WHAT THE FUNDRAISING
150: The Evolving Landscape of Technology, Data, & Fundraising with Katherine Scott
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“The most successful fundraisers understand that humans are not all that different overall. We are predictable, and the data will help us surface leads and that they have good intuition, but they shouldn’t over-rely on it because they risk having their biases come to the forefront.”
– Katherine Scott
Episode #150
Overview
In this episode of What the Fundraising Podcast…
Mallory engages in a dynamic conversation with Katherine Scott, an esteemed Prospect Development Specialist based in Toronto, Canada. With over ten years of experience in fundraising and a wealth of expertise in nonprofit organizations, Katherine shares her invaluable insights into fundraising, prospect research, and integrating AI-powered tools like iWave into the fundraising landscape.
Katherine’s impressive credentials include her role as President of Apra Canada, highlighting her leadership within the professional fundraising community. As an accredited information professional, she brings a unique skill set encompassing knowledge management, competitive intelligence, corporate social responsibility, and more to her role in the field.
The episode starts with Katherine’s introduction, where she shares a glimpse into her remarkable journey. With a background in international development and a deep commitment to making a positive impact, Katherine’s accidental entry into fundraising quickly evolved into a passion for prospect research, major and transformational giving, and the responsible use of AI in fundraising. As the conversation unfolds, Katherine delves into the challenges she faced when she first started fundraising, glancing at the evolving landscape of technology and data accessibility. Her keen insights shed light on the delicate balance between data abundance and the importance of data quality and context, a critical aspect of her role as a Prospect Development Specialist. Also, the podcast explores the role of AI in fundraising, with Katherine sharing her thoughts on its transformative potential within the industry. Her dedication to ethical and responsible AI usage underscores her commitment to maintaining the highest standards in fundraising.
Moreover, Katherine explains iWave, a powerful prospecting tool integral to her fundraising journey. She elucidates how iWave streamlines data aggregation and analysis, empowering fundraisers to make informed decisions and prioritize prospects effectively. Katherine also addresses concerns about the intersection of technology and human relationships, emphasizing the need for technology to enhance rather than replace personal connections. As the podcast ends, Katherine leaves listeners with practical guidance for organizations contemplating the adoption of prospecting tools like iWave. Her recommendations, steeped in years of hands-on experience, offer a treasure trove of insights and invaluable direction for nonprofits eager to harness the transformative potential of AI-driven tools!
Tune in to unlock a wealth of knowledge and expertise from a seasoned professional in the fundraising arena!
EPISODE HIGHLIGHTS
- Getting to Know Katherine Scott: From Accidental Entry to Fundraising Expertise
- Navigating the Ethical Quandaries of Data and AI in Nonprofits: Uncovering Hidden Biases and Ensuring Inclusivity
- Unlocking the Power of AI in Fundraising: Katherine's Perspective and Practical Applications
- iWave: Revolutionizing Prospect Research and Data Analysis in Fundraising
- Balancing Tech and Relationships in Fundraising: Navigating the Fine Line
- The Power of Data and Intuition: Striking a Balance in Fundraising Relationships
- Navigating the Adoption of Prospect Research Tools: Tips for Getting Started
RAISE MORE FROM THE RIGHT FUNDERS
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Katherine Scott
ADDITIONAL RESOURCES
- Many thanks to our sponsor, iWave for making this episode possible. Our friends at iWave help nonprofits identify, qualify, and retain donors to raise more major gifts. Using their comprehensive software, iWave gives you access to the industry’s highest quality wealth and philanthropic information so you can determine who to ask, how much to ask for, and when to ask. To get a demo and learn more, check out iWave.
- If you haven’t already, please visit our new What the Fundraising community forum. Check it out and join the conversation at this link.
- If you’re looking to raise more from the right funders, then you’ll want to check out my Power Partners Formula, a step-by-step approach to identifying the optimal partners for your organization. This free masterclass offers a great starting point
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TIPS AND TOOLS TO IMPLEMENT TODAY
- Start by investing time in learning the fundamentals if you're not an expert in AI or ML.
- Identify your specific needs and objectives when adopting a prospecting tool. Different tools may excel in other areas, so choose one that aligns with your primary goals.
- Educate yourself about ethical AI practices and bias mitigation techniques.
- Look for tools and platforms that provide clear explanations of how their AI systems work and how they make decisions.
- Familiarize yourself with responsible AI frameworks and guidelines developed by organizations like OpenAI and the IEEE.
- Start with small, controlled experiments when implementing AI in fundraising or any other field.
- Join AI and ML communities, attend conferences, and participate in discussions.
- Use free trials to test the tool's features and see if it aligns with your organization's needs.
- Iterate and improve your AI systems based on real-world feedback and ethical considerations.
- Connect with peers and colleagues in the fundraising or prospect research field. Ask for recommendations and insights on which prospecting tools have worked well for them.
FAVORITE QUOTES
- The best advice I have for fundraisers is knowing where to prioritize, where to understand their best prospects, and then work on the relationship. - Katherine Scott
- You can still form an authentic relationship by knowing something. But you don't need to know everything and never will. - Katherine Scott
- The most successful fundraisers understand that humans are not all that different overall. We are predictable, and the data will help us surface leads and that they have good intuition, but they shouldn't over-rely on it because they risk having their biases come to the forefront. - Katherine Scott
- If you can get a tool to help make things easier, then it's a worthwhile investment. - Katherine Scott
- Try a trial period. See if that works. - Katherine Scott
- The term AI, Artificial Intelligence, is becoming a buzzword. So ask them how they use AI to power their tools. - Katherine Scott
- iWave is an aggregator that brings in datasets together and helps analyze that data or like report on that data when I do search. - Katherine Scott
- We don't know enough about AI to be able to make predictions. It is everything from a real tool that will change how we work to a lot of buzz without too much content behind it. - Katherine Scott
- I'm excited to see what kind of automation we can do, what kind of learning we can do from our databases that will help us fundraise better. - Katherine Scott
- How are we going to do fundraising better and have artificial intelligence help us fundraise better without replicating some of the biases and mistakes we humans have been making for decades? - Katherine Scott
RELATED CONTENT
Get to know Katherine Scott:
Katherine Scott is a seasoned prospect research and development professional with over a decade experience working in philanthropy for a range of organizations including MSF Canada (Doctors without Borders), Princess Margaret Cancer Foundation, Canadian Red Cross and Toronto Metropolitan University. She currently serves as President of Apra Canada, the professional association for research, data, and prospect development professionals. Katherine holds a Master of Arts in Political Science and International Development from the University of Guelph and a Master of Information from the University of Toronto.
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I teach nonprofit fundraisers to bring in more gifts from the RIGHT donors… so they can stop hounding people for money. Fundraising doesn’t have to be uncomfortable.
- CEO & Creator of the Power Partners Formula™
- Disruptor in the funding sector, changing lives everyday
- Relentlessly committed to the movement of money into the nonprofit sector
- Focused on win-win partnerships that allow fundraisers to be authentic and empowered in their work
- Over 15 years working in nonprofits (managing director and ED of multiple fast-growth organizations)
MALLORY ERICKSON
