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Nov
08

“HOW VENTURE-BACKED START-UPS ENTER THE WORLD OF NGOS”

Editor’s note: builtin.com posted the above-titled article, which reads in part as follows:

“Each year, nonprofits combine to drill more than 60,000 water wells across Sub-Saharan Africa. At any given time, 40 percent of those wells aren’t working. Those failures are often preventable, due either to a lack of maintenance or poor infrastructure, according to the Rural Water Supply Network. The result is $1.2 billion in wasted investment, not to mention the millions of people left with no access to clean water.

Well Beyond, an Austin-based social good startup has built an app it believes can fix this problem.

In launching the company, founder Sarah Evans joins a growing network of tech entrepreneurs interested in delivering on the idealistic promises of tech — that it can transform lives. But like all startups, social ventures face steep odds in their efforts to take on major challenges.

To succeed in this space, companies need to get a lot of things right. According to a study of 115 social enterprises in Mexico, only 5 percent lasted more than 10 years. Common causes for failure included a lack of resources, government policy challenges and misaligned boards of directors.

For companies like Well Beyond to succeed, they must carefully balance profitability with delivering on their promise to do good. While Evans would be the first to admit her company is still learning, she shared a few tips she’s picked up in the process of launching Well Beyond….”

Click here to read the rest of this article.

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