Stimulus

Stimulus provides a Partner Relationship Management platform to ensure more qualified diverse organizations have opportunities.

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Eligibility

  • I am not an employee of BNY Mellon, or an immediate family member of a BNY Mellon employee
  • I am over 18 years of age
  • My organization is incorporated as a non-profit, for-profit, or hybrid organization, or I have a partner that is incorporated and could accept funds on my behalf
  • I have already piloted my initiative and have some initial evidence of impact
  • My organization is headquartered and creating impact in the United States

Gender

  • Woman

Where are you making a difference?

We are based in Philadelphia, PA 19103. We have also done work in NYC, Boston, Austin and Miami. We plan to make a Nationwide.

Focus Areas (required)

  • Business & Social Enterprise
  • Civic Engagement

Date Started

May 16, 2016

Organization Type

  • for-profit

Project Stage: Select the description below that best applies to your approach.

  • Start-Up (first few activities have happened)

Budget

  • $100k - $250k

Website or social media URL(s) (optional)

www.yourstimulus.com
@Your_Stimulus

Twitter URL

https://twitter.com/Your_Stimulus

Facebook URL

https://www.facebook.com/yourstimulus/?ref=br_rs

1.Founding Story: Share a story about the "Aha!" moment that led the founder(s) to get started or the story of how you saw the potential for this to succeed.

Ten years of working with enterprise clients and I realized they have outdated methods to source diverse partners (which hasn’t changed). The cofounders were working together for years as co-organizers to the non-profit, Open Access Philly, focused on Diversity, Equity & Inclusion (“DEI”) and Smart Cities initiatives. In addition, until 2016 the COO was a Director at Comcast/NBCUniversal (Former clients and now Stimulus clients) and understood my frustrations on how outdated enterprise internal processes were to discover and match diverse organizations to opportunities available within various departments. Today, we are building Stimulus a technology company providing solutions to bring economic equality to life for diverse organizations.

2. The Problem: What problem are you helping to solve?

Most Enterprises (business, government, academic & civic) use outdated methods like email chains and spreadsheets to source diverse organization. Recent research has proven, Diverse companies drive positive business results and now many companies have mandates to find them. The Hackett Group research discovered that companies that focused “heavily on supplier diversity” generated $3.6 million in revenue for every $1 million in procurement costs.

3. Your Solution: How are you planning to solve this problem? Share your specific approach.

Stimulus provides a Partner Relationship Management platform (PRM) to ensure more qualified diverse organizations have the opportunity to work with Large Enterprises (business, government, academic, civic). Our PRM platform is designed to simplify the process by which Large Enterprise departments collaborate internally and externally, source diverse organizations and match them to opportunities. That ease of connection to work together has tangible, verifiable business benefits. Our PRM solution is similar to a modern recruiting platform, but instead of matching a diverse individual to a job, we are matching diverse organizations to opportunities such as sponsorships, grants, contracts, which collectively represents an annual spend over $150 billion.

4. Example: Please walk us through a specific example of how your solution is working to solve the problem.

We had the opportunity to work with Comcast/NBCUniversal on the launch of Project Innovation, with a specific focus on Philadelphia and Washington, D.C. Project Innovation is a grant program that recognizes local nonprofit organizations that are leveraging technology to solve community problems. It distributed over $2 million to nonprofits focused on civic engagement, STEM/STEAM, and skills for the digital economy. Stimulus matched Comcast/NBCUniversal to diverse non-profits that fit the criteria of their program.
Stimulus is solving the social problem of democratizing information and opportunities for diverse communities while helping to maximize the return, impact, and value of community investments. Because in every city, residents and organizations want to grow or improve their businesses, neighborhood quality, and economic opportunity.

5a. Too many people in the U.S. have unmet needs for financial products and services. How is your work reaching a population(s) that is currently underserved? If it is not reaching an underserved population yet, how might it in the near future?

In addition to our tech platform, we have operated a non-profit organization called Open Access Philly (now OAx) for 7 years, which focuses on Diversity, Equity & Inclusion (DEI) programs. Our work allowed us to develop a wide network of relationships from which we are able to create partnerships and programs that will fill the pipeline of diverse organizations. We reach the underserved through a combination of community engagement through OAx, content & social marketing and strategic alliances.

5b. Please specify if the population you are reaching is underserved due to any of the following characteristics:

  • work status
  • race/ethnicity
  • sexual orientation
  • gender
  • age - youth
  • age - elder
  • socio-economic class

6. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?

IBM B2B Collaboration, Salesforce Partner Relationship Management, and Magentrix are leaders in the PRM industry. Their traditional PRM solutions support only channel partners (Vendors, Suppliers, Manufactures, etc.), Stimulus will go beyond the transaction to focus on truly building a relationship between the Large Enterprise and diverse partners (for-profit and non-profit) by making the pipeline growth process simple and tying it to important business metrics like customer value, brand value and employee engagement.

7. Impact: How has your project made a difference so far?

We had the opportunity to work with Comcast/NBCUniversal on the launch of Project Innovation, with a specific focus on Philadelphia and Washington, D.C. Project Innovation is a grant program that recognizes local nonprofit organizations that are leveraging technology to solve community problems. It distributed over $2 million to nonprofits focused on civic engagement, STEM/STEAM, and skills for the digital economy. Stimulus matched Comcast/NBCUniversal to diverse non-profits in Philadelphia and DC, distributing $225,000.

Stimulus is solving the social problem of democratizing information and opportunities for diverse communities while helping to maximize the return, impact, and value of community investments. Because in every city, residents and organizations want to grow or improve their businesses, neighborhood quality, and economic opportunity.

8a. Spread Strategies: Moving forward, what are the main strategies for scaling your impact?

We have been working with 3 large enterprise clients in AT&T, Microsoft and Comcast/NBCU in order to analyze process and ensure that our approach and value proposition resonated with our target market. Our recent work has also allowed us to build a pipeline of early clients ready to use the PRM SaaS product.
Our marketing strategy includes a combination of community engagement, content & social marketing and strategic alliances with groups that support the advancement and capacity-building for diverse organizations.

8b. If applicable, which of the following scaling strategies have you launched?

  • Organizational Growth
  • Large Scale Partnerships
  • Organizing Conferences
  • Open Sourcing
  • Industry Standards (labels, certification, awards, etc.)

9. Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

The Stimulus PRM is a Software-as-a-Service (SaaS) platform that includes a discovery engine and intelligence dashboard. Clients will pay an annual subscription fee for access and use of the platform. In addition to the platform, we have supporting Customer Success Services that are delivered on a project fee basis.

10. Team: What is the current composition of your team (types of roles, qualifications, full-time vs. part-time, board members, etc.), and how do you plan to evolve the team’s composition as the project grows?

Two Co-founders (CEO/COO), Two Engineers and a Project Manager. We plan to expand our team with members that focus on customer success/sales and product development.

Help Us Support Diversity! Part 1 - Which of the following categories do you identify with? (optional)

  • Black or African American (for example: African American, Jamaican, Haitian, Nigerian, Ethiopian, Somalian, etc)

Help Us Support Diversity! Part 2 - Do you identify as part of any of the following underrepresented communities? (optional)

  • Communities of color

How did you hear about this challenge?

  • Social media
  • Recommended by others
  • BNY Mellon page or contact
  • Ashoka page or contact

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