Our strategy for measuring and managing impact is to minimize the burden on entrepreneurs and ventures. We collect useful metrics/data, streamline reporting, and provide an easy-to-use platform.

54Collective work with exceptional startups in the FinTech and HealthTech sectors. However, founders have used their proprietary technology to address challenges across multiple industries, developing solutions across EdTech, AgriTech, logistics, and other areas. These startups – and those we will welcome over the next few years – are on the path to achieving significant scale.

Challenge

The 54Collective has four critical programs to drive impact: the Academy, Build, Scale, and Embedded Impact and Learning. 

54Collective regularly collects updates on the progress of participants from the Academy - a multi-functional platform designed to inspire and empower a new generation of African entrepreneurs, focusing on women and MSME owners. Evaluating the ongoing progress of the participants over time and understanding the changes in their activities can be time-consuming with pre-post data. 54Collective aims to determine whether their efforts effectively address individual and systemic constraints on entrepreneurship with continuous data.

Operationalizing Impact Framework

Sopact engaged to make 54Collective's impact framework actionable and operationalize it with data strategy, data collection, and analytics for all of their programs atarting with The Academy. In the first phase, 54Collective connected all the historically collected data to Sopact Impact Cloud to map all the indicators on the dashboard. 

As training activities under the Academy program move forward to the following three stages, The Sopact and 54Collective teams is collaborating to ensure all critical decision-making indicators' data collected and analyzed. The dashboard will help communicate the progress for all the internal and external stakeholders to review and act on. 

The process will,

1. Enhanced Decision-Making in the System Change Activities: 54Collective can make informed decisions by leveraging impact data to allocate resources more efficiently.
2. Improved Transparency and Accountability: Using data-driven approaches increases transparency and accountability. By systematically collecting and analyzing impact data, we will ensure that program outcomes are reported and accessible, building trust with donors, beneficiaries, and partners.
3. Customized Insights for Strategic Growth: The insights from impact data are tailored to each cohort's specific needs and contexts. This customization allows 54Collective to identify unique opportunities for scaling their impact, uncover potential areas for collaboration, and refine their program models based on evidence.