This category includes articles about social entrepreneurs, typically about businesses with a for-profit model with a social mission embedded into the fabric of the business.
This category includes articles about social entrepreneurs, typically about businesses with a for-profit model with a social mission embedded into the fabric of the business.
A group of leading private sector investors, at a high-level roundtable on impact investing convened by the White House, has pledged $556 million to a range of social investments using a novel investment approach centered on social justice and community value creation.
On June 25, 2014, the White House hosted a roundtable on impact investing, during which some 20 new private sector commitments were made to drive more than $1.5 billion into investments that intentionally generate measurable social or environmental impact as well as financial return.
The group of investors convened by the Transform Finance Investor Network, concerned about a trend in impact investing that stops short of truly transformative impact, pledged to invest in alignment with the transformative finance principles of:
The group of Transform Finance Investor Network investors includes Pi Investments, Blue Haven Initiative, New Belgium Family Foundation, ReInventure Capital, and The Working World. These members will invest across asset classes, geographies, and verticals.
“This is a novel approach that puts capital at the service of community needs. We hope that through our participation in the Transform Finance Investor Network, we can help build a vibrant community of sophisticated investors who deeply believe in empowerment and intend to consider and prioritize community benefit in every investment we make,” said Brendan Martin, President of The Working World.
Investments may span from debt funds that finance conversion of corporations into worker-owned cooperatives, to renewable energy projects that are locally owned by and benefit indigenous communities.
Andrea Armeni, Executive Director of Transform Finance, convened the group, which has grown to include impact investment leaders such as Calvert Foundation and RSF Social Finance.
“Impact investment is at the tipping point to scale, and hence it’s a cruicial time to ensure community accountability and engagement becomes common practice. We appreciate the White House’s commitment to real impact, and look forward to engaging with our investor peers, both public and private, to put the transform finance principles into action,” said Morgan Simon, managing director of Pi Investments and founder of Transform Finance.
For more information contact Andrea Armeni, Executive Director of Transform Finance, at (415) 265-0035 or email@example.com
Several NAB members pledge $184 million for projects that yield social and financial ROI
WASHINGTON, DC (June 25, 2014) — The US National Advisory Board (NAB) on Impact Investing released its report of policy recommendations to mainstream impact investing within the United States at a White House event this morning. The initiative, focused on promoting public and private innovation and entrepreneurship in solving the United States’ greatest social challenges, addresses the most catalytic changes needed from a policy standpoint. The report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, has been made public online at www.NABimpactinvesting.org.
“Impact investing uses the power of markets to unleash private capital for public good. Done well, it can scale sustainable solutions to some of our toughest social challenges, such as affordable housing, clean energy, quality education, and workforce development,” said Matt Bannick, Co-Chair of the US National Advisory Board and Managing Partner at Omidyar Network. “Impact investing has been a part of the fabric of social and community development finance in the US for decades. But we have only begun to see a glimpse of its promise, and smart public policy will help us get where we need to be. The National Advisory Board on Impact Investing has come together to offer a policy framework that can help catalyze the market and transform millions of lives in a positive way.”
Private Capital, Public Good Recommendations:
The report offers policy recommendations on opportunities in the short-term, as well as supporting policy ideas that would encourage the impact investing market over the long-term. The recommendations are mostly budget neutral and sometimes even result in cost-savings. They include:
“Innovative strategies by government can unlock new sources of capital and significantly advance the impact investing sector,” noted Tracy Palandjian, Co-Chair of the US National Advisory Board and CEO of Social Finance US. “This report, which we present to the White House and members of Congress today, articulates these strategies, many of which are budget-neutral, and provides a roadmap to a more enabling policy environment at the federal, state and local levels.”
