We presented a plan for a
new business incubator. It was the first one that did not focus exclusively on
technology. Everyone was incredibly excited and supportive. Funding was pledged through a public-private
partnership. The total raise was $500k for the first year and $600 for the
second. We had more applicants for staff positions and places at the incubator
than we knew what to do with.
Six weeks into the new
year, I had only received $75k. I contacted everyone else and they said the
money was coming. After 6 months, I only
had $200k. Everyone said they were having problems raising the money but it
would come. My employees are on
consulting contracts because of the uncertainty in funding.
We’ve gotten some extra sponsorship
to cover the costs of business contests and weekend retreats. We started to do
some consulting to raise some money, but I
don’t have enough money to hire qualified staff to meet the demand for
Nine months in, we’ve only
received received $400k of the money pledged for the first year. The local
government owes us the rest. I have no
idea how much of the money pledged for year two will actually come in.
How do I plan for next year? How do we get people
to honor their commitments?