When the first digital currency, hit a record value of nearly $20,000 (only to drastically fall a few weeks later) the interest of the masses was captured. Crypto-currencies and its underlying technology Blockchain became a top subject of discussion for more than the fondly named “crypto-geek community”.
Many resources explain very well how it works. We recommend this article from Stanford Social Innovation Review which also suggests a few possible applications of this technology to the social sector and inspiring initiatives around the world.
Now, we would like to present you one of these exciting initiatives that we have been involved with in the past months: Impak Finance. The mission of this Canadian organisation is “to support the growth of an economy that has a positive social impact”.
To do so, Impak Finance’s team is developing an innovative service which will give the possibility to individuals, enterprises and investors to create positive social impact by choosing to spend, invest and shop in an ecosystem of carefully selected organisations chosen for the positive impact they generate. Their Impak coin supports the initiative by being designed to avoid volatility and by building loyalty through rewarding collaboration and spending in the Impak ecosystem.
We have been involved in the definition of Impak Finance’s impact strategy and the creation of the selection criteria and process of these impactful organisations. The great challenge is to manage to create a selection process which simplifies to the maximum the impact concepts and assessment questions so that a wider audience can get involve with the initiative, while keeping an academically satisfying methodology. Both Impak Finance and us feel fortunate that our work has coincided with the launch of the Impact Management Project, which has the same purpose of finding a consensus on how to speak about impact, measure and manage it, in the simplest way. We have used the findings of the project to structure our thinking. Impact assessment is never a straightforward journey and we are staying focused to learn from the growth of the ecosystem and to adapt the selection process. In the meantime, if you are an impactful organisation, getting involved with the ecosystem would give you a greater visibility and makes you a member of a community aligned behind the common objective of creating more social impact. The selection process will start soon, register your interest here.
Today, many want to have a positive impact. The language and principles underpinned by the Impact Management Project or the use of the UN Sustainable Development Goals are just the first step to a change for newcomers in the social economy. Whether in the fintech or more generally in the “profit with purpose” space, we offer support to organisations seeking stronger alignment with the impact sector.