Consumers today are increasingly caring about the social consciousness of the companies that they do business with. In fact, according to Nielsen, a company that provides consumer insight, 55 percent of consumers globally report that they are even willing to pay more for products and services provided by companies that are committed to being socially and environmentally responsible. This is good news for those wanting to turn a profit, but yet not compromise on helping society to become a better place at the same time.
“At a sports philanthropy conference I attended last year, one of the speakers said “the intersection of your passion and competence is your significance,” explains Leena Patidar, chief executive officer of Coin Up. “This is the foundation of why I chose social entrepreneurship. I can apply my expertise in building innovative companies, while making a world of difference.”
Patidar has joined the ranks of those companies starting socially conscious businesses, thus combining entrepreneurship with helping to make a positive impact on society. In developing the Coin Up app, her team was able to find a way to help many nonprofit organizations overcome resource constraints and make fundraising more efficient. Her mission was to create a platform, an innovative app, which helps make donating to your favorite charity simple, effortless and effective. Something millennials can relate to and bridge in the generational gap of giving back.
There are numerous reasons why more entrepreneurs are attracted to business ideas that are socially conscious, including:
· The feeling they get when they give to others. Not only does it provide emotional fulfillment, but is an act of compassion that makes people feel good. It also creates a chemical release in the brain of serotonin, which leads to a feeling of happiness.
· It is the new standard for companies to participate in community involvement and give back. Creating a company that is centered on that principal, combined with an entrepreneur’s passions and interests, is the best of both worlds.
· Being socially conscious is a great way for entrepreneurs to reach millennials. More millennials are concerned with socially conscious efforts of businesses, so it gives the company a way to connect with them. This competitive advantage also helps companies with retaining customer loyalty.
· Entrepreneurs or employees of a socially conscious business can assist and get involved with the social issues that are meaningful to them. For example, at Coin Up, everyone on their team came together and was able to engage with a charity or charities that affects causes they are personally passionate about. This gave their daily job meaning and an impactful way to make a difference in the causes they care about.
“It is amazing how people and opportunities came together for us to create Coin Up,” added Patidar. “The fact that we are we are helping causes that we care about everyday is an incredible feeling. We are thrilled to be a part of a company whose measure of success is to make an impact for our charities and donors. Being a socially conscious entrepreneur is the ultimate rewarding feeling for us.”
The Coin Up app allows consumers to effortlessly donate their virtual spare change from each debit or credit card transaction to a charity of their choice. They simply download the app, create an account, and set a monthly limit for the amount of spare change that they want to round up and donate. For example, if a purchase is $3.35, the transaction will be “virtually” round up to $4.00 within the app. The app will calculate this $0.65 along with the other rounded up spare change until the monthly limit is reached (or the end of the month, whichever comes first). At the end of the month, the debit/credit card will be charged and the proceeds will be sent directly to the charity of your choice. There are over 50 different charities in different categories to choose from on the app, including Boys and Girls Club of America, Arbor Day, Peace 4 Animals, Let it Flow, CAF, and CASTLA. You can also choose your charity by zip code to learn more about charities in your area.
The Coin Up app is free to download and free for charities to register. For more information on the Coin Up app and the charities that have partnered with Coin Up visit https://www.coinupapp.com or download it today on the Apple App Store. For more information on Coin Up, visit the site at: https://www.coinupapp.com