The world is dynamic, lovely, and delightful to live and work in because of events and initiatives in different spheres of life. These include sports, entertainment, art, agriculture, non-profit organisations, for-profit corporations, religion, and many more. The success of these activities and projects depends in part on sponsorships.
Over time, sponsorship has helped make events and initiatives possible. Because of how important it is, it has developed into a potent weapon that helps brands build, maintain, and shape their reputations.
Let’s quickly review some accepted definitions of sponsorship.
The Oxford dictionary puts it as, “sponsor something (of a company, etc.) to pay the costs of a particular event, programme, etc. as a way of advertising.”
According to Wildapricot, an all-in-one, easy-to-use membership management solution company, “a sponsorship is when a company commits money or resources to a nonprofit event or programme in exchange for specific promotional benefits.”
Wikipedia records sponsorship as “sponsoring something is the act of supporting an event, activity, person, or organisation financially or through the provision of products or services.”
Data Supporting the Impact of Sponsorships in Events and Initiatives.