COVID-19 has brought us to a moment of reckoning. It’s clear now, that the world’s most pressing challenges can’t be solved by governments alone. Nonprofits are all playing a critical role, delivering medical supplies, food, and housing to the most vulnerable.
Companies big and small have also risen to the call. We’ve seen businesses across every industry vertical step up their charitable donations to help social impact organizations tackling the challenges of COVID-19.
These donations are nothing new for the business community, which has a long history of contributing to social causes. The problem is, that the very philanthropies and corporations that the world is turning to for help are also threatened by the pandemic.
Historically, business has helped support the social safety net through corporate philanthropy, which is separate from day-to-day business operations. In this model, giving is limited by financial constraints: a company determines its donation based on profits, an approach that results in woefully inadequate contributions to support critical social causes.
The government, of course, is another funding source; but it operates in a similarly subtractive way. Corporations’ and individuals’ sales and earnings flow through a metaphorical funnel in which taxes are deducted along the way, and a portion of the remaining resources is directed to support programs and initiatives in need.
The reality of both funding streams is that the most vulnerable are always at the bottom of the funnel and are last in line—and there simply isn’t enough money to take on the world’s most pressing challenges.
That's why Givewith is completely reinventing the way the world’s most pressing problems – from climate change, to world hunger, to social inequality – are solved by leveraging the activities that move money around the globe: the fundamental act of buying or selling any good or service.
Givewith is a social impact technology company that delivers a sustainable source of funding for the critical work of nonprofits while helping companies differentiate themselves from their competition, drive sales, increase profits, and positively impact share prices. We offer relevant, financially-material social impact funding opportunities that can be seamlessly embedded into any transaction between a buyer and a supplier to advance their company's sustainability goals and improve KPIs.
If the process is initiated by the buyer, they can add Givewith to their request for proposals (RFPs). In this process, their supplier agrees to direct a small percentage of their total transaction to a nonprofit mutually agreed upon with the buyer.
On the flip side, sellers can add Givewith to their sales proposals to use social impact as a unique sales differentiator to close more deals. Research by BCG shows sellers can see an increase in sales up to 7% and a better return on investment compared with other client acquisition tools like advertising, marketing, PR, events or white papers.
In response to the crisis, Givewith has developed a COVID-19 Response Initiative, allowing companies to route a small percent of their B2B transactions to fund pre-vetted social impact organizations supporting those affected by the crisis.
In return, both the buyer and seller receive valuable assets for their business including metrics on the services provided to people in need during the crisis and a variety of high-quality storytelling content such as videos, photos, and press releases to share the impact with their customers, employees, communities, and other key stakeholders. In fact, research by BCG shows that companies that use these assets can see an increase in employee engagement and retention up to 5-7%; a boost in Net Promoter Score (NPS) by up to 7 points; and positively influenced Environmental, Social and Governance (ESG) ratings.
For companies interested in joining the COVID-19 response initiative, Givewith is waiving its typical transaction fees and platform subscription fees until September 1, 2020 so that 100% of the funding generated by these transactions will go to social impact organizations tackling the COVID-19 crisis.