FedBid: Fueling the Double Bottom LinePosted on April 27, 2012
As you know, I firmly believe that businesses do well by doing good; when businesses live by the ethos of giving more than they take, they have happy employees and are successful as a result - an effect I call the “double bottom line”. I spoke at an event on organizational happiness earlier this week hosted by one of Revolution’s latest investments, FedBid. I became interested in FedBid because they’re revolutionizing the buying experience for government and business. The company’s fully-managed, reverse auction model offers a unique online marketplace that drives competition and increases efficiency, making it easy for government and commercial procurement professionals to get the goods and simple services they need, while saving time and money. Just as importantly, FedBid creates a level playing field for companies of all sizes, resulting in small businesses winning 80% of all dollars competed through FedBid. The Internet gives consumers choices and allows them to compare prices, making for a better, more cost-effective buying experience. We use sites like Amazon and eBay all the time. It makes sense that the largest buyers - corporations and the government - should do the same. Government buyers are charged with an immense task: procuring the necessary services and goods to serve their various missions while utilizing small businesses and using taxpayer dollars in the most efficient way possible. FedBid allows them to stretch their budgets, save time, improve transparency and meet their socio-economic utilization goals. At a time when our country is facing enormous debts and deficits, the importance of giving agencies a tool to optimize their limited purchasing dollars can hardly be overstated. While FedBid’s business model is inherently beneficial to the American public because it increases government efficiency, the company also gives back to the local community as part of its commitment to corporate philanthropy. One specific example is FedBid’s sponsorship of the Military Child Education Coalition(MCEC), a nonprofit organization serving the children affected by the unique stresses and circumstances of being in a military family. April is the month of the military child. Take a minute to visit this link and find out how you can help improve the lives of America’s youngest home front heroes. Like FedBid, increase your double bottom line: give to a great cause, feel good knowing that you made a difference in a child’s life, and see where that outlook takes you.