Tag: Fundraising

8Jul

Common Mistakes Why You Fail To Raise Money (And What Can You Do About It)

During my work with more than 350 Startup Weekend events in the Middle East and Africa, I have realized that it is always down to those 6 common mistakes why some community and startup events fail to raise money. Here are the most common mistakes, and what can do you do about it: 

1) Setting A High Budget

SOLUTION: If you are planning to raise $10K, ask yourself, can you revise your plan to accomplish the same with $7K? Most of the time, organizers ask for arbitrary round numbers like $10K or $15K instead of the actual amount of money needed to achieve specific milestones.

Think about what can you cut. Work to re-budget. Spend a little bit less on marketing. Cancel your fancy T-shirt and video producing.

Be creative how you can spend the money productively. Spend time polishing your budget forecast, so that you can confidently tell sponsors why you are only looking for $7K, and why you know, you can achieve high quality with less capital.

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