5 Steps to Launching Your First Corporate Scholarship
Thinking about giving back through education but not sure where to start? Launching a scholarship program is a powerful way to make a difference, build your brand's reputation, and invest in the leaders of tomorrow. Here are five essential steps to guide you from idea to impact.
1. Define Your "Why"
Before you get into the logistics, define your mission. What is the goal of this scholarship? Is it to support students in your local community? To encourage more people to enter your industry? To honor a company founder? A clear "why" will guide every other decision you make.
2. Set Clear and Fair Criteria
Who is eligible for your scholarship? Be specific. This could include financial need, academic merit, a specific field of study, or geographic location. The key is to make the criteria clear, fair, and aligned with your mission from Step 1.
3. Allocate a Budget and Resources
Determine the financial award. Will it be a one-time grant or a renewable award? Consider the costs beyond the check itself, such as the time needed to promote the scholarship and review applications. This is where a partner like 180 Education can streamline the process significantly.
4. Promote the Opportunity
A great scholarship is useless if no one knows about it. You need to get the word out. Partner with universities, high schools, and community organizations. Use social media and your company's website to reach a broad audience of deserving students.
5. Establish a Review Process
How will you select the winner? Assemble a review committee to evaluate applications based on your established criteria. A well-structured process ensures fairness and helps you select the candidate who best embodies the spirit of your award.
Launching a scholarship is a rewarding journey, and you don't have to do it alone. If you'd like guidance on any of these steps, please reach out.