IDEABANK.bg

IDEABANK.bg: Bringing Great Ideas to Life

Bulgaria
Project Stage:
Start-Up
Budget: 
$1,000 - $10,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Too many great ideas remain unrealized for reasons like lack of resources, underdeveloped networks or ineffective business skills. The purpose of IDEABANK is to help bring to life more clever and practical projects. We make this happen with the support of IDEABANK partners, business angels and network of professionals in different fields of business, science and society. IDEABANK is where the people with ideas meet the people with the resources.

About Project

Problem: What problem is this project trying to address?

IDEABANK supports the increasing number of people starting their own social enterprises, initiatives or businesses in the challenging economic circumstances of the poorest country of the EU - Bulgaria. IDEABANK supports creative and effective solutions in different fields and develops a network of people willing to contribute and/or collaborate. IDEABANK supports ideas and projects in business, science, art, sports, environment, and healthcare that could improve the well-being of society by helping with capacity building, networking, project management, fundraising, developing essential skills.

Solution: What is the proposed solution? Please be specific!

IDEABANK is an online and offline platform where you can donate an idea, find a partner, convince an investor, crowd-source an idea, or improve their skill set. 1.Donate your great idea if you would like to see it implemented, but do not have the time, resources or capabilities to do it yourself. Another IDEABANK user or partner can embrace it and bring it to life. 2.Search for collaborators to help you realize your meaningful idea, or join someone's team. 3. Seek any type of financing. 4.Crowd-source an idea by involving our creative network to offer solutions to your needs. Companies who need an idea can submit an assignment and choose from the collected solutions. 5.Improve your skill set to fit the needs of your project
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

IDEABANK started off with a small-scale event with a meaningful impact – we supported the “I want a baby” foundation that helps couples with reproductive problems. By organizing a local event in Northwestern Bulgaria, which is the region with the highest barrier to public speaking on the topic, we were able to engage the local authorities, community and media and improve the organization’s reach in the region. The results included apart from raising awareness in the region and helping clear the message of the organization to fit the specific context of the region, also finding the first coordinator for northwestern Bulgaria and the first couple that gathered the courage to join the “I want a baby” program.

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

IDEABANK is a social enterprise, which development strategy unfolds in three stages: 1. Local development; 2. Assessment; 3. Regional expansion. During the first stage the focus will be on the development of the local network and the successful realization of local ideas. During this stage a situation analysis will be made to assess the possibility for regional expansion and choose the next countries. During the second stage the local project will continue their growth and the first countries outside Bulgaria will be included. During the third stage IDEABANK will be fully established in a number of countries supported by an international network of people sharing common European values and aspirations, tackling unemployment and impacting the lives of people across Europe.
Sustainability

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

The existing organizations address only one of the aspects that our holistic approach entails, being either only fundraising, trainings or brainstorming for creative solutions, and also they target mostly start-up businesses, not necessarily with social impact. The benefit of our approach is that it brings together all stakeholders and creates a community of involved individuals willing to contribute and cooperate.
Team

Team

We are a team of many talents. We have social innovators, civil activists, economists, jurists, IT experts that will not only help with the practical aspects of project implementation and skill development but will furthermore gather the wide network of businesses and potential partners that could take part. In 2008 the global business magazine BusinessWeek ranked JT International as one of the fastest growing marketing innovations companies in Europe, which gives us confidence that our interactive platform and tools will help achieve the ambitious goals we have set. The renowned expert community behind MoveBG Foundation are all eager to help boost this new initiative.
About the Lead Co-Creation Partners
Organization:
JT International Ltd
Visit website
LEAD SOCIAL-MISSION ORGANIZATION
Type of organization (e.g. NGO, association, not-for-profit, foundation, social enterprise)

Foundation

Total Number of Full-Time Employees

6

Lead Contact First Name

Kalina

Lead Contact Last Name

Konstantinova

Title

Economic Policy Officer

Country

Bulgaria

LEAD CORPORATE PARTNER
Organization Name

JT International Ltd

Total Number of Full-Time Employees

26

Lead Contact First Name

Boris

Lead Contact Last Name

Kolev

Title

General Manager

Country

Bulgaria

Twitter URL
Organization Website
Basic Info
Project Starting Year

2013

Primary European Country where this Project is creating social impact
Additional European countries where this Project is creating social impact
Select the category that best fits the type of your project:

New products & services: Entries in this category develop and offer essentials product and services that address needs currently unmet.

What awards or honors has the project received?
Project Summary
Co-Creation Model: Tell us about your main strategic partners and how the partnership truly create value. For each Partner please include its type (business/social/public), its name, a short description, its key motivation to participate in the co-creation project, and the key contributions it is making in the co-creation project. Please follow the format displayed below:

Partner 1: MoveBG Foundation
-Type of partner: social
-Short description sentence: MoveBG is a civil platform, which brings together experts and active citizens for common action towards a greater Bulgaria.
-Key motivation to participate in the co-creation project: MoveBG’s mission is to combine expertise and civic energy to build a better, modern, democratic Bulgaria and this project is right up our alley of improving people’s capabilities to achieve that goal.
-Key contributions in the co-creation project: The team will help people with ideas with capacity building, networking, project management, fundraising, developing essential skills, through specialized trainings and webinars. Also expand the network of business angels and professionals in different fields of business, science and society.

