{"id":44999,"date":"2023-10-20T15:40:17","date_gmt":"2023-10-20T15:40:17","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/sydney-startup-promise-or-pay-scores-investment-from-national-social-enterprise-accelerator-startupsmart\/"},"modified":"2023-10-20T15:40:17","modified_gmt":"2023-10-20T15:40:17","slug":"sydney-startup-promise-or-pay-scores-investment-from-national-social-enterprise-accelerator-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/sydney-startup-promise-or-pay-scores-investment-from-national-social-enterprise-accelerator-startupsmart\/","title":{"rendered":"Sydney startup Promise or Pay scores investment from national social enterprise accelerator – StartupSmart"},"content":{"rendered":"
\"Promise<\/div>\n

A Sydney-based startup combining charity donations and personal goal setting has secured an investment from Australian social enterprise accelerator One10.<\/p>\n

The Melbourne-based accelerator has contributed an undisclosed initial investment into Promise or Pay with sights now set on a seed round to grow the idea and look towards international growth.<\/p>\n

Promise or Pay was founded in 2014 by Jay Boolkin and has won a number of awards already, including the worldwide Social Startups MVP Program.<\/p>\n

Boolkin was living in Cambodia when he first came up with the concept, and says it was a very \u201cspur of the moment idea.\u201d<\/p>\n

\u201cMy background is in not for profit, and due to that I knew the difficulties some charities had in raising funds,\u201d Boolkin tells StartupSmart<\/em>.<\/p>\n

\u201cI just tied that in with my own struggles in achieving personal goals.\u201d<\/p>\n

Mentoring and support<\/h3>\n

The startup provides a platform where users can set goals and then donate money to a charity of their choice if they do not achieve that milestone.<\/p>\n

Users can also get \u2018followers\u2019 to also donate if they manage to uphold their promise.<\/p>\n

Research has shown when achieving personal goals, success rates rise by 33% if shared with others, and by up to 72% if money is associated with completing them.<\/p>\n

Boolkin has been running the company solo, and is hoping to benefit from the support and opportunities the investment will provide, with One10 founder Geoff Gourley coming on board as co-founder.<\/p>\n

\u201cI am excited about working closely with Geoff and the One10 team,\u201d Boolkin says.<\/p>\n

\u201cI\u2019m also looking forward to everything that I will inevitably learn along the way.\u201d<\/p>\n

Gourley will also be mentoring Boolkin through the development of his company.<\/p>\n

\u201cMentoring and supporting Jay to grow his organisation is a key feature of One10\u2019s approach, you can say we invest in the people more than just the technology or service,\u201d Gourley says.<\/p>\n

Funding for good<\/h3>\n

One10 was established in 2015 as a way to foster social enterprises within Australia and address their “desperate need” for funding.<\/a><\/p>\n

With many of Australia\u2019s entrepreneurs leaving for countries with better funding opportunities, One10 is seeking to increase investment amounts and opportunities locally.<\/p>\n

The accelerator provides capital along with consultation and co-working space in Melbourne, Brisbane, Sydney, Gold Coast and Perth.<\/p>\n

Health and fitness-focused startup Health Delivered became the first company to be accepted<\/a> into the One10 program in March this year.<\/p>\n

With this investment, Promise or Pay is looking to expand into the corporate market, allowing businesses to set goals for their employees and support them through charity donations.<\/p>\n

\u201cHuman resources is interested in health and wellbeing, and this will allow them to craft a promise campaign for their employees, even something simple like \u2018keep hydrated\u2019,\u201d Boolkin says.<\/p>\n

Workers will then aim to keep hydrated, and the company will donate if they keep their goal, or the worker will donate if they do not.<\/p>\n

Boolkin says Australian startups are in a \u201creally interesting space\u201d at the moment.<\/p>\n

\u201cA lot of social enterprise startups are choosing a for-profit business model, which allows them to be more agile and actually get work done,\u201d Boolkin says.<\/p>\n

\u201cIn doing that they make themselves ineligible for a lot of not-for-profit funding.\u201d<\/p>\n

Boolkin\u2019s advice for other entrepreneurs trying to get funding is to enter a lot of startup competitions.<\/p>\n

\u201cThe only way I\u2019ve been able to get Promise or Pay running is through competitions, and through grant makers that are willing to support companies without DGR status.\u201d<\/p>\n

Follow StartupSmart of Facebook, Twitter, LinkedIn and SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Sydney-based startup combining charity donations and personal goal setting has secured an investment from Australian social enterprise accelerator One10.<\/p>\n","protected":false},"author":2,"featured_media":58968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,19,11,20,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44999"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=44999"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58968"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=44999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=44999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=44999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}