Social Entrepreneurship: Theory and Practice

Summary

This session, led by York Entrepreneurship Development Institute (YEDI), introduces the concept of integrating social components into business models. The course focuses on combining for-profit and non-profit ventures to leverage mutual benefits. This introductory lecture touched on course structure, assignments, and the practical implementation of non-profit elements in entrepreneurial ventures.

Highlights

• The course includes lectures, seminars, and roundtables with industry experts to explore social entrepreneurship. 📚
• Assignments will require students to propose a non-profit initiative complementing a for-profit business model. 📝
• Real-life examples, like the Victoria Ballet Academy project, illustrate successful non-profit integration. 💼

Key Takeaways

• Social entrepreneurship enhances both social impact and business growth by combining non-profit and for-profit models. 🤝
• Understanding the distinct roles of donors, sponsors, and government is crucial for a successful social venture. 🎯
• Non-profit and for-profit collaborations can maximize resources and market reach, providing unique business solutions. 🌍

Overview

The York Entrepreneurship Development Institute (YEDI) has embarked on an engaging course focusing on the intersection of social impact and entrepreneurial ventures. This comprehensive guide aims to equip students with the tools to effectively combine non-profit and for-profit models. Throughout the course, participants will engage in lectures, seminars, and practical sessions designed to deepen their understanding of social entrepreneurship.

A key element of the course involves thinking beyond traditional profit-making strategies to include non-profit components that enhance social value and economic viability. Students are encouraged to explore innovative ways to integrate charitable aspects into their business models, thereby aligning social good with business success. This approach not only broadens the impact but also leverages additional resources and stakeholder engagement.

In one of the early sessions, a range of case studies and examples were discussed, illustrating how non-profit collaborations can lead to substantial business benefits. Assignments and exams are structured to challenge students to design creative solutions that incorporate non-profit initiatives, reflecting realistic social needs. The combination of real-world applicability and academic rigor makes this course an invaluable resource for budding social entrepreneurs.

Chapters

• 00:00 - 45:00: Introduction and Course Overview The course kicks off with a warm welcome and a request for attendees to turn on their videos, creating a vibrant and engaging atmosphere right from the start. The instructor expresses excitement upon seeing familiar faces, indicating a sense of community and continuity from previous interactions. This initial interaction sets a friendly and approachable tone for what promises to be an insightful course journey.
• 45:00 - 90:00: Recommended Course Materials and Assignments The chapter introduces the start of a new course on social entrepreneurship. The initial part of the conversation includes greetings among participants, indicating a casual and friendly atmosphere before the actual discussion begins.
• 90:00 - 135:00: Non-for-Profit vs For-Profit Ventures The chapter introduces the concept of integrating a social component into new business ideas, distinguishing between non-for-profit and for-profit ventures. It previews the structure of the course, which will include around seven sessions, focusing on these topics. This section is an introduction to rethinking business strategies to incorporate social values, promising more detailed discussions in future classes.
• 135:00 - 180:00: Real-Life Examples of Non-for-Profit Projects The chapter discusses plans for an upcoming round table event where experts in nonprofit fields will be invited. The guests will include a lawyer and an accountant, both experienced in working with non-profit organizations. This event aims to provide attendees the opportunity to ask questions and gain insights into nonprofit legal and financial matters.
• 180:00 - 225:00: Developing Sustainable Business Models In the chapter titled 'Developing Sustainable Business Models', the emphasis is on the importance of consulting certain recommended readings to enhance understanding. Specifically, a book titled 'Running a Charity' is highlighted as a valuable resource. Students are encouraged to read, borrow from the library, or purchase this book as it is deemed highly beneficial for the course. The book is accessible through the course's canvas link, promoting its integration into the learning process.
• 225:00 - 270:00: Legal and Structural Considerations for Non-for-Profit Ventures The chapter discusses the crucial legal and structural considerations involved in setting up non-for-profit ventures. It emphasizes the importance of preparing thoroughly before consultations with legal and financial professionals, such as lawyers and accountants, to ensure the ability to ask informed and specific questions. This approach is advocated to avoid superficial understanding and facilitate deeper engagement with the technicalities of establishing a non-profit organization. Key aspects of forming a charitable entity are highlighted, catering even to those without prior plans or understanding of running such organizations, thereby providing a foundational knowledge base for various stakeholders.
• 270:00 - 315:00: Breakout Sessions and Group Discussions The chapter "Breakout Sessions and Group Discussions" emphasizes the value of engaging with nonprofit organizations and charities. It encourages readers to develop a mindset and a structured approach to handling nonprofit endeavors. An assignment is given to the audience to read a recommended resource, which can either be accessed through a library or purchased for about $20. The text suggests that the resource is valuable enough even in digital form.
• 315:00 - 360:00: Q&A and Wrap-up The chapter titled 'Q&A and Wrap-up' involves a discussion plan for concluding the sessions. The speaker talks about having two lectures followed by a round table discussion focusing on legal matters. They encourage participants to bring their questions for this session. Initially, the speaker will discuss potential topics for discussion, and then proceed with the round table discussion.

Social Entrepreneurship: Theory and Practice Transcription

• 00:00 - 00:30 okay everyone who joined please switch on the videos let's start AR see you lucky dog I haven't seen you guys
• 00:30 - 01:00 for a while how are you good all good still survived T said again okay I'm here good to see you good to see how are you good good good good to be back so uh today we'll start new course social entrepreneur
• 01:00 - 01:30 when we just started during my first course I told you that at some point will come here and we will come back and discuss from the beginning how we can add social component to new ideas right and this is the time uh we'll have I don't remember seven sessions in this course something like that it will be lecture today it will be uh with me one more Le
• 01:30 - 02:00 uh in the week then it will be round table and we will invite um we will invite um a lawyer and an accountant that work with nonprofits very knowledgeable ones we know them for a long while so you will be able to ask them questions uh and speaking of just give me a second
• 02:00 - 02:30 you have recommended book for this course this one this one it's on your canvas it's called running a charity you can take it in our library or you can purchase it uh I suggest you actually do it it's very good book I really want you to read it at least somehow
• 02:30 - 03:00 at least read it through before we have the round table with the a lawyer accountant because I want you to ask deeper questions than just general question how we do first steps right so here very well put together um everything you need to know even if you don't have any idea how any plans to have a charitable organization if you may be thinking of
• 03:00 - 03:30 having just non for profit still will be beneficial because it sets your let's say mindset your structure how you deal with nonprofit organization in charity so please please it's your assignment you have to do it uh please get it and read it where can we find it sorry where can it's either in y Library or you just buy it 20 bucks but you like it you you can buy it not not necessarily physical you can
• 03:30 - 04:00 download it which is my Seco uh yeah but please read it okay so we will have round table so two lectures then we'll have Round Table about the legal stuff so bring your questions and the first part of that session I'll discuss with you what I think to be discussed or what you want me to discuss with you and then we'll have the round table with that
• 04:00 - 04:30 and then we will have a seminar or maybe before that I don't remember the schedule we'll have the seminar the normal way how I do it when we sit all together right and we will brainstorm all together about how you add no profit social social component to your business model okay and then you'll have a couple more uh lectures with Mr Phillips and with somebody else and at the end of this course you'll have an exam
• 04:30 - 05:00 you'll have an asset as always and an exam in the exam uh you will get an idea of a for-profit venture and you will be asked uh to think of a non for-profit Venture that may benefit this for-profit Venture we'll discuss it during the lecture and then describe us this nonprofit how it works Who is the who may be the donors who may be the
• 05:00 - 05:30 sponsors who may be this okay this will be the example okay uh as always 30% the set 30% exam I'm the lead instructor so I'll be valuating it blah blah blah any questions about the general stuff any questions oh good
• 05:30 - 06:00 uh I like this picture so non for-profit organizations exist not because you don't know how to make profit it's because see she's saying like I work for a non for-profit business I thought you work for profit right so non for-profit is not that you don't know how to generate profit not for profit to just
• 06:00 - 06:30 use a legal tool that helps you to make sure that people who cannot afford your prod products and services can still get it and then which is a good thing to do and right thing to do but also it brings additional business to to your for profit Venture if everything is properly
• 06:30 - 07:00 done okay okay so sorry so is it another different Venture add on to for profit Venture so it can be combined yeah that's we're com today yes so non for-profit is not a different model it's a different legal form that you use to execute a model model is the model what's model how you
• 07:00 - 07:30 generate Revenue by delivering value to your customer right we discussed it during the course about business model I hope you remember this but you may execute business model with the many different organizations we say not necessarily uh one one entity right May for profit nonprofit different non for-profit different for-profit or whatever maybe in different country country you have something or whatever
• 07:30 - 08:00 these are tools that you use to execute a business model like uh business model is like a Spirit uh so and then when it comes to body body you have your right hand you have a left left hand you have a leg you have this and that these are tools to to do what what your soul wants to do right okay so non for-profit it's not about uh it's not about when you don't
• 08:00 - 08:30 know how to make profit it's just different legal form now why you need it why you need it for your po po venture or in general uh example I I probably brought this example but I want to bring it again uh we had this uh this organization in our classroom the Victoria Ballet Academy
• 08:30 - 09:00 in our very first group but so they got this building it's a industrial building and they wanted to uh to make sure the building is uh redesigned it's nice it's set for uh presences but who will give money you you either go and find investor who will give you money but then you have to give up your shares we which is doable why
• 09:00 - 09:30 not or you can think of a non for-profit component of your business model or you may even think of a of a different nonprofit organization but the one that relies on the same resources that you need for your for profit okay and the non for-profit can get GRS can get volunteers can get resources basically it's easier to start as nonprofit but it's easier to grow as
• 09:30 - 10:00 po that's why combination is always beneficial so what this um people did in the same classroom it was uh this project will dance see will dance it's uh the lady Iris kulaski she uh she's a spinal injury doctor so she developed these special exercises uh for people with spinal injury in the form of Dan
• 10:00 - 10:30 okay so this is a very important Char project right which helps people not only to overcome their problems with their spinal injuries but also you know to live normal life to enjoy the life you know to dance with their Partners who are able able to Able Body all this stuff right very important psychologically physically like everything very good very good child project
• 10:30 - 11:00 so and they partnered together and how it started the chch uh got grounds got GRS to renovate the building to make uh you know Pand to accessible doors and everything and uh the industrial building was transferred to dance dance uh Studio who paid for it for the the charitable arm but the B Studio also
• 11:00 - 11:30 on the same premises right so this is the idea of combination of a charitable project not profit project of for profit uh you know um that rely on the same assets right rely on the same uh um resources okay so sometimes you have very easy thing you just say I created
• 11:30 - 12:00 Lo for profit so people who cannot afford my products or Services can get it through Lo for profit arm that's basic idea but sometimes you you may go beyond it and think of something something else something different like here see it's still basically two different projects right but they need the same building okay and that's how you start
