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Fundraising:
What is the best way to approach a possible sponsor?
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It helps a ton to have a business proposal written up, something that details how the team will be run, who will be involved, what the roles of the people involved will be, how much you expect everything to cost, etc. However, distributing that business proposal to companies alone will not get you the money you need. It's much better to create some kind of direct communication (in person at competitions, via e-mail, via phone) and then follow up that communication with the business proposal.
In addition to this, sometimes companies will have community and educational grants to which you can apply on their websites.