Chase to extend crowdsourcing charity effort after two million facebook users vote online
26 January 2010 | 10097 views | 0
Chase is to extend the use of social media for charitable giving after its first campaign on facebook attracted more than two million users to its Community Giving site.
Chase launched its crowdsourcing initiative in November, with facebook users able to choose from more than 500,000 non-profits bidding for a slice of a $5 million pie.
Over one million facebook users voted in the first round, with the 100 organisations garnering the most support receiving $25,000 grants and eligible to submit a $1 million proposal to voters in a second round.
The second round saw over two million votes, with Invisible Children - a charity that helps child soldiers in Uganda give up their weapons and return to school - awarded the $1 million top prize after receiving 123,990 backers.
Five more runner up charities were selected by facebook users and will receive $100,000 each.
Elliot Schrage, vice president of global communications, marketing and public policy at facebook says the programme has been the most popular corporate philanthropy crowdsourcing campaign in facebook history.
"Harnessing the power of social networking to give individuals and communities a voice in corporate philanthropy has proven to be a great motivator and will have a significant role in the future of giving," he says.
JPMorgan Chase has a $100 million annual budget for philanthropic giving.
Kim Davis president of the JPMorgan Chase Foundation says the social media experiment gave a national voice to charities that historically haven't received funding from corporate philanthropies.
"In many cases, these donations are the largest gift the winning charities have ever received," she says. "Because of the overwhelming response and positive feedback, we have decided to continue Chase Community Giving in the future."