January 01, 2017
In this post, we'll tackle how to keep track of your research results.
After you have decided on the database or search tool you will use, you're ready to begin your search for funders using the keyword list you developed earlier in the process. Keywords should tie in with the type of work you do, where you work, the population you work with, etc.
Keeping Track of Search Results
To avoid reviewing the same foundation multiple times, you'll want to create a system to document which foundations and opportunities you have reviewed, which ones deserve follow-up, and which ones are not a good fit and should be dropped from your list.
Subscription donor databases let you save your search results. If you are relying on Google or another free search tool, you'll need to create a system for tracking your search results.
One option for saving the search results is to create a spreadsheet using Excel. Once created, you can store it in a shared electronic folder for easy access by colleagues conducting prospect research alongside you. A second option is to use an online information management tool such as Trello (see the post How to Use Trello for Grant Research & Writing). You can also choose to go the paper route and print a hard copy of your spreadsheet, then complete it by hand.
To begin your research, you will use your keywords (i.e., your search terms) to generate a list of foundations. Depending on your keywords, you might end up with a list of a couple of hundred foundations to review. For the initial review, you'll want to move quickly through the list, eliminating foundations that are clearly not a good fit and noting those with potential.
If you are working as part of a team, it's important to share your research results with your colleagues so they don't duplicate your efforts. One way to share results is to store the spreadsheet in a shared folder online so everyone can access it.
If you prefer working with paper, you could print the tracker, complete it by hand, and store the copies in a binder in a central area of your office where everyone can access them.
Once you've completed your big sweep and evaluated all of the foundations that came up with your keyword search, you will be left with a much smaller list. In most cases, the list will be less than half the size of the original list.
Completing an In-Depth Review
The in-depth review comes next, the final stage before you start looking at individual funding opportunities. Taking your shorter list of foundations of interest, you'll evaluate each foundation further by:
reading the foundation's full profile in a donor database (if you have access to one);
studying the foundation's website;
reviewing summaries of the foundation's work that you've discovered through Web-based research (this step will be crucial for small family foundations that may not have a website); and
reading annual reports or other publications produced by the funder.
While the initial scan might take 10 minutes per foundation if you start with a database listing, in-depth research can take 30 minutes or more per foundation. Depending on the length of your list, you may need to complete your in-depth reviews over several weeks.
When you complete your in-depth reviews, you'll find that many of the foundations and opportunities that survived the first cut are not appropriate and can be eliminated from your list. After the in-depth reviews, your list will have shrunk again and may be a quarter the size of the original "broad sweep" list.
Creating Profiles
To help you remember what you discovered about each foundation, it is helpful to write down the key points that you learned during your research. However, you'll only summarize the foundations and opportunities that withstood the in-depth review, which, again, will be the relatively small number that survived your earlier assessment.
Information to collect includes:
Areas of Interests/Programs
Eligibility Requirements
Application Deadlines
Names of Program Officers
Award Information
When creating your template, consider one that lets you see all the essential information at a glance. The idea behind the profile is to help you gather only the information you need to decide what to do next. You don't need to recap all the information on a foundation's website; you only need to capture the essential elements that support the decision-making process.
As with the foundation tracker, you will want to save the completed profiles in a shared folder so everyone on your team can access them.
Summary of Prospect Research Steps
Get Organized. Identify the proposal and project teams, collect background documents, and calculate your funding needs.
Choose Your Tools: Decide on your research tools and strategies. Are you going to subscribe to a donor database or use Google and other free tools?
Complete an Initial Review of Potential Leads: Generate a list of potential leads by using relevant keywords (geographic location, project type, focus area, etc.). Do a quick screening of all the foundations that come up in the keyword search, and decide which look most promising and deserve a more in-depth review.
Summarize Foundations with Potential: Prepare profiles of each foundation that warrants closer examination. The profile should be a snapshot of the foundation's interests, giving history, eligibility requirements, and deadlines.