Newfoundland and Labrador Credit Union sets national precedent

Posted on August 23, 2012 | Atlantic Business Magazine | 0 Comments

Ambassadors of awesome
New foundation promotes investment in unique ideas

In a world that sometimes feels like it’s out of ideas, it’s refreshing to hear something so inspiring that it makes us pause and “Wow. That’s awesome.” On February 29, 2012, Colette O’Hara and Mike Kennedy made Nova Scotia a little more awesome when they launched the Halifax chapter of The Awesome Foundation, an organization designed to promote and support unique ideas. The Halifax chapter already has a full board of 30 trustees and between 60 and 70 people on their wait list – an impressive feat for a new branch.

Each month, 10 trustees collectively donate $1,000 to an applicant with a unique idea – it could be a business idea, a fundraising idea, or simply a way to enhance their community. They’ve funded a number of interesting projects already. The June grant was awarded to Hope Blooms, a program that teaches business skills to at-risk youth by growing, producing and selling Hope Blooms Fresh Herb Dressing. The money was used to deliver free, home-made salads to people in the city’s Gottingen Street area.

Earlier this year, Awesome Foundation Halifax ran an idea marketplace with “buyers” (individuals who wanted to donate) and “sellers” (individuals with ideas that need funding). At the door, each buyer traded $100 in cash for monopoly-style money. They visited the sellers, who would present a four-minute pitch. If the buyer was interested, they could donate some or all of their $100, which the sellers would cash in at the end of the night. “Even people who didn’t receive a lot of cash still walked away with some really good feedback,” O’Hara says, “and it gave them a chance to test drive their ideas with minimal risk.” They expect to hold their next event near the end of September. This time they’ll be teaming up with Deloitte, a business specializing in audits, consulting, financial advising, risk management and tax services. This event will be organized like a speed-dating night, with Deloitte’s experts stationed around the room. The selected applicants will have complete access to their knowledge and advice for the duration of the event.

The Awesome Foundation represents what seems like an impossible non-profit business model, but it works. With no bank account and no board meetings, the trustees get the job done, and they do it for the simplest of reasons: to help others achieve their dreams.

By Sarah Sawler

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