how to ask for money
DESCRIPTION
Have a project that just needs some cash to get off the ground? Need someone to fund beer and food for an event? Have a great idea and want to get paid for implementing it? Come find out how we did it.Asking for money doesn’t have to be so hard. Whether you’re working on a non-profit, or a small side project. Or you’re bootstrapping a sweet new developer event. Or you want to find angel investing or venture capital… The same skills apply.Come learn all about how to ask for money from Selena Deckelmann, J Chris Anderson and Teyo Tyree. Selena co-founded Open Source Bridge, raises money for the open source project PostgreSQL and has found funding for many small non- and for-profit projects. J Chris and Teyo both founded VC-backed startups – Couchbase and Puppet Labs – based on open source products.They’ll lead you through their process, their successes and failures.You’ll leave with proven strategies for developing relationships, asking the right questions and providing the right information to people who want to give you their money.TRANSCRIPT
How to ask for money
Selena Deckelmann, PostgreSQL + Emma @selenamarieJ Chris Anderson, Couchbase @jchrisTeyo Tyree, Puppet Labs @brainfinger
Who’s asked for money?
You can do this.
3 acts
1. Boot-strapping
2. Venture Capital
3. Lessons Learned
The Acts
Boot-strapping
Act 1
2008
Bart - $2000Selena - $2500 (loan)Rick - $5000 (loan)
DAY 1
Bart - $2000Selena - $2500 (loan)Rick - $5000 (loan)
And ~$-16,000 in contracts
DAY 165
Ted Kaczynski of conference chairs.
Only sent to one company.And they had a lot of feedback.
Who do I know that will give me money?
Who do I know that will give me money?
$36,000 in cash$15,000 in-kind
$26,000 in registrations$4,000 left over
~70 people, 29 companies~20 knew me personally
2009 stats:
Your network is bigger than you think.
Venture Capital
Act 2
J Chris Anderson
Seriously, we can be friends with VCs.
Teyo Tyree
I have a special relationship with my VC.
Lessons Learned
Act 3
• Build relationships and communicate.
• Ask again anyway.
• Hire a graphic designer.
• It’s really six steps.
• Find a mentor.
Build relationships and communicate.
Communication is the compost of fundraising.
Be visible.
Do what you say you’ll do.
And if you don’t, communicate why - now.
Ask again anyway.
People say no, a lot.But not as often the second time.
Yes59%
No41%
In 2009Asked 49 companies
Yes66%
No34%
In 2010Asked 33 companies
$1241 per sponsor
$2006 per sponsor
Hire a graphic designer.
3. Hire a graphic designer.
3. Hire a graphic designer.
“charging big sponsorship fees with marketing-centricsponsor benefits”
“How does it serve the community?”
“I suggest you refine your plans to focus on 2 or 3 areas.”
• Ask for money
It’s really six steps.
It’s really 6 steps.
1. Identify a need.
2. Tell someone.
3. Ask for money.
4. Get the money.
5. Spend the money.
6. Say thank you.
Find a fundraising mentor.
“charging big sponsorship fees with marketing-centricsponsor benefits”
“How does it serve the community?”
“I suggest you refine your plans to focus on 2 or 3 areas.”
Refine your pitch.Practice.
• Build relationships and communicate.
• Ask again anyway.
• Hire a graphic designer.
• It’s really six steps.
• Find a mentor.
How to ask for money
Selena Deckelmann, Emma @selenamarieJ Chris Anderson, Couchbase @jchrisTeyo Tyree, Puppet Labs @brainfinger
Thanks!