BackpackEMR is a product of Binary Bridge, a benefit corporation with a mission to improve access to healthcare and increase the quality of care in remote locations. BackpackEMR specifically provides accessible software solutions for mobile clinics operating in rural areas to improve continuity of care by keeping medical records electronically.
BackpackEMR needed investors to back their product, but lacked the ability to communicate their value so BackpackEMR needed to find a way to prove that its product does add value even though it isn’t the actual medical professionals that are performing care. The team at BackpackEMR was gearing up for SOCAP (Social Capital Markets, a conference dedicated to raising capital for social good) and needed a way to quantify and communicate its value to investors in a quick and professional way.
As a social enterprise with limited money, BackpackEMR didn’t think that it could afford to use Ecotone’s services, but a board member and investor approached Lori Most, the CEO of Binary Bridge, and offered to pay for it because it was essential in communicating its value and standing out to additional key investors
Since BackpackEMR needed the materials from Ecotone to be ready in time for SOCAP, Ecotone condensed its normal timeline to get them done.
Using its research and methodologies Ecotone found that a 750,000 dollar Investment would have an estimated 4,630,000 return. The diagram below, that was part of the materials Ecotone prepared for Backpack EMR, shows who would receive the benefits of that return and how.
Ecotone also found that for each $1 invested there is a projected SROI of $6 which Lori Most of Backpack EMR found to be “a key point when talking to investors”.
In addition to the diagram Ecotone identified some Key Performance Indicators which are shown on the left side of this diagram. On the right-hand side are the five dimensions of impact and the UN Sustainable Development goals that are addressed with this product. Along the bottom is the Logic Model/Theory of Change which shows inputs, outputs and outcomes.
How were these findings used to actually create outcomes for BackpackEMR? First they created physical materials which include the diagram above to hand out to investors. At SOCAP they only had a few minutes to pitch to certain investors, so being able to hand them something that displayed their value visually gave them a major advantage. BackpackEMR also emphasized that having a quantified impact measurement helped them know how to communicate value beyond just saying “that it will help people”. These materials and measurements gave BackpackEMR a level of credibility that was crucial. Not only did it show their credibility, but it helped to inform them about how to talk to investors.
Ecotone helped provide Backpack EMR with missing crucial measures such as KPIs. Lori Most said that investors have told her that having KPIs are almost expected now in social enterprises, and Backpack EMR was missing out by not having them.
BackpackEMR was also impressed by the auditability of Ecotone’s process and measurements. If an investor questioned where a number came from, they could easily go back and see the research and assumptions used to arrive at that number by looking through the technical document.
The work that Ecotone did for Backpack EMR helped them to succeed at SOCAP and provide essential resources for their business that they will continue to use in the future to grow their business and further their positive impact.