Yesterday we conducted our first live evening chat, featuring guests from New York and Australia. For Tom Dawkins, co-founder of startsomegood.com, it was 9 AM in Sydney. Startsomegood is a crowdfunding site (or "peerfunding" site, as Tom prefers) that taps into the power of the crowd, allowing social entrepreneurs to ask for small amounts of money from supporters from around the world.
Josh Cohen, our second panelist, is co-founder and managing partner at City Light Capital, a venture capital firm investing in USA-based, high-growth companies dedicated to tackling some of society’s toughest challenges.
For social entrepreneurs, finding funds to start up or move a project to the next level can be challenging. Without nonprofit status, tax-deductible donations and grants are virtually out of the question.
Here's what Josh tells us his firm looks for in a viable social venture investment:
- Acute pain in a large and growing market
- A team with relevant experience
- Intent + Measurability + Accountability
- A business model consistent with impact
- Paying clients
- Data - personal stories, case studies
In the peerfunding realm, Tom shared qualities that a good social business profile has on his site:
- An inspiring story about the future you are creating which people can visualize and understand
- A video which presents authentically your vision and goals
- A realistic budget
- Good rewards which tie in to your project and give your supporters a sense of connection and express your appreciate of their support.
For more information on social enterprise, see our Knowledge Base Article.