• 12:00 - 12:30 uh that's how you start easier as a nonprofit but grow uh grow faster as a as a for Prof okay so for your exam when you have exam I don't want you to to just say I will create non for-profit uh so people who cannot afford it can afford it through non for-profit no like in real life you can do it but for your exam I want you to think of a different project but the one needs the same
• 12:30 - 13:00 resources as your okay if you need if you need to if you want to build a platform uh then some nonprofit that will need the same platform if you need certain technology the nonprofit may be very different project that will need the same technology you understand okay so if you want to to get a good grade on your uh on your exam make sure that think out outside of the box okay something really uh needed on
• 13:00 - 13:30 the society right um and of course of course you you always uh may think of main sectors who need support like seniors like disabled people new immigrants right kids so think over like I need certain resources for my project who may use the same resources for their benefits like
• 13:30 - 14:00 will older people benefit from it will kids benefit from it will disable people get better you something like this and then answer this question to you and that's how you think of a project that may work together you know to develop the resources that you need for your for profit Venture understood yeah it's a very important thing and again as I said we'll have the
• 14:00 - 14:30 seminar when we'll sit together and we will brainstorm together for your Ventures but on the exam I'll give you different different projects and you'll just think quickly okay any questions so far t uh yeah my question is so in this case they partner with an already existing um nonprofit or did they start like a nonprofit of their organization and in
• 14:30 - 15:00 the exam do you mean do we have to kind of come up with a nonprofit arm for organization or again partner with someone who needs the same resources yeah so in this specific case they just happen to sit in the same classroom in this classroom but in should School business they just uh uh they started at the same time the for-profit and non for-profit they start at the same time but it was two different Venture two different people
• 15:00 - 15:30 two different Ventures but they collaborate all together so in examp I'll give you uh a for-profit venture and you will see that the the for-profit needs specific resources like specific technology for example and I want you to think of a some non for profit it doesn't matter if the same people will develop it or they will find something that works like this right and non for-profit that will need the same resources the the same technology the
• 15:30 - 16:00 same uh software the same building the same equipment right okay like for example again uh we had a student here who wanted to build a chocolate factory and guess guess how she bought the the equipment for the choc Factory so she started she herself she started this non for-profit project um that
• 16:00 - 16:30 helps kids with like young adults with autism and other mental disabilities you know the special Pro program that helps them to to be involved in something to be involved in activities very good project by the way so through that project they actually purchase the equipment it's very good it helps them and they they work there but same the
• 16:30 - 17:00 same moment as CH Factory so they produce the product they sell it so so it's it's a social and educative program for young adults with mental conditions and also Str Factor like another project we we have here Danny like every time you come here the food here from Danny uh Danny is a great project again uh The Graduate of ours so uh uh she built a
• 17:00 - 17:30 restaurant and a theater and the program for young adults with menal disabilities it's a great project so the restaurant is great uh they do deliveries everything all good the chefs of course the professional chefs but uh those those kids they they L kids they like 20 plus something uh they work there um in the restaurant as waiters and cers and the
• 17:30 - 18:00 kitchen and this and that they so happy I actually I love to bring uh when I have um um business negotiations or something I love bringing people there for lunch because the atmosphere there're so different those guys they are so happy they come and say oh we have such a great soup today like you want to try and the feeling is very good and everything will go smoke so it's a great
• 18:00 - 18:30 project so again it's a restaurant it's a catering company uh but from the same moment it's not appro D yeah um it's called by from here on CLK okay you understand the idea we'll discuss it deeper but I want to
• 18:30 - 19:00 understand that so so we spoke in our course for business models we spoke about different business models manfacturing licensing this and that like all this stuff but this but how does social business model different how that's social business modeling oh it
• 19:00 - 19:30 did yes sir it incorporates both so it's not just about revenues it's taking some of that Revenue to reinvest into that social good okay thank you anybody else okay so basically yes Joseph you want um yes uh yes I I was going to say that
• 19:30 - 20:00 um like Stephanie was saying it it uh from a business perspective it can um um share the revenues in such a way that you use the same resources but not only do you profit but also do something good um it's two arms right okay good if you remember my very first lecture in this entire program on the first course on visioning uh remember I told you remember at least
• 20:00 - 20:30 one thing out of this lecture and this was start the business when you know the problem in the society right for that matter every successful business should be social because you're solving social problems problem in society right social problems the the other thing is which tools you use to to execute this one right and as I mentioned social Enterprise of for-profit social
• 20:30 - 21:00 Enterprise or for-profit Venture and not for-profit uh it's actually not model it's um legal arms the legal tools that you use so for example if you make a for-profit venture and call it social Enterprise it's just wording it's just a terminology it's not a a legal definition right then you have your for-profit and non for-profit together like your social Enterprise you try to do to do something social so for example
• 21:00 - 21:30 people who cannot afford you give them big discounts like something like that but you use one legal form which is a for-profit venture or if you have nonprofit then you have two different entities like a for-profit nonprofit sometimes it's easier and yes it's a little bit more uh headache but um at least the structured better do do you establish them together
• 21:30 - 22:00 at the same time or do you establish the non-fare profit later once the prophet is established or vice versa okay so these are two different entities right you may establish them at the same moment or you may establish them in different time but generally speaking and we will discuss it now uh it's a good idea to have an nonprofit from the beginning because it's easier to start as a not
• 22:00 - 22:30 for profit like those guys they renovated the building through L for profit the chocolate Factor they they got the Machinery through no profit this and that it's always beneficial to have no profit at the beginning because you may great you may get resources just to kick out your uh Venture from the beginning right but whatever whenever you register yes so uh if I want to uh uh transfer my nonprofit organization to for profit uh
• 22:30 - 23:00 is it possible to do that or I have some obligations uh in front of Partners treatable organizations or government who G the grant to my nonprofit organization okay so we are coming to legal stuff and we'll have special session on that but I will address it right now there's no need to to to transfer non for-profit to a for-profit because you will pay taxes from day one
• 23:00 - 23:30 right Nobody Does it makes no sense if you have for profit you may register a different don't Prof and they can work together right or you may you may have your for-profit Venture allet social Enterprise as I said it's just a term it's not the legal form allet social Enterprises people do and then just and then just do both but then you'll have less chances to to get grants and all this stuff volunteers or
• 23:30 - 24:00 something um it's up to you let's discuss everything deeply enough and then you'll choose what you want I want you to know all the options and then and then you'll Cho okay uh by the way if you want to get charitable status how you get charitable status you register an aut profit and then you apply for charitable status and then you get charitable status and if you lose charitable stats they become
• 24:00 - 24:30 what non profer no you become a for profer and pay taxes from day one don't do it Joseph please um Professor Marat I have a question um I am a part of um a um a charitable organization as well so uh we do have resources and um and most of these resources like Technologies uh would give a would give um um title or or an agreement that this can only only
• 24:30 - 25:00 be used for this organization and um by the directors or the um or the staff not even volunteers so um if if you can uh throw some light on how do you navigate that when you want to use such technology for your for profit it'll be helpful right first of all in most cases from the beginning when you are getting the technology or or Machinery uh they don't have to belong
• 25:00 - 25:30 to to the noral prop in most cases like for example ground givers in most cases they they want you to prove that for let's say for 10 10 years you'll be able to use it for example if you ask for money to renovate a building they will not tell you you have to own the building it's not serious you don't have the money to on the building right but if you have access to the building or you can Le the building building or something like in most cases they ask
• 25:30 - 26:00 you to prove that you have access to this resource at least at least 5 to 10 years federal federal grants require 10 years okay so at the first place you you don't need this to be on and nonprofit necessarily for example also by the way it's okay come back also by the way if you have uh intellectual property or if you have real estate or something you don't need to to hold it on non for
• 26:00 - 26:30 profit you rather have it on a for profit and we will discuss why now if it's already on your nonprofit and you want to use it for a for-profit just Lee it from nonprofit to your for-profit simple agreement of leing Rights and that's it the not for-profit will get uh money for that and that's it for profit does whatever right it's like for example a building belongs to nonprofit and a for profit wants user like the this for for certain amount of
• 26:30 - 27:00 time or whatever part of the building just just pay not for profit but it's it's not the best structure in the first place make sense any more questions okay now tell me why is it good to be a for project because you can hold on to revenues and hold on to your profits for
• 27:00 - 27:30 a longer period of time you uh you can uh when I'm saying profit like revenues is revenues but in terms of profits profits you can pay yourself work well you have the option for dividends but you can also as a nonprofit you don't have the ability to hold on to money for an extended period of time like you would as a for-profit it's it's not exactly the case uh like
• 27:30 - 28:00 some Charities have to spend at least I believe 10% of their annual revenue the next year which is almost nothing so it's it's not a big issue okay it's good to be for profit as you mentioned because you can pay yourself dividends right non for-profit belongs to Canadian Society for profit belongs to you in terms of salaries like we we pay high salaries to instructors here you see right we have to pay them a lot you
• 28:00 - 28:30 don't even know you don't even want to know how much you pay them uh but we attract the the best mind so salar is fine but not for-profits of course they cannot pay dividends so dividends is good pra one of the reason is like for profit we have less regulations therefore more Independence exactly yeah for profits have much less regulations what else
• 28:30 - 29:00 the company grows so at the end like you have asset company grows and you will have asset yeah you own it right you own it good that's also good what else you can borrow money oh you can borrow you can borrow money for profit as well but it's easier it's easier to borrow money get Bank load for for profit why because once again non for-profit
• 29:00 - 29:30 belongs to to the society so who the bank will sue if you don't pay back right right what else you can attract invest invest Investments right it's not only money you also attract people who may uh help you with connections with you know knowledge experience this and that okay and other stuff why is it good to be
• 29:30 - 30:00 nonprofit so I think that that's the moral part right this good guy feeling as they call it right you always have this additional product which is good guy feeling right somebody who buys something from you somebody who volunteers for you something somebody who somehow interferes with you they get this product good guy feeling right er um for certain stakeholders I think
• 30:00 - 30:30 nonprofits um lay a groundwork of trust and shared values and certain communities just inherently distrust a for-profit venture because they feel that can be exploitative so uh like you say in a for non nonprofit you can get paid a high salary but still that entity of for-profit nonprofit carries sort of like a a value um to certain communities that can help relay
• 30:30 - 31:00 trust yeah additional trust I agree right what else uh sorry Prof well leverage from resources like government and having volunteers is easily available for nonprofits right meaning grants right yes there are some grants for profit but much much more grants but not profits right uh Jan the donations donations right if if you're not if you're non
• 31:00 - 31:30 for-profit you can get donations uh but you cannot give tax receipts however corporations remember this corporations prefer to give to nonprofits because they claim it as marketing expenses and it it looks better on their financials okay so if uh if private people give you money you cannot give tax receipts but for corporations doesn't matter because it's uh it's an
