A small startup organization, developed a blockchain based platform where charities, donors and promoters can prosper.
Grace abandons the traditional method of fundraising where charities have to do all the marketing. The startup created a platform on the Ethereum (ETH) blockchain. There are three types of participants: charities, in need to raise money for their cause, donors, the ones donating the funds, and the advocates who spread the news about the charities to attract donors to the cause.
The startup is aware of the problems surrounding the nonprofit sector. Contrary to for profit companies, nonprofits do not have the chance to aggressively expand their market shares. These organizations are relying on a limited budget so they are not capable of launching huge marketing campaigns. Furthermore, donors generally do not like the idea of spending their money on advertisements. Talent recruitment is also an issue nonprofits are facing. According to Grace’s stats, only 25% of such organizations reported they had attracted talented staff between 2016 and 2017.