ImpactableX: making social impact tracking and reporting a breeze

ImpactableX: making social impact tracking and reporting a breeze

Simon Jenner

Wednesday, 17 May 2023

ImpactableX founder Catherine shares how her no-code platform is bringing impact intelligence to the private market to help deliver positive social and environmental change.

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No-Code

Catherine Griffin is the founder of ImpactableX - a business that uses AI to build social impact models for private companies that use technology to address pressing global challenges like climate change and criminal justice reform, and for the funds that invest in them.

Catherine has achieved a myriad of success on her no-code journey. Here's Catherine on how ImpactableX works in more detail, her journey to launch, and how she overcame some inevitable challenges by working with Million Labs to bring her vision to life. 


Bringing impact intelligence to the private market

$1.2 trillion of investor capital has been invested in social and environmental causes. People, especially younger generations that are taking over generational wealth, want to invest in companies that are making a positive impact in society. But without impact reporting and tracking we wouldn't know how much of a positive impact these investments have made. 

We make it really easy for companies to gather the data to track and report on impact meaningfully and rigorously. We help investors aggregate impact across their portfolio of companies who may all be working in fields like the climate space, healthcare, and education. 

How did we get here?

Before launching ImpactableX, I led a fund and accelerator myself, and worked with hundreds of early stage social entrepreneurs. I led global innovation initiatives, one in partnership with Bloomberg Philanthropies focused on urban innovation, and the second in partnership with the Obama Administration. There were 80 cross-sector partners like NASA, Google, and the UN focused on climate adaptation innovation. 

It was over the course of these two programmes that our partners at Bloomberg and the Obama Administration started asking: “how much impact have we actually made?” So we sat down with the companies we worked with, asked them very simple questions about their impact, and they couldn't answer them. 

We initially designed a back-of-the-napkin style basic framework, and practised it with the companies in our cohorts. Businesses came back to us and told us this helped them win pitch competitions, close their rounds and accelerate their growth. Meanwhile investors came to us and said they want the analytics for every company in their portfolio. 

I was given a small amount of funding in 2019 to launch ImpactableX. I spent some time talking to the smartest people I could find to get a sense of whether this would really bring value, and whether firms would pay for it. Everyone I spoke to said the lack of impact tracking and reporting was a huge problem that needed a clear solution. 

Overcoming funding challenges 

There have been a lot of challenges on this journey, for sure. One was a classic challenge startups grapple with - getting the funding to build a product, but at the same time, needing a product to raise money. It's like a chicken and egg issue. 

To mitigate this challenge I learned to use off-the-shelf tools like Google Suite, Canva, Type Form and other similar services which allowed me to test and iterate on the basic product, as an MVP.  It was inexpensive and it enabled me to learn a lot and really build a process that was repeatable. When I first started, I didn't want to just try to raise a bunch of money to build software. Although I was able to break through funding challenges for some time,  I knew I’d need to build software eventually. 

Finding Million Labs

I spoke to a number of data analytics providers and software developers, and got a bunch of quotes. Many were around $50,000 just for a prototype. One day during the pandemic I connected with somebody who knew Million Labs. They told me no-code tools like Bubble are an inexpensive way to build initial software. 

I did some research about Bubble and reached out to Million Labs. They provided a clear path for us to begin to translate what we'd been doing offline into software. Our platform isn't simple. Other no-code developers said it was too complex. But the Million Labs team were able to work with me, and had such talented Bubble developers that helped us figure out how to build this thing. 

Our mission and vision for ImpactableX

Our mission is about redirecting capital towards the solutions that can drive lasting and scalable change. So far we’ve worked with over 80 repeat customers, including fund managers. We’ve built version one, and we're starting to onboard the customers that we've been serving over the last two years on to our platform. We also have a waiting list that's growing rapidly!

The vision for the platform is to have investors and all of their portfolio companies on the platform automating tracking, benchmarking, and reporting to limited partners so that this work becomes just a part of daily business management and fund management. 

We want every fund to be able to diligence companies using a consistent and centralised platform so all of their analysts can evaluate 10s and even 100s of companies every month to decide where to invest, and are able to understand impact alongside financials. 

Using Bubble to validate the first version of our platform has worked immensely well. Eventually we'll have to transition off of it to scale using code.

Just get started, today!

If I had one bit of advice for anyone wanting to launch a no-code startup it would be: just get started! I think I have perfectionist tendencies. And whenever you start anything, you're going to be wrong about some things at points in your journey. I learned that things aren't always going to be perfect. You'll learn as you go, and figure out ways to find the right solutions!

Launch faster, better and quicker with Million Labs

You don’t need to use code to launch a startup. There are better ways to do it, and we can help. Join the no-code revolution by working with us! 

Find out how we can help you go to market quicker, make money faster and increase your chances of success. Join our Startup Lab or launch your startup with the Bubble app.



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