Submitted by Bruce Arbit
Founder + Principal, Melarbit Impact Partners
“You never change things by fighting against the existing reality. To change something, build a new model that makes the old model obsolete.”
– Buckminster Fuller, 20th Century Inventor and Visionary
Building successful philanthropic partnerships between nonprofits and corporations is much easier said than done. One of the main reasons is that the traditional nonprofit/corporate partnership model is extremely limiting and somewhat outdated. It focuses solely on short-term transactions to increase profits and stock value for shareholders and less on broader, more meaningful exchanges of shared values.
In other words, you’re leaving money and opportunity on the table.
The good news is that there has never been a better time for nonprofits to engage companies in mutually beneficial collaborations. Whether navigating a COVID 19 economy or addressing social and racial injustice, companies are proactively seeking ways to demonstrate their corporate commitment to a broader spectrum of stakeholders – employees, customers, and residents of the local communities in which they operate.
Case in Point: Love Your Local
Some of the most exciting partnerships we’ve been involved in are happening in local communities all around the country. The desire to build thriving, inclusive communities where people want to live, work and play is opening new opportunities to create productive nonprofit/corporate collaborations.
One example is the Love Your Local relief fund spearheaded by a NJ-based Chamber of Commerce to support area restaurants and community food groups negatively impacted by COVID 19. The timeliness and relevancy of the campaign served to engage several new corporate partners who wanted to be a part of this local community effort. Additional programs including the expansion of their crowdfunding campaign, Hudson Gives, are all part of a broader strategic shift by the Chamber to become a catalyst for community revitalization in the area. In so doing, they have elevated their influence and are attracting new financial resources regionally.
Charting Your Own Path: Create Impact; Money Will Follow
While you may not have a natural partner like a Chamber of Commerce, there are steps you can take to develop productive and financially rewarding corporate partnerships. Begin where you are and start your journey here:
Build upon your strengths: Leveraging existing assets must be the basis for developing corporate collaborations. Most readily accessible organizational assets often include your agency’s:
- Reputation and brand
- Role as frontline first-responder or innovator
- Mission and beneficiaries of the services you provide
Define the impact you seek: Clarify your long-term organizational priorities. They are your roadmap, your North Star. Knowing where you want to go will help you identify and attract those corporations who naturally fit with your vision and values.
Build a base of support by starting with your ‘tribe.’ The most successful fundraising endeavors start with those who already know about and appreciate what you do – loyal and generous donors; business and community associates; vendors, etc. who share your values and have a vested interest in your success.
Allocate resources: Yes! You will have to be prepared to invest resources of time, talent, and treasure to this endeavor.
Finally, embrace a more entrepreneurial start-up mindset: Expand the possibilities by considering how your organization can drive impact locally with new joint ventures that create value and meet community needs.
If you’d like to learn more about new innovative models of cross-sector collaboration and local place-based approaches, go to Community-Wealth.org.
Much of the work we do at Melarbit, with local community-based organizations and entrepreneurs is inspired by Community Wealth Building – the term for a category of local community and economic development strategies.
Your True Currency
Impact has always been a nonprofit’s true currency. Now is the time to use it to drive new collaborations and a broader array of financial resources that better match the scale of good you are doing.
The world is changing. Let us make that change impactful, inclusive, and financially sustainable.
Bruce Arbit is a professional fundraiser and philanthropic advisor. He is the founder and president of Melarbit Impact Partners, the company he established in 2006, following 25 years of diverse professional experiences in a range of nonprofit and for-profit sectors.
Bruce is a trusted source for fresh, innovative thinking in fundraising & philanthropy; urban entrepreneurship; and social innovation, with more than $200 million philanthropic dollars raised.
Bruce Arbit is a member of the Association of Nonprofit Specialists.
