funded to have multiple streams of funding sources.”
“Contrary to popular opinion, there is more than one pathway to getting your NGO fully funded. The majority of NGO founders and leaders in Africa are prone to believe grants, especially international grants are the only or major means of funding their impact work.”
Speaking about various funding sources NGOS can tap into, she said: “There are, at least, seven different funding pathways. These sources include grants, government contract/partnership, corporate sponsorships, individual donor giving, board membership, income-generating products/ services, and online crowdsourcing.”
According to her, “Individual donation is one of the underutilised funding sources that most NGOS do not take advantage of. Individual donations are not just for ‘Emergency Fundraising’! If properly used, this funding source can bring thousands of dollars in giving towards the impact work of an NGO. The
‘100 Perfect Donors’ programme will equip founders and leaders in the NGO sector with the tools, templates, and tips to create an army of passionate and committed givers in 10 days or less.”