COMING UP FAST: A SECTION FOR ENTREPRENEURS - Young Meteors - Peter Sweatman, Charity Technology Trust

COMING UP FAST: A SECTION FOR ENTREPRENEURS - Young Meteors - Peter Sweatman, Charity Technology Trust - Dropping a few coins into a charity box is one thing; giving up a high-flying job in investment banking to launch a charity is another.

by REBECCA HOAR
Last Updated: 31 Aug 2010

Dropping a few coins into a charity box is one thing; giving up a high-flying job in investment banking to launch a charity is another.

Yet that's just what Peter Sweatman did. Two years ago, the former JP Morgan banker, now 32, took a sabbatical from work and never got round to going back. Instead, he launched Charity Technology Trust, which provides existing charities with cost-saving technology systems.

Sweatman talked entrepreneurs and charities into supporting his venture.

Initial funds came from company trustees such as Charles Dunstone of Carphone Warehouse, who made donations rather than invest in the firm. 'That was hard,' says Sweatman. 'You have to ask people to write a cheque they're not going to see again.'

CTT now focuses on online raffles - a UK first - run for Oxfam, Barnardo's and the National Trust, among others. 'Fifty-eight per cent of the adult population bought a raffle ticket last year, yet roughly 50% of the money raised goes on admin,' he says. 'Running a raffle online cuts those costs, so more goes to the charity.' The prizes, from donors ranging from Man U to The Landmark Trust, aren't bad either. Raffles are run through both CTT's web site, www.ctt.org, and the charities' own sites.

'The hardest decision was financial,' says Sweatman, who takes no salary and lives on his savings. 'But I've never regretted it.'

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