I have been asked twice in the last month by people who run small to medium sized companies about setting up a "corporate sponsorship" of our project. I was wondering if anyone out there has ever done a corporate sponsorship (or was proposed one). What would something like this involve? What would a company be looking to get out of it?

The process generally goes like this:
1. Research companies that might have a natural tie to your project; such as: railroads, food service (restaurant, restuarant staffing, hotels, or restuarant equipment suppliers), restoration (paint/coatings, metal/woodworking/hardware), machine shops etc.

2. Decide on recognition for sponsor. Some may want anonymity. Others are happy with a plaque or signage listing. Major sponsors may need ego boosting with naming rights (behemoth company EL diner), publicity, gala dinner recognition etc.

3. Determine how much visibility your sponsor will receive through visitor traffic. The higher the headcount, the bigger the giving levels you can ask.

4. Of course, ALWAYS write a personal thank you note to each sponsor sent by USPS on good quality stationery. Thank you letters are under utilized in this e-mail era but have tremendous impact. Donors will favorably remember your organization when you ask for money on subsequent occaisions. Be sincere in your thank you letter and avoid obsquiousness. If you publish a newsletter, make sure all sponsors are on the mailing list—or e-mail if they prefer—so that they can see that you are spending their sponsorships wisely.

Hope the foregoing is helpful.

Sloan

With rare exceptions it's primarily about exposure. The reason the Fortune 100 guys pay multi-millions to have a sports arena carry thier name is simple exposure. Trust me they have it down to a science and can tell you in fractions of a cent/exposure where the best opportunities are.
With a relatively obscure project like yours the appeal will need to be tailored to the target candidate sponsor in an attempt to compensate for the relatively limited exposure they'll get in return.
Another caution is that most firms plan/commit 3/5 years in advance so the sooner you get the ball rolling the better.
Ross Rowland