• 31:30 - 32:00 expense donation to a charity or uh payment to non for-profit as sponsorship and corporations even prefer uh sponsorship okay uh Stephanie tax you're not uh paying taxes on incoming money right not exactly that you don't you don't pay certain taxes like for example you don't you don't pay corporate tax as a non for-profit you don't don't pay
• 32:00 - 32:30 corporate tax but you still pay H you still pay property tax blah blah blah if you not if you are not registered for HD again we'll discuss it later if you are not registered for for HST um the government will return you 813 of HST spend but if you are registered for HST then it's normal HST thing you pay and reimburse like 100% reimburse but you have to charge H but
• 32:30 - 33:00 if you're not registered for HST you don't have to charge H but you will get 813 of H spent so it's up to you to decide but we again we disc discuss it later okay so so once again why is it good to be for-profit you own it you can have dividends you can get bank loans uh you have much less R tape and it's not
• 33:00 - 33:30 written here but it's important you can attract Investments but from other perspective not for-profits you can get donations you can grants you can get sponsors you can get volunteers volunteers they like like donors right people who donate you money we call them donors people who donate you time call them volunteers but remember they are actually donors so
• 33:30 - 34:00 whenever you'll be dealing with volunteers if I have time I'll address it today but we'll have a lecture of Mr Phillips about it as well always always always treat your volunteers as you treat donors many for profits keeping forget about it but it's a very very important okay uh and by the way and what's the difference between donors and
• 34:00 - 34:30 sponsors um sponsors will get some part some percentage from the revenue later right no but not for profit for profit Prof sponsors foral profit D I think sponsors are kind of like putting their name on it so they're not Anonymous um and the non profit or I mean the sponsor gets recognized um
• 34:30 - 35:00 publicly I guess and love to be recognized in many cases right yeah in Canada for example in Russia where I'm from it's not part of the culture so if you give money you give money you don't publish it everywhere you don't have these Big Blocks like around every corner that this guy gave this money for this it's not part it's just not part of the culture but here first time I was so surprised seeing it like everywhere this
• 35:00 - 35:30 guy gave this amount of money this organization gave this and that no the donors here want to be recognized as well so what's the differ what's the actual difference what is the the product the sponsors want to buy for you the the good guy feeling no
• 35:30 - 36:00 Stephanie sponsors sponsors want to get an Roi so if they're putting money in they want to see something come out of it whether that is that publicity visibility maybe they're getting access to something but they want something that they feel will benefit their business as a result Erin you wanted to add something often times it's advertising some kind
• 36:00 - 36:30 of advertising space Yeah so basically you guys have to clearly clearly understand it because I can tell you do not sell soup to donors like when soup kitchen comes to a donor and says I have a great soup try try okay I don't care you have to know what is the product that this that uh important stakeholder
• 36:30 - 37:00 wants to buy from you the sponsor wants to buy from you business they want more business and that's what you sell them okay you don't tell them we're doing such a good thing for people right you tell them exactly how they get more Revenue how more people will know them like for example if you have a uh a training program like empowerment
• 37:00 - 37:30 program for young women right you come to I don't know to Boutique or perfume store to I don't know whatever you think about it and tell them we have 3,000 young ladies in our list they want us to promote your brand like yeah now give us money for for program right they want more
• 37:30 - 38:00 business verus Donuts what the donuts want they want recognition maybe not sometimes don't sometimes they they do want recognition sometimes not but they always want this good guy feeling right we all everyone all of us we have this uh little spark in our heart right we want to make this world a better place it's it's something it's a feature right uh sometimes people even don't
• 38:00 - 38:30 even know about it but you have to address it right help us and we will help you to feel good about your life right about how you spend your life and making more better place okay and volunteers the same so the volunteers on top of that they may uh be interested in experience right the feeling of being part of of
• 38:30 - 39:00 something important and so on right so it's good to be for-profit and it's good to be nonprofit basically it's easier to start as as a nonpr as you see can see you can get donations so you you can get money to start you can um get labor to work with you for free all this stuff so it's easier to start this but it's easier to grow as a for-profit
• 39:00 - 39:30 because you have access to money you have um less R tape and so on so forth okay so either or and my answer is both both okay now it's either it's either you make a for-profit social Venture when you have everything look Blended in one or which I like more you have two
• 39:30 - 40:00 Ventures together a for-profit venture and a nonprofit Venture Char it's up to you okay now how they how they work together just collaboration with okay you're known for profit organization uh for example if it's as basic as this
• 40:00 - 40:30 I just raise funds so people who cannot afford my product products and services will have access to it okay as basic as this because you may think better you may think you may think like I gave you an example right something different but let's take uh the basic uh the basic sitation uh then your non for-profit will hire your for-profit to provide the service of products that you want to deliver to people right now it
• 40:30 - 41:00 should be fair right it's not like you're raising money and then why are you hiring yourself excuse us okay so it should be fair there there are different ways to make sure it's fair again we will discuss it in a different session but I want to to say it right away so it's either you do
• 41:00 - 41:30 tender you always can hire yourself it's not it's not a problem the problem is to hire yourself on a fair rate on a fair price okay so how you get it you either do tender so you publish somewhere in newspaper online whatever we need specific products Services whatever and then you collect the proposals and then you take the lowest one and this is your
• 41:30 - 42:00 price this is one way of doing things tender there's another way of doing things which I prefer uh which is appraisal they there are appraiser company uh company properly licensed appraiser company and then you ask them to to make yourself to make for you an appraisal report what is the proper market price for your
• 42:00 - 42:30 product and service and when you have the report no questions okay so make sure everything is properly done and then the structure I'll come to structure in a moment like for example here we also have combination of a charitable organization and the for-profit organization here in in our Compass because why it's very hard to get mortgage for the
• 42:30 - 43:00 building uh for not profit specifically when I just started we bought this building I believe in 20 in 2016 something or maybe 2015 I don't remember and we started get started in 2013 so nobody will give us mortgage now if we go that's mortgage they'll give us but back then so we needed to profit Venture this is an opposite situation than you have
• 43:00 - 43:30 because you have the for-profit the nonprofit that helps right here we have a nonprofit like y Char organization and for-profit that Els so we created this um for-profit Venture that belongs to Y and uh it got the mortgage and yet it just uh reimburses the expenses during the year this building pays like
• 43:30 - 44:00 electricity taes whatever expenses Right cleaning company whatever so yet urses so this PO profit Venture actually does not generate any profit because whatever it spends you reimburses the result is zero yeah but uh we used to have a we used to have a big run from from the federal government well ago and then the Auditors came here and said oh you
• 44:00 - 44:30 paying rent to the company that you're involved with because I'm the director of the for profit of course H so what are you talking about look at this um Financial results like profit zero next year profit zero salary zero I don't getting anything and here's your appraisal report the market uh the market rate for the rent we have a like two3 of that here and they immediately shut that's it
• 44:30 - 45:00 all good so good pra report solves everything because I I started to explain this is the model how how we use this for-profit Venture is not just my Venture it's a it's a it's a servant for y basically and somebody has to be director there who me of course uh and they like h still but when I show them a person report no
• 45:00 - 45:30 question okay so if your non for-profit hires your for profit or collaborates with your for profit so again you just simply have the normal agreement you hire your nonprofit hires your for-profit to do stuff or just collaboration like if if uh there are two different entities they may elate very very different and the theable dance program right just
• 45:30 - 46:00 collaboration they using the same building okay but you also have to structure this in a special way any questions so far uh so these two um company um can have the same name or different name
• 46:00 - 46:30 no they canot have the same name no it has to be very clear if it's long profit or it's for profit uh so they can't have the same branding and everything The Branding can have but it has to be very clear if you are dealing with for profit or if you're dealing with non profit for example one can be so called San LD M uh the second one called the saan
• 46:30 - 47:00 foundation okay so it can help common like in their branding but it should be very clear if this this is nonprofit this is corprit okay first of all it's a good thing to do second second thing it's the requirements for that and thirdly it will help you because when you will be raising funds for your nonprofit just be very clear it's nonprofit anytime somebody will think it's somehow
• 47:00 - 47:30 not an profit they will not give money who needs Problems by the way I can tell you um we recently we at recently registered New Foundation called Canadian foundation for Innovation and research because we have people who give donations to get but they're um we realize there are people who don't want to give money to something so
• 47:30 - 48:00 specific there are people who want to give money to something general so we created this General Foundation it's not get uh but um it it mostly will work with corporations um and get money for for the scholarships like you getting scholarships right uh so we we will restructure it so we'll get the the the money from the
• 48:00 - 48:30 foundation um okay but all of this executes the same model that we want to execute right now we have for example we have for-profit Venture owns this building we have another for-profit P that owns the second Compass we have ye which is charitable organization and now we have a non for-profit foundation and all of this all together executes the the same this model right so we have four different entities but the business
• 48:30 - 49:00 model is one okay you understand now let's come to the structure um Joseph tell me who holds the biggest power in a Democratic states State like for example
• 49:00 - 49:30 in Canada um the king who uh the king the head of the state King no the biggest the source of power in Canada who is it Eng just a picture the Prime Minister oh people
• 49:30 - 50:00 people yeah I like how people yeah people you want anyways uh yeah people of Canada we hold the power and then we elect the parliament right the parliament appoints prime minister the Prime Minister hires ministers and so on so
• 50:00 - 50:30 forth right that's exactly the structure of a nonprofit organization so the biggest power belongs to whom to members not to executive director not to the board but to members now when you registering off a profit knows that discuss when you register for
• 50:30 - 51:00 profit you think about the bylaws that will regulate the activity of of the nonpr you decide who the member is because those people will have the biggest power in your organization right for example may be everyone who pays membership fee or whatever you decide or or anyone who pays certain amount
• 51:00 - 51:30 enough some some nonprofits say that that all the beneficiaries become members I don't like this approach because beneficiaries um they have different point of view right you all you will not you most probably will not be able to run your Ving more business approach right to give more but it's up to you so basically you decide who the members
• 51:30 - 52:00 are then the members elect the board right members select the board uh and then the board appoints again uh the board may have Comm committees it's up to you by the way uh if you register provincially you have to have at least three board members if you register federally you have you may have one board
• 52:00 - 52:30 member at least sorry if you register if you register provincially you can have you you have to have at least three board members again don't have different Le but if you register F you can have one one board member in my opinion makes no sense because board is board do do not put your friends and family on the
• 52:30 - 53:00 board it makes no sense because what one of the reasons why uh nonprofits are good see the last point it's Bor because if you attract high-profile people for your board for for-profit Venture you will pay them a lot but the same people if they come to your non for-profit board they'll come for free because in Canada
