$ Measuring the Social Economy $
- The social economy is close to a $400 billion dollar industry in the United States
- Yet, economic data does not exist for the social sector the way it does for corporate economies like manufacturing, agriculture, mining and construction.
- Accurate and reliable economic data is needed to drive strategic decision making in the industry.
New forms of philanthropy like social impact investing, crypto donations, crowd-sourcing and micro-transactions are not reported.
Who is investing?
What are they investing in?
What are we missing?
Where is the data?
Intent
The lack of transparency in the social economy is not because of nefarious intent.
Institutions are not intentionally hoarding data.
Instead the barrier to economic data about the social sector exists because of three key factors:
Institutions are not intentionally hoarding data.
Instead the barrier to economic data about the social sector exists because of three key factors:
Data AccessThe data exists in private data silos behind secure firewalls
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Data Philanthropy
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People and institutionsThe practice of data philanthropy has not been normalized
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Measuring the Impact of the Social Economy
Understanding the impact of investments in the social economy is the lofty goal of many brilliant researchers and educational institutions. Evaluating impact is not the goal of the BlockData4Good platform.
Instead BlockData4Good will provide three functions:
Instead BlockData4Good will provide three functions:
Data Resource
A source of data for research and industry professionals working on impact assessment |
Data Repository
A repository for economic and funding data that is collected by research teams |
Knowledge Sharing
A powerful platform for distributing research to population served, based on links to BD4G records |
HOW Block Data 4 Good WORKS
Breaking Down the BlockData4Good project
Who
What
Why
How
?
Who
What
Why
How
?
(1) Who are the stakeholders?
Donors, investors and funders in the social economy: By contributing non-personal data about a donation, grant or social impact investment, donors are able multiply the impact of their financial contribution.
Nonprofits and tax exempt organizations: Nonprofit organizations can participate in the data philanthropy economy by donating the 'non-private' portion of the data about each donation or grant received.
Researchers and Educational Institutions: While measuring the impact of organizations is not the goal of the Block Data 4 Good platform, it is the goal of many researchers. The platform will provide a wealth of information for researchers and also a platform for saving the data they may have accumulated during their research. In addition, researchers can find new collaboration partners through the data provided on the platform.
New Philanthropists: New forms of philanthropy, like micro donations and crypto donations as well as potential access to over 1.5 million nonprofits will enable new donation options from a new donor pool. Donors can choose nonprofits by location, population served, type of organization or any of the other metrics available on the grant record. Blockchain technology enables secure and low transaction costs enabling micro-donations. Think about teaching a child philanthropy by loading their weekly allowance in their own crypto wallet and enabling quarter donations for each nonprofit in their portfolio.
Donors, investors and funders in the social economy: By contributing non-personal data about a donation, grant or social impact investment, donors are able multiply the impact of their financial contribution.
Nonprofits and tax exempt organizations: Nonprofit organizations can participate in the data philanthropy economy by donating the 'non-private' portion of the data about each donation or grant received.
Researchers and Educational Institutions: While measuring the impact of organizations is not the goal of the Block Data 4 Good platform, it is the goal of many researchers. The platform will provide a wealth of information for researchers and also a platform for saving the data they may have accumulated during their research. In addition, researchers can find new collaboration partners through the data provided on the platform.
New Philanthropists: New forms of philanthropy, like micro donations and crypto donations as well as potential access to over 1.5 million nonprofits will enable new donation options from a new donor pool. Donors can choose nonprofits by location, population served, type of organization or any of the other metrics available on the grant record. Blockchain technology enables secure and low transaction costs enabling micro-donations. Think about teaching a child philanthropy by loading their weekly allowance in their own crypto wallet and enabling quarter donations for each nonprofit in their portfolio.
(2) What data is being donated?
Digital data records about donations, grants and other investments in the social economy. Data can be donated via the online portal or an app. One record for each donation. Every data philanthropist determines their own level of relevant data that is included. Minimum data is amount and date.
(3) Why is this data important?
Without a ‘finger on the pulse’ of the donation pipeline, the sector is unable to steer investments towards optimal or even balanced giving. Multiple donors sometimes unknowingly fund the same project, while multiple nonprofit organizations fold. Collaborators and collaborations will be easier to find based on data about previous work funded. Micro-donations provide a new funding source for nonprofits. The platform enables a democratized 'white pages' for all nonprofits, one page per nonprofit regardless of size.
(4) How will it work?
Using blockchain and artificial intelligence (AI) technologies we will create a platform that enables data philanthropy and supports a community of data curators and data taggers. When the data that fuels the social economy is assimilated, aggregated, vetted, AI enhanced and made easily available to all stakeholders in the social economy, collaborations and data informed decisions are obtainable.
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Next Step
If you are a nonprofit, individual donor, represent a donor organization or are a researcher in the social sector, please sign the data pledge form and consider writing a testimonial about how this investment data could change your work. If you are an investor interested in learning more about the project, please contact me via email SharonBurns at CriticalBlink dot com |
BlockData4Good: Answering the important questions
- What if a donor could find every nonprofit that was actively working on a specific social issue?
- What if a nonprofit knew every other nonprofit and could easily find collaborators?
- What if a researcher had accurate and recent data about investments in specific geographies, or topics?
- What if a database existed with every investment made in the social economy, and the data was current, accurate and easily accessible?
- What if we donate our data to social good just like we donate our money our money to social good?
- Can we normalize data philanthropy?
BlockData4Good: Data curated by the social sector, for the social sector
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The BlockData4Good platform provides a self-publishing platform for investments in the social sector. Key stakeholders in the social economy all have valuable data. Individual donors, foundations, governments, researchers and nonprofits can contribute data to the platform, while retaining ownership. When the investment data is published, it is accessible to member institutions, individual contributors and search engines. Easy access to accurate and current investment data in the social sector increases the likelihood that the data will be used for research, capacity building, impact analysis, collaboration opportunities and future investment decisions by other individuals and entities.
Tracking individual donations, grants (private and government) and now social impact investing on the platform will provide near-real time data for important decisions and research about the social economy. Those individuals and entities who engage in the Doers and Donors platform through the data philanthropy will be part of the community with access to robust and relevant data. Building on the work already done by many, BlockData4Good will support the community to create a shared data and knowledge base for the social economy. |