In the world of medical research, time can be the difference between a breakthrough and leaving a lifesaving discovery in the dark.
Buying Time is the newest innovation in corporate philanthropy. It enables businesses to give their stakeholders the opportunity to own a moment in time to tackle the health conditions that are important in their life.
“This new platform aims to eliminate a lot of the ambiguity around charitable giving in Australia, and provide a greater purpose, and complete transparency for corporate partners. We wanted to transform the transactional nature that donating can often have into more of an immersive experience,” The Common Good CEO Michael Hornby OAM said.
Did you know 90% of medical research projects are abandoned before they’re finished due to lack of funding?
The importance of this endeavour is clear. Researchers currently spend approximately 30 percent of their time applying for funding to sustain their research. Instead, they could be concentrating on the outcomes they’re trying to achieve.
Why give the gift of Time?
Giving feels good, so why not let other people join in on that journey?
Buying Time allows businesses to extend that feel-good giving moment to those involved in their business. Whether that’s their team, customers, suppliers, residents, or shareholders.
The time is real and it’s personal. It not only benefits the individual but the community by fast-tracking lifesaving medical research in the most direct way possible.
Benefits of Buying Time for Businesses
Instead of simply writing a cheque or making a one-off donation, Buying Time gives businesses the opportunity to make every corporate social responsibility dollar spent work even harder for their people and their brand in a very tangible way – all while funding life-changing medical research.
“By offering a deeper level of investment, we’re allowing corporate partners and their stakeholders to connect with their chosen research area in a more profound way, making it a valuable option for corporate social responsibility – their stakeholders win, medical innovation wins, and their business wins,” Mr Hornby said.
How does Buying Time work?
Through The Common Good, one hour of medical research can be supported for just $48, with each hour being named a Time Token.
Each hour of time will go directly to the researchers supported by The Common Good. The researchers carry out life-changing and internationally significant research into lung disease, heart disease, dementia, and mental health.
Businesses can purchase these hours of time in bulk. The Time Tokens can be distributed among their stakeholders such as employees, customers, or community partners.
“Stakeholders are able to monitor how their purchased time contributes to their chosen area of research, making them feel a part of the action instead of merely a passive spectator,” Mr Hornby said.
“They will receive progress updates and real-time notifications throughout, showing how their dollars have contributed to life-saving research via The Common Good.”
Existing Partnerships with The Common Good
We are proud to have existing partnerships with Lite’n Easy, Merlo Coffee and Australian Unity. These partners understand the true impacts of medical research and were early adopters of the Buying Time vision – buying time for better lives.
“Already we have supported more than 1,000 hours of medical research. We know the research outcomes achieved through these hours will, in the future, make a difference to the quality of life and health care for the people in our community,” said Australian Unity Development Director Richard McLachlan.
The Buying Time platform was officially launched in September. The event included The Common Good’s board members, local businesses, and Brisbane-based companies Stacktrace and BCM Group who worked alongside The Common Good on the innovative platform.
If you’re interested in turning your corporate social responsibility into something that adds real value to your brand, delivers tangible impact, and personally connects with those most important to your business, get in touch today.