• 53:00 - 53:30 you cannot contribute you cannot compensate board members for anything right okay but people people know it and people want it just a good stand in Canada for high profile people to be part of any uh nonprofit Board of a nonprofit organization so you may attract high-profile people knowledgeable people without any expensive of course they will not be
• 53:30 - 54:00 every day with you but twice a year four times a year whatever you guys will agree agree up they'll get together they'll advise you something so always think and by the way when you will apply for Grants or something they will they will look at it they will see who are on the board I highly recommend you to always have one person who knows
• 54:00 - 54:30 business okay because everyone who gives you money they want uh they want you to spend the money by okay so have somebody who is successful businessman have somebody uh who knows Finance accountant Financial person like whatever and have some somebody who knows your sector
• 54:30 - 55:00 medical engineering or you know social whatever whatever you do so at least three people at least if you can have more it's even better but when you have at least three people make sure one is a businessman one is a financial person one is a specialist from your sector so they will discuss uh everything around the Venture from their different perspectives okay and it looks very good
• 55:00 - 55:30 on your application when you apply for Grants or whatever support so your members at that board it will not be you will the board the members the board elects or hires executive director okay and then executive director hires
• 55:30 - 56:00 whoever is needed there now if you are dealing with a combination of for profit and non for profit and you benefit through your for profit from this collaboration which is Ni no problem where can you be in this structure executive director exactly you can be executive director you you cannot be a board member do you
• 56:00 - 56:30 understand yeah because board members cannot be compensated by any ways even this indirect way that your for-profit will uh get additional customers if you owe the full profit right so you cannot you cannot be a board member and you don't need it you may get salary in this no for profit if you want again you don't have to but the highest position in a non for-profit
• 56:30 - 57:00 structure that you can p if you own the for-profit Venture is executive director for example for educational organizations like you it's a custom to call executive director president it's just it's just a custom for universities for colleges that's why my position called president but normally president is is the chair of the board the mix of
• 57:00 - 57:30 terms okay so we have like have chair of the board and the president which is me but I'm receiving my salary and um I actually executive director okay so for your non for-profit you'll have you can have executive director and it can be you okay so that do you feel any problem in this structure no anybody feel I'm just
• 57:30 - 58:00 comparing it with what we have right now because uh I think because of the organization I'm talking about the other not for-profit that we have um it's just a little tricky because most of the people there are volunteers so we don't have funds to hire people yet yeah but at some point you'll help right yeah Joseph so would that mean that the uh the the board of directors have higher
• 58:00 - 58:30 power than the executive director in in a not for-profit setting exactly yeah the highest power belongs to members then the board then executive director then the rest so thanks Professor so if if the board decides uh then the executive director um may or may not exist is is that is that true um exactly and that's what I wanted to hear from you from you guys yeah to think like
• 58:30 - 59:00 what if exact what if the board will kick me out you don't want it right by the way do you know that um the executive founder uh the founder the executive director of Canadian La company no Canadian La company right the Four Seasons Center those who are in ch right she was kicked out by the board because whatever but she founded it and
• 59:00 - 59:30 then they let her go I don't know why but it's it's sad right you don't want it right but you cannot be on board but I will tell you right now what to do but uh so when you want to create that like for example nonprofit organization so you have to be part of the like three members on the top you have to be you have to have two other people what have how how how about those
• 59:30 - 60:00 three people that no the board the one that initially they actually make their nonprofit organization they they are the board okay so like for example if I want to open that wait wait wait if you talking about technical stuff uh if you if you go and do registration right yes if you go to register not a profit blah blah blah right then you you may be a registering
• 60:00 - 60:30 person which means nothing you just want the reg but in your registration you will show who is the director who the directors are right they they become the first board of directors and you are nobody you you're just somebody who decided to register and okay but if you want to become executive director the board that you put to the board have to elect you ex as executive director so before you registering that company then you
• 60:30 - 61:00 already have to have three people for your B of directors yeah as I said if you register provincially you have to have at least three people if you register federally you can have one which in my opinion makes no sense it doesn't look good so I highly recommend it to have at least three people yes so first you have to find those three people and then you go yeah and then register registration is easy you just go go online
• 61:00 - 61:30 register yeah how can you protect yourself from being kicked out yeah just wait a second I'll tell you I'm here to tell you good good point yes Joseph no um Janet already asked that question so I was just going to ask if um if that is the structure is um and and I already heard that um our family members in the board is not a good idea so is it just trust that actually holds everything together wait so here's my uh
• 61:30 - 62:00 resolution okay you cannot be uh board member right you can be executive director but nobody stops you from being a being a member okay and members call the biggest power and not Prof so what I normally do I suggest register in in your bylaws you
• 62:00 - 62:30 set up two levels of membership first level of membership and second level of membership second level of membership is whoever is a member you decide whoever pays your membership you whoever whatever you decide and by the way you don't have to do what your lawyer told you you decide this is your loveo this is your structure you think what you want and the laer just should put put it into legal forms not vice versa okay so
• 62:30 - 63:00 you seriously think who should be members for your organization what should be the structure how it works and and all the all the details don't work with a lawyer who will just tell you how to do it just take a formal template which cost them nothing and you just sign do not do it right think over every little element because this is the bylaws that you will work with for many years okay come to me if you have
• 63:00 - 63:30 questions okay um or I don't know work with the lawyers that you will see in the round table here's a good one and we have a couple more good ones okay so as I said you cannot be board member but you can you can you can be member so I suggest registering two levels of membership level two is General memb members they vote
• 63:30 - 64:00 for everything except of appointment of executive director the board the board exactly they vote for everything except of election of the board and me and members of first level membership they vote for everything including election of the board now what happens this way if the board will let
• 64:00 - 64:30 you go as executive director you will let them go as a board and that's the way legal good way how you hold a on for-profit you know in your which which comes first the letting go of The Bard they will not they will not let it go because they will know that they will let go and even they do you let them go you you you bring you word and they
• 64:30 - 65:00 acquain you guess who is first level member you me how many people should be in the first level one okay just you just you yeah in our bi L literally literally written the first level member is Dr Marat R and uh everyone who is anonymously elected by all the first level
• 65:00 - 65:30 members meaning if I want to appoint somebody I appoint somebody then the next one will be appointed by two of us and and so the way why I did it this way like why me it's obvious why this structure that you can appoint because people sometimes die right and you don't want your non for-profit to be out of everything so I can appoint my child for example or
• 65:30 - 66:00 whatever you decide so your members are just two member two no we have two okay so how we did it for you don't have to do it this way how we did it's up to you right so what we did the first level member is me okay the second level member everybody people and organizations who donated us more than $7,000 during a year that's how we decide you can you
• 66:00 - 66:30 can decide whatever you want so uh our donors every everyone who donate us more than more than $7,000 and the reason why why is seven because it's tuitional for for one student in semester programs uh they become members for for for the next year okay somebody put the US in January or in December or in between but the next year they are
• 66:30 - 67:00 members they vote for everything except of appointment of the board financials plans like whatever some people do uh two levels and one level voting and one level non- voting I don't necessarily like it because you want to be the the only member for your level right but you still need people you know to talk about to discuss that's the community but in
• 67:00 - 67:30 the end of all it's up to you so sorry for the type one membership the one that can elect board board of directors can be only one person more than so can be only one person can be one person yeah it's not regulated whatsoever this is your by you make you
• 67:30 - 68:00 may make 10 different uh levels of membership you may have one level of membership you may do whatever you want it's your by laws never think that there's a law where it says foral Prophet should be this this no just the lawyers that they're lazy they take template and give it to you to side that's it but the matter in the matter of fact it's you decide what would be there Daren um and so for yeti with the
• 68:00 - 68:30 for profit side who uh does it have a board and who's the CEO okay uh as you as you can see for yei it's a different thing right because it's all the way around right the main entity is a nonprofit right and the for profit is just holding company I'm the SE I'm the CEO and that's fine and remember those guys came and said oh you pay to
• 68:30 - 69:00 the to the organization that where you your director I said I'm not I'm not receiving any salary I'm not making any profit and here's my appraisal and that's it there sh who else would be I need to to control both right even if even when you go to the bank you say give us mortgage they say but where's your Revenue I said it's just a holding company for
• 69:00 - 69:30 yei so yei y has good revenues every year you can see it but now they want to make sure that the person that rules the for-profit is the same that rules nonprofit so it will be good connect well connected so they they even want it is the not for profit um Universal I mean the structure and and bylaws similar
• 69:30 - 70:00 globally well I cannot tell you for every country I don't think so um I probably know only in Russia and in Israel and and is it similar it's very similar but know all the countries and and everything um Joseph um Dr Mar is it um so I'm just trying to understand in this structure or in any kind of a structure so if there's no proper Legacy planning on a
• 70:00 - 70:30 nonprofit organization um where where where does it go like if if in in in's case if something like that exists in ter in the space of level one member or membership one if there is no Legacy planning how how is it dealt with in in in a in a legal context is it go to this children or so no no no no no uh you cannot
• 70:30 - 71:00 encourage anything like I just in our B like all the structures is in your bylaw right you cannot inherit anything related to non for-profit right but for example I I appoint my my daughter as as a first level member at some point whatever or not or somebody else or it doesn't matter I just don't want the situation that there will be no first level member at
• 71:00 - 71:30 all then what happens if there's nobody as a first level member then all the second level members become first level members that's what law regulates okay and uh maybe it's fine maybe not yes who's the responsible person in front of law so I currently uh members and board of directors are uh voting power right so if I to do something
• 71:30 - 72:00 wrong with uh with money or with the to prison who will go to prison okay good question who will go to prison you'll go to pron okay so first of all when it's good question by the way thank you for that so first of all when you will invite people for the board they will ask you to have
• 72:00 - 72:30 insurance okay nobody will go to prison but the there are certain things uh where board is responsible for example if you don't if you don't pay salaries and if you don't pay taxes you will not go to prison but you will have to pay this money okay for that matter when you invite people to your board they will say will ask you if you have U Insurance that's it um at the very
• 72:30 - 73:00 beginning it may be too expensive but at some point it's not not that expensive so I can tell you uh that ye pays insurance which includes not only insurance for the board but also our teaching Insurance because for example we teach you how to do business but then they go do business then your business fails and you apply to the court because yet is responsible for your fa failure so uh the ministry the ministry wants us to have insurance it makes not much
• 73:00 - 73:30 sense to be honest really impossible to to Su charity uh but we have this insurance and we pay approximately $1,000 a month how much ,000 a month but it's teaching Insurance included so I don't know how much for specifically board insurance but okay ask insurance insurance those so just say board insurance board board
