Universities and nonprofits are leveraging artificial intelligence to enhance their fundraising initiatives, aiming to engage a broader donor base. Collaborating with Givzey, a Boston-based startup, more than a dozen organizations are adopting an autonomous AI-powered tool to streamline the fundraising process. This initiative seeks to address staffing shortages and engage a larger portion of their donor communities, propelling new opportunities for financial support.
Previously, universities and nonprofits primarily relied on traditional, labor-intensive methods for fundraising, often constrained by limited resources and personnel. The introduction of AI in this domain is a significant shift, promising increased efficiency and broader outreach. The use of Givzey’s Virtual Engagement Officer (VEO) aims to fill the gap created by insufficient frontline fundraisers, targeting the 70-80% of donors who currently lack personal engagement.
Engagement Strategies and Goals
The partnership includes prominent institutions such as William & Mary, La Salle University, San Diego State University, and Texas State University, among others. Nonprofits like The Jackson Laboratory and Parkland Health Foundation are also part of the cohort.
“In a landscape where our alumni base is growing exponentially while resources are shrinking, their innovative approach addresses the very challenges we face daily,” stated Brooks Hull, vice president for university advancement at Texas State University.
Over the next six months, these organizations will collaborate with Givzey to develop various use cases for the autonomous fundraiser. Each institution will contribute 1,000 donors for the VEO to engage, aiming to reverse the trend of declining fundraising momentum. The testing phase, extending over a year, will explore personalized outreach strategies, including connecting donors with students and re-engaging specific donor populations.
Personalized Donor Engagement
Different fundraising strategies will be tested, such as enhancing annual campaigns, end-of-year drives, and connecting with donors through individualized emails. One innovative approach includes leveraging LinkedIn profiles to identify donors with “open to work” badges and offering connections to career services or alumni networks. The goal is to create more meaningful engagement opportunities that resonate personally with donors.
Givzey plans to launch a beta version of the VEO this fall, with pricing for the tool anticipated to eventually be around $20,000 to $25,000 annually. The AI-powered fundraiser is expected to generate significant revenue, potentially between $150,000 and $200,000 from donors. Future developments aim to make the avatar more interactive, enabling real-time communication with donors.
The potential for autonomous fundraising to reshape the landscape is substantial.
“We’re trying to reverse the trend of downward momentum when it comes to fundraising,” said Adam Martel, CEO of Givzey.
Martel envisions a future where AI-driven engagement can answer donor questions and provide personalized interactions, transforming the fundraising industry.
AI-driven tools like Givzey’s VEO provide a promising solution for nonprofits and universities facing limited resources and growing donor bases. By incorporating AI, these institutions can optimize their fundraising efforts, engage donors more effectively, and ultimately increase revenue. The ongoing development and future enhancements of such tools are likely to further revolutionize the nonprofit sector, making fundraising more efficient and impactful.
