When participants become alumni, they transition from the beneficiaries of your organization to (some of!) the benefactors. Creating and maintain a mutually beneficial connections with your alumni will help support both their personal growth and your program development.
đź“Ś Let's talk about why alumni matter, what they're looking for, and actionable things you can do to engage them.
+ This blog includes an in-depth guide to building an advisory council for your entrepreneurship center -- keep reading.
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Why Alumni Matter
Why Alumni Matter
It'ss a bittersweet moment when participants leave your entrepreneurship program.
On one hand, they are moving to the next step in their entrepreneurial journey and learning to stand on their own two feet, knowing that you will still be there to guide them if they need it.
On the other hand, they may have contributed just as much to the program as they gained, and you have come to appreciate them as a part of what makes the program such a special learning experience.
Such important personal connections should continue to be fostered even after participants leave your program.
đź’ˇ Alumni are often looking for ways to give back and stay connected to the communities they were most involved in.
We'll get into the ways to create a structured means for them to do so that will benefit both them and you.
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The Benefits of Keeping Alumni Engaged
The Benefits of Keeping Alumni Engaged
Benefits for Your Center
Benefits for Your Center
- Meaningful donations
- Access to potential mentors/speakers
- Reflective program feedback
Benefits for Your Alumni
Benefits for Your Alumni
- Long-term connections
- Charitable opportunities
- Broadened network
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5 Different Ways to Keep Alumni Engaged
5 Different Ways to Keep Alumni Engaged
The ways you choose to keep alumni engaged depends on your program’s available bandwidth and what you are looking to gain out of these long-term connections.
Here are the most effective ways entrepreneurship centers engage their program alumni:
1. Host Alumni-Specific Events
1. Host Alumni-Specific Events
- Whether it’s promoting informal meetups in your city of operation or providing free lunches and educational events geared towards more senior entrepreneurs, there are an unlimited number of events you could cater to alumni.
- Consider hosting additional niche meetups for the marginalized groups in your community such as women entrepreneurs or Black and Latinx entrepreneurs.
2. Host Shared Events
2. Host Shared Events
- If your program provides universally relevant information for growing entrepreneurs, chances are your alumni would appreciate an invite.
- Include alumni in your current programming where appropriate, such as during large speaker events, or organize a social hour so that alumni and current participants can get to know one another.
3. Send Out an Alumni Newsletter
3. Send Out an Alumni Newsletter
- Alumni may be included on your current newsletter blast, but oftentimes the information sent out is not always relevant to them.
- Creating an alumni-specific newsletter opens up the opportunity to promote more targeted information, such as alumni meetups, funding opportunities, or donation campaigns for your program.
4. Start an Online Networking Forum
4. Start an Online Networking Forum
- Create and promote an online forum centered around making connections.
- This forum could include both current participants and alumni, but should always have a clear intention.
- This could be hosted on your website, on Slack, a Facebook page, your StartupTree platform, or anywhere else your community frequents.
An example of an active forum with clear intentions:
CBS Founders Marketplace is for Columbia Business School student and alumni founders, as well as those interested in joining the entrepreneurship ecosystem from across Columbia University. Entrepreneurs, developers, designers, marketers, and startup enthusiasts can use this space to connect, whether you have an opportunity to offer or are seeking to join a team or project.
5. Organize an Advisory Council
5. Organize an Advisory Council
An advisory council for your entrepreneurship center can give alumni a more structured way to continue participating in the growth and development of your entrepreneurship program.
An advisory council for your entrepreneurship center:
→ promotes long-term engagement for participants and
→ opens an avenue for generating meaningful donations towards your program budget
Keep reading to learn how to start and maintain an advisory council for your entrepreneurship center.
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The Purpose of an Advisory Council
The Purpose of an Advisory Council
There are two key reasons to how an advisory council can help your center grow over time.
Long-Term Engagement
Long-Term Engagement
Program alumni are more often than not looking for a way to give back and stay engaged with the entrepreneurial community that supported them along their journey.
An advisory council can maintain strong relationships with program alumni which may later open the door to:
- speaking opportunities at events
- mentorship opportunities
- project committee member opportunities
Most of all, you will be able to gain valuable ideas for your program to pursue from the people who know it best.
Meaningful Donations
Meaningful Donations
Not only is an advisory council the perfect opportunity to keep program alumni in the loop, but it provides your entrepreneurship center with a more predictable budget generation plan than relying on sponsors.
Most sponsors typically have high ceilings and no real connection to your community.
Fundraising through annual gifts and a dues fee to be a member of the advisory council are two common ways most entrepreneurship centers leverage their advisory councils.