• 73:30 - 74:00 Insurance yeah everyone understands it's just two things that board personally responsible paying salaries and paying uh taxes okay you basically you know you you will do it properly right so you honestly you don't need the insurance but uh it's always good to have at the beginning it may be hard but uh if you say like for example when I invite people to a board many times they ask like do you
• 74:00 - 74:30 guys have board Insurance yes okay we don't care like for example if I send them every year I send them Financial results right we have very serious audit because we have we have all the different types of activities including Venture fund like everything we have audit the general audit audit from Ministry of immigration uh and then audit from the ministry of high education because we have college license we used to have
• 74:30 - 75:00 audit from the ministry of innovation as well because we had grants from them right and um we have to to have everything proper it's fine but lot of friend anyways good okay any questions we'll discuss it again and then when you will be ready just come to me and we'll
• 75:00 - 75:30 discuss that is how you make this combination of for profit VCH and not for profit VCH okay also for non for-profits for your non for-profits you also May select uh different models remember our course for for
• 75:30 - 76:00 models and I told you that for different business models you know what I I'll come later to it let me jumps here I'll come back to um because I want I want to finish with this so for nonprofit organization for for-profit you have your customers right and every every time you think the
• 76:00 - 76:30 customer this customer that for off for profit your customer is divided to uh I could say five elements just imagine your customer and then they divide it to to five sh Shades Shadows right which are
• 76:30 - 77:00 beneficials donors sponsors customers and I could add here government those who give a gr grants because what makes customer customer what makes customer customer they pay yes they either give you money or they
• 77:00 - 77:30 take something from you like they receive something they receive your services right it's not either or it's all together right what makes customer customer they benefit from what you do and they pay you that's the customer now for don't for pro it it's not one person it's different people maybe maybe on right so somebody benefits somebody's beneficiary somebody's a donor or
• 77:30 - 78:00 sponsor or uh government okay it's different different players different stakeholders okay now I put customers here as well because I highly recommend all the nonprofits to have customers though those who pay for their services like if you been if you work for
• 78:00 - 78:30 beneficiaries you still sell part of your of your product or service on the market to understand the market better to to to have additional revenues on the market blah blah blah it's not relevant to you because you you start from for profit right so you already have your customer there like basically I normally explain it to clearly purely nonprofits right for you this problem doesn't exist but you uh think of beneficials donors sponsors and
• 78:30 - 79:00 government right uman can you substitute here customers to government on the slide on the side itself yeah if it's if it's not the problem
• 79:00 - 79:30 oh yeah thank you perfect yeah because this SL was good for non for-profit program but not for you so your customer is now consist of beneficiaries donors sponsors government okay so beneficial will understand those who benefit from what you do right
• 79:30 - 80:00 dollars those who just done 18 money they don't get your Su they don't uh directly benefit from what you do right but remember all of them want to get some product from you what's the product we already discussed what's the product that donors want to get we already discussed
• 80:00 - 80:30 it what is the they want to feel good good guy feeling yeah good guy feeling remember remember you have to sell this product to them not your services not your products that you give to beneficiaries no it's a different product it's called good guy feing you have to understand what makes this person feel good and explain it to them
• 80:30 - 81:00 so to come and say we're soup kitchen try this uh uh try this uh soup like great soup who cares right but if you say that you know like 200 seniors in this city are starving because they don't have enough resource blah blah blah and we can Fe Fe them making sure that nobody is start staring the city somehow like
• 81:00 - 81:30 this yes some people some people want um recognition but not everybody but trust me everyone wants to feel good okay so you think about it and this is the product you have to sell them okay now sponsors what is the product they want
• 81:30 - 82:00 to buy don't sell them sou don't sell them get they want they want businesss they want business you understand the difference the approach is very different they want business you have to come to them and tell them how they will get more business how more people will know them how they will get more Revenue and so on so forth this is the product they want to buy from you and this is the product you have to sell
• 82:00 - 82:30 them the reason why people cannot raise like everyone everyone is saying wow Y is doing so great they're raising you know money here and there from sponsor from doar and every time you apply for GRS you get it right because we are sing people exactly what they want to buy in case of your customers you sell them solution of the problem right we agree that you start from solving a problem you sell them solution of their
• 82:30 - 83:00 problem right but in this case you cannot sell this specific product you have to sell special product it's more complicated but it gives you additional Revenue additional efforts and it's a good thing to do because people who cannot afford it and actually ACC it right so dollars you sell good guy feeling sponsor you sell business government what do you sell to government what do you sell to a
• 83:00 - 83:30 government official uh that may give you grant Society say it again how you benefit Society maybe any other ideas uh save money maybe and um government loves to waste line that's yeah that's true
• 83:30 - 84:00 Joseph wait think of a specific person who sits there and will sign off your your your ground what this person what for you they want just Joseph um understanding where he wants to spend the ground and how do you actually use that so if it's if a SE why they want understand that if if his seat is the Minister of education and he wants to promote
• 84:00 - 84:30 education then if VI is able to promote education you sell that to him for his his problem is to solve that and you get grants from him okay so I want you to vote for them again the next in most cases they're not elected officials you know bureaucrats and sitting there it's a good point but not for the specific bureaucrats um okay Erin I think they're often Outsourcing
• 84:30 - 85:00 work that they can't do um and uh whatever it is economic educational social they there's there's social and economic gaps that they're Outsourcing to nonprofits who are addressing those gaps okay Alex um if they're giving out grants they want to be able to kind of show other people what they put that money to even though they're wasting money they want to show that at least there was good intention or a good return for the
• 85:00 - 85:30 community afterwards okay and why they want to show the people now Stephanie I I saw what you wrote and I agree say it loud they want to keep their job exactly exactly Anna I wanted to say the same thing that ER said yeah so in my words I call it covered butt right that's the product they want
• 85:30 - 86:00 to buy to buy from you okay you may use whatever nice words but when you apply for Grant you have to sell the product that called covered by okay and if you're good in selling this product you will be good at getting grants this is the answer why y always gets GRS when we apply because we sell exactly what they want to buy so they afraid that you will misuse the money right that you will not
• 86:00 - 86:30 fulfill the purpose that they will not look good if they give to you blah blah blah right and you have a new application inly while you answer any question you ask you like any question they ask you question but you sell them the covered they ask next question in the application you answer the question while selling them this and that's why you're telling them on our board we have
• 86:30 - 87:00 Financial person we have business person blah blah blah we know how to run money we have um uh advisor board blah blah blah we have the traction this and that and uh uh you have to promote them the beneficiaries again what do we sell them well the beneficiaries you definitely sell the solution to the problem right it's easier it's the same as you sell to your customers so your beneficiaries are your
• 87:00 - 87:30 customers just those who cannot afford it for example right they getting it either for free or for for reduced reduced cost right so for for the beneficial to sell uh what you sell to your customer but for donors you sell gu for sponsors you sell business for government is s the feeling that they're keeping their job the St which sounds nicer than what I
• 87:30 - 88:00 say okay any questions good okay now let's have a break uh 15 minutes break see you in 15 sharply see people yeah okay I want to play a little game with
• 88:00 - 88:30 you uh I need a brave volunteer for example we app Point volte here come here please okay can you see both of us right okay this is very volunteer uh I'm a sponsor get sponsorship from me and you
• 88:30 - 89:00 guys help okay so if you sponsor our business yeah um if if you sponsor us we're going to promote you we're going to promote you through our website how will you promote me if you don't know what I do and I even don't know what you do oh okay okay will promote okay okay so we're gonna start from scratch so um we are a
• 89:00 - 89:30 digital Healthcare platform digital Healthcare platform okay and um we we're planning to um have our platform to um to have all the data the diagnostic data in community in one platform and uh for people going to clinics or different organization small small other than hospital when they go there and they do
• 89:30 - 90:00 a small uh testing usually right now the everything is on paper and get lost so for example if you're a diabetes go to Shoppers here and you do the hemoglobin A1c and um three months after you go to timens to do hemoglobin A1c there is results are lost because it's just a piece of paper and no one knows that um your physan can cannot
• 90:00 - 90:30 track your report and cannot see if your your diabetes getting better or worse so there's no unified system to put all the diagnostic out of the hospital in one platform so what we're trying to do we're going to we try to create this platform that um is easy to track and easy to Monitor and then later on even that can
• 90:30 - 91:00 be a good indicator that um we can create some sort of AI based on it that where the is going higher and where is lower in different part of the system okay sorry prop one something probably he wants to say that I don't care about about what he was saying the point here well congratulations for having some some great project but why do I
• 91:00 - 91:30 care yeah same thing I was going to say Susan is trying to sell you the soup yeah yeah so you to sell the so and that's why I'm torturing you here Erin oh Susan we need to hear the value proposition and who are who are the stakeholders that uh Professor Marat is going to be interested in gaining new business from right yeah at the first place at least
• 91:30 - 92:00 know my business oh okay what do we have to sell the sponsors because why I'm doing this game because every time I explain everything everyone yeah yeah understand cool but but then in real life immediately everyone sells suit and this exactly what happens right uh okay so what's your winess oh finally okay a real estate developer so I I build and um maintain commercial uh
• 92:00 - 92:30 buildings so now I have to figure out what's the Stephanie you want to add something I was gonna say I Heard lots about Susan but I don't know what you do and so now that we know you're a real estate developer maybe she can talk about how many people are using her system to then say we have 10,000 users and we would like to form a partnership where you give us some money and we will put your some information about your company and share it with our 10,000
• 92:30 - 93:00 users right but why why do I need the the users from your uh vure medical fi like yeah let's say I build plazas right and then and then I use it right so I need tal basements like whatever well that's because her customers are pharmacies and Pharmacy needs a physical building so those are really good customers for you if they're looking to expand to new
• 93:00 - 93:30 locations okay now we're getting somewhere okay anybody else good good good no soan any ideas uh think about my business I know it's about my business you sell me my business that's why I'm trying to figure out what would be the relationship so what how you you can benefit from us um as the realator yeah first of all um it doesn't
• 93:30 - 94:00 matter what they do these people could potentially purchase a home it could not it doesn't have to be related to right but I commercial buildings I know but because they're doing also they could open their own business or they could right they could the clinic like a lot of clinics can open a lot of my customers they actually have clinics like Primary Care Clinic no we
• 94:00 - 94:30 Prof well how do you promote your business or expand your network as a commercial Builder how can you promote my business so probably the question would be probing you have to think about it you have to come to me with the solution but let's say I have commercial real estate like basically plazas right what I need I need good Andor
• 94:30 - 95:00 tenant right now we're getting there right I think we understand now the idea right so you generating uh pharmacies like Innovative new approach and maybe they may um they may use less space or more space or whatever with using your your technology right they need to have more space actually because they want to have like a room to
