EEEPC Finalists Insights: Part 2
Meet ChaityBay and Benevolence Financial Group, two of this year’s Early Ethical Entrepreneur Pitch Competition Finalists and get ready to take action. As they share their discovery of purpose and their visions for the future.
charityBay
Q. Describe your journey so far as an ethical enterprise – what is your purpose, and why you embarked on this journey?
Our purpose is to bridge the gap between people and charities. The concept of charityBay started from living in an apartment in inner-city Melbourne. It felt as though every day, new people were coming and going, and in their wake left countless items being left on the nature strips and in the communal rubbish rooms to be taken to landfill inevitably. A washing machine, a couch, an assortment of children’s toys left in a cardboard box labelled ‘free to a good home’.
But these items had worth – they still had life in them and would be perfect for someone else to use and love. And more surprisingly, they were belongings people were happy to part with for no monetary gain. So it got us thinking.. what if we could somehow sell these items and create a new revenue stream for those who truly need it. Cold hard cash that could be used in any charity, for any cause and go towards the personalised needs of those associated with any charity.
From there – our minds went wild. Imagine if we could simultaneously help those in need AND reduce our impact on the environment. Reducing landfill, increasing reusing and recycling. And hey! That pre-loved item you picked up on charityBay might even inspire a Saturday afternoon DIY project!
The opportunities are truly endless, I can think of at least ten items on my own which I would happily part with if I knew they would be loved by someone else, and the proceeds were helping those in need.
Convinced that everyone has the power to help, we committed to giving our sweat, blood and tears into this movement, the new era of giving back.
We worked non-stop and launched our very first prototype in February, pivoting and re-launching again in April. One thousand two hundred people have signed up to use charityBay. These are everyday Australians, a community committed to changing lives by donating their unwanted items and purchasing pieces that are helping fund charities.
Our journey has been a full adventure, from knocking on hundreds of doors, literally hundreds (pre-COVID), connecting with thousands of charities, to successfully sending these charities cash donations from the sale of what were once unwanted items. We must not take any credit there, though, as we simply created the platform – the bridge, so to speak. The real heroes are our users and of course, the charities.
The CharityBay Team
Q. How did you select a business model to achieve your vision, and what model works best for your enterprise?
The best way to amplify positive impact around Australia, and the world, is by having a sustainable and scalable business.
Our platform is entirely self-sustaining and operates automatically with only a slight need for human input. Sustainability, efficiency and scalability were the key elements we used to develop charityBay.
Our costs of operation are marginal, and we have developed all of our software in-house; therefore, we do not depend on any external infrastructure. Additionally, we reduce the operation costs of op shops by up to 10x, as well as expand their volume and reach radically higher capacities.
Having said that, we realised that a 5% commission fee of all transactions and advertisement would amplify our positive impact.
Q. What is the best part of being an ethical enterprise on a mission?
We make a living by what we get, but we make a life by what we give
– Winston Churchill
I believe that the best part of having a social impact-driven organisation is that we give our lives a higher purpose, while always keeping in mind that we are not heroes. We are only facilitating a process. The real heroes are the charities, and users helping them on a daily basis.
Q. How do you extend your impact across to reach and engage with your stakeholders outside your direct clientele and partners?
I believe that the key is to remain honest and truthful at all times. If we speak from our hearts, work hard and listen to our users; our reach and impact are limitless, as there is nothing more powerful than acting together as a community.
Q. Where do you see your enterprise 10 years from now, and what is your big vision?
We believe in a world where every person has the power to help. The reality is that in Australia alone, over 8.3 Million people chose not to help just because of their financial constraint. We see charityBay allowing every individual to discover their power to create impact, eliminating the general misconception that money is needed to help.
Q. What message would you like to share with any other aspiring entrepreneurs who are interested in building their own vision?
My happiest moments haven’t been when I was sure about the result. They were when I was outside of my comfort zone. I know one might have some fear of being in unknown territories, but there is a high chance of finding passion and happiness above that fear. Take the risk, take action. Done is better than perfect, and most people regret what they didn’t do, not what they did.
