RELATIONSHIP PROXIMITY
Karl Dakin
Capital Coach | Stakeholder Investor Campaigns | Design, Stage, and Manage or Support | Reduce Time, Money, and Risk of Raising Funding | Increase Probability of Success! | Opportunity Management
CONTENTS
?·?????? Donor Campaign
·?????? Quick Calendar
·?????? Funding Point
·?????? Capital Coach
·?????? Successful Funding Show
·?????? Don Cohen Show
' Weekly Edition
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?DONOR CAMPAIGN – CAMP WAPIYAPI
?Today, I participated in the in the 5K race (run, jog, or walk) of the Colfax Marathon event to raise donations to benefit the charity Camp Wapiyapi through my participation
?Using my Motivated Money Method for raising funding, I created a list of targeted donor candidates representing people (1) I know and (2) whom I believe would respond positively and quickly to a request for a small dollar donation.
?I launched the 18-day campaign on May 1 – a sprint – by sending the first in a series of emails (Stage 1) to my list of 73 individuals to be followed (Stage 2) by in-person contact.
?Here’s where I stand at the moment in attaining my goal.
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QUICK CALENDAR
?I quickly list here upcoming opportunities where I will be sharing information, lessons in funding, or meeting in person or via videoconferencing.
?May 20 – Cohen Show at 9 a.m. MDT on LinkedIn Live – I will be a guest on Don Cohen’s show.
?June 12 - SuperCrowd Chicago – Workshop on Crafting Crowdfunding Offers
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FUNDING POINTS – RELATIONSHIP PROXIMITY
Within each capital campaign, the proximity of an investor candidate to the individual, small business, or community project seeking capital is typically the key metric. I commonly lump everyone into one of two groups: (1) the investor candidate and the person seeking capital know each other, and (2) the investor candidate and the person seeking capital do not know each other. However, a discussion on Thursday strongly indicated a need to develop more relationship categories.
I participate in a cohort of businesses with Super LinkedIn Mentor Don Cohen Donald Cohen supported by Super Mentors Kelle Steinecke Kelle Steinecke ?? , Harvey Tuck Harvey Tuck ?? , and Beverley Glazer Beverley Glazer MA. CCC, ICCAC who are tutoring myself and Dave Snell Dave S. and Kon Apostolopoulos Kon Apostolopoulos . The discussion was centered on the question of the quality and quantity of relationships. On the one hand, quality relationships may be more efficient and effective in achieving one’s goals, but there are many people, organizations, and systems that measure only the quantity of relationships in assigning value for sponsorships, advertising, or being a guest on a podcast.
Everyone is familiar with descriptions of Hollywood stars as whether or not they are on the ‘A’ list. This list appears to be based almost entirely upon how many fans they have that they can influence to see their next move, go to a concert or by their next book. This applies to anyone raising money as well.
A successful strategy must achieve some allocation of time and money invested in relationships between efforts to recruit and retain relationships that (1) are close with those relationships that (2) are casual.
As illustrated by my charitable donation campaign that I am wrapping up for Camp Wapiyapi, I created an ‘A’ list of donor prospects of 73 people. This was all about quality and nothing about quantity. I reached out via email, followed by in-person contacts, resulting in total donations so far of $700 from 10 people. I have to ask myself if I would have achieved larger total donations if I had sent out a donation request letter to everyone who subscribed to this Instant Funding newsletter (the daily edition is 829 subscribers as of today – thankyou to everyone) or to my 3,687 Connections or my 5,368 Followers on LinkedIn and then doubled down on Facebook Friends and X Followers? Or should I have purchased a curated or un-curated list of people from countless number of email address sellers?
The answer to that question will remain unknown.
I do know that the responses I get from those I know and who know me will vary greatly with what I ask of a person or offer to a person.
I can get lots of responses by giving something away.
If I ask for something, the more I ask, the lower the response.
Asking for investment ranks way up there in terms of a ‘big ask.’ It is different from asking someone to make a donation or to buy a product or service. The strength of the relationship or its proximity is a key factor.
When developing a capital strategy and planning a capital campaign, the question of the proximity of the relationship should be closely assessed because it will likely determine whether you succeed or fail.
Even asking someone to share your story of a capital campaign is a significant ask. Setting aside the time required to complete the story share, the person must ask themselves how they will look to the person they ask if the business or project fails or the person otherwise has a bad experience. Their reputation with their networks is at risk.
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领英推荐
CAPITAL COACH
?I am now field testing the Capital Coach, an artificial intelligence learning management system avatar (AILMSA) that I have trained on the topic of funding. The Capital Coach is embedded as a widget on my Dakin Capital website at https://dakincapital.com/CAP. The Capital Coach represents a proprietary data set on the Knowledge Avatars learning management system with licensed access to Open AI. Could you give the Capital Coach a try and ask it questions about funding?
I am working with Knowledge Avatars to make CAP the ultimate tool to support small businesses and community projects in raising funding. Two current challenges are (1) training the AI avatar to match specific funding situations and (2) explaining that a highly personalized AI avatar is so much more than a chatbot powered by a Large Language platform. Unique, non-public information about an individual or an organization cannot be obtained through a chatbot. The recent advances in AI have narrowed the field of prospects who stand to gain from personalized AI to high-net-worth individuals, professional service providers, organizational leaders, and other similarly placed who work with fast-moving, fast-changing information that may never be public.
Please share your feedback. Karl Dakin at [email protected]
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SUCCESSFUL FUNDING SHOW
Last Tuesday, the Successful Funding included guest Steve Shaff. Steve is the leader of Community Vision Solutions, which manages community engagement. We discussed various issues in communities' access to funding.
You can see a recording of the show at:
The Successful Funding show on my LinkedIn profile will repeat weekly at 8 a.m., MDT on Tuesdays. You may register to attend by going on LinkedIn, searching for Events, clicking on the Events button, searching for Successful Funding, and then clicking on the Attend button. You should receive an email with a link to save to your calendar. You can also click the Share button and obtain the URL link to the show to put it in your calendar.
You may view all of the Successful Funding shows in my Posts on my LinkedIn profile at: https://www.dhirubhai.net/in/karldakin/
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DON COHEN SHOW
Wednesday, I was a guest on Don Cohen’s show where we talked about community – using the digital definition which is not limited to a geographic area but includes any series of interactions of people based upon commonality. You may see a recording of the show at:
I enjoy being a guest, engaging in conversations with other guests, building communities with Don, and using LinkedIn as a communication channel. Every show is its own adventure as we start with a word of the day and then see where the conversation goes from there.
Don is an expert on LinkedIn, particularly on the use of Live streaming to build brands and communities. We will discuss using LinkedIn as a social media platform for building communities that support raising funding.
All shows where I have been a guest can be viewed on Don Cohen's LinkedIn page under Posts.
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?Karl Dakin, the Capital Coach
Dakin Capital LLC
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