Best Ideas 2019 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Velvet Signature Luxury e-Retail Bar
Explain your idea in details:
My main objective is to drive sales through niche marketing tactics and collaborative generation so that we can sustain our business model. My innovative approach is three-fold. First, e-commerce is a booming industry with no signs of slowed growth and dropshipping is one of the safest inventory methods for an online business. By ditching a brick-and-mortar approach and not pre-purchasing inventory, I can save drastically on overhead expenses and use the savings to re-invest into the enterprise. Second, research shows that millennials represent the majority of e-consumers and are more likely to purchase from socially-conscious companies. Using a bar theme to attract this target audience into charitable shopping is another innovative approach we use. Third, affiliate marketing is another low-risk, high reward approach that we use to strengthen our brand and reach, increase sales, and lower the barriers to employment that exist in the workforce to provide valuable work experience and financial rewards to anyone willing and able to sign-up.
Expected impact of your idea on sustainable development
I will measure success by the enterprise's ability to donate and engage. My goal for the first year is to be able to provide $300,000 in financial support to charities and grassroots organizations/efforts aiming to combat poverty. This means that our year one profits must reach a minimum of $588,235.29 in order for 51% to equate to $300,000. I also hope to have at least 15 active affiliate marketers from diverse geographic regions earning income and work experience from promoting our products. Lastly and most importantly, the real impact the enterprise has on combatting poverty will be gaged by our ability to improve poverty statistics. A 1% increase (excluding inflation and cost of living increases) within the median household income of the country's poorest cities over the next 10 years will be an indication that poverty is being combatted.
Plans for implementation and sustainability
My business model is to dropship luxury brand names and trendy consumer items at a discount to resell at a markup to sustain a 51% donation rate. Financing to-date has been achieved through my own personal investment into the organization. I re-invest the non-charitable portion of profits back into the business.
I am a 29 year old African American female and a native of Detroit, Michigan. Detroit has one of the lowest median household income among all major U.S. cities. I have watched my family and friends struggle financially and battle the side effects of systemic poverty and racism for all of my life and am determined to provide a sustainable means to end poverty globally, starting at home. I am a serial entrepreneur and have established 6 companies and organizations in the last 6 years. I have a bachelors degree in biochemistry with a minor in Africana studies from one of the top liberal arts colleges in the U.S. I also have two masters degrees in business and in finance from the most reputable business school in my region. I am a self-published author and founder of the Minority Freedom Community Fund, a newly established nonprofit that aims to provide economic, social and spiritual support to minorities in an effort to improve our lived condition.