What barriers might hinder the success of your project and how do you plan to overcome them?
1. Intellectual and property rights: even though the ideas and projects presented at relevant web portals (i.e. Ashoka, Development Marketplace; New Ventures; BID Global Challenge; RandomKid, etc.) are intended for replication, there might be additional requirements for assuring property and intellectual rights are respected. Effort will be dedicated to these activities if necessary; chance of occurrence is low to moderate.
2. Reluctance or lack of decisive involvement from local partnering organizations to participate in InspiroFund’s scheme: nevertheless, they have been consulted and have shown interest since the foundations of the project reflect the main obstacles they face regularly (lack of motivation by intended beneficiaries, difficulty in generating viable ideas and sound business cases, lack of resources to keep track of opportunities available on the internet). They will receive InspiroFund materials free of charge. Chance of occurrence is low.
3. Ineffectiveness to motivate beneficiaries in order for them to act upon opportunities presented: moreover, local conditions outside the realm of this project (economic, social, political) affect the decision to venture or not. Media mix would be revised, complementary motivational actions will be taken (prizes, grants, field visits, scholarships). Chance of occurrence is moderate.
Tell us about your partnerships
As explained elsewhere, partnerships are at the core of InspiroFund action. They will be sought after with organizations experienced in various fields, which basically commit to use and distribute the information generated by InspiroFund among their staff and beneficiaries. When possible, it will be used as input for project development or innovation programs underway or will generate new programs based upon new ideas presented by InspiroFund's compilation. There are youth organizations (i.e. Junior Achievement); rural development NGOs (i.e. CESA, FEPP, Camari, etc.); microfinance institutions (i.e. Banco Solidario, Credifé); business incubators (USFQ, ConQuito, etc.); social responsibility programs within several large corporations (i.e. Telefonica, Coca-Cola, Kinross, GM, etc.), and the list goes on.
It is worth noting the printed newsletter (key for InspiroFund’s action) has been conceived as a section (initially 4 pages) within an existing business magazine with a consolidated printing volume, via a partnership agreement. In exchange for this quality content, the magazine has agreed to allow InspiroFund to manage and benefit from 70% of sponsorship and advertising to this section. Additionally, 200 magazines will be assigned to InspiroFund for distribution among partner organizations free of charge.
Explain your selections
Launch is planned by mid-September 2011. Seed funding is being secured from government agencies and local donors. The financial strategy includes compact staffing during start up (and later stages), the involvement of university students (for academic credit) within a local university (USFQ), which will also provide office space, clerical services, and communications free of charge. In exchange, a course will be developed on the subject and materials generated by InspiroFund will be available for use in several classes across university schools and departments.
Additional sources of funding expected in the short-term include the monthly newsletter, which will be hosted as a 4-page section within a consolidated business magazine. In exchange for this quality content, the magazine has agreed to allow InspiroFund to manage and benefit from 70% of sponsorship and advertising to this section. Lectures and speeches for a fee by famous authors and entrepreneurs (in person and/or via teleconference) are also planned.
Nevertheless, donor involvement (local and international) and grants are expected to account for a large share of financial resources needed to sustain the project in the long term (aprox. 40%).
How do you plan to strengthen your project in the next three years?
Securing financial sustainability by means of:
- Keeping compact staffing and avoiding unnecessary bureaucracy.
- Adding services for a fee (access to database, speeches by well-known personalities and social innovators, newsletter subscription).
- Increase sponsorship and advertising in printed newsletter, radio/TV show (including YouTube).
- Increase funding from government agencies (there are several agencies addressing entrepreneurship and innovation issues).
- Increase funding from donors (local and international), multilateral and bilateral development agencies, and from development banks.
Expanding products and services (repeated from prior section):
- Proposed information mining easily expandable to compile data on grant and funding opportunities, idea competitions, scholarships, on-line advising, training and networking.
- Expand media combination on both ends (traditional and modern): radio and TV show (including YouTube channel); on-line counseling and coaching to beneficiaries.
- Increase entrepreneurial activity in other segments of the population and attract seasoned entrepreneurs and other actors to tap upon the information gathered, mainly via ICTs.
- Partnering organizations with national coverage, and replication underway in other countries.