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<ul>
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<li><a href='#whyfundraise'><span>Why Fundraise?</span></a></li>
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<li><a href='#preliminary'><span>Preliminary Steps</span></a></li>
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<li><a href='#sources'><span>Where to look?</span></a></li>
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<li><a href='#grind'><span>The Grind</span></a></li>
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<li><a href='#management'><span>Effective Management</span></a></li>
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<h1 align="center"><b>A Step-By-Step Guide to Successfully Financing Your iGEM Team</b></h1>
 
<h1 align="center"><b>A Step-By-Step Guide to Successfully Financing Your iGEM Team</b></h1>
 
<h2 align="center">By Kevin Fan, Fundraising Chair of UMaryland iGEM 2015</h2>
 
<h2 align="center">By Kevin Fan, Fundraising Chair of UMaryland iGEM 2015</h2>
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<p style = "font-size: 18px">Kevin has successfully started several non-profit companies focused on enhancing science education among younger students. From his experiences, he has had prior training in accounting, management, and leadership. He is thus uniquely qualified to address the topic of acquiring team funding, which he does so in the following piece.</p>
 
<p style = "font-size: 18px">Kevin has successfully started several non-profit companies focused on enhancing science education among younger students. From his experiences, he has had prior training in accounting, management, and leadership. He is thus uniquely qualified to address the topic of acquiring team funding, which he does so in the following piece.</p>
 
<p style = "font-size: 16px" align = "right">-- Iowis Zhu, President of UMaryland iGEM 2015</p>
 
<p style = "font-size: 16px" align = "right">-- Iowis Zhu, President of UMaryland iGEM 2015</p>
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<p style="font-size: 24px">Table of Contents</p>
 
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<p style="font-size: 16px">Why Fundraise?</p>
 
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<p style="font-size: 16px">Pitching an Invigorating Story</p>
 
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<p style="font-size: 16px">Preliminary Steps</p>
 
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<p style="font-size: 14px">Budget Plan</p>
 
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<p style="font-size: 14px">Executive Summary</p>
 
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<p style="font-size: 14px">Brochure</p>
 
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<p style="font-size: 14px">Video</p>
 
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<br>
 
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<p style="font-size: 16px">Funding Avenues</p>
 
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<p style="font-size: 14px">Crowdfunding</p>
 
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<p style="font-size: 14px">University Support</p>
 
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<p style="font-size: 14px">Corporations</p>
 
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<p style="font-size: 14px">Grants</p>
 
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<p style="font-size: 14px">Individual Donations</p>
 
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<p style="font-size: 14px">Products/Services</p>
 
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<p style="font-size: 16px">The Grind</p>
 
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<p style="font-size: 16px">Effective Financial Management</p>
 
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<p style="font-size: 16px">Misc. Advice</p>
 
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<h2><b>Why Fundraise?</b></h2>
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<a name="whyfundraise"><h2><b>Why Fundraise?</b></h2></a>  
 
<p style = "font-size: 18px">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.  
 
<p style = "font-size: 18px">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.</p>
 
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.</p>
  
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<h2><b>Preliminary Steps</b></h2>
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<a name="preliminary"><h2><b>Preliminary Steps</b></h2></a>
  
 
<p style = "font-size: 22px"><i>Budget Plan</i></p>
 
<p style = "font-size: 22px"><i>Budget Plan</i></p>
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<h2><b>Funding Avenues: Where should an iGEM team look for money?</b></h2>
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<a name="sources"><h2><b>Funding Avenues: Where should an iGEM team look for money?</b></h2></a>
 
<p style = "font-size: 22px"><i>Crowdfunding</i></p>
 
<p style = "font-size: 22px"><i>Crowdfunding</i></p>
 
<p style = "font-size: 18px">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. You can explore our crowdfunding effort for our 2014 project by clicking the image below. Our team reached out to over 200 donors to reach our funding goal. Again, having a video is key to making crowdfunding work.</p>
 
