Social Enterprise Focusing on Equal Pay for Women Receives $10,000 Award from CommonBond
NEW YORK – November 14, 2018 – 81cents - a venture that empowers women to more confidently, effectively negotiate new offers, raises, and promotions through personalized, crowdsourced offer reviews and coaching - has won the fifth annual CommonBond Social Impact Award. 81cents was selected by a panel of expert judges as the most promising student-run business venture that also drives positive social impact.
81cents aims to close the wage gap that affects professional women via tangible, tactical actions that can be implemented immediately, through salary and raise negotiations. Founded by University of California, Berkeley, Haas School of Management MBA Candidate Jordan Sale, the company provides personalized feedback on an individual’s anonymized offer or compensation, along with negotiation recommendations from recruiters, hiring managers, and dozens of professionals in the individual’s field.
As winner of the 2018 award, 81cents receives $10,000 to grow its business, plus a year's worth of advisory services, from CommonBond.
CommonBond, the financial technology company that lowers the cost of higher education in the U.S., presents the award every year to the country’s top student social entrepreneur in a Shark-Tank-style pitch event at its offices in SoHo, New York. CommonBond is the first company in education and finance with a one-for-one social mission. The company started the CommonBond Social Impact Award five years ago as a way to encourage and empower the next generation of entrepreneurs to start for-profit businesses that drive social impact.
81cents was joined by four other finalists: Pequeño Jardinero, a venture out of the University of San Francisco that sells affordable and equitable hydroponic kits for food production; Té Amo, a venture out of Grove City College that sells organic ready-to-drink tea and aims to reduce deforestation in Haiti; Digit, a venture out of the University of Cincinnati that is building a wearable device that allows visually impaired individuals to connect with information on the Internet; and Maziwa, a venture out of Northwestern University, Kellogg School of Management that is building a tailor-made breast pump for low-resource settings in developing markets.
These finalists received the most votes from the public, among a pool of about 150 applications, 12 semifinalists, and over 17,000 votes.
“We strongly believe that business can and should be a positive force for social change,” said David Klein, CEO and co-founder of CommonBond. “For years, we have supported student-led ventures that drive social good through the CommonBond Social Impact Award. This year’s applicants, both MBA and undergraduate students, demonstrate the power and potential of young entrepreneurs to improve their communities and the world at large. We are proud to award this year’s honor to 81cents and are excited to support the growth of this life-changing venture.”
This year’s judges were Adam Braun, COO of WeGrow, founder of MissionU, and founder of Pencils of Promise; Angela Lee, Chief Innovation Officer of Columbia Business School and founder of 37 Angels; and David Klein, CEO and co-founder of CommonBond.
Previous CommonBond Social Impact Award winners include Piero, a venture out of Brigham Young University that builds a wheelchair accessibility device; Kheyti, a venture out of Northwestern University, Kellogg School of Management that builds low-cost greenhouses for small farmers inIndia to increase the yield and predictability of their produce; Sanlaap North America, a venture out of The Wharton School, The University of Pennsylvania that rescues, shelters, and empowers victims of human trafficking; and Pasture Map, a venture out of the Stanford Graduate School of Business that helps sustainable cattle ranchers in the U.S. to maintain responsible grazing practices.
CommonBond is a financial technology company on a mission to give students and graduates more affordable, transparent, and simple ways to pay for higher education. The company offers refinance loans to college graduates, new loans to current students, and a suite of student loan repayment benefits to employees through its CommonBond for Business™ program. By designing a better student loan experience that combines advanced technology with competitive rates and award-winning customer service, CommonBond has funded over $2.5 billion in loans for its tens of thousands of members.CommonBond is also the first and only finance company with a"one-for-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership withPencils of Promise. For more information, visit www.commonbond.co.
CommonBond is not affiliated with or endorsed by any educational institution.