In an increasingly interconnected global economy, economic uncertainty has become a significant challenge facing economic development organizations (EDOs) and chambers of commerce in today’s complex global environment. Economic uncertainty refers to the unpredictability and volatility in economic conditions, policies, and markets that can impact business operations, investment decisions, and overall economic growth. Today’s economic developers find themselves navigating a perfect storm of uncertainty in the United States and globally; the pandemic’s shadow still looms, while inflation has rear ..read more

The recent release of the Giving USA 2024 report, widely quoted and the most robust annual review of giving trends by donor and recipient type, showed a decline in individual giving in 2023 of 2.4 percent. Alarming? Possibly. Surprising? No. Cause for Pause?  I hope so. The above paragraph is word for word what I wrote last year, with only the numbers adjusted for the most recent report. There is a trend here, but don’t get caught up in the numbers. Instead of regurgitating the widely available numbers for you, let me save you some time on the big picture: Giving dropped while the econom ..read more

We’ve compiled a recap of the topics we’ve explored in our blog thus far in 2024, offering insights and strategies for economic development professionals navigating an ever-changing landscape. Convergent Nonprofit Solutions dove deep into the heart of issues shaping the economic development landscape, exploring how infrastructure acts as the unsung hero of thriving cities, how innovative communities are turning vacant spaces into vibrant housing and revitalized downtowns, and how collaborative housing strategies can be used to craft inclusive thriving neighborhoods. We also equipped EDOs with ..read more

The first half of 2024 had us tackling a series of crucial topics in our blog to mull over, get updated on, get informed and get inspired by. Each article is packed with practical strategies and real-world examples to help your nonprofit thrive in today’s fast-paced world. Let’s take a look at the topics that had us curious so far this year.  Best Practices in Change Management for Nonprofit Organizations Nonprofit organizations face constant change, requiring effective management to thrive amidst evolving donor needs, staff restructuring, and unexpected crises. Research shows that about ..read more

Technology has received negative attention of late, particularly with the rise of AI in organizational operations and the ensuing fear of “robots taking over our jobs.” However, it doesn’t have to be all about machines taking over and replacing human workers. In a recent Harvard Business Review article aptly entitled “AI Won’t Replace Humans — But Humans With AI Will Replace Humans Without AI,” author Karim Lakhani stresses the importance of leaders learning to embrace technology and collaboratively harnessing its potential. Nonprofits, in particular, can significantly benefit from technologic ..read more

Economic developers are often tasked with addressing limiting circumstances within their communities that extend well beyond economic factors. Public health crises, ranging from global pandemics to more personal yet equally weighty issues like mental health crises, create scenarios with severe implications for their organizations and communities. The unexpected upheaval caused by the COVID-19 pandemic underscored the critical need for readiness to navigate the potential onset or aftermath of such events. Public health crises manifest in various forms, each with distinct implications for econom ..read more

Your nonprofit engages in many fundraising activities to generate the revenue you need to further your mission. With so many opportunities out there—from securing major gifts to starting a membership program—it can be challenging to figure out how your team can best focus its efforts to maximize results. That’s where wealth screening comes into play. According to Altrata, ultra-high-net-worth individuals now account for 38% of all individual giving around the world. This means that it’s more important than ever for your nonprofit to focus on building relationships with donors, or as Convergent ..read more

Capital campaigns drive incredible impact for nonprofit organizations, funding important new investments that grow their capacity to pursue their missions and serve more constituents.  These campaigns also create many opportunities to deepen relationships and drive impact beyond soliciting one-time campaign gifts and pledges. For example, many organizations use their capital campaign to help kickstart or expand their planned giving programs. Taking this opportunity allows them to invest in a high-ROI form of giving that can sustain their work through periods of economic turbulence. This i ..read more

Perhaps somewhat ironically, change is often the only constant in business. We live in a VUCA world – Volatile, Uncertain, Complex and Ambiguous. This phenomenon touches everything today, leading to head-spinning and rapid change on both a global and local scale. Economic Development Organizations (EDO) face a unique set of challenges to address. What does change look like for EDOs? Everything from shifts in policy, market trends, funding fluctuations, institutional restructuring, new initiatives, technological advancement and beyond. To thrive amidst the complexity of many moving parts, EDOs ..read more

Change is an inevitable reality for nonprofit organizations, requiring continuous adaptation to meet the evolving needs of their donors, stakeholders, and communities. Whether it’s a shift in funding, restructuring staff, new technologies, or a crisis demanding swift action, effective change management is crucial for nonprofits to thrive through challenging moments that stress employees, clients, fundraising goals, and overall mission alignment. Research from Harvard Business School reveals nearly half of organizational change initiatives are unsuccessful. Whether planned or unplanned, change ..read more