Legal technology investment is beginning to flow in a direction one might not expect: toward not-for-profit organizations (NPOs), including public charities and private foundations.
The NPO world, while not nearly as visible to those of us who traditionally focus on for-profit entities, is not a tiny pond. I recently met with Grady McConnell, a Managing Director covering Social Impact Technology at Raymond James and he shared the following eye-popping statistics:
- The highly fragmented software market serving NPOs is $20 billion.
- 60% of the well over 1.5 million NPOs in the U.S. will buy software and technology-enabled services this year to help manage donors, fundraising, accounting, and operations.
- 79% of NPOs expect to implement widespread usage of AI technology in the next three years.