• 95:00 - 95:30 do that yeah item space yes okay so and the clinics and so they have to expand their clinics yeah so maybe but but what your know for profit does so we're not talking about your business we're talking about your non for profit what your non for profit does so I'm thinking my nonprofit I'm thinking my nonprofit would uh would help
• 95:30 - 96:00 government because what I'm thinking for my nonprofit would be the public health something for the public health not necessarily pharmacies because if if my Prof my for-profit benefit farmes they can be out my customers but if I do nonprofits uh it would be government we will think more about it
• 96:00 - 96:30 uh C here so they see it like I think and let's let's think together I think something to promote to to the pharmacist uh you know connection and and by the way uh if I support you you you can promote us and I say we we give good discounts to what you do blah blah blah so we have good tenants good anchor tenants for different buildings for example and if you think better if you think stronger about your non for profit
• 96:30 - 97:00 then you may get grants for those pharmacies to build those additional facilities but the grants will go to my real estate okay yeah that yeah that is that's very good actually because a lot of them they don't have buget yeah here you go but you not for profit may may get grants and the grants will go to my real estate and the value of my real estate will go up yes they will use it but value of my real estate will go up and I will because of that I will
• 97:00 - 97:30 support you make sense yes too complicated okay thank you no that makes sense thank you okay next question me if it's okay uh see I am uh
• 97:30 - 98:00 government's bureaucrat get a ground from meh okay so um I know that the last years there a problem because of too many immigrants arve to ton especially and uh the construction works are going uh too slowly uh there are lack
• 98:00 - 98:30 of uh housing for newcomers and so I see that my personal observations construction workers are not to motivated to work faster uh to put their games to fulfill their opportunities with high quality uh therefore I um made some research and um investigated their um they schedule what
• 98:30 - 99:00 they do how in short what's your not profit about okay um and so I will propose them I'll propose construction workers some nutritious foods that will get them for to move faster to fulfill their um uh responsibilities quicker and why is it not for profit no oh not for profit yes not for what's not for
• 99:00 - 99:30 profit uh um what's for profits all right let me help you out here anna um you're nonprofit um does nutritional education to Immigrant communities so you help immigrant communities learn about proper diet how about that so up okay sounds great sounds great also what will you need for your for profit you will have to to produce the food right yeah so for
• 99:30 - 100:00 that you will need what equipment equipment space blah meaning it's it's not not so about education but more about maybe maybe education and production production of distribution actually Prov providing food to people in need right right uhuh so what you know for profitable be education of IMR Community it's good and providing food to people in need nutritionist right good idea
• 100:00 - 100:30 that's enough a profit now get Grant from me um because so far it was selling what you were selling so no you were selling so literally away yeah she's sing soup now sell me what what the government official SPS uh guarantees that the money will be lost and they sign the right case no um okay
• 100:30 - 101:00 uh so uh you are still not asking questions what's the mission of this right when you want to get the grand first thing first you have to exactly understand what's the mission what they want to do what they want to achieve because you want to deliver them the meaning that they will keep their job right meaning they fulfill their mission they don't waste the money they uh they're doing well and
• 101:00 - 101:30 you have to sell it with every word you tell you tell them right so what's the mission of our um what is the mission ofs what the mission of power do you know you have to ask because he's the Govern see everyone is so the same right everyone is how many times you explain
• 101:30 - 102:00 it everyone is sing the suit without even asking who they talking with d can I try and go next just just a second just a second yeah so who are you playing to uh issue this grants foror okay yeah so our object is of uh diversity and accessibility diversity and
• 102:00 - 102:30 accessibility okay uh to do the food accessible for people in needs uh we we need to get this money to buy some equipment possible to produce the food that's accessible to people in need what do you mean accessible uh Stephanie you could do it two different ways you can either hire people with disabilities or new immigrants to produce food or you
• 102:30 - 103:00 can be giving away free food to people with disabilities or new immigrants or you could be doing a combination of both exactly combination of both perfect thank you thank you see how smart we all together now tell me now do it again in the proper way uh okay so uh we will hire uh people for what you what do you do you provide nutrition food I provide nut food and I think AR is Right add education there
• 103:00 - 103:30 because makes sense I provide foods to people in needs and provide educa education uh to newcomers about rights fit in and uh uh we will hire some people with disabilities uh to produce this uh and for that I need the grounds for yeah you need you need equipment you need this and then okay there you go good you you
• 103:30 - 104:00 have to tell me though more why you will not waste the money right how you will use it wisely that you have certain people on your board that some uh that you graduate from ye right why they can be Not Afraid giving money to you right okay thank you thank you okay enough for now um do you finally understand
• 104:00 - 104:30 guys so once again um once again I showed you this picture remember this picture from my first Le my first for so I said think of all the
• 104:30 - 105:00 stakeholders and make sure all of them see exactly the picture they want to see or now I will tell you that they buy the product exactly the one that they want to buy okay so think of a three-dimensional picture the donors see what they want what they want to buy sponsors see what they want to buy and you provide them with the product government that gives you grant uh seees
• 105:00 - 105:30 what what they want to buy okay and of course your beneficiaries um get what what they need right so think of threedimensional four dimensional five dimensional whatever picture where everyone will get exactly what they want and if for for-profit Venture it's very important and you you have to think of all the about all the stakeholders so they see a venture from their perspective but not for profit it's even
• 105:30 - 106:00 more serious approach because your customer now is divided to four and everyone wants to get their own product different product and you have to be able to deliver or this product to them alog together because how will you will you uh help your beneficial if you don't raise money right so the good guy feeling for donors the business for sponsors the uh safe chair for government as much important is what
• 106:00 - 106:30 you do for benefici because it's part of it's different pillars of uh your structure right understood so remember this okay good now I'll come back here I probably told you about this CH Depot but
• 106:30 - 107:00 um now I want to tell you something else about it everyone remembers this right so it was the idea to do it uh to do this project in a different business model it's not like uh other Ventures when you collect stuff then you sell the stuff then just 15% of the revenues you use for Char for good so this lady Julia she wanted to build this uh Venture the way that uh people
• 107:00 - 107:30 who donate the furniture this is the furniture people who need the furniture pick up this furniture for free and that's it and it works and I explained to you business model remember that they have a truck and the donors pay for deliveries and covers the expenses right and I also told you that they got million dollars from the government they got $750,000 from Mage Foundation remember and million dollars from from
• 107:30 - 108:00 government why is it happen back and forth zoom in zoom out um okay so they got twice money from Trum Trum used to have like now they have it up up to $3 million the construction Grant uh back then they had up to up up to half a billion dollar so they got twice uh maximum of the ground half a million dollars
• 108:00 - 108:30 but Trillium pays 50% project so they had to do Renovations and elevator uh to the space 135,000 Square fet uh plus second time they did lifts for the furniture and trucks and whatever but TR pays 50% of the of the
• 108:30 - 109:00 project how they got the other 50% they go an important stakeholder who is who it's a very important point I want you to understand this who may be the best the best partner the best stakeholder for a venture like this in terms of investments in real
• 109:00 - 109:30 estate yes sir it looks like the Mish family donated to them right right right that's one thing oh okay that's one thing but generally speaking when you want to do renovation when you want to do elevators when to do upgrade the real estate who is the natural part construction real real no
• 109:30 - 110:00 developers who Home Dep no now the renovation goes where homeowner like the property own landlord exactly the property owner the landlord because what happens Trum gave million dollars uh M gave 750 okay and all of this money go to renovated space that's owned by the
• 110:00 - 110:30 landlord right so what happens the value of the building goes up and then the landlord May refinance it again take the money and invest in the future business you understand so for example if the value of the plaza was $10 million let's say right now million dollar from TR right 750 from
• 110:30 - 111:00 MERS somebody had to pay the the additional 250 who the landlord why because they have nothing to lose the money will be invested in in their building remember I said that the no for profits have to prove the right to use it for 10 years a trilon once 10 years no problem but the the money is invested into the building right yes you cannot
• 111:00 - 111:30 use it right away but the value goes up and you can refinance it so it was $10 million let's say the the the the bank gives 70% mortgage right of the value so it was $7 million now it's 70% it's like8 and a half million dollars right without doing anything yes it's mortgage money but still the money you can can reinvest you know who was the the
• 111:30 - 112:00 landlord me uh not every not every landlord is so smart but you can explain it to every landlord because people understand okay the value of the plaza was $10 million after this project it does a lot of charitable good and the value of your Plaza becomes $12 million why don't you contribute a
• 112:00 - 112:30 little bit to that make sense by the way if you're going to make a donation to jrcc they will charge you to pick up the furniture just so yeah that's what I explain it's it's part of it's part of the model expended though okay any questions about
• 112:30 - 113:00 it okay now in terms of non for-profit models remember I told you that for different models same situations work differently right so you may think of a different models for nonprofits as well so speaking of sub kitens it was a story like my my real story I'm not sure I told you about sou kit no so it was a big big charitable organization uh who served like many old
• 113:00 - 113:30 people literal soup kitchen so they they purchased food from the manufacturer very reduced price they exist for many years okay then they use the labor of volunteers they deliver it to community centers and in the community centers they Pro provided like dinner LUN or whatever so older people in you they come there and they have the
• 113:30 - 114:00 lunch it's a big well established organization so I didn't I never told you this story no I okay then at some point their main donor and that's always the problem there have one major donor who fulfill the the quarter of their budget so that major daar said I cannot support you any longer big problem because you cannot
• 114:00 - 114:30 say you will eat you will eat you will eat you will not right and you cannot cut water from from every PL right from every piece of chicken what you do it's a real story they came to me and said H and I did and the way how I helped them was like really thinking outside of the box thinking of a different business model more sustainable business model like for
• 114:30 - 115:00 example this business model is is sustainable right and that's why members G gave them money so the business model that they had was was good but not that sustainable right because here go because water problem can you think of a very different business model for this centure that will help in the
• 115:00 - 115:30 situation selling something sell something what to S maybe part of they for just like 75% for the thing of 15% of soup or whatever they make they sell it it's a good idea but but let's dig this idea idea uh deeper first of all it's
• 115:30 - 116:00 good approach Stephanie so they have the charitable part that is giving away the food but then they can sell at regular prices and that will subsidize the charitable part right but what they sell boot but how you sell it because what what they did they delivered a community center and they provide to people like how how will they sell it's a good idea and that's exactly what what should be
• 116:00 - 116:30 done I just want you to dig deeper and understand need to do this so like a restaurant or a hall oh oh exactly exactly thank you that was my way of thinking and that's what I suggested to them I suggested to them oh my God to use the entire budget the entire annual budget and to build actual facilities you know rent the space and
