Photo - Seva Exchange Corporation/SevaX App
play_arrow
View
46322

Seva Exchange Corporation/SevaX App

Community Volunteer Matching and Exchange

USA, California
Market: Services, Blockchain, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 23.04.2020
Min investment
$  50.000
Show contacts
Total required
$ 500.000
Rating
equalizer из 1000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

We simplify and reward volunteering. Helping you give what you love and get the help you need. We empower and motivate volunteers and connect them to community-minded organizations. We provide a modern timebanking platform using machine learning, blockchain and timebanking principles. Our SevaX platform algorithmically matches volunteers’ passions to the immediate needs of nonprofits and local communities.

Current Status

We have released our Beta version Globally and are working with the town of Anchorage, Alaska and Alaska Poor People’s Campaign and other various nonprofits on a Basic Income/timebanking pilot. We hope to prove that our timebanking app will help individuals get the help they need during this pandemic, and later for communities to rebuild after the pandemic.

Market

Seva Exchange is addressing a trillion dollar shadow economy globally! Global estimates place the number of volunteers worldwide at 970 million. Considering the hours they contribute, we are talking about the equivalent of over 125 million full-time workers – according to a study published by John Hopkins University. Approximately one in four volunteers contribute their time and skills through organizations and the rest do so directly, helping their neighbors as well as their communities. In terms of economic impact, estimates place the value of volunteer work at US $1.348 trillion or 2.4 per cent of the entire global economy."
https://www.unv.org/swvr/volunteers-count-their-work-deserves-be-counted

Problem or Opportunity

Problem: There are more people in need than ever, but there are also more people wanting and willing to volunteer. Many nonprofits have had to limit or stop using volunteers for fear of spreading the virus. Opportunity: Our SevaX app helps individuals ask for the personal help they need, allows volunteers to offer help they are willing to give and allows for community leaders and nonprofit administrators to create groups and projects that volunteers can sign up for in a free easy to use mobile app.

Solution (product or service)

Our SevaX app can quickly mobilize members in a locality and match the skills of the volunteers to the immediate needs of the community. There are going to be millions if not billions of youth who have an abundance of time who can be put to good use. Our SevaX app also allows people to teach subjects remotely. Best of all, our review system and badges help a person build trust. We are already starting to deploy our beta release currently throughout Alaska to communities badly hit by the tourism industry shutting down. Money may be very hard to come by for many of these already marginalized communities, so time as a currency will be how people will need to manage until the pandemic ends or if the government bails them out.

Competitors

TimeRepublik, Ying, Beliive, and VolunteerMatch are just a few of our competitors. Most of our competitors are merely volunteer tracking, strictly timebanking, or enterprise volunteer management systems, but none of our competitors’ products focus on motivating volunteers. Our key differentiators are intelligent skills matching, global volunteer network and blockchain.

Advantages or differentiators

We offer volunteering opportunities at the community level as well as with nonprofits. We allow volunteers who earn hourly credits to redeem them for help they need as well. We also allow corporations to offer our service as a benefit to their employees, so they too can earn time credits back for help they need within their employment community. Our credits are transferable to other communities on our global platform, so ideally someone can volunteer in their home country and then use their credits in another country for a free tour or do some 'voluntouring' in other places and use the credits back home.

Finance

We are currently planning to sell are product starting on June 2020. We will sell subscriptions to our platform with 3 different levels of administrative capabilities to allow for free (during the pandemic) and later $15/monthly subscription fees for communities which will allow for low entry pricing. We will charge nonprofits $1500 annually and $2500 to enterprises and larger nonprofits. We will also have targeted localized ads with coupons.
Customer Acquisition Costs includes Advertisements, social media & sales costs will be between $25-100. Lifetime Value for nonprofits is currently at $150,000 for 10 years.
This is our Annual Recurring Revenue Projection for the next 5 years.
2021 $1 Million
2022 $2.3 Million
2023 $16.5 Million
2024 $57.4 Million
2025 $135.4 Million

Business model

We offer our app in three levels.
Communities will be free until the pandemic ends and then will be charged $15/month with some additional transaction fees.
Nonprofits who need our volunteers will pay $1500 per year with some additional transactional fees. Corporations or large nonprofit organizations will pay $2500 per year with some additional transaction fees. We charge separately for training and customer support. We also intend to charge local small businesses to offer coupons or discounts for our members so we will have targeted localized ad campaigns.

Money will be spent on

Money will be spent on software development to add our Machine Learning, Blockchain, and Reporting features. We hope to set aside a smaller portion of the budget for social media marketing.

Offer for investor

We are willing to offer 10% of our company for $500k as a SAFE.

Team or Management

Risks

Our biggest risk is that the money will run out before we become profitable. If we remain a small team and use the investment money wisely by building a really great product with a successful marketing campaign, we will start to see revenue come in that will become exponential in growth due to the viral aspect of the business. We know starting any venture is risky, but as the CEO, I know that mainstreaming timebanking is not just about the software but creating a global movement. I have some highly influential leaders who have voiced their beliefs in me, like US Democratic Presidential Candidate Andrew Yang, and many civil rights leaders like South Africa's Tim Jenkin (Escape from Pretoria film)

Incubation/Acceleration programs accomplishment

I graduated from Founders Institute 4 month accelerator program in September 2018 and then completed their Funding Lab program in April 2019.

Won the competition and other awards

We were recently included in the 2019 Meaningful Business 100 list of business leaders that care about profits and impact.
Seva Exchange was included in a LinkedIn article by HR tech experts about Blockchain Vendors to look out for in the HR tech space. The map includes several different types of skills-based matching engines for employees & gig economy workers and Seva Exchange was the only volunteer matching engine on that list.
We have placed in the top 4 of 6200 pitches for Founder Institute’s Pitch for Purpose global competition.
We won first place in several pitch competitions sponsored by Google, F50 and U First Capital.

Photos

Photo 1 - Community Volunteer Matching and Exchange

Product Video

5,00
1
2
3
4
5
2 voices
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility282
star0
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video