Naya Coin, a positive impact currency, is launching to help organizations incentivize social issues. The digital currency may be awarded to for verified employee volunteer work and used to purchase unique services from the App’s marketplace. Naya Coin states its objective to help organizations create “pop-up” movements to incentivize their employees and their audience so they may join as a group to accomplish a shared goal.
Once time has been fulfilled and verified, volunteers are rewarded for their efforts in digital currency Naya Coin, which can then be exchanged for professional services and unique experiences on the Naya Marketplace. Coins are paid per hour, and the rate is set by the nonprofit. The digital currency can be spent on items such as IP law work from a lawyer, startup advice from local VCs, and private dining by famous local chefs.
“We’re building a positive impact currency that helps each community fight poverty and social inequality within itself, by empowering non-profit organizations” said Naya co-founder and CEO, Milad Moh. “Our new Movements feature enables influencers and companies to rally their network to achieve a certain milestone along causes related to poverty and social inequality, by partnering with non-profit organizations.”
The Naya Coin app, available on iOS, has already been driving initiatives in Los Angeles to help female founders get their technology businesses off the ground. The company is working in partnership with non-profit Lean In Los Angeles and K5 Ventures, a network of more than 3,000 female entrepreneurs, to connect professional volunteers, like engineers, designers, and startup veterans with the female-founded startups in the Lean in Los Angeles network .
The first Naya Movement to benefit, Lean In LA, crafted a campaign aimed to direct entrepreneurial resources to one of its members, Samantha Dickinson – the founder of startup WineKey. Dickinson created a campaign outlining her startup’s needs and, over the course of 10 days, 150 hours of professional expertise and hands-on help was pledged and the campaign overachieved its original goal.
Nay Coin differs from rewards/donations based crowdfunding platforms as organizations raise time and action – instead of money. The contributed services generate Naya Coin for the contributors which may be deemed in the Marketplace.
“Social responsibility is easy to talk about about, but hard to get results from and we aim to change that with Naya Coin. Companies will finally have a tool to help their employees support causes and meet their company objectives,” added Max Siskin, cofounder of Naya.
Most established companies have a commitment to social corporate responsibility. Enterprises are now able to engage and incentivize their employees to help support designated causes and projects.
Siskin and Moh see Naya Coin as a tool for different communities to fight poverty and social inequality – more effectively.