It is a new fund generating activity undertaken by the non-profit organization which is aimed at reducing the gap between expenses and revenue. The primary purpose is to subsidize the service program. It is gaining popularity in recent time. Educational institutes running commercial complexes hospitals running a meditation class and fitness program are typical example of piggy backing.
The non profit organization should have the following resources before adopting piggy backing strategy;
The non profit organization should have the following resources before adopting piggy backing strategy;
- some thing to sell
- critical mass of management talent
- trustee support
- entrepreneurial attitude.
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I am not still clear about what is the piggybacking, would u mind to elaborate me long with a lot of examples.
ReplyDeleteThis is a form of social entrepreneurship, where a charity receives funding by an endorsement of a company's product. The product is outside the charity's normal scope of work, but is in some way related to the charity, and the sole purpose is to subsidize the charity's scope or purpose. Some examples are Girl Scout Cookies, museums selling photographs of items in their collections, and the American Cancer Society endorsing GlaxoSmithKline Nicorette Chewing gum.
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