Foundations are non-profit charitable organisations that are founded on an initial endowment, typically made by an individual or business. They tend to have a specific goal or sector of interest and fund other charities, NGOs, projects, and companies that work towards that goal or in that sector. Alternatively, foundations may also operate projects in their sectors of interest, if they have the capacity to do so. The amount of funding foundations make available varies drastically depending on their endowment. Large foundations can fund millions of dollars’ worth of projects, although the vast majority are much smaller.
In order to get funding from foundations, companies will need to go through an application process. Some foundations only accept applications from companies and projects they have invited to participate so it is important to know whom to approach within the foundation to get an invitation. Foundations will typically look at how closely a company’s mission and activities match with the desired outcomes they want to achieve. For this reason, when approaching foundations, it is important to focus on the impact of your business.