Sarah Biller
Conversation Date: May 21st, 2024 12pm CST
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Empowering Nonprofits with Data: Insights from Sarah Biller of Fintech Sandbox
In a recent episode of the “Million Dollar Nonprofit” podcast, Tom Kelly, founder of Charity Auctions Today, interviewed Sarah Biller, co-founder of Fintech Sandbox. The discussion revolved around the unique journey of Fintech Sandbox, its mission to support fintech startups, and the broader implications of integrating data and technology into the nonprofit sector.
The Genesis of Fintech Sandbox
Sarah Biller shared the intriguing story behind the inception of Fintech Sandbox, a nonprofit organization dedicated to facilitating access to high-quality financial data for fintech entrepreneurs. Alongside co-founder David Jagan, Biller aimed to address a significant stall point in the innovation cycle of financial services. The duo observed that obtaining necessary data was often prohibitively expensive and complicated for startups. This realization spurred the creation of Fintech Sandbox, designed to bridge the gap between data providers and entrepreneurs by removing commercial barriers and fostering innovation.
Why Nonprofit?
A notable aspect of Fintech Sandbox is its status as a nonprofit in the highly commercial financial services industry. Biller explained that this approach was essential to partnering with major data providers like S&P Global and Moody’s. By positioning themselves as a nonprofit, they could offer data to entrepreneurs free of charge, ultimately benefiting both the startups and the data providers through the creation of new use cases and distribution channels.
Supporting Fintech Startups
Fintech Sandbox distinguishes itself from traditional accelerators by focusing solely on providing data to startups. Their mission is to enable entrepreneurs to build innovative financial products without the usual commercial pressures. Over the past decade, they have supported over 300 startups globally, demonstrating the effectiveness of their unique model.
Keys to a Successful Nonprofit
When asked about the key ingredients for a successful nonprofit, Biller emphasized the importance of operating with the rigor of a for-profit company. Managing finances tightly and adopting a spirit of generosity were crucial to their success. She also highlighted the significance of storytelling in building strong partnerships and engaging with potential donors and collaborators.
Technology's Role in Nonprofit Success
The conversation touched on the critical role of technology in enhancing nonprofit operations. Biller and Kelly agreed that embracing technology, from AI to mobile banking, can significantly improve efficiency and broaden a nonprofit’s reach. For smaller nonprofits still relying on manual processes, integrating low-cost tech solutions can alleviate burnout and allow leaders to focus on their mission.
Future Directions and Relevance
Looking ahead, Biller shared Fintech Sandbox’s commitment to staying relevant in a rapidly evolving world. They plan to continue democratizing access to data while ensuring it is free of bias. Their focus on emerging technologies and robust data sets will drive the next decade of innovation in financial services.
Join the Mission
To learn more about Fintech Sandbox and get involved, visit their website at fintechsandbox.org. They offer various programs and resources for entrepreneurs and those interested in leveraging technology to drive social impact.
Final Thoughts
The interview concluded with reflections on the broader implications of nonprofits supporting for-profit businesses and the importance of purpose-driven work. Both Biller and Kelly underscored the necessity of thinking like a for-profit business to sustain and scale nonprofit missions effectively.
For aspiring nonprofit founders, Biller’s advice was clear: define your purpose, communicate it boldly, and leverage technology to enhance your impact. By doing so, you can build a resilient, impactful organization capable of driving meaningful change in your community and beyond.
Sarah Biller
Author, Founder
Sarah Biller is a seasoned entrepreneur, executive, and educator with over 20 years of experience in financial services, life sciences, and telecom, focusing on data, AI, and innovation. She excels in tackling hard problems, building high-performing teams, and driving business success.
As the Executive Director of Vantage Ventures, Sarah leads efforts to support and invest in impactful tech startups in the Appalachian region. She co-founded FinTech Sandbox, a global nonprofit providing high-quality data to fintech startups, and has held leadership roles at Capital Market Exchange and State Street Bank’s Global Exchange division.
Her investment focus includes digitizing markets, distributed ledger technology, and community banking. Recognized by top industry organizations as a leading woman in fintech, Sarah is dedicated to using capital markets for positive impact and uplifting other women in the industry.
More Resources
Frequently
Asked Questions
Fintech Sandbox was created to address a significant stall point in the innovation cycle of financial services. Co-founders Sarah Biller and David Jagan observed that obtaining high-quality financial data was often prohibitively expensive and complicated for startups. This realization led them to create a nonprofit organization that could bridge the gap between data providers and entrepreneurs, fostering innovation by removing commercial barriers.
Registering as a nonprofit allowed us to partner with major data providers like S&P Global and Moody’s without commercial pressures. By removing the focus on profit, we could offer data to entrepreneurs free of charge, benefiting both the startups and the data providers through the creation of new use cases and distribution channels.
Fintech Sandbox provides fintech startups with access to high-quality financial data, enabling them to build innovative products. Unlike traditional accelerators, we focus solely on data provision and support, surrounding entrepreneurs with a community and helping them build the necessary infrastructure to effectively use the data.
Fintech Sandbox distinguishes itself by focusing exclusively on providing data to startups. We aim to be an accelerant, not an accelerator, ensuring that we do not interfere with entrepreneurs but enable them through access to data. Our approach allows us to support innovation in financial services without the commercial pressures of traditional programs.
The key ingredients for a successful nonprofit include operating with the rigor of a for-profit company, managing finances tightly, and maintaining a spirit of generosity. It’s crucial to adopt business-like discipline to ensure sustainability, future growth, and the ability to scale.
Nonprofits can leverage technology to improve efficiency, broaden their reach, and enhance productivity. Embracing tools like AI, mobile banking, and data management solutions can help nonprofits manage their operations more effectively, allowing leaders to focus on strategic activities and their core mission.
Success at Fintech Sandbox is measured by the number of entrepreneurs accessing our data, our global influence, and the satisfaction of our partners. We also evaluate our impact based on how well we facilitate the use of data to drive innovation in financial services.
Fintech Sandbox aims to continue democratizing access to data while ensuring it is free of bias. Our focus for the next decade is to provide robust and rigorously interrogated data to entrepreneurs, enabling them to leverage emerging technologies like AI to create innovative financial products and services.