"These Hard Times"?

[Schnabel]

Here's a thought, instead of approaching a business and flat out asking them for money, get them involved first. Expand your team to their children (if they have any) so then they feel obligated to help out (Networking as mentioned above). Work with them, maybe start a committee who you report to what you have done and ask for any and all suggestions. I'm guessing that if a company is involved in the organization, they will have a lot more want and need to help it. Finally, make sure you award them back at the end of the year just to say "Thanks" for helping you out.

[IKE]

I haven't had to do the fundraising thing in a while, but here goes are some ideas.

Like the post above mentions, few people like to talk to people looking for hand-outs. Instead ask if you can do a presentation to their technical/engineering department. Include a couple of your better video clips from thebluealliance.net, and let interested tech people drive it around.
End your presentation with an explanation of the grant that you are looking for and how it has a $6k requirement. If you put an hour into each one of these presentations an 9/10 companies turn you down, but the 10th give you a $1000, you just made $100/hour. Not bad. While this sounds like a lot of work, that is what the grant is looking for. A second year team willing to put in the effort.
Most people are used to measure success as a 90% or better (homework, exams,....). In fundrasing or selling, it is more a matter of playing the odds. Maybe only 10% will be interested, but that means you have to make a lot of calls.
For our solarcar team we did an adopt a cell program. Imagine trying to raise $80,000 at $25/cell.
Most importantly, if you do get a sponsor, keep them involved. Send a little news letter on how you are doing.