New York, New York, April 19, 2023 (GLOBE NEWSWIRE) — New York-based IT service (distribution) company, Symbiotic, reveals new Social Impact as a Service platform that redistributes profits through embedded philanthropy. The environmentally neutral platform uses blockchain to apply commissions from business transactions to selected charities. The company connects motivated buyers looking for sustainability and social impact to sellers that are primed for profit plus purpose.
Companies enjoy working with Symbiotic because each time they make a donation, the system brings visibility to their sustainable and philanthropic efforts. Companies that engage in Symbiotic’s procurement programs sponsor NGOs that align with specific ESGs. This roster is continuously screened for credibility and measurable impact. Symbiotic simplifies the complex and often difficult process of meeting ESG strategy that takes time, money, and resources by making key connections between sellers and social impact partners. Furthermore, any cause can raise funds through Symbiotic’s alternative platform.
In Symbiotic’s blockchain platform, smart contracts bring transparency to buyers and sellers. Buyers pay no cost to create social impact through their transactions, but sellers must allocate 30% of each transaction for embedded philanthropy. Twenty-five percent of the 30% goes to social impact partners and is chosen by the buyer. The remaining five percent is used by Symbiotic to continue business operations.
Over three trillion dollars in global spending is procured by the marketplace each year, which creates a large margin for social impact. But because procurement and distribution are not connected to one another, organizations with similar aims to Symbiotic struggle to bring this solution. However, because the Symbiotic business model is interconnected through all business components, they can easily tackle this issue. The company was incorporated in 2020 and is a Public Benefit Corporation that fulfills 17 different SDGs.
Founder Jay Frank’s overall mission is to heal the world by decreasing consumption and focusing on humanity. Symbiotic promotes this behavior by disrupting greed and business as usual with each transaction they brand and map. The company wants to transform traditional business practices and apply circular economic principles to maximize social impacts. As an environmentally neutral business, Symbiotic heavily supports climate change efforts. To mitigate this crisis, Symbiotic partners with providers that offer no-emission procurement options. Symbiotic’s Social Impact as a Service platform brings efficiency and purpose to traditional SDG and ESG programs by providing a clear mechanism for meeting stakeholder and investor expectations.
Media Contact
Name: Jay Frank
Email:
jay@bsymbiotic.com
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