This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
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1. THE BEGINNING
This innovation initially came to life when…
The genesis of TFN as live crowdfunding model came in 2012 when Lisa Cotton, with the late Steve Lawrence AO, identified a UK model suitable for replication in Australia. Steve passed away in 2013, however, Lisa secured seed funding and established a national steering committee to oversee community consultation, culminating in 3 pilot events in Sydney, Melbourne and Perth. Fast track to 2017, over 4,500 donors around Australia have supported 140 NFPs with $5m in funding and $1m in-kind support. TFN has partnered with 30 corporations, foundations and government, and now provides capacity building services with mentoring, volunteering and workshops.
2. WHAT & HOW
The purpose of this innovation is to…
Social sector funding is narrowly directed, costly to raise and a lack of access to networks and expert resources for grassroots non-profits is impeding social innovation in Australia. The Funding Network (TFN) has pioneered an inclusive approach to addressing this.
It does this by…
TFN runs unique live crowdfunding events harnessing the power of storytelling and bringing people together to create powerful social change. At each live crowdfunding event, three social entrepreneurs share their inspiring stories and guests pledge funding and in-kind support to become part of innovative solutions to community issues. We are transforming the way non-profits, individuals, business and government come together.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Despite Australian giving levels increasing 3% since 2015, the divide between the haves and have-nots is also increasing, putting further demand on NFPs with innovative solutions but limited resources. Australia has the financial and human resources to address most community issues. It needs vehicles to channel these resources, which is where TFN has successfully stepped in to fill this void.
Its various benefits to the customer/end-user include…
Charities: Funding, networks and connections they otherwise wouldn’t have access to.
Corporations we partner with: opportunity to meaningfully engage staff
Individuals that attend events: experience the stories of charities and support them in a meaningful way, rather than online transaction.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
In the past, NFPs have had to spend valuable time, resources and energy reaching new networks to obtain donations, funding and in-kind support so they can continue their important work. While online crowdfunding is rising in popularity, it is does not engage people in the same way and is still time and resource intensive for these organisations.
Its predecessors/competitors include…
There are no predecessors operating in Australia, and The Funding Network is now the largest collective giving model in Australia. While they still have very different models, possible competitors include 10×10 and Impact 100.
5. TARGET MARKET
It is made for…
The Funding Network live crowdfunding events are designed to transform the way all sectors come together by harnessing an amalgam of forces – passion of charities, power of corporations, gravitas of government, advocacy of foundations, and the goodwill of everyday Australians. These unique events bring about mutually beneficial outcomes for each sector, and society on a broader level.
It is available for sale through…
This service is not for sale, but is available for grassroots non-profits with innovative, inspiring social programs in Australia that: address issues of social inequality, find a better solution to an underlying social problem, pilot innovative solutions to social issues
Our marketing strategy is to…
Our marketing strategy is bifold. Our strategy is to reach as many charities and as many donors as possible, so we can continue to engage and unite all sectors of society to bring about positive change. Our marketing and communications plan is to position TFN as a leader and innovator in collective giving.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
