Jay Boolkin
Promise Or Pay
Young Entrepreneur
Problem:
Whether it is to quit smoking, lose weight, eat healthier, or exercise more, sticking to self-improvement goals is really difficult. In fact, only 1 in 10 people follow through on their New Year’s Resolution. It’s no wonder that Australians alone spent almost $7 billion on self-improvement in 2014.
Solution:
Research shows that the chance of achieving a personal goal increases by 33% if it is shared with others and by up to 72% if money is put on the line. Promise or Pay is an online platform that combines these two insights to help you stick to your goals by putting your money on the line for charity.
By combining behavioural economics and philanthropy Promise or Pay ensures a win-win outcome and that you are left feeling good and doing good no matter what happens. It appeals to the natural human instinct to set goals, to have dreams and to make resolutions. It leverages off the social trend to share experiences with others online and it speaks to a generation that has grown up in a world where social issues are impossible to ignore and are looking for a way to make a difference.
Promise or Pay bridges and enters the self-improvement and fundraising markets at a perfect time by introducing a new way to help you stick to your commitments and change the world for the common good.
Whereas current fundraising platforms focus on grand goals, like climbing big mountains, Promise or Pay helps people make positive behavioural changes – promise to quit smoking, meditate every day or simply drink more water. As a proven and effective way to help people achieve their health and wellness goals, Promise or Pay is able to address the $650 billion fitness, exercise, health eating, nutrition and weight loss market.
The most commonly cited fundraising issues faced by not-for-profits is the increasingly competitive charitable market, reduced grant and government funding, resource limitations, donor fatigue, and keeping abreast of technology and social media. With the aim of becoming the global market leader in online goal-setting and charitable giving, Promise or Pay offers the 1.2 million charities worldwide a remedy to all of these challenges.
Traction:
As social enterprise positioning itself to become the market leader in online goal-setting and charitable giving, Promise or Pay’s growth strategy is to:
Awards:
Promise or Pay will constantly monitor the environment and be vigilant to changes that may occur within the environment in which it operates. External issues that may affect Promise or Pay include disposable income and giving trends, changing government regulations regarding charitable contributions, and potential threats from competition. While there are internal weaknesses regarding brand recognition and limited funding, there is the opportunity to capitalise on a widening consumer base (within both the self-improvement and fundraising markets), as well as building a strong partnership model to drive growth and revenue. Given these issues and in order to be successful, Promise or Pay will focus on a quick product development cycle, efficient operational structure, improved strategic sourcing and reduced operating costs.
As a social enterprise, in order to become sustainable and make the greatest possible long-term impact, it is imperative that Promise or Pay delivers on its purpose: To motivate and inspire people ‘To Make Good’ – either on their goals or through charitable giving. As such, it is vital to measure and communicate its social impact and to be held accountable. To quantify and evaluate the social impact across each of these groups, and ensure that the enterprise is sustainable, Promise or Pay will collect data around certain key performance indicators and reinvest a % of profits in aspiring social enterprises/entrepreneurs.
I’m driven by the desire to help others, I’m passionate about positive social change and I believe in the power of social entrepreneurship to tackle some of the world’s biggest problems. I started Promise or Pay while living in Cambodia as an Australian Youth Ambassador for Development and its success so far has been achieved with very minimal resources and is a direct result of my personal commitment and willingness to take risks. While I am proud of what I have achieved, if I continue on my own and without additional help, Promise or Pay is unlikely to realise its full potential. Winning a Sydney SHINE Award would be catalytic to Promise or Pay as it would help me to: