DRAFT Citizen Science Funding Toolkit
for the Great Barrier Reef Citizen Science Alliance
Overview of Phase 5. Scale & Diversify
Lastly, your organisation can grow the pilot project, re-invest profits into piloting additional funding tools, and there by diversify your funding portfolio. This Phase is purposefully very flexible so that it can be adapted to your organisations needs after prioritisation of activities.
OBJECTIVE:
The objective of this phase is to grow your pilot project, diversify your funding, and revise your business canvas to allow for ongoing financial strategy and planning.
WHO:
The scale and diversify phase would benefit from one champion with the support of the enture organisation.
DURATION:
This phase is ongoing.
OUTPUT:
A larger, more diversified, and more stable funding base to support your organisation's mission.
Step 5.1 Grow
Increase the size of the pilot project to reach full scale.
This step is highly context-specific and depends on the nature of the pilot project.
If your organisation piloted the sale of a branded good, this step may involve increasing the volume, marketing, or distribution of that good. Or if your organistaion piloted a new service, consider expanding that service geographically or to new target demographics.
Step 5.2 Revise Business Canvas
Revisit the business model canvas drafted in Phase 1 to reflect the changes to the organisation after adopting a new funding tool. The business model canvas may be used on an ongoing basis and adapted as necessary as revenue streams diversify and new assets, partners, and outcomes are realised.
Step 5.3 Diversify
Once one new funding tool, with its associated investor(s), is incorporated into the organisational structure, then the organisation can consider revisiting the steps outlined in this toolkit to find additional revenue streams.
A diverse portfolio of funding provides stability and resilience to citizen science organisations, yet this must be balanced by the capacity drain to develop new funding streams.
Designing an iterative and strategic process for assessing, scoping, prioritising, piloting, and scaling funding tools will improve organisational finance over the long-term.