• 116:30 - 117:00 build the restaurant buy equipment and build the restaurant with one kitchen and two HS one H commercial the second call tur okay now what happens the then they they may uh the they may manage it or they may make a tender for somebody for some restaurant business who will run the
• 117:00 - 117:30 kitchen and Commercial Hall and instead of paying rent he provide provide food into the Char yes it's scary like when I told them are you crazy I said yes I am but it will work trust me but the way how I got to this idea exactly like this you have to sell something that that you do for for your beneficial right you have to have customers right but where where you sell
• 117:30 - 118:00 uh prepared food in restaurant right stanely said okay make sense yeah now you may say what if uh this restaurant will not go well so what they'll find somebody else that's that's first and secondly the people in that commercial h they actually good two products for the same money like Next Door restaurant provides one product and this restaurant
• 118:00 - 118:30 provides two products which ones the good guy feeling yeah exactly it's food and good guy feeling so you come to come to this commercial Hall and for every dollar that you pay you know that next door somebody will get support and and and and for for the same money for the same quality people will
• 118:30 - 119:00 go to this yeah they they actually open more locations after after that but that's a real story real story they were in real real trouble and look at this model it's much less dependent yes they still need grants they still need need donations blah blah blah but they're less depend because they have main revenue from commercial activities Mak sense but where they got
• 119:00 - 119:30 the money to do this originally they just used the donations from uh from the donors but later on of course they go the grounds stability ground the doors the washrooms so all that stuff like for example uh he building here you want you want to say something um I was just saying that the so if these two fall side each other sometimes it just people they don't like to go somewhere that is a
• 119:30 - 120:00 huge social difference as um how you so that commercial Hall should be should be very kind of lowkey level because if it's a bit high end people they don't go that in that area first of all people normally not so bad as you think like I told you about Danny go to their restaurant there many many many high Lev
• 120:00 - 120:30 businessmen like I started this tradition and then many people I know like go there sometimes I come there I say oh you're here you're here people go there because they the feeling is good like the the good guy feeling product that you buy people not that bad sometimes as you think so basically practically what happened it was upper medium level of restaurant not fancy spany but upper medium level it works perfectly well and also it's two
• 120:30 - 121:00 different HS theoretically you can have the charal H separately you still can deliver it in communion centers for example but they thought and I thought it would be nicer to have specifically together um yeah the the fact is it it works any questions about this so think uh think of a different
• 121:00 - 121:30 business model if something doesn't work or work works well think of a different business model the um you may like for example if your for-profit operates with a different non for-profit right uh you may play with business model so it will work with your PO profit bity
• 121:30 - 122:00 now um yes sorry just to clarify so the owner of this restaurant is is the nonprofit okay so they have two the owners whoever the owner is they rented the the restaurant okay okay you don't have to own right correct okay so they have two halls one is commercial one is charitable two different prices
• 122:00 - 122:30 so the money that they earn from the commercial they again invested uh into like the charitable part right in their spe so first of all right but in their specific case they didn't want to run a commercial restaurant they just Outsource it okay so some restaurant runs the kitchen and the commercial Hall and instead of paying rent to them they just provide food
• 122:30 - 123:00 okay and by the way economically it's good it's good for the restaurant because instead of paying money pay money you have to earn money this and that they're preparing the food okay so they make more and here you go it's it's cheaper I guess make sense just see how different model can be actually should this I think this is
• 123:00 - 123:30 very good model for every restaurant because they're going to have so much waste what you want with with waste actually if you have something that you can um use the whatever you waste at the end of the day so for example yeah but if you want to start restaurant you know what what you start in restaurant it's a problem right because you investing a lot of money then you open your doors and it doesn't work in many cases that's why restaurants you know shut pretty
• 123:30 - 124:00 often that's exactly why those who are here you know we have restaurant here right on it's not just restaurant it's a special thing we own the equipment we y owns the equipment we own the space and we give uh to restaurant um teams to try they don't have to invest any money they just come there the equipment is there everything is there they just hang pictures on the wall and here go it's like georan restaurant and the change
• 124:00 - 124:30 pictures it's Chinese restaurant and whatever so they don't have to spend money to try if it works but if it works they may go and open their restaurant you understand is that open to the students of course yeah yeah of course so since the beginning we had we had Chinese restaurant we had um USC restaurant we had um Caucasian restaurant we had Georgian
• 124:30 - 125:00 restaurant I said Chinese right it was first now we have a Jewish restaurant like a can Jewish right now almost every year we have some something so they're here just for a year to try out a year or two yeah and then they have to go they have to go yeah but in the first year they actually get customers and every it's just like live business okay so they they open restaurant here they don't invest anything it's just ready
• 125:00 - 125:30 they don't invest anything this entire building go goes to have Lun there right we have 54 companies here they go have lunch people around here the buildings around so they they open they don't do a lot but they have customers from day one like wait here they will go there and that's it how do you qualify to get the space just you come to us and ask no specific qualifications you have to somehow convince us that you can do
• 125:30 - 126:00 it it's the way to try like for example because Yeti we always trying to do something to help entrepreneurs to try yes just a question about the restaurant yeah uh is there like a wait list you have like a lot of people waiting to be in line to open up their business model uh sometimes we have a weight list right now we don't like we we had couple restaurants that came here but we we have to approv them so they not waiting this so right now we're don't if you
• 126:00 - 126:30 want to start restaurant you're welcome just a second er um and so is this like um like a donation that you give to these startups or are they are they providing something back to Yeti no of course they have to cover the expenses like basically how the building operates everyone has to Le cover these fenes okay got it sometimes like for offices for whatever we uh allow them to work without payments but
• 126:30 - 127:00 basically the general idea is we need to cover our expenses okay so so how many uh restaurant at a time can occupy this space one just one okay yeah but we have food manufacturing Wing the entire Wing we have register facilities for food manufacturing not restaurant just manufactur okay that can be used as well be us like with the with what I'm doing right now we have 24 companies there okay now to finalize about this
• 127:00 - 127:30 building for example again it's a little bit different approach because it's for Yeti which is terrible it's not charity attached to for prop all the way around but this building we bought it and then we got as many grants as we were we were able to to do it we got the grant to renovate the sorum we got a gr to to buy this equipment we got a grant uh to redo washs to make it accessible uh we got
• 127:30 - 128:00 the gr to to get all the doors accessible um it's Federal accessibility Grant it's relatively easy to get we got a grant to renovate the elevator we go to Grant to build a theater we got to Grant to build this food manufacturing facilities and so on so forth and by the way all of this goes to raise value of this
• 128:00 - 128:30 building and um not today but on on um on my uh next or after that session I will explain to you how we bought this building without any money remind me I exed to okay any questions all good um yeah so we discuss this uh so for non for profits for non
• 128:30 - 129:00 for profits and all the same approaches to help for profit exists but four times more for every uh every uh side of your customers for all your donors for all your sponsors for all your uh uh beneficial this and that market context target market value preposition bottom line remember the four elements of your business Vision now you have a double four multiply by
• 129:00 - 129:30 four okay and of course you have to have good vision and the um values very important thing about values of course not for-profit has to take care of the values uh what are the values the culture um policies again we'll discuss it it more
• 129:30 - 130:00 in upcoming sessions but have as many policies as possible everything it really really simplifies the life and anytime when somebody comes to you and asks like like what why so you said we have policy this is a policy again there's no law that says you have to do this way or that way it's all have to be described in your bylaws and in your policy like for example in
• 130:00 - 130:30 um um in August we will Yeti will go and run the program uh in Oxford University which is sounds good conation yeah but for example do I apply business class or the class do we stay in a five star t or three star ta four star just economy
• 130:30 - 131:00 right you cannot spend too much I think no I don't know I'm asking you yeah you said everyone flies economy what do you guys think economy well it what the industry standard is for nonprofit spending so if your operational spend typically on average should be around 7% or less and you're you know a couple hundred million organization if you you know are
• 131:00 - 131:30 spending in proportion to that then the Optics look fine but if you're a tiny nonprofit and your revenue is very small you eating up 50% of your budget to have those more expensive amenities doesn't look very good it's not showing that responsibility with money okay thank you Erin they think I think Yeti is a top shelf brand um and I think the values and Norms of Yeti are Elite business school your client is
• 131:30 - 132:00 Oxford University they can pay you business class seats and a five star hotel because the value and Norms that Yeti operates on just as a charity is the same thing as shuck or Oxford University operate on so I wouldn't take nothing less than business class seats for Yeti actually okay makes sense Joseph as long as uh your bylaws and policies allow and whatever you spend is
• 132:00 - 132:30 um is reasonable and uh and you are able to answer um if there is an audit and you are able to um make a reasonable um expense then it is allowed exactly you all right including you you right saying that has uh you don't you don't just waste your resources right but it doesn't mean that you always fly economy class like if you if you send me
• 132:30 - 133:00 economic class I just uh you know I have problems with my back and I have to teach next day and also as said she is right if we put into calculations econom class for professors what kind of professors even in the eyes of Oxford right exactly so it it should make sense as Joseph said as well should make sense it does not mean everyone flies economy it means it makes sense but what makes sense and how you measure C whatever have
• 133:00 - 133:30 policy okay so in ye we have policy the professor fly business class okay uh administrative Personnel FES economy for example and so on so forth uh we also have a policy it's it's for us right but you decide for your uh for your organization how it makes sense right uh we have policy that we
• 133:30 - 134:00 stay in for fourar so five star in most cases four star hell pretty good like but it's it's us so every time you're spending something again we'll have a separate discussion uh you think what makes sense makes sense in terms of the industry and have policy trust me like we have so many Auditors coming to us and every time they ask questions like here's the
• 134:00 - 134:30 policy that's it the question is done okay do we accept am in cryptocurrency or not do we invest in cryptocurrency or not for example no is it in your policy can spread the business I think right we have policy on that we have spefic policy which says yes we can we can accept payments in in crypto uh we in most cases do not invest in
• 134:30 - 135:00 crypto uh because it's too risky uh but in some cases if if the um board approves then we then the president may decide to do it blah blah blah that's the policy we have here you go and it's all good all the Auditors no no question sorry but I think uh even own prop they should have such a system because you basically if you have a system with all the policy and process
• 135:00 - 135:30 and everything the operation go smoo right but it's much less red tape for for profits if you're building on for profits do not be afraid from R Don't Be Afraid always think how the aitor will look at it and be fair fair with yourself that's it like we don't care but we have so many Auditors coming to check us up nobody ever complain about anything
• 135:30 - 136:00 don't no problem I'm I'm not afraid of it okay um and also values from A to Z values for for the Venture values for employees values for volunteers you'll have a lecture with Mr Phillips about volunteers they have to be full capacity members of your team they have to feel that they members of with you and you should have good and understandable policies for volunteers as well when the person come to you here's your handbook
