A Step-By-Step Guide to Successfully Financing Your iGEM Team
By UMaryland iGEM
Table of Contents
Why Fundraise?
Pitching an Invigorating Story
Preliminary Steps
Budget Plan
Executive Summary
Brochure
Video
Funding Avenues
Crowdfunding
University Support
Corporations
Grants
Individual Donations
Products/Services
The Grind
Effective Financial Management
Misc. Advice
Why Fundraise?
Fundraising is a critical component to successfully navigating the iGEM competition season. It is perhaps one of the most important yet underappreciated activities of any organization.
Like lab work, fundraising is not a straightforward process, and will lead to many dead ends and failed attempts before bearing fruit. In writing this guide, I hope to make fundraising fun and easy for your team.
Preliminary Steps
Budget Plan
Before delving into the fundraising process, there are a few documents and analyses that you need to prepare. First and foremost is a Budget Plan for all expected expenditures leading up to the competition. This will vary from team to team, but generally will include registration fees, lab expenses, and expenses related to travel, food, and lodging. Some teams may want to include a stipend for their students as well. UMaryland iGEM’s 2015 Budget Plan is linked below.
Note that many of the values in the Budget Plan, particularly the registration and lab expenses, can be highly variable and flexible.
Executive Summary
After you figure out how much money you will need, the next step is to prepare an Executive Summary. This should be a one-page document detailing your mission and goals. Keep your audience in mind when writing the executive summary: what kind of initiatives do deans, department chairs, and corporate leaders want to give money to? There’s no need to go into heavy detail about the science behind your work; instead, emphasize the impact iGEM has on students and the community. UMaryland iGEM’s 2015 Executive Summary is linked below.
Informational Brochure
The executive summary is great for professional use, but creating a Brochure can be a more effective way to reach out to people. Brochures, in general, are easier and more interesting to read, and is more likely to captivate the audience. UMaryland iGEM’s 2015 Brochure is linked below.
Video
Last, but not least, compiling a Video is a good way to spread the message to a large number of people. If your video is interesting, people will want to watch it and share it, creating organic growth that your team can take advantage of to make money. Having a video is also a critical component of crowdfunding. UMaryland iGEM’s 2015 Video is linked below.
Funding Avenues: Where should an iGEM team look for money?
Crowdfunding
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet. As a revenue stream it can be hit or miss. How well it does depends solely on how well you advertise it. UMaryland iGEM 2015 used a University-run crowdsourcing program called LaunchUMD. Our team reached out to over 200 donors to reach our funding goal. Again, having a video is key to making crowdfunding work.
University Support
The first place you should look to fund your school’s iGEM team is the school itself! Most schools would be happy to give a few thousand dollars to send its students to an international synthetic biology conference. UMaryland iGEM 2015 received funding from the Integrated Life Science Honors Program, the Fischell Department of Bioengineering, the College of Computer, Mathematical, and Natural Sciences, and the Clark School of Engineering. Since we have a diverse group of students consisting of business, biology, bioengineering, computer science, nutrition, public health, biochemistry, and entrepreneurship students, we were able to tap into the coffers of multiple academic departments. Convince your university to give money by talking about how an international conference can further your careers and enhance your educations, as well as bring positive media attention to the school.
