Summary

In this episode of Develop This Podcast, Dennis Fraise interviews Brian Abernathy, General Manager of Convergent Nonprofit Solutions, discussing the importance of revenue benchmarking for Economic Development Organizations (EDOs). They explore how public-private partnerships have become best practices in funding, the methodology behind revenue benchmarking studies, and the significance of analyzing sector representation in funding sources. The conversation emphasizes the need for effective communication and long-term strategies in economic development.

Takeaways

• Convergent specializes in fundraising planning and consulting for nonprofits.
• Revenue benchmarking helps EDOs understand their funding structure.
• Public-private partnerships enhance funding opportunities for EDOs.
• Data analysis reveals unique areas of opportunity for revenue.
• Diversity in funding sources is crucial for sustainability.
• Comparative analysis helps EDOs identify gaps in funding.
• The benchmarking process takes about four to six weeks.
• Effective communication builds trust with funders over time.
• Feasibility studies validate funding opportunities for EDOs.
• Long-term strategies are essential for successful economic development.