NAB Members Commit $184 Million in Impact Investments
Several impact investment pledges were also announced this morning at the White House including a number of commitments from members of the US National Advisory Board. Those pledges include:
Formation of the US National Advisory Board on Impact Investing
The US National Advisory Board’s work is part of a global effort that was initiated at the June 2013 G8 meetings in London to explore how impact investing can accelerate economic growth and solve the world’s most pressing social challenges. At that time the Social Impact Task Force (Task Force) was created and charged with recommending policies to accelerate impact investing, establish a common global approach for measuring social outcomes, and encourage greater engagement across foundations, institutions and private investors with input from the G8 countries. The US National Advisory Board on Impact Investing was formed to coordinate with and advise the global effort while actively reaching out to key stakeholders and communities to get feedback, ideas and input about what policy changes are necessary to drive social impact investing in the United States.
The policy recommendations contained within the report are focused on executive and legislative strategies for updating existing regulations and laws to make it easier for social impact investors to work with government agencies. Although the policies are focused on opportunities at the federal level, the report does intentionally include both examples and opportunities at the state and local level.
The NAB is comprised of 27 thought leaders including private investors, entrepreneurs, foundations, academics, think tanks, impact enterprises, nonprofits, coalitions and intermediaries, including:
Matt Bannick, Omidyar Network (co-chair); Tracy Palandjian, Social Finance US (co-chair); Antony Bugg-Levine, Nonprofit Finance Fund; Jean Case, Case Foundation; David Chen, Equilibrium Capital; Audrey Choi, Morgan Stanley; Maya Chorengel, Elevar Equity; Cathy Clark, Duke University; Kimberlee Cornett, Kresge Foundation; William Foster, Bridgespan Group; Seth Goldman, Honest Tea; John Goldstein, Imprint Capital; Josh Gotbaum, Pension Benefit Guaranty Corp; Michelle Greene, NYSE Euronext; Sean Greene, Revolution; Ben Hecht, Living Cities; Andrew Kassoy, B Lab; Zia Khan, The Rockefeller Foundation; Clara Miller, Heron Foundation; Elizabeth Littlefield, Overseas Private Investment Corporation; Stewart Paparin, Soros Economic Development Fund; Andrea Phillips, Goldman Sachs; Luther Ragin, Global Impact Investing Network; Curtis Ravenel, Bloomberg LP; Harold Rosen, Grassroots Business Fund; Debra Schwartz, MacArthur Foundation; and Darren Walker, Ford Foundation.
After presenting the report at the White House and to members of Congress on June 25, the US National Advisory Board will focus on sharing its recommendations with the impact investing community in the US and feeding its recommendations into the broader Task Force’s efforts. The Social Impact Investment Task Force is expected to meet again in September to review a global proposal with input from each member country.
The report can be viewed at www.NABimpactinvesting.org.
About the NAB
The US National Advisory Board (NAB) to the Global Social Impact Investment Taskforce aims to catalyze the development of the global social impact investment market. It was established following the June 2013 G8 Social Impact Investment Forum in London. The NAB was formed to focus on the US domestic policy agenda. The NAB is comprised of 27 thought leaders, including private investors, entrepreneurs, foundations, academics, impact-oriented organizations, nonprofits, and intermediaries.
Pledges to expand its investments in organizations, projects and funds that address barriers to financial and social mobility announced at White House meeting of the U.S. Advisory Board of the G7’s Social Impact Investing Taskforce
NEWARK, NJ — Prudential Financial, Inc. (NYSE: PRU) announced today its commitment to build a $1 billion impact investment portfolio by 2020 in its continuing effort to direct investments to companies, projects and funds that create positive social change and help individuals and communities achieve economic success. Prudential made the announcement at the White House during a meeting of the U.S. Advisory Board of the G7’s Social Impact Investing Taskforce, which presented its recommendations on how policymakers can spur more impact investments.
“Impact investing enables us, as a company, to make a deeper and more sustainable commitment in a way that has enduring impact,” said Lata Reddy, vice president of Corporate Social Responsibility at Prudential. “These investments are part of our broader strategy to eliminate the barriers that prevent individuals and communities from achieving financial and social mobility.”
