A technology start-up that could transform the not-for-profit sector has won US$100,000 after taking part in a ‘Shark Tank’-style competition.
SocialSuite provides real-time feedback on not-for-profit organisations, offering a breakthrough for the charities, companies and government departments that fund them.
Founders Damian Hajda and Dr Clara Ong were put through their paces by three leading Aussie entrepreneurs at the Salesforce World Tour PitchComp in Sydney.
Judges saw the potential
Hajda said he had been expecting a “boxing match” with the judges, with the pugilistic Steve Baxter, the tech guru who has appeared on Channel 10’s Shark Tank Australia, expected to give the pair a going over.
In the end, all three panel members got the proposition and SocialSuite’s potential.
It is easy to underestimate the not-for-profit sector, yet the addressable market on some forecasts might be in excess of US$50bn.
A fifth of GDP
“From an investor’s perspective, social spending makes up 20% of OECD countries’ GDP, so [people] don’t realise how much money is being shovelled around the industry,” Hadja told StartupSmart, an online magazine.
SocialSuite is currently in the middle of a A$1.5mln pre-series A round, having previously landed A$500,000 and A$400,000 pre-seed and seed funding.
The two founders are looking to encourage further investment to “aggressively scale” their marketplace, which Ong views as a winner-takes-all business space.