Fast Forward is the only tech nonprofit in the U.S that funds other nonprofits using technology for social good. The organization raises money from individuals, foundations and corporations to give to tech creators working at the nexus tech innovation and doing good. In its 2017 Impact Report, the organization notes that more than 35 million lives have been impacted by its work. More relevantly, at least 84 percent of the teams funded have a diverse co-founder and have received more than $56 million in revenue.
The 6 factors or key indicators Fast Forward employs to measure impact include:
- Change of organizational trajectory as a result of participating in the Fast Forward accelerator
- Access to new capital for participating tech nonprofits
- Whether participating organizations have connected with at least 100 new potential donors
- Whether organizations connect with at least 10 new institutional funders
- Evidence of stronger ties among tech nonprofits
- Evidence of stronger ties between Fast Forward cohorts and the tech community
To be eligible to receive funding for a project, Fast Forward applies the following selection criteria for participation in its accelerator:
- Leadership: Leaders must have the gumption and stick-to-it vision needed to cultivate a tech start-up and nonprofit simultaneously.
- Tech Talent: The tech vision is primary focus and must be support by tech talent in a leadership role.
- Potential for Impact: Local and global impact are important.
- Scalability: Vision must be matched by potential for scale.
Diversity: Provide diverse people tools needed to solve problems they see and experience.