Why KIVA is one of the fastest-growing nonprofits in history.
Kiva, the first online peer-to-peer microcredit marketplace, is one of the fastest-growing nonprofits in history. But its nonprofit status was not inevitable. Here’s why Kiva chose to be a 501(c)(3), what this tax status buys the organization, and how being a nonprofit poses challenges.
The Charitable Advantage
Although Flannery and Jackley had not raised any real start-up capital, Kiva attracted a passionate, talented, and dedicated crew, fueled by Kiva’s mission. The team grew quickly to include heads of partnerships, marketing, technology, and public relations. Many of the 23 full-time employees—most of them in their 20s and 30s—worked pro bono for months. “It was easy to feel ownership of the project,” Jackley recalls. “When you know that a big dream relies on you, it’s inspiring.”
Source: Stanford Social Innovation Review.