How To Find The Right Capital For Your Social Enterprise
Jan 10 2022
Getting funding can be difficult for any entrepreneur, but how do you seek out a funder whose mission aligns with your company’s? Mindy Christensen, RSF’s vice president of lending, advises on how to do just that.
Asking for money is hard. Founders seeking funding for a new venture often feel like they’re on the losing side of an uncomfortable power dynamic. But any conversation about funding should be as much about the entrepreneur evaluating the funder as the funder evaluating the entrepreneur. Each party has the right and responsibility to vet the other to determine whether goals and philosophies align—and that’s particularly important when you’re a social entrepreneur seeking mission-aligned capital.
Asking yourself and potential funders the following questions can help you find the best match for your social enterprise.
Am I Ready for Funding?
Mission-aligned funders seek founders who are deeply aware of their own strengths and shortcomings and know how to hire other talented people to fill in the gaps. A strong team with the skills to achieve your mission will signal to funders that you can survive inevitable setbacks. Equally important is a clearly defined mission and products or services that express that mission.
Yve-Car Momperousse, founder of Kreyòl Essence, nailed that when introducing RSF Social Finance to her clean beauty company, which works with Haitian farmers to sustainably produce black castor oil for its products.
Read Mindy’s full article on Worth.com.