Sponsorship tips: Who can you approach and how?

This blog will cover which types of companies are best to target for sponsorships and how you can approach them. It also includes which aspects of the competition need to be clearly communicated to your sponsor.

Different people you can target:

Small businesses/shops- they might be willing to sponsor you small amounts to promote their business. As a small amount is needed for development class, this would be a good idea. However, some people might not see the point in sponsoring a school project so it is important you ensure that the benefits of them sponsoring you are clearly communicated.

Schools/universities- As schools and universities will be experienced with these type of projects and might know more about them, they are more likely to sponsor.

Oil and gas companies- Oil and gas companies are mostly the companies that sponsor actual F1 races. This makes them more likely to understand the project and sponsor them. Companies such as Shell, Petronas and such are options. However, these companies might be hard to reach as they are very wide and furthermore, they might have a minimum amount for sponsorship which could exceed the maximum amount for your competition.

Car/motorsport companies- as this project‘s main aspect is to design, engineer and produce a model f1 car, these companies could be willing to sponsor.

Restaurants/ other brands- These brands could sponsor if they want to promote their brand. It is important to clearly show how you will promote their brand to them as they might not have much knowledge about the actual project.

Aspects needed to be clearly communicated to potential sponsors:

• The scale of the competition (how many people will take part? Who?)

• What promotion you are willing to offer (e.g. social media, portfolio, pit display, merchandise etc.)

• How can their company benefit from sponsoring you?

• What valuable skills this competition will teach you/ the aim of the competition

It is also very important to maintain a good relationship with your sponsor and keep them updated on your progress.

So how do you approach a sponsor? What will you include in your letter or presentation?

We will be covering this in our blog next week so be sure to check it out. Thank you for reading.

Team Corvus

Unleashing potential