• 136:00 - 136:30 without policies okay so people feel and and and Report the volunteers they are important stakeholders again you'll have lecture on that just in terms of approach why people come to work with you okay as I normally say think about their SU success story yes your success story is to help the beneficial blah blah blah maybe bring more business to your to your vure but what is the
• 136:30 - 137:00 success story of your employees what is the success story of your volunteers think about it because they are also very important stakeholders of your vure okay make sense now uh this remember the for the same thing think now now your customer is divided by four for everyone think who
• 137:00 - 137:30 is the comparative who is the compliment blah blah blah like you want to sell good guy feelings to donors who else they sell good guy feelings to donor so you can somehow partner with them or whatever right or who sells anything to people who are the donors of and by the way you always think and and and and I will ask you in USA and in the exam to describe who is the best donor for you
• 137:30 - 138:00 and why like for example for yei our donors in most Cas we have two main categories of donors one being investors investors they want to get something from us they give us money we give them tax receipt the second category is our graduates for previous years they succeed they want to give back they donate to us that's obvious right so
• 138:00 - 138:30 always think who is the donor not just okay whoever whoever will help us this is good but basically think who is the doar and what how their good guy feeding looks like and sell this product good guy feeding to them okay sounds tricky but you you will get us to so do the for CES for donors for sponsors for government the beneficials of course
• 138:30 - 139:00 so and of course Community meing as as always always try to uh find Partners who knows what who knows which Grant oh by the way by the way if you apply to a grant do you think you'll get it no no because you just PR why because what the government
• 139:00 - 139:30 official wants to get from you safety of their chair right you and you meaning you canot prove the safety Partnerships find a good established charitable organization like and parner so when you apply in Partnership what
• 139:30 - 140:00 happens uh the government gives money to your partner let's say to Y right and then here has an agreement with you there are steps you do first step we give you money you do second step to give you money and so on so so forth so the government can trust the money uh to to well establish the good charitable organization right it helps a lot but if you prove that you are good
• 140:00 - 140:30 at what you do and if you partner with a well established organization that can be trusted for not misusing the money right the application sounds much stronger so we do it a lot so if you want to apply for whatever you can partner with the because there there is a connection between us your R far right you are students of ours so we do it a lot but not necessarily with us you may think of other uh Char of organizations
• 140:30 - 141:00 who may be good comparativ of yours who are known in your in your field make sense any questions okay now to make sure you're not sleeping let's do Breakout rooms okay you guys will get together and then maybe three three and three oh nice okay so in your group please
• 141:00 - 141:30 discuss what kind of non for-profit organization may be a good fit for your for-profit Venture okay and who may be good donor who may be a good sponsor uh let's let's say good donor good sponsor for uh your nonprofit okay so what kind of nonprofit uh will be good fit to your for-profit and uh describe it and who
• 141:30 - 142:00 may be the the best donor and best sponsor for your nonprofit okay 15 minutes sorry so um in this practice we have to consider that we are nonprofit and no no you you are the for-profit you are the for-profit think of a nonprofit that you can make that will help you okay to bring additional customers to grow to get equipment this and that and then describe it okay so okay so you guys get together and then 33 and three in 15
• 142:00 - 142:30 minutes okay I hope you had good conversation so in um two weeks I think look at the schedule when we'll have the seminar we will discuss as many Ventures as we could
• 142:30 - 143:00 do okay uh but now I want to ask like one or two people what you find the think any volunteers except of s already spoke today uh okay Stephanie go ahead next so you're very well of the nonprofit iPods and we're looking to provide awareness supporting programs as well as researching pots and so we will
• 143:00 - 143:30 have a for-profit entity which is our research facility and again it's internal but the whole point of that is to do all the research and we need it as a for-profit in order to qualify for research grants and so if we're looking for donors specifically um it would be family members of people who have pots so they can then fund research and better understanding of the medical
• 143:30 - 144:00 condition and um and if we're looking at sponsors we would be looking at any of the things that are natural fit for pots patients whether it's salt electrolytes compression as well as drug companies so for a corporate sponsor a natural fit would be a drug company who wants to learn a little bit more about pots or potentially run clinical studies because at as of right now none of the drugs on Market being used for pots there
• 144:00 - 144:30 actually nothing has been FDA or can Health approved specifically for pots there's a lot of uh medication being prescribed Off Script so it's not actually tested for pots but they think it works and they're giving it to pots patients so it would be advantageous to them to run a clinical study using our resources to now test to see how well this works for pots patients okay any suggestions around the
• 144:30 - 145:00 room who may be who may be donor who may be a sponsor or if you don't understand the Venture then ask questions Joseph um I would suggest um um having a re the research facility um as a non for-profit and actually have some of your products which are Stephanie like your books and those um uh digital
• 145:00 - 145:30 products as for profit and um and so the research facility would can also maybe qualify for a charitable organization because you know you you can teach and you can make like a university some something like that like a education so that would be one of my suggestions uh um and and their donors would be accordingly so you can you can attract donors who are on the education side on the uh disability side uh of things and
• 145:30 - 146:00 also um people that might uh want to help Parts in in in general by the way uh it depends on research but uh sometimes when you need actually research facilities I'm not sure if Stephanie needs it for for her research but sometimes when the research facility you can easily get it um through grants and donations and then you can use it on the market because different research uh you know LS and
• 146:00 - 146:30 teams and whatever they may use it for money which will you additional Revenue right Amir you wanted to add something just uh curious why did you limit yourself to families who who have the who have a member with a PO uh disability so why don't you just expand it to like other other families with like different uh different types of medical issues so or like other people
• 146:30 - 147:00 like it shouldn't necessarily be like the people with pots or families with pots so that's uh my my my point so how will you sell it to to people who have no connections to whats in the the family because people who do have this in the family they they know the pain right yeah yeah so okay so if you just uh if you have faced like any kind of
• 147:00 - 147:30 diff medical difficulties like yourself or family members of yourself in any kind of field so you can say we are addressing this issue which 10% 5% 2% of the society is uh are are facing this challenge so we're just trying to address that and that that that's just two sentences that some people might might be willing to you know uh donate to that yeah but you still have to differentiate yourself from let's say Cancer Society you know what's the in my
• 147:30 - 148:00 opinion what's the difference between Cancer go forbid and what God forbid right is that cancer may come tomorrow right and PS I guess if you already have it you have it right it may tomorrow so you can be born with it as a genetic condition but you can also get it from some kind of physical or extreme psychological trauma so if you heaven forbid were in a car accident you witnessed this horrible thing in people
• 148:00 - 148:30 dying you can actually develop spontaneous pots that should be the message yeah and maybe you may you may partner or have sponsor some DNA loves or something or you may even build your own DNA which may be profitable as well because if people have the chance the higher chance to get this good for then they rather know him I think it's a good approach by by the way it's whole new
• 148:30 - 149:00 approach see the group discussion always brings some interesting stuff all together anybody else okay B you want to pitch your nonprofit right yeah uh yeah not the nonprofit I was just was my business was for-profit so so I uh I would right the question is what kind of nonprofit may be a good fit with your yeah yeah that's sorry okay so uh me and Joseph was
• 149:00 - 149:30 discussing so some of the things that um I would establish myself business is that it would provide uh relief to Hunger Hunger relief programs as well as nutritional programs as well as providing um uh p uh pwi it's a pay what you can meal programs so I would just partnership partnership with some of these uh nonprofits and for the uh uh
• 149:30 - 150:00 donors and sponsorship uh sponsorship I would uh associate with associate with sabba the South Asian Business Association which is in Toronto so they can provide me with either uh um uh space for kitchen uh like a Central Kitchen and as well as uh equipments and whatnot that cool cool see so you got something from the discussion today anybody wants to add something and
• 150:00 - 150:30 before you want to add you know I just thought interested you said PWC right pay what you can but you know this huge consulting company PWC who charge a lot a lot I'm thinking now maybe it's a good idea maybe we can create some something within y like Consulting arm PW see like Pay What You Get Like charitable approach it's cool actually okay anybody wants to add to what B said who may be the donor who may be a
• 150:30 - 151:00 good sponsor who is the good donor okay def I think a really good donor would be your suppliers yeah so maybe they have stuff that's getting closer to expiration that they want to offload if you're going to be creating food and maybe you want to have a good partner if you happen to make a bunch of dishes that are super salty like very very salty we can definitely do a pots
• 151:00 - 151:30 collab or I pots collab oh here you go see collaboration here and there makes all sense okay um anybody else no you guys there okay anyways let me wrap it up for now because it's just such a huge topic and I don't want to you know overload you I I hope you understand the idea
• 151:30 - 152:00 that you will benefit from adding your non profit to your for-profit to many many reasons right as we and next time we will my next lecture will be strategies for E funds Everyone likes it right but for now if you guys have any questions let's discuss yes so right now we all I think got the idea that yeah this is a very good idea I never thought about this actually so this is actually very makes
• 152:00 - 152:30 sense but how to find those three how to find donors sponsors and no no how to find the three people that you want to actually make that organization because you said if it's provincial you need to have three people I think I already said you find somebody who is business savy you find somebody who is financial savy and who find somebody in your case who is professional in
• 152:30 - 153:00 medicine yeah but then you find them and you go them and say okay I have these would you like to join me and people do people do I'm a board member for for many L profets and people do it like good news about Canadian Society people people understand the importance right the social social Ventures non for profits they do a lot in this Society right people I I never face problem to finding people you just you just first
• 153:00 - 153:30 think who may be good F you go to to the people and say you want to people board member if they don't know how it works you explain you say you just get together like four times a year not a big thing to discuss uh major things right but and you may say and we have insurance like board insurance and that's it I never I never had the problem to find people and then when you
• 153:30 - 154:00 were online registered then you have to put those names there when yeah of course this is this is the first board and then uh for example like for ye we did that every board member serves until they decide to go or until the members will decide they go right that's how we did for but many non for-profits do it like one year or three years or maybe one person one year one person two years one person three years so they rotate
• 154:00 - 154:30 somehow I don't know but if you have good people now what is it for them as well to recognition like for example if somebody's board member for y what does it say about them they get theog it's recognition right people will think if you to have this person's board member it it means something right okay so your brand is not dead it's not there yet but it will be there eventually people understand it like
• 154:30 - 155:00 when somebody will Google them like okay he's board member for for this not right make sense this is the thing that you're selling any more questions you guys good no more questions okay okay then then thank you and I will see you in a week but please please please give your feedback every time see the thing pleas because last time like
• 155:00 - 155:30 only one student gave feedback or something we need it we need it we need the feedback right we need to to know what's good what's not what to e what to whatever think about the future students right they'll serve them better we'll view so pleas okay thank you and see you in the thank you