by Matt Alderton | May 08, 2019
Money can't buy happiness, but it can certainly buy goodwill for your business, according to author Howard S. Dvorkin, chairman of the website Debt.com. In a recent article for Entrepreneur.com, he shared a novel idea for companies that want to raise their profile among prospective customers: Establish a scholarship to help students further their education.
"Scholarships have many obvious benefits, and not just for their recipients," explains Dvorkin, who says the first benefit for the companies that grant them is publicity. "While it's nice for people to know you're a moral person running a good business, strive for publicity that does more than that. Your scholarship should directly reflect the values of your company and, hopefully, lead others to be philanthropic."

Dvorkin's company, for example, awards $500 every other month to students that actively chase scholarship money.

"Debt.com teaches Americans about the best ways to get out from under their credit cards, student loans, auto loans and mortgages. We strive not to be boring while preaching budgeting and saving," Dvorkin continues. "Our scholarship is set up to promote those same values, thus it is called the Debt.com Scholarship for Aggressive Scholarship Applicants. If you apply for many other scholarships -- which means you're thrifty and motivated -- you're eligible to win $500 from us. Just write a short letter and send us screenshots of your submissions."

Over time, the scholarship can serve as marketing that increases awareness, which eventually can lead to new business and increased revenue.

"Debt.com awards $500 every other month, rather than $3,000 once a year. That works for us, since we're all about saving even small sums of money," Dvorkin explains. "It also means we get more applicants and more schools promoting us because we're giving away money so frequently."


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