Health Disparities Podcast - Without Money, There is no Mission: Fundraising Advice for Nonprofits - Al B. Reid
Nonprofit organizations rely on funding to execute their mission, but steady funding is not always easy to come by. So, what can leaders of nonprofits do to attract attention — and resources — from foundations and corporations with money to give?
I was recently on the Health Disparities podcast, alongside Velma Monteiro Tribble, and hosts Willis Steele, M. Div. and Erick M. Santos, M.D., Ph.D.
During this insightful conversation, we delved into valuable insights and strategies for attracting funders during challenging times.
Some of my excerpts from the podcast:
Reid: Calypso is a three-year-old organization, which focus is trying to bring forth new and innovative healthcare technologies. We primarily fund things that we believe will represent or address some of the unmet medical needs that exist, whether it is a medical device or diagnostic tools. We use incubation operations as a means of sourcing a lot of our activities, primarily at the university level where we have discovered there is a wealth of great ideas that just need a little nurturing. So, we were really excited about the work we are doing primarily in addressing the existing health disparities that exist in the most vulnerable communities.
Santos: Do you have any concrete examples of how these, I guess, nascent companies or ideas are contributing to fighting the battle against health equities?
Reid: Sure, there are things like diagnostic-based tools that could reduce the prevalence of disease and health issues within the most vulnerable communities. It is our focus to identify opportunities that would make it easier for people to be able to determine through proper maintenance for diabetes, and for vascular disease, for which other abnormalities that people in these communities experience. Through an incubation based in Pittsburgh, we found an opportunity at the University of West Virginia, will produce better outcomes for GI-based procedures through innovative technology. The technology has received favorable reviews as we expect it to be launched in 2024. Hence, we are extremely excited about the promise that it holds for assisting people who have a variety of GI issues.
Steele: What are some of the mistakes you see?
Reid: Well, I think one of the most common mistakes is not well-thought-out proposals. Many inventors or those seeking funding do not understand the need or the demand for the product they are seeking to launch. Typically, those needs should be supported by well-documented market research. A few questions should be answered — Why is there a need for this product? How does technology differentiate from others on the market? What is the patient population you will be serving? Will the technology increase the cost of the procedure? How do patients access technology? How will technology improve the quality of care and produce better patient outcomes? How will the technology be marketed and distributed?
So, at the end of the day, if you can demonstrate those things, the likelihood of success, as part of your pitch, is much greater than if you do not share. Whereas I am a high-energy and effort guy, I always look for the enthusiasm and passion that the presenter brings during the pitch. Innovative technologies along with a founder’s brilliance and courage usually convey support across the organization, especially from partners that are a part of the evaluation team. And certainly, the outcome for funding is far greater.
You can listen to the podcast here.
Connect with me on LinkedIn.
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Al Reid is a transformational and visionary global business leader with Fortune 50 experience in strategic, financial management, and operational matters. Al has worked toward creating long-term value for companies and shareholders via the effective execution of corporate initiatives.
