Dan Sutch of the Nominet Trust explains to charities and social entrepreneurs the Trust’s current thinking about how to measure the three different types of value that tech for good products need to generate to be successful.
These three types of value also act as crucial guides when designing and developing your product and its sustainability model.
Dan also explains why these values are important to charities as well as social businesses and entrepreneurs, and talks about some of the challenges involved in measuring them.
The Triple Helix
1. Social Value – the way a product or service is useful and improves the lives of individuals and communities.
2. User Value – the degree to which people will actually choose to use your product. Choice matters.
3. Financial Value – the way in which user and social value combine to create a model for generating income.
“When you can demonstrate that people will choose to use your product and prove that it is useful you can unlock financial value”
“If you don’t have user value you have something that’s really well intentioned but becomes a white elephant because no ones using it.”
“If it’s a really new idea social value is hard to prove.”
“The more you can keep on refining and keep on focusing on these three things and develop, articulate and evidence them the greater chance you have of developing a successful social venture”