MIT defines a sponsorship as an outside person's provision of anything of value to a student group or initiative to support that group/initiative's activities, in exchange for valued consideration from the group back to the sponsor. A sponsor can be an individual, non-profit or for-profit corporation, or government entity, and the value provided by sponsors commonly includes funding, goods, and services, among other things.
Drilling down deeper, there are technically two basic types of sponsorships for student initiatives: academic gifts and corporate sponsorships. Most sponsorships are not recognized as academic gifts given the quid pro quo nature of the agreements. Below is an explanation of both types:
Please make sure you submit a sponsorship tracking form if you are expecting to receive funds from a sponsor: this will allow us to track any money you may be expecting.
1. Build your prospect list:
a. Identify potential supporters of your event or initiative and create a comprehensive list in Excel. Submit a Sponsor List to the Student Life Office before the companies are solicited for sponsorship. Please provide the list in excel and include the following information: full name of company, location of company, and type of business.
b. Be strategic, and think outside the box, including any company that could have a connection to your initiative.
c. Research past sponsors. Then, identify the point of contact within the company.
d. It's best to start with any personal connection that you or a team member may have to the organization.
e. Remember: You can ask for sponsorship of meals from restaurants, and ask for sponsorship of specific components of your event – VIP Reception, Breakfast, etc.
f. Submit your list of potential sponsors to the Student Life Office you plan to solicit for event or group sponsorship. Please provide the list in excel and include the following information: full name of company, location of company, and type of business.
NOTE: If you are interested in reaching out to companies in China, Russia, Saudi Arabia, and Venezuela, you will need approval from MIT in order to contact those companies.
2. Prepare and make your pitch:
a. Build sponsorship levels and materials that advertise the benefits.
b. Determine ask amounts – decide prior to asking what you're going to ask for, and be sure to ask for a specific amount in your communication.
c. Send an email and either attach, or include within the email, a formal solicitation letter explaining your initiative, the theme or goals, and why the partnership would be strategic for the company. Also highlight any benefitss that would come with that level of sponsorship.
d. Remember: If a prospective sponsor wants to claim academic donor status, you cannot promise anything of monetary value in return for their gift! If this is not a consideration for your prospective sponsor, you can offer limited perks. Student Life can help you think about what you can and cannot offer so that your pitch is as effective as possible.
3. Follow up on your ask:
If you haven't heard back after a couple of days, follow up with a phone call or email. Do not be afraid to call on the phone as that may be what stands out from other solicitations. Continue to follow up until you have received a response.
4. Send a Thank You:
Whether or not the company agrees to sponsor your initiative, send a thank you email to anyone who helped you through the process of asking. They may not be able to sponsor this year, but it is best to keep up good relations in case students in future years want to reach out again.
5. Track all of your progress:
This will enable future organizers to solicit for sponsorships with a knowledge base and help them to maneuver in years to come. Being smart about how you build relationships with a company can result in a lasting sponsorship over several years.
6. Get the money into your Sloan account:
a. MIT can accept gifts or sponsorships by check or by bank wire and electronic (ACH or ECH) transfer.
b. The sponsor will need information from you to get the money to MIT. Once more, use the Sponsorship Commitment Letter & Invoice Template for this, filling in the necessary details on that letter.
c. They may also want MIT's W9 or Bank and Trade Reference Sheet. If they need additional information or a signature from MIT, contact the Student Life Office.
d. Please make sure you submit a sponsorship tracking form if you are expecting to receive funds from a sponsor: this will allow us to track any money you may be expecting.
e. Note: If a gift is received by MIT, MIT will issue an official letter of recognition that they can use for their taxes provided it is an academic gift rather than a corporate sponsorship.
7. Follow up:
Track the money until you see it in your account. This process is not complete until the money actually shows up in your account. This may involve following up with the sponsor and asking for accounting help from the MIT Sloan Finance department. MIT is a big place and sometimes money goes to the wrong office or account, or else it arrives with too little information for us to know what it's for (e.g., a check made out simply to "MIT" could be for any one of several groups).
Exclusive sponsor of the cocktail Networking Event on Saturday evening before the conference:
1. A representative of your company will say a few words at the event
2. Your company's 4-4-color logo will appear on signage at the cocktail event
Sponsor's 4-color logo is highlighted above Gold and Platinum sponsors on:
1. conference website
2. registration email blast to 2,000 real estate graduate students and professionals
3. signage at the event
Receives full page black and white ad of your choice (or thank you sponsor ad) in the conference brochure given to each attendee and speaker
Receives attendee registration email list of 2,000 real estate graduate students and professionals after the event
Sponsor's 4-color logo appears above Gold sponsors on:
1. conference website
2. registration email blast to 2,000 real estate graduate students and professionals
3. conference brochure given to each attendee and speaker
4. signage at the event
Sponsor's name appears on:
1. conference website
2. registration email blast to 2,000 real estate graduate students and professionals
3. conference brochure given to each attendee and speaker
