The Creative Ways of Fundraising in Times of Economic Crisis

Source: http://www.oxfam.org.uk

Source: http://www.oxfam.org.uk

Before discussing the ways of fundraising, we should know what the fundraising and the economic crisis are. Fundraising is the system of collecting contributions of money or other resources voluntarily for a particular project by requesting donations from individuals, businesses, charitable foundations or government agencies. Non-profit organizations mainly raise funds. In case of economic crisis, it is a situation in which the economy of a country experiences a sudden downturn. Due to economic crisis, the GDP (Gross Domestic Product) of the country will fall down. During the time of crisis, the value of institutions, mainly the financial institution, drops at an unprecedented speed and everything will seem to be valueless. Production will low and often fails to meet the level of demand.

Now considering a situation where there is a financial crisis exists in a country as well as youth led NGOs. So, we’ve to find out the ways of raising funds in this situation. As we know that there are many ways for fundraising but it may not work well at the time of economic crisis and that’s why we need to be more creative. I personally have 2 fundraising experiences in last two years. I want to share my ideas with all of you which, I consider, may be helpful at the time of economic crisis and here they are:

  •  At the time of crisis, people have less money and they do not want to expense money in other things except their basic needs like food, shelter, cloth, education and healthcare. So, there exists a scope of working for the youth leaders. Just think, if we establish the food, cloth and healthcare services for them and ensure the quality, they may come to us for the services. The profit which will be made by the services is a source of fundraising. It doesn’t matter whether the crisis exists or not because it is their basic needs, not their wants. And that’s why they come to us and we’ll make our funds.
  •  So far we realize that entertainment is a part of our life. Both in developing and developed countries young people go to movie theatre for movie show. If the youth leaders arrange movie showing program, the people will go there for movie show. The money which comes from the selling of tickets is one of the sources of fund raising at the time of economic crisis.
  •   Music is a part of entertainment which is known to all. What will happen if the youth leaders as well as youth led NGOs arrange music fest? People will come to enjoy the music fest at a larger number in practical whether the economic crisis exists or not. By selling tickets, young leaders may make money for projects. It will be an advantage if there are already some good singers among the youth leaders.

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  •   It is true that people want recognition. So, we’ve to find out how we can recognize the people those who donate us. If the youth leaders as well as the youth led NGOs publish magazines or journals more frequently than before at the time of crisis, they will find more scope for sponsorship which is a source of funding. I should make it clearer.  All the people around the world know that UN is one of the prestigious organizations. Imagine that UN publishes 2 magazines each year. As a result, UN gets sponsorship for 2 magazines from various corporations or organizations. Now think, if UN publishes 4 magazines each year at the time of crisis, UN must get sponsorship for 4 magazines. Due to this, UN gets more funds and the sponsored organizations or corporations get more recognition.
  •   Nowadays social media is a part of our life. If the youth leaders and youth led NGOs use this media for their fundraising, it may be cost effective for them. As we know that people as well as organizations donate for recognition, use this platform to recognize them. At the time of crisis, it may also works. It is important to keep in mind that social media is such kind of platform in which anyone can engage with more people.
  •  Another question may arise, are there any motivations for the donors at the time of crisis? It will be ensured by the youth leaders and youth led NGOs. It should be like as giving awards to the top donors, giving them opportunity to speak out for the biggest community, making donors community, giving them privileges in partner’s organizations of youth leaders and youth led NGOs and organizing various programs for the continuing donors in certain intervals.
  •   Campaigning is one of the sources of fundraising but it should be in a different when the crisis exists. If the young leaders and the youth led NGOs make the donors believed that the fundraising is done for the welfare of them and to reduce the economic crisis, why will the potential donors not donate? They will donate if the young leaders ensure this.

I believe that my ideas will work in both the developing and the developed countries as well. Youth leaders and youth led NGOs should keep in mind that at the time of economic crisis, people do not want to give their money as they’ve lack of it. So, it is the responsibility of the youth leaders and youth led NGOs to engage with the people as many as they can and give a brief idea about why they raise funds as well as what will happen if the people donate.

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Paul Bikash Chandra

Bikash Chandra Paul, born in 1994 in Bangladesh, is currently an undergraduate student of Faculty of Business Studies, University of Dhaka which is one of the best business schools in Asia. His concentration is on Accounting and Information Systems. He passed his college from Notre Dame College. His dream is to contribute in the economic sector and business sector as well. He loves to play cricket, football and to try new foods. He has also a deep interest about alien and cosmology.
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About Paul Bikash Chandra

Bikash Chandra Paul, born in 1994 in Bangladesh, is currently an undergraduate student of Faculty of Business Studies, University of Dhaka which is one of the best business schools in Asia. His concentration is on Accounting and Information Systems. He passed his college from Notre Dame College. His dream is to contribute in the economic sector and business sector as well. He loves to play cricket, football and to try new foods. He has also a deep interest about alien and cosmology.

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