ABSTRACT
This chapter presents some basic information about external funding, but it is not intended to be a "how to" guide to acquiring external funds. Rather, it is intended to address prominent interests and concerns associated with external funding, particularly in sport management, and in some cases, to suggest stakeholders courses of action. The chapter provides an overview of the types of funds available, their sources, and the processes through which they are obtained. Based upon that foundation, multiple considerations are then presented, including the importance of external funding, benefits and pitfalls of external funding relevant to sport management, stakeholder interests in external funding, strategies to enhance funding opportunities, and entrepreneurship in higher education. While obtaining external funding is important to institutions, it is also increasingly important to individual units and faculty members as well. The chapter shows that external awards indirectly impact an individual's capacity and progress toward tenure expectations.
