Check out this interview from Alanna Irving (Open Source Collective Executive Director) with Henry Zhu sharing the backstory of what went well for Babel to reach financial sustainability.
Our ultimate goal was to help the project thrive. My personal goal was to help fund Logan, given he was working on his own time, and I figured that if I ever quit my job I might get funded someday too (which has now happened). I knew we would need some momentum and time for that to be possible, so we decided to make a start.
When we first started the Babel Collective, we weren’t even bringing in $1k/month. Slowly we built up to $4k/month, which is when I left my job to focus on Babel. Recently our budget looks a lot bigger thanks to a $100,000 grant from Handshake, which we split out as $10k/month. Once that’s over, the total will be around $20k/month.
Also, check out Alanna’s book — Better Work Together