Catalyst Program Project: Social Capital Credits
SoCCs is a breakthrough concept and an ambitious, innovative model of social development proposed by AI to tackle the widespread issue of poverty while simultaneously promoting the building of communities. SoCCs constitute a new medium of exchange, used to reward socially relevant tasks that a community or individual undertakes, which could then be redeemed for critical products and services.
Poor families spend the bulk of their earnings on basic amenities like food, clothing and shelter while any useful tasks they undertake towards creating social good largely remain unrewarded. By providing people SoCCs for beneficial tasks like waste management, improving the neighborhood, or tutoring, which could then be redeemed for products and services, a portion of their income gets freed up for spending on better education and savings etc. leading to an increase in the overall wellbeing of the community while also ensuring the building of social capital. SoCCs have the potential to exercise a multiplier effect and act as a catalyst for development without reliance on money.
Recently, BFI staff attended the very successful 2015 AI Gala in New York City, during which AI Founder Geeta Mehta explained the SoCCs program, and funds were raised for ongoing AI projects. The gala brought together AI supporters and social entrepreneurs who are true global citizens, passionate about eradicating poverty and improving social equity. Congratulations to the incredible team behind this important work!