Medical research charity The Common Good (an initiative of The Prince Charles Hospital Foundation) is set to transform charitable giving in Australia with the launch of a ground-breaking new philanthropic platform, Buying Time. Charitable donors will, for the first time, be able to buy research hours, which in turn will give the gift of time to those who need it most.
With 90% of medical research projects currently being abandoned before completion due to lack of funding, and researchers spending 30% of their time applying for funding to sustain research projects, The Common Good CEO Michael Hornby OAM says there’s never been a greater need for meaningful donor engagement.
“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,” he said.
The Common Good have quantified one hour of research time into a dollar value of $48 and have aptly termed each hour a Time Token, giving donors something tangible to buy and most importantly, to give.
Hours of time raised will go directly into the hands of researchers supported by The Common Good, carrying out life-changing global research into heart disease, lung disease, mental health, and dementia, conditions that sadly impact 90% of Australians
“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.
Hours of time can be purchased in bulk allowing businesses to distribute these amongst their stakeholders whether that be employees, customers or valued partners within their community. Once stakeholders receive their Time Tokens, their personal philanthropic experience begins, with the ability to explore detailed project updates and hear directly from the researchers that their time is supporting.
”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.
“They will receive progress updates and real-time notifications throughout, showing how their dollars have contributed to life-saving research via The Common Good,” Mr Hornby said.
The Common Good is proud to hold existing partnerships with nationally recognised brands Australian Unity, Lite ‘n’ Easy, Merlo Coffee, and Vintage Reds who committed to the Buying Time platform in its early stages.
Australian Unity is a member-owned wellbeing company, delivering health, wealth and care services.
Australian Unity Development Director Richard McLachlan said, “Our partnership with The Common Good means we can support medical research that contributes to improved health outcomes for all Australians”.
“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,” he said.
Australian Unity is leading the Herston Quarter Redevelopment Project – one of Queensland’s largest social infrastructure development projects.
“At Herston Quarter we are focused on delivering a vibrant and highly active mixed-use precinct that supports the surrounding health, research and education uses through provision of health care, student accommodation, commercial and range of ancillary uses including retail,” Mr McLachlan said
The Buying Time platform was developed in partnership with Brisbane based companies, Stacktrace and BCM Group who worked hand in hand with The Common Good on the platform’s innovation.
For more information on the Buying Time platform and how businesses can get involved, visit https://www.buyingtime.org.au/.