Transcript 0:00 Earlier this year, I completed the PlaceBuilder Fellowship. This program was a collaboration between Forward Cities and EcoMap to build place-based entrepreneurial ecosystems across the country. 0:13 I represented the Southeast region throughout this three-month sprint and learned how to make the Please Hustle Responsibly community even better from people around the country doing incredible ecosystem building work. 0:26 If you're new to the channel, my name is Angela Hollowell, and I am the creator of Please Hustle Responsibly Newsletter Community. 0:35 There was a grant associated with this fellowship, which prompted me to think about my relationship with grant funding in hopes that it may inform you in how you determine its priority in your overall funding strategy. 0:49 My perspective comes from being a for-profit creative business owner, not a nonprofit and not a startup seeking venture capital. First and foremost, let's just call a spade a spade. Grants are really hard to get. 1:04 No matter how good you or your grant writer is, you likely won't have a 100% success rate. Sh-- it may not even be 50%. Mine is probably close to a 20% to 25% success rate. Grants can come in many forms. 1:20 They can be non-restrictive funds, which can be allocated for gear, materials, payroll, et cetera. They can be direct funding, which are covering overhead, staff, or a specific campaign or initiative. 1:34 They can be project-specific funding like film grants, for example. They can be fellowships like the one that I did. Fellowships are typically industry or niche specific. 1:46 The one that I did was entrepreneurial ecosystem building. I've seen some for documentary filmmakers, some for producers, all those types of things. 1:56 They're typically lasting three months to one year, and they are collective cohort style programs. And last but not least, there are some accelerators that offer grant funding. 2:08 Accelerators, as the name suggests, are meant to be quick. They're meant to accelerate your business trajectory and growth. 2:14 Those are typically anywhere between one week and a few months, and those are also collective cohort style programs. 2:21 This may sound controversial or like the opposite of what you're thinking about when you're applying for a grant, but I truly believe that the least important thing about the grant should be the money that you receive. 2:34 In my experience, the money from the grant has been secondary to the relationship I developed with the grant funder. 2:41 Yes, business owners need money, and if you're like me, you probably prefer spending someone else's [chuckles]. But that money is a short-term cash injection in your business. 2:52 The long-term impact of a relationship with an organization that wants to see you succeed, that can connect you to relevant people in your industry, that can amplify the work you're doing, that can provide technical assistance and potential mentors, that curates peer-to-peer and experiential learning opportunities and will be a sounding board for your business and your business strategy, that's priceless. 3:16 I can't imagine participating in the PlaceBuilders Fellowship with anyone other than my fellow cohort members, the Forward Cities team, the EcoMap team, the mentor I was paired with, and the speakers who presented to our group each week. 3:29 I was challenged in ways that made me uncomfortable. I got asked questions that I didn't have immediate answers to. I had some of my greatest aha moments at unexpected times. 3:42 I experienced and learned from two other entrepreneurial ecosystems on the East Coast throughout this fellowship, and I learned alongside some of the brightest people that I've ever met. 3:53 I was encouraged in moments when I unknowingly needed it the most. I grew in ways that made me explore the depths of my desires as a creator and community builder. 4:05 But the deeper reality is that for the other 70% to 80% of grants, fellowships, and accelerators that I applied to, I probably was better spent using that time to grow my creative business. 4:19 This isn't to say that I'll never apply for another grant or that they're a waste of time because I truly do also feel that grants are an opportunity for you to get clear about what it is that you want and what it is you are doing. 4:32 However, I'll likely prioritize applications with an organizational or objective mission fit over a grant that is only offering money. 4:42 Building a business requires so much mental and emotional energy, and grant applications require even more. 4:50 My only unsolicited advice is to allocate your energy according to what can pour back into you, and I can truly say that this fellowship has left my cup running over. 5:01 [upbeat music] If you've been getting value from Honey & Hustle, I need a quick favor. Would you take 30 seconds right now to leave a review? 5:11 Reviews help other people discover the show, and honestly, they help me know what's landing with you. Whether it's this episode or one from a few months ago that stuck with you, just share what made it worth your time. 5:23 You can leave a review wherever you're listening right now, and I appreciate it in advance. See you in the next episode. [upbeat music]
