11th Annual Pace Pitch Contest - Independent Artist Charitable Foundation - JohnRiley O'Handley
The Pace Pitch Contest is based on the Elevator Pitch concept, popular in the venture capital community. It is an extremely concise presentation of an entrepreneur's idea, business model, marketing strategy, competitive analysis, and financial plan, which is delivered to potential investors. The premise is that it could be made in a few minutes, should the entrepreneur spot a potential investor on an elevator and have the opportunity to pitch their idea during the brief ride.
Each Finalist will have exactly three minutes to pitch their new venture idea to a distinguished panel of judges and an enthusiastic audience. In addition to broad participation at Pace, we have been pleased to welcome student competitors from a number of other universities, including Columbia, Harvard, MIT, NYU, Princeton, and Stanford.
IACF will establish itself as an umbrella charity to represent independent artist (operating as notforprofit)
to seek large donations on their behalf with the ability to offer tax credits. This is the only way that small scale artist could benefit from large corporate donations, and the corporations would benefit from a larger, more diverse audience to be connected with in this manner for the first time (power in numbers). At the same time this would provide the opportunity for sustainable earnings for artists and affordable access to the consumer. This structure allows artists to keep their business structures smaller and much more efficient, reducing many overhead costs while creating greater ability for more product development. IACF would also be developed to offer tax credits for independent donations to be passed directly to independent artist and would also be able to accept general donations from the public to be redistributed to many artists. This structure allows individuals in support of arts to be able to allocate portions of their tax money as they see fit while reducing their taxable income. IACF would also develop programs to aid artists in their business management.
There are two current markets that need to be approached to create the right momentum for this charity. First there would be the development of a portfolio of artist seeking to create, and in need of funding. The artist considered would be a diverse group but they would all be required to operate as a not-for-profit and be able to clearly describe their project as well as the budget associated with it. The second is those making donations. Primarily donations would be sought from large corporations seeking to donate in order to satisfy their business plan. There would also be on a smaller scale an awareness campaign to the public on social media, possibly developing some financial support.
Initially there would be an aim to aid local New York artists with companies interested in reaching a broad middle class audience but this would only be in the initial development of the foundation.
Currently there is little direct competition for the foundation as it would exist, but there is competition in the sense of how people and corporations would want to donate. There will be need to develop a clear marketing plan to demonstrate all benefits offered by the foundation to the donors. Competition in many ways would be other charitable artist that operate on a large scale and IACF would have to clearly show that supporting many artist on a small scale as oppose to one a large scale is to everyone's benefit. There is also slight competition with Fractured Atlas , a charitable organization that allows artist to accept donations through their organization but does not raise funds for them. IACF would have the competitive advantage.
At this point the IACF is in need of financial aid in order to get itself into a position to launch. Hiring lawyers to ensure that everything will be structured in a manner to work within the constructs of a charity, registering the business, as well aid in the marketing development will require funding. Time has been donated and will continue to be donated to create the foundation, but the current ambition is to avoid out of pocket cost for necessary fees while continuing to create the structure for a sustainable charity, and a new way to fund artists that will empower them to work with less financial strain.
Presented by: JohnRiley O'Handley
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