This is a snapshot of Bloom Network’s current finances.
We currently receive an average of $200 per month in monthly memberships, and $50 per month in donations through our community calls.
This covers our communication software fees, with $50/mo going into our bank account per month at the moment.
Our account balance is approximately $100. Magenta pays our communication software fees, totaling approximately $200 per month, and then receives reimbursement from Bloom Network after our fiscal sponsor issues the requested amount from donations.
Our current available revenue streams include: member fees, event ticket sales, sponsorships, grants and private donations, and Pollination Labs clients.
Bloom Network has primarily been operating as a volunteer community. Magenta contributes 40 hours per week, and Hannah Mitchell contributes 10-20 hours per week. More volunteers are starting to show up, contributing on average under one hour per week each. Current working groups people can join are listed here. Local chapters also have volunteer teams and operate within their own organization entities.
In order to continue to be of service and to grow our purpose of helping more people find and participate in regenerative culture practices, Bloom Network needs to raise startup capital so we have a consistent paid team. Magenta is going to run out of runway in September 2020.
Our goal is to raise a total of $500,000 in order to become revenue positive and self-sustaining in 2022. We have been applying to equity-free funding programs and accelerators this year. One thing we’ve been finding is that it’s hard to raise capital for Bloom Network because it’s such a complex system, and doesn’t really fit into anyone’s categories of what they fund. This is interesting, because we have specifically designed our business framework to address the institutional and cultural gaps that have humanity in a bind when it comes to climate change, inequality, etc. As of June, we are pursuing two more specific pathways: setting up Bloom Network’s DAO, and fundraising for a more specific program, Pollination Labs.
To produce our first Pollination conference in 2019 and establish our membership model, Bloom worked with several contractors on a deferred payment basis. The total amount contributed was approximately $130,000 in labor, with a remainder due of $92,700.
We are also currently deliberating if it is best for us to close our current organization entity, a non-profit filed in California, and switch over to a simple LLC. We’ve been having a hard time finding grants, because we are a whole-systems organization and not working on a singular vertical. Local chapters are more able to find grants for specific projects, but for the system administration layer that Bloom does, nonprofits appear to not be a good fit for us. The last grant we received was in 2018 for $8,344 from Threshold Foundation via the Thriving Resilient Communities Collaboratory, and prior to that $13,000 in 2014. Bloom Network began as Evolver Social Movement via a donation from Sean Parker in 2008 for $250,000. That empowered the organization to rapidly scale to over 100 chapters in 11 countries, however due to leadership struggles among the Evolver corporation, that momentum was stifled and the local chapters decided to separate from the company to become a peer-led network. It also is looking like forming our organizational entity as a DAO (decentralized autonomous organization), which is what we really are in the physical world, is the path of least resistance, most understanding, and mutual support. Some of our operations will require a state-anchored entity on an ongoing basis.
If you are interested in joining Bloom’s finance team, or you would like to make a financial contribution, please get in touch with Magenta.