Acquire Funding

Additional Guidance

Check to see if a school bank account already exists; use it if possible for the competition. If not, you may have to establish a new entity for the pitch competition with an EIN so that you can open a bank account. It’s easier than it sounds…follow the link here

It’s best to establish a separate account; you *can* use personal accounts/Venmo to manage competition funds, but sponsors often require a non-personal account to deliver their donations and using a business account is more professional

Fundraising from local businesses takes a lot of time; it can be difficult if students have after school commitments. It may require multiple trips to the same store, and managers with donation authority often don’t work on weekends, so start early. Also, fundraising is a good skill to build, and store owners tend to be more sympathetic to high schoolers

Check the fundraising deadlines; ensure you submit applications to grant organizations in time to help fund the current year’s competition

For budget predictability, consider asking a benefactor to front the funds early on; they’ll get paid back as sponsorships and grants flow in, donating the remainder if there’s a shortfall

Feel free to change the donation sizes; different sponsors may be looking to contribute different amounts, and it is O.K to tailor the dollar amounts to each sponsor.