FAMDO exists as a for-profit company that utilizes social entrepreneurship to empower local African-American communities. Empowerment will occur through the use of key influencers (i.e., stylists and barbers), solid role models, technology, and give-back donations from FAMDO's after-tax profits.
FAMDO will empower local African-American communities by giving back to effective non-profit organizations (i.e., charities).
The contributable amounts that FAMDO is seeking to give back annually, along with the time frames are:
10% or more of FAMDO’s after-tax profit years 2006 to 2015
25% or more of FAMDO’s after-tax profit years 2016 to 2050
80% or more of FAMDO’s after-tax profit year 2050 and beyond
(Note: If FAMDO is not profitable during any given year, no donations can be made back to local communities.)
Social entrepreneurship is defined as the process of using entrepreneurial and business skills to create innovative approaches to social problems. Many believe social entrepreneurship holds the promise of more effectively solving some of society's most stubborn social ills.
-Stern School of Business, New York University
Click on the following link for "Frequently Asked Questions" (i.e., how FAMDO plans to give money back, etc):
Famdo, Inc.