TechnologyOne Foundation to get 500,000 children out of poverty through an innovative entrepreneurial approach
Australia’s largest enterprise software provider TechnologyOne (ASX:TNE) has announced an annual grant to Opportunity International Australia, through the TechnologyOne Foundation, which looks to microfinance 500,000 children out of poverty over the next 15 years through an innovative entrepreneurial approach.
The TechnologyOne Foundation is looking to break the poverty cycle for generations by supporting an innovative microfinancing approach to charitable giving through Opportunity International Australia (Opportunity Australia).
Opportunity Australia, a pioneer of socially-focused microfinance, was established by Australian entrepreneur David Bussau more than 40 years ago. David was living in Indonesia and he recognised one of the main causes of poverty was lack of access to credit. He observed how farmers would borrow money from loan sharks or land owners with no hope of paying it back, getting into a spiral of debt not only for themselves but their whole family. In many cases their children would need to work to support the loan, forcing them to leave school at a young age and not complete their education.
The TechnologyOne partnership with Opportunity Australia will provide small loans to enable families to grow businesses, earn regular incomes and create safety nets for the future. Since 98% of these small loans are repaid and then re-lent to other families, the impact creates a ripple effect within communities.
“We pride ourselves on holding a strong set of values that underpin the way in which we conduct ourselves. The foundation is a natural extension of these values, empowering our people to a make a difference in their communities,” said TechnologyOne’s Executive Chairman, Adrian Di Marco.
“As a company that retains a start-up mindset and values the entrepreneurial spirit, we feel particularly well aligned to what Opportunity International Australia is trying to achieve,” Mr Di Marco said.
The focus for the TechnologyOne Foundation is to work with grassroots charities that make a tangible difference to disadvantaged communities, focused on underprivileged youth. The downstream benefits of this microfinancing endeavour will see the translation of multiple small investments, into a regular income for thousands of families, with a newfound ability to obtain nutritious food, safe shelter, medicine and a better education for children.
“With this partnership, we’re looking to create a sustainable change, with a goal of getting more than 500,000 children out of poverty.
“Investing in helping people to help themselves and their families, through small, structured finance, is a hand up rather than a hand out, and creates a long-term, sustainable path out of poverty.
“I am excited about supporting an initiative that resonates with me on a personal, entrepreneurial level, aligns so closely with the core goal of the TechnologyOne Foundation and that can have such a significant impact over the long-term.
“We’re making this commitment because it is the right thing to do. As a large, successful company we have the capability and capacity to make a difference, and to encourage those in our community to do the same” Mr Di Marco said.
Opportunity Chief Executive Officer, Robert Dunn, warmly welcomed TechnologyOne’s decision to help families free themselves from poverty and thanked the organisation for its multi-year support commitment.
“Families from the poorest parts of the world will use the small loans provided by TechnologyOne’s generous gifts to undertake innovative entrepreneurial endeavours.
All start-ups face similar issues such as limited access to capital. Small loans in combination with creativity, perseverance, determination and skills can enable families living in poverty to kick start and grow businesses,” Mr Dunn said.
TechnologyOne (ASX:TNE) is Australia's largest enterprise software company and one of Australia's top 200 ASX-listed companies, with offices across six countries. We create solutions
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