A New Approach to Funding Social Enterprises: Billions
Last April the Center supported a terrific weekend to conceptualize new social enterprises called GiveBackHack. One of the creations that weekend has just launched: The Billion Effect. It has created a totally different approach to crowdfunding. Like any start-up, it may fail or it may succeed. But it is far too soon to tell. For now, celebrate the innovation and check it out.
Its first “product” is a contest to raise money for fourteen different causes. The catch is only one will win the funds in the end. Hence the innovation in crowdfunding.
Here is how it will work:
1. Fourteen movements rally their supporters for a chance to win the Billion Fund. The movements that raise the most money move on to the next stage.
2. The top eight teams from the previous stage will compete at the Columbus Independents’ Day Festival in a tournament to determine the winner. For the “tournament”, Billion is partnering with Multivarious Games to host an awesome augmented reality game in a 30-foot long shipping container. Admission fees to play the game contribute directly to the Billion Fund, and points will be awarded to the movement that is selected by the player.
3. The winner of the tournament is awarded the Billion Fund. With the support from the community, the winner goes on to change the world.
One of the first contestants is listed in the Center for Social Enterprise Development’s Social Enterprise Directory, the Roosevelt CoffeeHouse. Click on Redeeming Injustice to support them. Other contestants who are in the Social Enterprise Directory are Unchained Fashion, She Has A Name Cleaning Service, Starfish/Brioso CoffeeHouse, To see all the initial “contestants”, click here. To get your favorite enterprise into the top 8, you need to support them by Friday, September 18!
Who knows if this crowdfunding model will produce “billions” but it is reflective of the innovation that social enterprise creates. Check it out!
Yours in Linking Mission to Money,
Allen Proctor, President & CEO
Center for Social Enterprise Development