Spendrise is an early stage platform that allows consumers to aggregate spending pledges at retailers as a means to take action, while providing companies with a channel to hear directly from customers. How exactly does it work? Let's say Spendrise is able to get customers of Target to commit to spending X dollars at the store if the company enacts paid sick leave. Their leverage is that they get customers to buy gift cards for retailers in advance and once the total pledge amount is reached, Spendrise seeks to use that aggregate pledge amount to push Target to make the policy change. If a change is enacted, the gift cards are automatically purchased and delivered to pledgees; if not, the pledged cards are forfeited.
Spendrise came to an Enterprise Institute to test the business case for this platform. We are considering a small early co-investment with another funding partner in order to understand if and how consumers could be aligned with worker issues. While the idea of leveraging consumer spending as an oppositional strategy is not entirely new, we find the platform to be worth sharing and testing further. From our work, we have learned that manyorganizations have assumptions about consumer strategies, but where results are concerned, the jury is still out. We continue to partner with Sprendrise's founder, Eric Shih, to share more broadly about the work and connect Spendrise to other worker organizing organizations.
Enterprise Institute business development training + Ongoing networking + Thought partnership.
In the final quarter of 2016, Spendrise raised $10,000 in pledges, 5x previous quarterly pledge amounts.