MIT Sloan Alum Connects Hard Up Nonprofits With Deep-Pocketed Millennials
MIT Sloan’s blog recently published an article on 2013 MBA graduate Isa Watson’s giving company Envested, which connects local Chapel Hill, North Carolina-based nonprofits to philanthropic millennials.
According to Watson, older generations, particularly Baby Boomers, have grown accustomed to writing a check once a year. Millennial giving tendencies, on the other hand, are a bit harder to pin down. It’s no surprise that 19-36 year-olds have an incessant demand for “convenient online experiences,” which makes it difficult for small, overworked, and underfunded nonprofits to keep keep in touch with younger donors.
The perceived inaccessibility of millennials is a frequent topic of concern among nonprofit development departments, which bemoan, “We can’t reach millennials, they’re not in our donor base.” This is at odds with a figure the article cites from the Case Foundation’s Millennial Impact Project, which notes that 84% of millennial employees, ages 19-36, made some kind of donation in 2014.” In a statistic echoing broader economic trends, community-based nonprofits often draw the short straw when it comes to available resources, with “more than 85 percent of resources going to the top 1 percent of nonprofits.”
Watson designed Envested to maximize donations and minimize aggravation, with a focus on local nonprofit organizations. The company’s social, interactive platform enables users to “browse local fundraising ‘challenges,’ give, and share their activity with friends.” Compared to the 10% similar giving companies skim off the top plus processing fees, Envested refuses to take a cut on the first $15,000 raised and after that, only charges credit card processing fees.
Watson believes millennials “want more of their dollar impacting the organization, rather than fundraising apps or companies.” Watson adds, “Envested is looking to corporate sponsors to cover overhead and make matching gifts.”
About the Author
Jonathan Pfeffer
Jonathan Pfeffer joined the Clear Admit and MetroMBA teams in 2015 after spending several years as an arts/culture writer, editor, and radio producer. In addition to his role as contributing writer at MetroMBA and contributing editor at Clear Admit, he is co-founder and lead producer of the Clear Admit MBA Admissions Podcast. He holds a BA in Film/Video, Ethnomusicology, and Media Studies from Oberlin College.