<p style = "font-size: 18px">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. You can explore our crowdfunding effort for our 2014 project by clicking the image below. Our team reached out to over 200 donors to reach our funding goal. Again, having a video is key to making crowdfunding work.</p>
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<h2><b>The Grind: Using the Shotgun Approach</b></h2>
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<a name="grind"><h2><b>The Grind: Using the Shotgun Approach</b></h2></a>
 
<p style = "font-size: 18px">Don’t have any corporate connections? No worries, the shotgun approach is a systematic way to contact a large number of companies without becoming discouraged or fatigued. It allows you to send a personalized email to each company without spending hours researching that company. Furthermore, this method breaks down the outreach process into manageable chunks and applies assembly-line kinetics to simplify this complex task. It takes a bit of time to set up, but will save time in the long run.</p>
 
<p style = "font-size: 18px">Don’t have any corporate connections? No worries, the shotgun approach is a systematic way to contact a large number of companies without becoming discouraged or fatigued. It allows you to send a personalized email to each company without spending hours researching that company. Furthermore, this method breaks down the outreach process into manageable chunks and applies assembly-line kinetics to simplify this complex task. It takes a bit of time to set up, but will save time in the long run.</p>
 
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<p style = "font-size: 18px">6. Follow up on emails after two weeks.</p>
 
<p style = "font-size: 18px">6. Follow up on emails after two weeks.</p>
 
<br><br>
 
<br><br>
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<h2><b>Effective Financial Management: What to do after securing the money?</b></h2>
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<a name="management"><h2><b>Effective Financial Management: What to do after securing the money?</b></h2></a>
 
<p style = "font-size: 22px"><i>Accounting/balance sheet</i></p>
 
<p style = "font-size: 22px"><i>Accounting/balance sheet</i></p>
 
<p style = "font-size: 18px">It is important to keep track of how much money you have, how much you expect to gain, and how much you expect to spend. UMaryland iGEM used an accrual system of accounting in 2015. The Chart of Accounts is shown below. This is probably more complex than you would need to/want to use, but I had taken some business accounting courses and was itching to actually use what I learned. The advantage of accrual accounting is demonstrable when you need to keep track of more than one cash account (we kept our cash in two accounts, highlighted in yellow), several sets of imminent cash inflows, and imminent payments to multiple parties.</p>
 
<p style = "font-size: 18px">It is important to keep track of how much money you have, how much you expect to gain, and how much you expect to spend. UMaryland iGEM used an accrual system of accounting in 2015. The Chart of Accounts is shown below. This is probably more complex than you would need to/want to use, but I had taken some business accounting courses and was itching to actually use what I learned. The advantage of accrual accounting is demonstrable when you need to keep track of more than one cash account (we kept our cash in two accounts, highlighted in yellow), several sets of imminent cash inflows, and imminent payments to multiple parties.</p>
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<p style = "font-size: 18px">Some of the most expensive elements to iGEM are team member registrations. UMaryland iGEM registered 16 members in 2015. After all expenditures, you should have left enough money to start up next year’s iGEM team.</p>
 
<p style = "font-size: 18px">Some of the most expensive elements to iGEM are team member registrations. UMaryland iGEM registered 16 members in 2015. After all expenditures, you should have left enough money to start up next year’s iGEM team.</p>
 
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<h2><b>Miscellaneous Advice for Exceptional Finances</b></h2>
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<a name="misc"><h2><b>Miscellaneous Advice for Exceptional Finances</b></h2></a>
 
<p style = "font-size: 18px">1. Maintain a good relationship with your account manager. As a student, I didn’t have direct access to any of the accounts we had, so it was really difficult trying to keep track of cash flows.</p>
 
<p style = "font-size: 18px">1. Maintain a good relationship with your account manager. As a student, I didn’t have direct access to any of the accounts we had, so it was really difficult trying to keep track of cash flows.</p>
 
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Revision as of 20:12, 13 September 2015