Spin: Crowdfunding for the Greater Good

Software leader ELEKS and socially responsible IT firm, Freewill launch a do-good crowdfunding platform. Spin lets benefactors support young talent and eco-centric organisations across the globe.

Japan birthed the crowdfunding phenomenon, which, last year, generated funds of over $17 billion in North America alone. In May 2020, a socially responsible Japanese IT firm, Freewill, launched its latest digital offering, Spin — a global funding platform developed by ELEKS. The platform uses cutting-edge blockchain technology, which offers complete transparency of a project's donation and transaction chain from anywhere in the world. This financial candour has made blockchain-enabled crowdfunding increasingly successful in recent years.

Japan has a long heritage of innovative social development drives. Spin's creators envisage an international community of "social parents" and mentors — crowd funders whose investments help nurture young talent and eco-oriented organisations across the globe. Any entity or individual needing financial support can benefit from Spin donations. For example, a school in the developing world or an organisation that works to restore the ocean's coral reefs. A mentor instigates a project to seek funding, and a social parent contributes to a cause — receiving progress updates and direct messages from the initiative's leader.

The platform currently has three live projects. The One Love Project aims to protect cultures threatened by COVID-19, a project that supports children living with physical disabilities in Ukraine and a conservation initiative for Thailand's endangered Asian elephants. Freewill also implements its vision for a 'Sustainable Eco Society' by raising awareness, taking actions to preserve the environment and resources, and supporting education.

Myroslav Basarab, Spin's project manager at ELEKS, commented, "The world is evolving rapidly, and not always for the better. The modern challenges we face — COVID-19, large-scale ecological destruction and ever more frequent natural disasters — have many people wondering how we can improve the world. The problem is getting the urgent messages out there and giving the wider population the tools to act instantaneously. Freewill and ELEKS will enable society to address the pressing issues, creatively and globally, by combining the seemingly incompatible: Eastern traditionalism and Western entrepreneurship, charity and technology. Spin will help those who need it without fearing funds being used underhandedly."