startup-series New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ...
New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series.
Company name: The Drive
Founder(s): Miles Fisher & Marshall Stockdell
Headquarters: Houston, Texas
1. What is your elevator pitch?
The Drive is a mobile fundraising application allowing donors to give based on sports ($5/TD), or give directly to the charity of their choice with a few clicks on their mobile phone.
2. Problem & Solution
The giving process is long, uneventful and inefficient for donors. We provide them with a fun and easy way to give.
Non-profits don't have an easy way to solicit donations and still resort to traditional tactics. Technology in the fundraising space is limited. They struggle to find recurring giving options for their donors and have a hard time engaging donors when they have an appetite to give.
The Drive is a mobile fundraising network with a 'gamified' giving concept and unique business model. Donors can give based on the outcome of their favorite sporting event by choosing an event (ex. football game), trigger (TD) and amount ($10 for each TD scored), then enjoy the game. The Drive’s network connects donors, non-profits and for-profit organizations (pro teams, athletes, corporations) with a common goal of raising money for a good cause.
3. Market – your target market and the overall market
The Drive has two client bases - non-profits and for-profit organizations. There are over 1.5M non-profits in the US - including traditional charities, universities, churches, etc. In the US, individuals and corporations give $276B annually. For-profit clients include professional sports organizations, professional athletes, corporations, celebrities - anyone with influence in the community will be able to leverage the product to raise money for charity for a nominal annual license fee.
4. Business Model – how do you make money?
The Drive's platform and services will be offered on a software-as-a-service model. For-profit organizations or individuals pay an annual license fee, while non-profits are only charged a platform fee of 3% on the total donations received. Additional revenue comes from unique event activation, page upgrades, and page rankings/advertisements.
5. Management Team – with titles
Miles Fisher - CEO
Marshall Stockdell - CFO
6. Financial Needs: are you currently looking for investment? Have you raised investment already? If so, who are your investors?
We are currently raising $1M as part of our seed round. We've already raised a friends and family round to develop the product and launch in market.
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