Help us determine how best to show transparency for Domogo provided micro investments to Kito International entrepreneurs.
The Problem
Domogo is trying to set a precedent for corporate operational and financial transparency. The businesses and entrepreneurs we invest in under the Domogo brand must also operate as transparently as possible with the resources available to them.
However, operating transparently, even in the best of circumstances can be time consuming, burdensome & risky, let alone when discussing micro investments into lower-income countries that may not have high level resources from which to draw from.
So, how does one best accomplish transparency that faces benefactors, customers and the general public without causing too much burden to new entrepreneurs?
Why the need for Transparency?
Lack of trust is one of the greatest hindrances to global philanthropic participation.
There are many such polls on the matter but to put this into perspective a recent Guardian article claims that Britons would give an estimated 700,000,000* additional Pounds per year to great causes "...if they were more convinced their donations were doing good."
Britons are not alone in this.
The rightful burden of proving outcome, however just it may be, places limitations on the use of small donations that could achieve a lot of impact. It forces organisations to spend millions in trying to show that money is in fact being used appropriately.
For us today, it is slowing Domogo's ability to directly fund Kito International entrepreneurs.
Discovering low cost & low burden methods of proving money spent and social outcome produced is one of the most important things a socially oriented organisation can achieve.
In addition to this already important task, Domogo is seeking to create a precedent in transparency. This means that we MUST provide sufficient means for our clients, donors or general public to track our expenditures and impact. Telling them that Domogo is financing young entrepreneurs is simply, and rather unfortunately, not enough.
*source: http://www.theguardian.com/uk/2013/mar/14/charitable-giving-survey-donor-information
The Challenge Breakthrough
Solving this issue will allow Domogo and hopefully other organisations to be able to directly fund micro ventures while maintaining credibility/trust from benefactors.
How to Win the Challenge
The winner will be the applicant (or team) who presents the most realistic and least time consuming method for making investments into Kito International entrepreneurs as transparent and provable as possible with the resources available.
1. The concept must not require specialist level knowledge or equipment
2. It must be immediately applicable / usable. (the winning solution will be used fully, or in part, for future Domogo investments into Kito International entrepreneurs and perhaps beyond.)
3. The concept must reasonably face benefactors. i.e. it must allow those a world away as much insight into the entrepreneur’s operation as possible and within reason.
Duration
21 days
Additional rules
Who can participate:
The competition is open to anyone who has participated or is participating in Kito International training.
Selection of Winner:
Based on the rules of the competition, 3 prizes will be awarded for a total of $500.00:
1. 150.00 USD Appreciation award to the winning applicant
2. 100.00 USD Appreciation award to the winning applicant
3. 250 USD to be used by Kito International & the 1st winning applicant for implementation of the concept
Voting (optional):
All votes are subject to review but rallying online support for one's idea is encouraged. The winners will be decided by the online vote (crowd vote), however, If the competion receives fewer than 500 total votes then Domogo's Outcome Board will select the winner but with the "crowd vote" counting as 2 board level votes. i.e. Domogo's Outcome Board will have have 5 votes and the Crowd Vote will count as 2 for a total of 7 votes cast.
Registration and Submissions:
All Teams must be registered by July 27th, 2015, at 11:59PM GMT+8:00 to be eligible for the prize. No registrations will be accepted after this date and no changes to Teams may be made after this date.
All Team or Individual submission materials must be submitted online on or before August 8th, 2015 at 11:59PM GMT+8:00. No submissions will be accepted after this time. All submissions must be received online, via the Challenge website.
