VENTURE PHILANTHROPY: FUNDING AND SUPPORT FOR SOCIAL IMPACT PROJECTS
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Have you ever heard of Venture Philanthropy? Although the term might sound somewhat abstract, it is a very concrete financial methodology that seeks to promote projects with a significant social impact. At mentorDay, we are committed to providing entrepreneurs with tools that can help them on their path to success, and the concept of Venture Philanthropy is certainly one of them.
What is Venture Philanthropy?
The term "Venture Philanthropy" refers to a methodology that combines the best practices of venture capital with those of the world of philanthropy. It seeks to invest in projects or social enterprises, offering them not only financing but also accompaniment and specialised advice.
How does Venture Philanthropy work?
Venture Philanthropy is not only focused on donating funds to a cause, but goes much further.
THIS FORM OF FINANCING SEEKS TO ACTIVELY PARTICIPATE IN THE SOCIAL ENTERPRISE OR PROJECT, OFFERING:
- Financial capital: initial or continued investment to help the project grow.
- Human capital: advice, mentoring, access to networks and experiences that can benefit the project.
- Share capital: building a network of contacts that can propel the project to new horizons.
Benefits
FOR ENTREPRENEURS
- Assured Growth: The injection of capital and resources ensures a more solid path to growth.
- Networking: access to an extensive network of professionals and entrepreneurs who can offer new perspectives and opportunities.
- Focus on Impact: by having a partner that is interested in social impact, the project will always be looking at the long-term results it can generate in the community.
FOR INVESTORS
- Social Impact: possibility of being part of projects that not only seek financial profitability but also generate a positive social impact.
- Return on Investment: successful social projects can offer a financial return in addition to social impact.
CONCLUSION
Venture Philanthropy offers a more holistic approach to funding projects that seek to do good in the world. At MentorDay, we support this initiative because we believe that social entrepreneurship is the future. If you have an idea that can change the world for the better, perhaps Venture Philanthropy is the path you are looking for.
Have you been interested in this topic? Join our acceleration programme (ver+) and find out how you can be part of this social revolution!
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QUIZ
CASE STUDY ECOFRESH - FROM MENTORDAY TO VENTURE PHILANTHROPY
INTRODUCTION
EcoFresh is a social startup that specialises in providing fresh, organic produce to disadvantaged communities. By joining mentorDay's accelerator programme, the company had the clear goal of scaling its impact and finding a funding model that would allow them to do so in a sustainable way. Here we tell you how Venture Philanthropy became their ideal ally.
THE CHALLENGE
ECOFRESH HAD THREE MAJOR CHALLENGES:
- Scale: needed to expand their production capacity to serve more communities.
- Technology: required to implement a digital platform for the efficient management of their supply chain.
- Community Connection: wanted to strengthen their relationships with the communities they serve, for which they needed community development professionals.
THE WAY TO THE SOLUTION IN MENTORDAY
ECOFRESH JOINED THE MENTORDAY ACCELERATION PROGRAMME, WHERE THEY RECEIVED:
- Specialised Mentoring: learned how to structure their business model in a sustainable way.
- Skills Development: participated in workshops on leadership, finance, and technology.
- Networking: connected with other entrepreneurs and potential investors.
THE VENTURE PHILANTHROPY OPPORTUNITY
During the networking stage at MentorDay, EcoFresh crossed paths with GreenImpact Fund, a fund specialising in Venture Philanthropy.
GreenImpact Fund proposal
- Financing of $200,000: for technological expansion and improvement.
- Strategic Consultancy: provision of an advisor to oversee the implementation of the business plan.
- Networking: introduction to non-governmental organisations and companies that could collaborate in its mission.
THE OUTCOME
WITH FUNDING AND ACCOMPANIMENT, ECOFRESH WAS ABLE TO:
- Increase your production: went from serving 5 communities to 20 in one year.
- Launch its Digital Platform: implemented a supply chain management system.
- Strengthening the Community: hired two community development specialists, multiplying its impact.
LESSONS LEARNED
- Mentoring Matters: MentorDay's acceleration programme was crucial in preparing EcoFresh for the next step in its journey.
- The Right Funding: Venture Philanthropy was the perfect vehicle to combine funding with genuine social impact.
- The Power of the Network: Through the mentorDay network, EcoFresh was able to find the ideal partner for its growth.
CONCLUSION
EcoFresh is a perfect example of how the combination of an accelerator programme like mentorDay and a funding approach like Venture Philanthropy can take a social enterprise to the next level. It's not just about the money; it's about finding the right partners who share your vision and are willing to invest in it both financially and strategically.
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