-Partner 2: JT International Ltd
-Type of partner: business
-Short description sentence: JT International is a Bulgarian company delivering marketing and digital innovations, specializing in delivering innovative technology and digital solutions for marketing and advertising purposes for a wide range of business customers.
-Key motivation to participate in the co-creation project: JT International is an innovative start-up, established fighting the odds of the difficult business environment in Bulgaria. The team is eager to share their experience and accumulated knowhow and help other dreamers make reality better.
-Key contributions in the co-creation project: Develop the online platform and presence of IDEABANK, establish interactive and innovative tools to achieve the goals of the project. Help with establishing relationships with businesses, fundraising for projects, and essential skill development.

Impact
Impact: What is the impact of the work to date? Also describe the projected future impact. Please specify using qualitative and quantitative data (e.g. # of indirect and direct beneficiaries); help us understand how this solution truly makes a difference.

IDEABANK’ s main impact is supporting people to secure employment in their most desired field or creating jobs through the realized initiatives. This support could include capacity building, networking, and project management. IDEABANK is a result oriented project with the following key performance indicators (KPIs): number of successfully implemented ideas, number of created jobs within the implemented ideas, number of people in the network and number of development fields (e.g. business, science, art, sports, environment, healthcare). These numbers could provide a clear picture of the business and social impact of the project.

Sustainability
Funding: How is your project financial supported? [select all that apply]

Individuals, Foundations, Customers.

Sustainability Plan: Has your project already reached financial sustainability? If not, what is this solutio’s plan to ensure financial sustainability? Do the main partners have enough stake to sustain the solution? If this project requires limited budget, how will other resources be secured to maintain or grow this work?

The IDEABANK project so far is being realized based on volunteer work and in kind contributions from partnering institutions, organizations, businesses and individuals involved in the realization of each idea. MoveBG and JT Internatonal will continue fundraising for its growth and further development but in the next stage of development IDEABANK will act as a broker and charge a small fee for transactions such as the crowd-sourcing of creative idea that address business’s particular needs and participation in learning seminars for skill improvement. For some project that involve ideas of people from disadvantaged groups or remote locations with limited funds but big social potential we will continue applying for foundation funding.

Team
Founding Story: Share a story about the "Aha!" moment that led the Partners to get started and/or to see the potential for this to succeed.

MoveBG and JT International met on the streets of Sofia last summer, on a national protest with thousands of other people marching for more transparency, democracy and civil control. The members of the two organizations realized they share the view that many young people in Bulgaria have great ideas, which have the potential once put in practice to improve the well-being of society. Those ideas however need to find support in the aspects they are lacking, especially in such an unstable environment as the one in Bulgaria. This is how MoveBG and JT International came up with the idea to create a place where great ideas meet and come to life, supported by the business know-how and professional and expert networks that the two organizations can help foster.

About the Co-Creation
Barriers: What main barriers may you have encountered to co-create during the creation and implementation of the project and how did you try to overcome them?

IDEABANK is the second project, on which the two organizations work together. JT International has been developing and improving the MoveBG online platform since its creation. During this time we developed a strong and effective relationship, based on moths of getting to know each other's habits and particularities. An understandable tension arose in the beginning because of the difference in the time-commitment the two organizations were able to provide. As a successful business JT International were able to allocate time mostly during after hours, which took some getting used to on the part of the MoveBG team that is dedicated full-time to social projects. However, we moved most of our weekly communication online, while for long brainstorming or strategic meetings we use the weekend.

Governance: What is the type of the relationship between the partners? (e.g. joint venture, contractual relationship, joint project...)

We are developing IDEABANK as a joint project where all the strategic decisions are taken based on a consensus by the two partners. Otherwise each partner is allocated a certain set of tasks as an owner, taking responsibility to accomplish them in a timely manner.

Interaction model: How is the project a transformative partnership? How is the interaction transforming the partnering organizations and their employees/ leadership in terms of creating a new vision, new management practices, new skills and new organizational structures? Please provide for concrete examples

Helping people make their dreams come true or realize their full potential is a transformative experience on its own. As for the interaction within the organizations involved, the biggest difference is that in working mostly on volunteer basis for such a social project makes the distance between employees and management almost disappear and the contribution from each member is appreciated on its merit and is not taken for granted or expected as a transaction. Also in such a inter-disciplinary joint team, people learn a great deal from each other's different perspectives, that they might never encounter in their mundane work environment.

How did you find out about this competition?

through friends