Last week something rare happened in Charleston – in an unfinished upper Meeting St. warehouse a successful tech startup asked a room full of willing investors for $2.5 million. Good Done Great Co-founders David Barach and Earl Bridges have made a home for themselves in the market of corporate philanthropy. With 25 Fortune 500 and 1000 companies as clients, Bridges said, “we don’t need any more money to keep doing what we’re doing.” But they need it to grow.
The Good Done Great software helps happy brands make happy workers through encouraging and enabling community engagement, and it already touches a million employees. The funding they’re asking for is to turn their one million engaged do-gooder users into a projected fifteen million by 2017. Their plan to accomplish this is to build out a universal mobile app platform that will work for small and medium-sized business employees.
Good Done Great is a local, and bi-coastal, corporate social responsibility (CSR) technology company uniquely positioned to solve one of the biggest headaches for American enterprises – millennials who, in five years, will account for half of the workplace. These energetic, bright workers are great assets to have. “These guys show up differently than previous generations,” Bridges said. While America’s young talent has a tendency to job hob, they also follow their morals.
This nudge from millennials is encouraging corporations to be concerned with brand image through CSR initiatives, which in turn helps them save money on replacing employees. With an engaging, social platform encouraging employees’ philanthropic pursuits, millenials are much more likely to stick around, saving big companies upwards of $300,000 annually.
Good Done Great is on a mission to do just that. After their packed private meeting last week, they are heading to Atlanta to present their story and initiatives to another group. If they haven’t reached their investment goal by this time next month, they’ll head out to Washington State and do the same. There was no shortage of interest in room on upper Meeting St., and it wouldn’t be a surprise if their pitch didn’t make it all the way to the West Coast.
Here is some information for potential investors:
Where They Are Now
• Direct enterprise sales model
• Close 50% of deals within 180 days
• $50k of revenue upon signing and implementation
• $50K annual recurring revenue (ARR) with contracts lasting a minimum of 3 years
• ARR has been doubling each year
• Engaging nearly one million employees through CSR platform
• Companies pay them to implement platform, and give them users (employees) for free
• 33 million user market within Fortune 500 and 1000 companies
Where They Are Headed
• 45 million user market within small and medium businesses
• Build out their mobile SaaS solution making social, emotional CSR platform
• Expand a tech team that can build their platform
• Expand every department to anticipate growth
• ARR will increase at faster rate
There are 160 million givers in the United States, whose donations add up to $240 billion annually. With their new platform, rightly dubbed the 401(g), employees can continue serving their communities through their workplace network. When most CSR initiatives require paperwork and write offs, Good Done Great’s goal is to make it fun and easy. “We want it to feel like giving, not work,” Barach said.
Employees, especially millennials, want to feel a part of something bigger in exactly this way. The philanthropy marketplace is perfect for a socially driven platform that helps companies improve the image of their brand, creating happier employees, happier consumers, and saving money all the while. Good Done Great is going to open this platform up to the majority of the American workforce within the next few years.