DRAFT Citizen Science Funding Toolkit
for the Great Barrier Reef Citizen Science Alliance
Overview of Phase 4. Pilot
With any new funding tool (and associated new investor(s)), it is important for an organisation to pilot test how the funding tool might work to support the organisational mission. Pilot testing decreases risks because it allows for rapid, realistic assessment of a theoretical idea to your organisation's context.
OBJECTIVE:
The objective of this phase is to pilot test one new funding tool with regard to 1) accuracy of financial returns on investment estimates (noting that these will likely improve with Phase 5: Scale), impacts to organisational reputation, and investor appetite.
WHO:
Implementation of the pilot phase depends on the nature of the pilot case. The pilot may be implemented by staff, partenrs, or contractors. Evaluation of the pilot requires senior leadership to be involved.
DURATION:
The duration will also depend on the nature of the pilot case. Allow for at least 3-6 months to evaluate the pilot after it has been implemented.
OUTPUT:
The outputs of this phase are both the direct outputs of the pilot project (including any potential funding, partnerships, infrastructure, products and services, etc) and the lessons lernt from the pilot, which will guide the organisation to either return to Phase 3, or proceed to Phase 5.
Step 4.1 Finance
One of the hardest challenges of securing new revenue streams is the cost of changing the way you do business and accessing funds to pilot a new revenue model. Funding for a pilot may need to come from a more traditional investor, such as a conservation grantmaker, who is willing to test new business strategies to 1) improve organisational capacity and resilience and 2) decrease the likelihood of that organisation being dependent on the grantmaker for future support.
Another alternative is to secure a loan for the pilot if this is consistent with the organisational capabilities AND the pilot revenue stream is expected to deliver a financial return within the timeframe of a loan repayment.
Step 4.2 Implement
Implement the pilot revenue project to test its suitability for your organisation.
Step 4.3 Evaluate
As with any pilot project, it is vital to evaluate if the project has been successful. It may be useful to compare project performance to the initial selection criteria.