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Things to Consider Before Beginning
Things to Consider Before Beginning
When determining the purpose of an advisory council and how one fits into your entrepreneurship center, determine the answers to these questions for yourself:
1. Do you want actual input from your advisory council? (hopefully, yes!)
1. Do you want actual input from your advisory council? (hopefully, yes!)
- Hopefully, your advisory council will serve as just that: a council that advises on the direction and initiatives being pursued by you.
- However, if you’d like for your council to serve more as an alumni networking opportunity, consider changing the group name to something more fitting.
2. Does your advisory council actually have “power”? Do they think that they have “power”?
2. Does your advisory council actually have “power”? Do they think that they have “power”?
- Consider who your council members are and what you are looking to gain input on their behalf. This will determine the amount of “power” versus perceived “power” these members should be given.
- Giving the council members the ability to make definitive decisions on your program’s behalf may seem a bit intimidating. Consider an alternative of highlighting situations where council member suggestions have aligned with your program’s goals and values and have affected change in the community.
3. Would you consider turning council member businesses into corporate sponsors?
3. Would you consider turning council member businesses into corporate sponsors?
- Consider the business opportunities that you would like to offer or not members before they come to you with propositions.
- Weigh the pros and cons of attracting new members and commercializing your advisory council.
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Components of an Effective Advisory Council
Components of an Effective Advisory Council
Effective advisory councils are based around regular member meetings and meetups. These should be attractive events that members will look forward to attending which may have different focuses based on their nature.
Here are the core components to include:
Semi-Annual Meetings
Semi-Annual Meetings
- Meetings are hosted in-person to promote community, with a focus on program updates. Lunch is provided, of course.
Monthly meetups
Monthly meetups
- Meetups happen virtually to promote networking between alumni, with a focus on relationship building. Facilitators will lead programming and steer conversations towards interesting topics.
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What is the “right number” of members?
What is the “right number” of members?
How many members should be in your advisory council depends entirely on its purpose and your bandwidth.
There are typically two main goals for an entrepreneurship center’s advisory council: fundraising and engagement.
đź’ˇ Fundraising and engagement are not mutually exclusive goals!
If Your Goal Is Fundraising...
If Your Goal Is Fundraising...
If your goal is fundraising, then the more members the better… seriously.
- Promote your council as much as possible and think about running referral programs that offer a benefit to people bringing in new members.
- When considering the idea of charging dues for advisory council membership, consider a tiered model that has three different price points with exciting offers and advantages unlocked at each tier.
- Adjust pricing based on what seems reasonable based on your program needs.
If Your Goal Is Engagement...
If Your Goal Is Engagement...
If your goal is engagement, think about how many people you can successfully engage and what sort of effort you can put into event planning to make council membership worthwhile.
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How to Recruit for Your Advisory Council
How to Recruit for Your Advisory Council
There are a few simple steps to getting someone to join your entrepreneurship center’s advisory council:
Send frequent reminders and updates: Use your alumni email list to your advantage by promoting the advisory council in newsletters and regular program updates.
Offer incentives: Provide free lunches, networking opportunities, speaker events, etc. to those that join the advisory council. Make sure people feel appreciated.
Make it sound worthwhile: Alumni who are not a part of the advisory council should feel like they are missing out on an exciting opportunity to reconnect with peers, give back to the community, and form valuable new professional connections.
Recruit through referrals: Current advisory council members will always be your best form of promotion. Make sure to offer simple, incentivized ways for current members to refer new ones.
Keep your goals in mind when recruiting and consider what the "right number" of members is that you are aiming for.
- If you are aiming lower, perhaps only recruiting through referrals will gain you more than enough members.
- Otherwise, newsletter and school-sponsored promotions may be a better option.
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Getting Started
Getting Started
Getting started is as simple as committing to the idea of starting an advisory council for your entrepreneurship center over the next few months.
Actually getting things started has minimal downsides and significant, sustainable upsides.
Take the First Step
Take the First Step
💡 Identify a founders’ circle of advisory council members, beginning with around 12, and call for the first meeting.
- It might be a bit disorganized at first, but if you pick a good group of founders they themselves will help things launch and grow.
- Keep it simple! #stepbystep
Help Along The Way
Help Along The Way
The most common concern people have when starting their own advisory council is figuring out how to actually motivate people to participate and donate. What should council members get in return for their membership?
How We Can Help
How We Can Help
The StartupTree team can be called in if more bandwidth and expertise is needed to make sure your alumni engagement strategy excels!
Our new strategic service offering, StartupTree Connect is a done-for-your program that empowers entrepreneurial alumni through peer-led professional networking groups, managed start-to-finish by our team.
What StartupTree Connect includes:
- Access to your own StartupTree platform
- Certified facilitators to engage your alumni through professional networking
- Monthly meetups, hosted by our facilitators
- Program support to ensure that alumni are engaged while giving back
How to get started:
- Take our quick 5 minute quiz (at the bottom of the page) to see if your program could be a good fit!
