IMPLEMENTATION STRATEGIES (APPROACHES)
The two competing approaches are described in the following sections along with their proposed feasibility study tasks.
THE ORIGINAL APPROACH
Description:
This approach plans to raise $2.5 to $5.0 million from donors (private, public and corporations) over the next two years for the building of an Edo Cultural and Exhibition Center (ECEC) in the National Capital Region (NCR) or DMV (DC, Maryland and Virginia) as the Region is sometimes called.
The $2.5 to $5.0 million budget will include the annual cost of running (i.e, operating, maintaining and managing) the Center for the first 18 months after its completion as it is not expected to start generating substantial revenue until after about 12 to 18 months of operation.
The Center is expected to start producing enough revenue stream to sustain its operations and maintenance after about 18 months. It is also expected to expand to become the “ECEC/Edo People Community Center” within the first five years of its existence. The revenue stream from its operation and future donations are expected to fund its expansion
THE INCREMENTAL APPROACH
Description:
This approach will seek to fund and implemental this project incrementally. The idea is to:
- Start very small with the funds ($42,000) that we currently have, establish a small cultural center/event rental facility (by renting or acquiring an existing building, warehouse or available local or state governments’ existing and/or abandoned properties in the area that can be acquired at no (or minimal) cost for the establishment of the Center.)
- Run, operate and managed it successfully (i.e, producing revenue stream that can sustain the its existence) for a year or two. Thereby building and establishing a Track Record of successfully establishing, operating and managing a center/facility similar to what is being planned and envisioned for the future at a much larger scale.
- This will help to sell the idea of an elaborate and huge ECEC/Edo People Community Center that is being envisioned to potential donors and stakeholders.
- A Track Record of success will be a morale booster for the Project Team and the Association, and the donors that will be targeted for donations.