Because even if there was a sale, the money is not ours.
We can't give a tokenistic amount to our projects and then sell this to a big tech company in five years’ time. The structure also makes the business and mission transparent. “We've become a self-funding charity in Australia, New Zealand, so we didn't need investors for long,” he says. “We found philanthropists that understand the power of what we're doing,” Josh says, noting that they appreciate the fact that in the long run, the nonprofit would become self-funding. To finance the launch of a business that would never distribute profits to shareholders seems daunting. Josh adds that having pledged the profits to education programs, having traditional investors would create tension between them and the mission. “So, as long as we can earn an honest living, this is a way more exciting thing to do with our time.” “So, we don't need to make tens of millions or hundreds of millions of dollars personally,” Josh says. Josh explains that this is possible because before launching Humanitix, they spent six years in the corporate world “where we were doing well.” He adds that they come from “decent families” that have been supportive. They can make a living from Humanitix, but it will never make them wealthy. While the founders could merge the business into another, they couldn’t benefit directly from such a transaction. As a nonprofit designed to serve the community, the entity in effect belongs to the community. Josh and Adam don’t own shares in Humanitix. He notes that many people with significant disabilities have simply given up on attending events. In addition to that use of funds, Josh sees Humanitix playing a pivotal role in making events more accessible. In America, we partner with, and we fund computer science and STEM programs for disadvantaged kids from low-income backgrounds. Globally, we focus on young girls literacy programs.
The profits the nonprofit tech company generates are committed to causes, Josh says:Īll the profits we make from our booking fees go into different education programs. As a nonprofit, mission gets prioritized above profits. The nonprofit tech company is now the go-to ticketing platform in Australia and New Zealand.
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