Measuring the Growth of Your Social Tech Business
As the saying goes, "What gets measured, gets managed”. Measurement is an important part of developing any business and a social business is no different. However, this can be challenging for the social sector which has to balance competing demands from different stakeholders.
Based on applied research and experience working with hundreds of social ventures, this paper outlines Nominet Trust’s ‘triple helix’ approach to the development of social tech ventures and gives guidance on how to practically measure the growth of your business using the model. This paper is intended for those starting or developing social technology ventures and looking for possible ways to understand and track their development.
Three underpinning areas are presented before working through measures for different stages of a social venture’s development. Firstly, a brief overview of the triple helix model; secondly, taking a ‘lean measurement’ approach; and lastly, the different stages of development through which social tech ventures progress.
Given that measurement can sometimes seem a bit abstract, a case study of an existing social tech venture; Task Squad, is used throughout to demonstrate the approach at different stages of development.