When a large group of young entrepreneurs and activists from all over Canada and the United States, decide to wipe out world hunger, the result is Imprint Hat Company – a sustainable startup that makes high quality hats and gives away 100% of the profits to feed one hungry child in a developing nation as well as one in the local community where each hat was sold.
“There are a lot of great non-profits out there making major change in the world but for the most part they all rely on external donations and fundraising to remain sustainable. On the other hand there also great for-profit companies making quality products for people, some even giving back portions, but at their core they are still mainly driven to make profits for their shareholders. Our solution was to combine the two models, find enough individuals who share the same passion and also don’t need profit as incentive,” CEO and one of the Co-Founders of Imprint Hat said.
It’s an interesting model—but can it be financially viable? “Forecasting and budgeting will be our biggest challenge. We will have more expenses to manage than a regular nonprofit and no saved cash flow like other businesses, outside of what we have budgeted. On the flip side, if we fall drastically short of our targets, we may not be able to cover our expenses,” said Byron Wiebe one of the ‘activists’ who co-founded the non-profit.
Considering that the company is new and does not have a large marketing budget, it has been relying on word-of-mouth and building its following organically. To help build traction and raise $25,000 to order more inventory and bring costs down, it launched its first crowd funding campaign on IndieGoGo. This campaign got the company $13,365.
This Article (A ‘Non-Profit’ Startup Is Donating 100% Profits To Feed The Hungry) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to the author and AnonHQ.com.
Click here to follow us on steemit.com, the decentralized social media platform with no censorship and get paid for your posts, likes and comments!