This recent article in The New Yorker highlights real needs for a lot of the working population and a social venture solution developed by Stax’s DevCorp. I’m pleased that Stax worked with Ben Geyerhahn and the Ford Foundation to create this company helping low income workers get benefits at the workplace. Back in 2011 Ben came to Stax with the need, “Ford wants to know how we can leverage the ACA, technology and big data to get those with low income, their benefits.” Stax was happy to leverage our industry expertise, develop the business model and go-to market strategy, and bring our network of business partners together to help Ben launch the business.
Stax proposed that a for-profit social venture could serve the working poor more effectively than government distribution and at greater scale than pure philanthropy. Fast forward, and BeneStream is covering thousands of lives (more than most large philanthropies could handle), scaling via revenues and additional investor money (financial and philanthropic) and highlighting the business opportunities for other social entrepreneurs. I’m glad to see the impact and lessons social ventures can provide and in full disclosure, Stax is still a shareholder.