Definition
Programs that help nonprofit organizations, small businesses and other groups diversify their sources of income and reduce dependency on funding sources that may cease to provide annual support by pursuing income-generating ventures that provide unrestricted funds that can be channeled into fulfilling the organization's core mission. Diversification strategies include improving existing products and services to improve penetration of current markets, packaging and marketing the organization's existing products and services to new markets, adding new, related or unrelated products and services for current or new markets, eliminating or reducing investments in unsuccessful products and services and entering into joint ventures or other types of partnerships to build capacity and help assure sustainability of fund development efforts.
URL Name
TP-6600-0900
Third Level Code
TP-6600
Taxonomy Code
TP-6600.0900
Parent Code
TP-6600
Family Code
T
Second Level Code
TP
Fourth Level Code
TP-6600-0900
Use References
Business Income Development, Social Enterprise Development, Social Entrepreneurship Development
Publication Status
Online