Alright – so today we’ve got the honor of introducing you to Cassandra Miles. We think you’ll enjoy our conversation, we’ve shared it below.
Cassandra, appreciate you joining us today. Risking taking is a huge part of most people’s story but too often society overlooks those risks and only focuses on where you are today. Can you talk to us about a risk you’ve taken – it could be a big risk or a small one – but walk us through the backstory.
As the Executive Director of a start-up nonprofit endeavoring to build trust, and raise a lot of money, from the communities of Central Minnesota, I am constantly measuring, explaining, and embracing risk. In the private sector, it isn’t uncommon for companies to launch with a lot of debt and/or investor dollars that demand a return. The risk of failure is high. While the traditional financing approaches utilized by for profit start-ups aren’t available to a start-up nonprofit, the risks remain — except the risk of failure comes with the added weight of letting donors, volunteers, advocates and entire communities down. For this and a million other mission motivated reasons, the risk of starting a large scale nonprofit had to be carefully and thoughtfully measured. Feasibility and demand could not be assumed. Quality could not be sacrificed. The variable that had to give in order for the risk to be accommodated appropriately was the timeline. When I joined the previously volunteer led effort to build Minnesota’s second largest children’s museum, there was nearly 8 years of planning and research in the rear view. Every donor approached was provided with an analysis of the risks and benefits of investing in this community asset — the return would be large, positive, and measured by community and economic impact but would take — you guessed it — time to realize. Even in my previous roles working in the hedge fund industry, I have never been more confident in my return projections. The children’s museum is backed by savvy donors who know that building a thriving community takes a commitment of time, money, and a clear vision. Risks are not ignored — they are expected and they are worth the ultimate payoff.
Cassandra, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?
I grew up in Annandale, MN with a pretty great family and just enough freedom to feel confident in my own abilities. I have many memories of playing outside with my siblings and cousins — riding bikes, exploring corn fields, playing games, camping with family, and reading under the shade of a good tree (this was probably my favorite passtime). I went to college with aspirations of running my own business someday, graduating with majors in Finance and Entrepreneurial Management from the Carlson School of Management at the U of MN Twin Cities. My career starting out in interest rate risk management at a bank in Chicago and eventually led me to roles in the buy side of the hedge fund industry. I met a lot of interesting people, learned a lot about obscure topics so long as there was money to be made, and I worked from home before working from home was the ‘norm’ upon moving back to Minnesota. When the opportunity to become the Executive Director for Great River Children’s Museum came about, I was ready to focus my energy on creating something with a lasting impact for my immediate community. I couldn’t be more grateful that this opportunity was granted. I understand that everyone who contributes ideas, time and/or money to Great River Children’s Museum is entrusting me to make the most out of what is offered, and I will always strive to do just that. I endeavor to create a sustainable and maliable community resource that can adapt to meet the needs of our ever evolving communities in Central Minnesota and I hope that people see and wish to emulate that passionate pursuit when they meet me.
How about pivoting – can you share the story of a time you’ve had to pivot?
Pivoting – when I say that I want to build a sustainable and adaptable business I mean that pivoting has to be a natural and welcomed response when road blocks are encountered. It was INCREDIBLE to see donor support come in for the construction of the museum and the development of exhibits. It was also incredible, in a very different way, to see prices rise and historically high inflation drastically change the budget outlook for our well thought out project. So then, we pivoted. There were two options: redact elements of our project that we knew would limit the value and impact of the children’s museum, or seek reasonably assured alternate funding sources and ease the pressure off of an already fast paced capital campaign. We chose the second option and sought state funding — we launched a coalition to join forces with other children’s museums across the state, hired a lobbying firm, testified before committees at the capitol, and weathered the storm of questions about why we were seeking state support. It was a learning experience like no other for me. I was both scared by the process, encouraged by the probability of success, and happy to be taking some of the financial burden off of the communities that we wish to serve.
Any stories or insights that might help us understand how you’ve built such a strong reputation?
Great River Children’s Museum is still building a reputation, but I believe that one of the smartest moves we’ve made is that of maintaining a tight focus on our brand and mission. Our brand guidelines are followed closely and our mission is upheld by our choices to decline partnerships or turn down opportunities that are not directly in line with our mission. This has helped us, and will continue to help us, set expectations and eliminate ambiguity in who we are and how we will serve kids and their caring adults in the Central Minnesota region.
Contact Info:
- Website: greatrivercm.org
- Instagram: @greatrivercm
- Facebook: @greatrivercm
- Linkedin: www.linkedin.com/in/cassandramiles
Image Credits
GLT Architects, Split Rock Studios, Haizlip Studio, St. Cloud Shines