Foundation strategies 2024
- Apr 22
- 3 min read
5 Key Takeaways from the Presentation:
Understand who the foundations are and their purpose: It is crucial to understand the foundations’ history, purpose, and values. Foundations are self-governing institutions, managed by a board and guided by a clearly defined purpose that governs their assets. Knowing this background helps applicants write more targeted applications.
Identify the right foundations and their strategies: Find and approach the relevant foundations by understanding their grant-making strategies, focus areas, and deadlines. Foundations vary in their approach - some respond to applicant-driven demand, while others work more catalytically by defining agendas themselves.
Be strategic and structured in the application process: It is important to have a structured approach to fundraising and application writing. Always honour agreements and deadlines, and maintain professional communication with foundations. Following an analytical and journalistic approach can help create a convincing and relevant application.
Foundation trends and future developments: There is increasing professionalisation and a stronger focus on goals and impact in the work of foundations. Many foundations now work more collaboratively with applicants and place greater emphasis on sustainability, social impact, and innovation. It is important for applicants to be aware of these trends and adapt their projects accordingly.
Foundations as strategic partners: View foundations as strategic partners who depend on your projects to succeed. Build relationships and create trust by understanding the foundations’ world and objectives. By helping foundations leave a mark and make a tangible difference, applicants can increase their chances of success.
Survey Among Participants
What is currently the biggest fundraising challenge for your cultural institution, and how have you tried to address it?
Which future fundraising trends do you see as most relevant for cultural institutions, and how is your institution preparing for them?
These two questions were asked to our participants. Based on the responses collected during today’s session, we identified the following key challenges and trends in fundraising for cultural institutions, prioritized according to how important participants perceived them to be:
Main Challenges
Time-consuming process: Many participants mentioned that fundraising is a time-consuming process, where returns often only come after a long period. This creates a significant workload, especially for smaller organisations already stretched by daily operations and other responsibilities.
Identifying and approaching foundations: It can be challenging to find the right foundations for specific projects. There is also frustration about the lack of transparency regarding foundations’ preferences and requirements, which makes it difficult to prepare qualified applications.
Strategic collaboration and coordination: Many experience a lack of strategic approach and coordination across departments, which is necessary to ensure effective and targeted fundraising efforts.
Funding operations: There is a strong need for operational funding, but many foundations primarily focus on project support. This creates difficulties for organisations that need stable operational funding in order to plan long term.
Use of technology: There is interest in understanding how AI and other technological tools can best be used in the fundraising process, but uncertainty remains about how to do this most effectively.
Future trends
Sustainability and green transition: Many see a growing focus on sustainability, both in terms of green transition and social sustainability. Institutions are preparing by integrating sustainability strategies into their projects.
Diversity and inclusion: There is increasing awareness of the need for diversity and inclusion in cultural life, and many institutions are actively working to improve their practices in these areas.
Focus on wellbeing and young people: Wellbeing and youth engagement are prominent themes, and foundations prioritise projects that address these areas.
Early and ongoing dialogue with foundations: There is a trend towards foundations wanting early and continuous dialogue with applicants. This requires institutions to be flexible and ready to adapt project ideas in collaboration with the foundations.
Social impact and community engagement: Projects that demonstrate clear social impact and strengthen community engagement are in high demand. Cultural institutions are responding by developing projects with a clear social dimension.
Focus on renovation and preservation: There is a movement towards prioritizing the preservation and renovation of existing buildings rather than new construction, while also reflecting sustainability principles.
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