5 Tips to Hone the Art of Fundraising

As someone who has raised millions of dollars for both nonprofit and for-profit initiatives, it took me years before I started to really ‘own’ my fundraising skills and realize that it is an ‘art’ even worth honing. But as I’ve journeyed through multiple career pivots navigating diverse fundraising landscapes, I have realized that not only is fundraising an art worth honing, but it is often the driving force behind any cause or campaign.

So after 17 years of raising capital for mission-driven initiatives, I have finally gotten over the discomfort of being identified as a fundraiser. When done right, fundraising can truly be an art; the art of making a meaningful connection between like-minded partners who can then breathe life into dormant dreams and visions. When done right, fundraising is at the heart of making something out of nothing.

Here are 5 tips that have helped me hone my ‘art’ and may help those who are interested in also refining their fundraising craft:

1. Do Your (Prospect) Homework

When I was actively investing as a new venture capitalist, I was amazed at how many times people would request to meet with me without having done any ‘homework’ to ensure our conversation would actually be meaningful. When I say ‘homework’, I am talking about basic internet research: What is the bio of the person you are meeting with? Have they ever given to a similar cause or invested in similar companies to the one for which you are setting up the meeting? Why would (or should) they care about your company, cause or campaign?

As fundraisers, we may not always have control over the outcome or decision on whether a prospect gives money. But, we can always do our homework and ensure we are well-prepared with whatever is within our control. One of the worst things a fundraiser can do is to go into a prospect meeting ‘blind’. So just like we learned throughout our school years, one way to hone your fundraising skills is to do your homework.

2. Let Go of Your Ego

Anyone who has ever tried fundraising will know that it is not for the faint of heart. But most importantly, it is impossible to master the art of fundraising for anyone who is not willing to let go of their egos. Because part of the ‘art’ is to let go of any ego remnants that could prevent you from following-up or stepping outside of your comfort zone — all while maintaining your dignity.

I often say that 90% of fundraising is following up. Even when you don’t hear back, even when you feel uncomfortable and your ego begins to stir — follow up, follow-up, follow-up. My personal rule of thumb is to follow-up two more times past my comfort level. Yes, I will cringe (twice), yes, the prospect may ignore me. But eventually, you build up the muscle of doing things you may not always be comfortable doing and the tenacity to stay focused on the mission for which you are fundraising.

3. Cultivate With ‘Noonchi’

I could probably write a whole book on this one tip alone but essentially, ‘noonchi’ is a Korean concept for the subtle unspoken art of gauging other people’s moods — all from listening and observing. We all know that fundraising ultimately entails asking for money but how can we do this in a way that is bold yet respectful? Persistent yet inspiring?

To me, the most successful fundraising is done when it feels like a win-win: the donor or investor has found a match to maximize the impact of their capital and the organization/company has found a capital partner who believes in the vision and mission of their cause. But win-win outcomes can’t happen without?noonchi.?Without being aware of the desires and needs of both (or sometimes even multiple) parties, how can a win-win outcome even be imagined and realized? If you are too singularly focused on your own needs and agenda, then you are not cultivating with the?noonchi?and the requisite empathy needed to cultivate long-term authentic relationships.

4. Have a (Long-Term) Mindset of Abundance

Fundraising requires both a long-term perspective and a mindset of abundance. I have seen (and lived through) too many failed fundraising initiatives because of an unnecessary focus on immediate short-term outcomes or because of an engrained mindset of scarcity. As I myself have had to learn, having a mindset of abundance is a daily and intentional practice. But what I have learned over the years is that a ‘no’ today can be a ‘yes’ tomorrow — and a ‘yes’ for perhaps even a larger amount than originally fathomed.

Having a long-term abundant mindset also allows us fundraisers to have more grace and patience as we ‘kiss’ our many frogs (i.e. prospects who turn out to be duds). You never know, a ‘frog’ for one cause may end up becoming a ‘prince’ for another.

5. Build the Right Ecosystem

As I reflect on my 17+ years of fundraising, I am so grateful for the power and diversity of my personal ecosystem. Despite the many causes and initiatives for which I have raised capital, I can honestly say that some of my donors and investors have become lifelong friends and deeply-respected partners with whom I have done some of my most fulfilling and meaningful work.

The art of fundraising is about seeing beyond the immediate opportunity to prospect; fundraising is about building long-term authentic relationships and an ecosystem that can hopefully support multiple opportunities for years to come. Just as it takes a village to raise a child, building the right ecosystem is also done in the collective. Surrounding ourselves with people we genuinely like, admire and respect — people with whom we want to do long-term work — can be the best starting point for building the right ecosystem.

Ultimately, the art of fundraising is similar to the art of match-making. In order to really find the long-term ‘win-win’ matches — you need to do your homework, let go of your ego (and continuously follow up!), cultivate with?noonchi, have a (long-term) mindset of abundance, and build the right ecosystem.

Sylvia Kim is the CEO and Founder of?Rebel For Good Strategies. Sylvia is a tenacious strategist for social change with over 17 years of experience co-founding, launching, and raising capital for mission-driven initiatives. As an award-winning human rights lawyer turned investor, Sylvia has dedicated her career to empowering underserved and underinvested communities. Recognized as an expert in rights-based advocacy, strategic planning, and fund development, Sylvia now works to catalyze powerful transformations at the intersection of purposeful innovation, access to capital, and social justice.