Fundraising & Sponsorship
You’ve created you’re team’s branding identity and found your team members now, what’s next? Raising money to get your team to competition!
When to comes to raising money, there are generally two approaches: Fundraising and Sponsorship. Fundraising often refers to the process of gathering funds through many individuals by engaging individuals, businesses, or charitable foundations. This may be done through fundraisers - events where you often give an item in exchange for funds - or sponsorship. Sponsorship is a type on fundraising where you offer a business (or individual) items in exchange for a larger amount than you’d normally raise with a fundraiser.
Fundraising
Fundraisers are typically one-off events that provide a good or service in exchange for a small donation. Examples of common fundraisers are:
Bake Sales / Candy Bar Sales
Restaurant Partnerships
50/50 Raffles
Car Washes
Sponsorship
Sponsorships are often acquired by first reaching out to a potential sponsor, providing the sponsor with information on your team via a Presentation and/or Sponsorship Packet, and then following up on that relationship throughout your project. Unlike fundraisers, the businesses or individuals you receive money from are relationships that you maintain throughout the project and often provide with updates on your journey.
While you might not be giving a sponsor a cookie at a bake sale, sponsors are often provided with Return on Investment (ROI). ROI can range from displaying a sponsor’s logo on your car, team uniforms, Pit Display, or website to hosting a pre-competition viewing party to thank your sponsors in person and display your final car. As mini-companies, your F1 in Schools team will have to get creative on ways to say “thank-you” for their donation to your efforts.
Sponsorship Packets help tell sponsors who you are, what you are competing in, where their money may go, and how to donate! Check out some examples from past World Finals competitors to get an idea of a quick packet.
So… what’s best?
While fundraising is often easy to get started with, sponsors generally provide the greatest time-for-money return. A one-hour sponsorship presentation could lead to a $2000 check! Much quicker than baking a selling many batches of cookies. Sponsorship also allows your team to focus more of its time on preparing your competitive elements and getting ready for competition!
Info Session Q&A
Check out this informational session recording where we answered some common sponsorship questions. Remember, it’s never too early to start looking for funding!
Common Tips & Tricks:
Create a Sponsorship Packet! It’s a great tool to give someone a quick pitch on what you are asking money for.
Reach out to places where you know someone - it’s a lot easier when you have your foot already in the door!
Follow up! Be persistent in reaching out to new companies and always call twice!
Call, don’t email! It’s a lot harder to say “no” to someone on the phone!
Always ask for a sponsorship presentation. Try to get in front of the companies you are seeking sponsorship from. A one-hour presentation on who you are and what F1 in Schools is could change their mind!
Don’t forget about In-Kind Sponsorships! Having a company donate physical products or supplies can be just as valuable as actually cash!