Benevolence Financial Group
Q. Describe your journey so far as an ethical enterprise – what is your purpose, and why have you embarked on this journey?
Our purpose is to shape a future where every purchase made creates a more just and sustainable world. For us, that starts with what is usually the most significant investment of people’s lives, their homes. We’ve embarked on this journey because we believe that businesses have the power to change the par for the course on the world’s most significant issues, such as climate change and poverty. Now is the time to choose to act for change. We believe that by empowering consumer choices, we can bring about the drastic changes we so profoundly need to see in our world.
The possibility of BFG inspired me – not only because it can be done, but it felt like a moral obligation to do it because lives depended on it. Even though I was fortunate enough to not personally experience extreme poverty, being exposed made me incredibly grateful and shifted my perspective about how fortunate and blessed we are to be living in Australia. We are indeed the lucky ones. Studies show that if we earn over $70k per year, that’s living in the top 5% of the world. It is painful to know that people just like us with their dreams and aspirations are constantly fighting just to stay alive everyday. Knowing that I can make a difference and a substantial one when working shoulder to shoulder with the team gives me hope about the essence of humanity – to be humane.
Q. While everyone talks about innovation and novelty, describe how you came up with your idea and what it means to you to see it grow?
I attended a workshop in Sydney last year where I was introduced to the Thank You company and the social enterprise concept. It seems silly to say now, but I must admit, I had goosebumps at the time! I thought, “wow, this concept is well… extraordinary!” It launched my ‘what if’ moment. I was asking myself, “what if, what if there was an opportunity for the least trusted industry – the financial industry to be the solution for our most pressing problems. What if we can build a social enterprise, where profits go back to our community instead of just maximizing profits.” From then on, watching BFG grow from these humble beginnings has filled me with excitement and hope. Just think, if we’re able to effect positive change with the most significant purchase in someone’s life – their home loan, it is more than feasible to imagine a world where every purchase works towards the greater good.
Q. What is the best part of being an ethical enterprise on a mission?
It’s hard to choose just one! But if I must, I’d say that it’s that our purpose takes on a life beyond our own. Every customer, every person that interacts with us, starts to embody our mission. It creates a ripple effect for lasting change, which is phenomenal to see.
Q. How do you extend your impact across to reach and engage with your stakeholders outside your direct clientele and partners?
The best part of our impact is that it’s not a one-off transaction. Because our customers’ investments contribute to no-interest micro loans with our charity partner, Habitat for Humanity, the funds have a flow-on effect, helping not one, but multiple families in need of affordable housing.
Q. What message would you like to share with any other aspiring entrepreneurs interested in building their own vision?
You must believe in your vision first and foremost, as cliché as that may sound. If you don’t believe in what you do, why should anyone else? Doubting yourself will only make achieving your goals that much harder. So back your idea 100%. Be proud, shout it from the rooftops! Remember, it’s only unattainable until it’s done.
Q. How did you select a business model to achieve your vision, and what model works best for your enterprise?
Our priority was to develop a measurable, sustainable, impactful, and scalable business model, and for us, the best way of doing so was to use a ‘Social Enterprise’ model. We’re a business that has a social mission, funded through the services we offer. We’ve aimed to create a ‘new normal’ for home loans, challenging the notion that businesses exist purely for profit and charities only for financial philanthropy. By employing a for-profit model, we’re guaranteeing company sustainability. This ensures the potential for funding in the future, in turn, driving social impact without limitation.
Q. Where do you see your enterprise ten years from now, and what is your big vision?
Our vision is to scale this model up so that by 2030, we can secure 1% of the home buyer market. That would translate to over $55mil invested every year in affordable housing projects, through our charity partner, Habitat for Humanity. From an impact point of view, this would translate to funding twenty-three thousand homes abroad in locations such as Thailand or Indonesia. In addition to this, our long term vision is to inspire and challenge others in the finance sector, highlighting that every purchase can help shape a just and sustainable future.
Come hear these amazing social enterprises pitch at this year’s conference, centred on Re-Think, Re-Set Re-Boot: Reshaping The Impact Economy. Check out the program.
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