There are various means of fundraising depending on the regularity of the financial support and the type of donors.

Crowdfunding is a short-term solution which is easy to implement (via crowdfunding platforms) and will suit the goals that do not require a lot of capital. Since crowdfunding is the investment of common people, it is important to appeal to their feelings: to do so, it is preferable to make the crowdfunding case as personal as possible. E.g. If you choose to raise funds for the traveling costs of the team, create a separate profile per each contestant which will state clearly their background and future prospects.

One-time donations form an important bridge between the dependance on the generosity of many to a stable sponsorship. For starters, the first donation provided by a company with an established reputation is a path to larger financial support: once you have a recognizable name on the list of your sponsors, it makes it easier for others to believe in you.

For long-term sustainability, it is essential to build an ecosystem of people and companies who believe in you and sponsor you on a regular basis rather than seek for one-time donations.

Do not hesitate to pitch the idea and ask for money. You will possibly need to send hundreds of emails and messages on LinkedIn to receive some feedback.

In fundraising, it is important to imply a tailor-made approach and make any act of communication personal. Study the potential sponsor’s website and social media to see what they currently focus on.

Fundraising for educational projects is not about selling, it is about the case being important to the donor. To make it important, you may enhance the following pros of your project: social effect, support of financial education, opportunities for the youth, meritocracy. To make your presentation more persuasive, use past experience, results and other sponsors’ names.

The best thing that you can offer is growth and improvement of the results of your project — in terms of IEO national selection, new medals and honorable mentions of your team. Success stories that sponsors find themselves involved in inspire them to keep contributing to the project. It is important to engage the media and government to celebrate the results: together with donors, you will become part of the history.

For some sponsors, it is important to receive in exchange a particular benefit, e.g.:

• branding of ceremonies and merchandise;
• mention on the website;
• tasks in the name of the company;
• trophy in the name of the company.

Being part of the project’s governance is considered the largest bonus since it enables the sponsor to influence its development and also makes them think about the future of the project thus forming a stronger bond between you and the sponsor.

For any long-term relationship, honesty and transparency are the key prerequisites. Make sure you can provide visible results, describe the impact of the sponsor’s donation and show the roadmap of the project. State clearly how much you have received and how you spent it. An annual report will suit this purpose.