Belief #3: Winner Takes All
There are no participation trophies in Impact Club.
We believe high-stakes competition is the best way to incentivize charitable founders to get really good, really fast, at crafting, telling, and presenting their story. This “StoryEngine” is what causes more money to flow to that charity in the future. Following in the XPRIZE’s footsteps, Impact Club employs a winner takes all model.
Peter Demandis, an Elon Musk-type entrepreneur and founder of XPRIZE, put this on his website: “We believe in the power of competition. That it’s part of our DNA. Of humanity itself. That tapping into that indomitable spirit of competition brings about breakthroughs and solutions that once seemed unimaginable. Impossible. We believe that you get what you incentivize. And that without a target, you will miss it every time. Rather than throw money at a problem, we incentivize the solution and challenge the world to solve it.”
The solution, in the world of fundraising, is to create a powerful “StoryEngine.” Impact Club, therefore, is a highly leveraged, incentivized competition that pushes charitable founders to present the best story. It’s not enough to just “do good things.” To earn the investment of Impact Club, that charity, their founder or representative, must also be able enunciate it through a powerful story. And the high stakes format, “Winner Takes All,” is the massive incentive for the 3 selected charities to get really good, really fast, at crafting and telling that story. Which requires extreme commitment. Not to mention, a deep understanding about the real industry that they are in.
Hint: It’s not the charity business. It’s the storytelling business.
So, build your Engine!