FINANCIAL DEVELOPMENT

At the core of every successful FIRST team is a strong Financial Development department.

Description:
The Financial Development department is dedicated towards raising the funds needed to operate a successful FIRST team. With the costs of operating a FIRST team ranging from $6000 to over $30,000, the Financial Development department is instrumental in ensuring that partnerships are built with local companies, businesses, organizations, universities, philanthropies, and individuals to raise the funds. To do this, the department is responsible for developing materials (letters, handouts, brochures, etc) to solicit donations, schedule presentations with prospective donors, and follow up with them. Additionally, once the funds are acquired, the Financial Development department continually updates Excel spreadsheets with current financial statements and tracks all team expenditures. It is strongly recommended that the Financial Development department creates a strong business plan to ensure that the team is strong and financially sustainable year after year.

While some may argue that, in light of today’s economic atmosphere, it is extremely difficult to accomplish this – these people underestimate the collective ability of students to achieve such a goal.

HOW TO CONTACT A PROSPECTIVE SPONSOR

Email is “first base”
Start off by sending your prospective sponsor an email. Sometimes, as students, we’re afraid that people are going to simply say, “No” and, as a result, we’re too afraid to ask in person. Therefore, email is less scary. Start off by drafting what the Midnight Mechanics call the “Hello Email” – say, “Hello, my name is … and I am from … and I wanted to …”

Keep you email simple, short, but extremely poignant. Make sure that your prospective sponsor understands (1) how FIRST has impacted your team and community, (2) the benefits of being a FIRST sponsor, and (3) that they would be directly involved in creating the next generation of leaders in math, science, and technology. End your email by saying thank you and asking them if you can make a short presentation to their organization. (Don’t forget to provide your contact information!)

The infamous telephone call
Follow up your initial email with a telephone call. It’s scary, we know, to talk to a person – but it is a fear we must overcome. (We find that it works better if you breathe as you dial their number ?) When you reach them, make sure you speak with great enthusiasm. People find it more convincing to invest in a project where those advocating it are enthusiastic and passionate.

Ask them if they received your email. If they have, that’s great – go straight to the punch: ask them if they are interested in sponsoring your team and if they would allow you the opportunity to make a presentation to their organization. If not, then ask them to “check” and they will surely look for it – and then go straight to the punch.

The scariest scenario is when they tell you, “No, I haven’t received your email, what is it that you need?” In these circumstances, be frank. Tell them who you are, where you’re calling from, and for why you’re contacting them. Again, don’t forget to be gripping and passionate.

Arrange a meeting
Nothing beats asking a question in person. It is easier to relate to a human being than to connect with an email. Through whatever medium you used to contact them (email, phone, in person) ask them if you can stop by their office – again, we want to make the process as easy as it can be for them, do not inconvenience them by making them drive to your location, gas prices are nasty these days – and make a brief presentation.

Ask them when they are most available or when the individual in charge of corporate giving is available. Set up a date and make sure you contact them regularly before the “Big Day” – to remind them that you’re coming, to ensure that there hasn’t been a change of plans, and to further solidify how passionate you are about engaging them in FIRST.

Prepare for the meeting
Once you’ve arranged a presentation or a meeting with your prospective sponsor, make sure that you and your team are thoroughly prepared. Two days before your scheduled presentation go over the following instructions

(1) Who is going to the meeting? Make sure you know which students are attending and that they are prepared to stand up in front of an audience and deliver an amazing, convincing speech.
(2) Is the literature printed? You always want to leave your prospective sponsor with something to remember you by. By giving them literature about your team, you are not only giving them something tangible about your team to take away from the meeting, but to give them documentation about your history, goals, and impact. Your literature should further cement the message you are trying to get across and should summarize your team’s accomplishment, your legacy, and the reasons why they should invest in your team.
(3) Who is providing transportation? Make sure you know how you’re getting there and that you get there on time. Being late is not an option.
(4) What are the logistics of the presentation? Make sure you know, inside and out, the components of the meeting – where is it taking place, who are you presenting to, is it formal, is it informal, how long do you have, will it just be your team, who else will be there, what is the formal of the meeting – so that you can cater to your audience and so that you come across is prepared and professional.

A handshake is the greatest greeting
When you arrive to their location for the presentation, remember to breath. (The Midnight Mechanics likes washing our hands and face before a presentation, it gives us a chance to calm down and collect ourselves before being crazy). When you meet them, there is nothing stronger than the power of a firm handshake and a smile to convince them that they need to invest in the meaningfulness of FIRST.

Ask them how they’re doing, how their day was, and go in for the kill.

Breathe
We cannot say this enough. You have to breathe. It is going to be okay.

Follow-up with your prospective sponsor
After your meeting, send them an email or call them, whichever you find works best for you. Thank them for giving you the opportunity to present to them and talk to them about FIRST and your team. Ask them how they felt the meeting went. Then, in a frank-yet-subtle-yet-exciting-manner ask them if they are interested in investing in your program or if they would like to become involved in any way.

Be prepared for the, “No”
Not everyday can be a glory day, especially in this new economy. Therefore, be prepared to hear the words, “We cannot support your program at this time.” It is okay! You didn’t do anything wrong. Your prospective sponsor just cannot be “prospective” at this time. There is always the “future” – which can mean next week, next month, or next season. Keep trying. Always keep trying.

"Through FIRST, I have been able to build friendships that I am sure will last my entire life."
KATRINA WONG, Midnight Mechanic

Katrina Wong (right) entered the magical world of the Midnight Mechanics as a freshmen in high school. She began her FIRST career as a member of the Community Partnerships department, organizing and facilitating community events. At the Los Angeles Regional, her first regional, she was excited to meet students, like Monica Fernandez (left), who were just as crazy about FIRST as she was. Today, although Monica is off at Purdue University, she still maintains contact with her fellow Midnight Mechanic.

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