Kevin F. Adler
Empower communities from within.
Charlie Munger just taught me how a core understanding of the social sciences can turn $2M into a $2 trillion company.
On Friday, I had a phone call with Andy Kaplan, CFO of DonorsChoose. We connected to discuss innovative business models to sustain web-focused social ventures like his organization and BetterGrads.
I was put in touch with DonorsChoose via a mutual connection. I greatly admire their leadership in the world of citizen philanthropy. Their numbers speak volumes: through their fundraising platform since 2000, they have empowered 539,807 supporters to make 1,171,755 contributions totaling $86,064,735 to fund 210,351 projects and help 5,115,194 students.
Andy and I connected to discuss innovative business models to sustain web-focused social ventures. I was fascinated to learn about the bootstrapped, do-what-it-takes-to-make-it-happen start to DC.
Andy relayed one story of how the DC team would send teachers disposable cameras to take pictures of their students and the funded projects. The teachers would mail the cameras back. Upon receipt, the DC team would walk across the street to the local camera store, develop the pictures, and upload them on their website. Everything is digital now, but I like to think that Andy still receives the occasional disposable camera, filled with smiling students and their funded projects. What a business it would be now to be that camera store across from DonorsChoose!
As a seasoned CFO, Andy offered many bits of wisdom. One simple piece of advice for nonprofits: what do you think a large company will be more likely to fund - $1M for programs with 20% overheads, or $200K for overheads only?