Impact investing is the deployment of capital with the intention to generate a positive, measurable social or environmental impact in addition to a financial return.
“With this commitment, we are building on Prudential’s long history of using our resources to generate more than just a financial return,” said Ommeed Sathe, vice president of Impact Investments at Prudential. “For decades, we have strived to find innovative approaches that reach communities and individuals whose needs are underserved by traditional capital markets.”
Prudential formalized its impact investing program in 1976. Since then, the group has invested nearly $2 billion, including $300 million deployed in the company’s hometown of Newark, New Jersey. The group invests in three core areas: social purpose enterprises, financial intermediaries that redeploy capital to individuals and organizations, and real assets, like affordable housing, that improve lives and communities.
“Prudential has been a leader in the impact investment arena for decades,” said Jean Case, CEO of the Case Foundation. “Today they reaffirmed that leadership by committing to build a $1 billion impact investment portfolio. We have witnessed how instrumental impact investing can be, and it is encouraging that such a large private sector corporation understands the importance of using its capital to address complex social challenges.”
Separately today, the U.S. National Advisory Board (NAB) on Impact Investing released its report of policy recommendations to mainstream impact investing within the United States. The initiative, focused on promoting public and private innovation and entrepreneurship in solving the United States’ greatest social challenges, addresses the most catalytic changes needed from a policy standpoint. NAB’s report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, is available at: www.nabimpactinvesting.org/s/Private_Capital_Public_Good.pdf
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential Financial Inc.’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential Financial, Inc.’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
Impact Business Leaders (IBL), a company dedicated to building the social enterprise sector, announced the launch of their IBL@Utah program in Salt Lake City, hosted by the James Lee Sorenson Global Impact Investing Center (SGII), with further support by The Shell Centenary Scholarship Fund and Hitachi Foundation. The program aims to provide skills, mentorship and job opportunities to professionals looking to kick-start their career in social enterprise.
Around the world, social enterprises for-profit businesses that produce a good or service to solve a social problem are proliferating as more entrepreneurs connect their desire to create lasting social or environmental impact with their urge to innovate and build world-class businesses. But these social enterprises often struggle to find the right talent to scale, and it can be a surprisingly hard sector to break into. It is estimated roughly 40 percent of U.S. social enterprises have fewer than five employees.[i] Yet many young professionals are eager to use their business skills to make a tangible difference in the world.
“We have found that globally it is difficult for young professionals to break into social enterprise careers and equally difficult for social enterprises to find the right experienced talent needed to grow,” said IBL¹s Executive Director, David Kyle, who has built start-ups on several continents and worked with Citibank, Acumen Fund, and Calvert Foundation. Impact Business Leaders is filling the market gap by training business professionals, thoroughly vetting both fellows and job opportunities, and matching candidates into social enterprises. By 2015, they aim to have placed 250 professionals into social enterprises globally.
“Our experience shows that our process is very effective at connecting people with jobs in a way that both sides can be excited about, and we expect the vast majority of fellows to secure placements with our partners,” said Kyle.
The IBL@Utah program begins in September 2014 and will offer up to 30 fellows an intensive two-week course exploring social enterprise and impact investing at the University of Utah¹s James Lee Sorenson Global Impact Investing Center (SGII). Unlike other training courses, the IBL program will be taught by leading practitioners such as Ross Baird of Village Capital, Lewis Hower of SGII, Andy Lower of ADAP Capital, and others.
IBL fellows will learn the hands-on reality of building and sustaining innovative businesses and working with investors. They will also gain an enhanced skill-set that will help them add immediate value to social enterprises. SGII¹s Executive Director, Lewis Hower, noted: “IBL fellows leave the training with practical knowledge they can leverage from day one in their job placement. We have a great network of investors and entrepreneurs to provide top-notch workshops, so fellows should come ready to engage and learn.”
IBL fellows are also provided with valuable support in getting their first job in a social enterprise. IBL’s wide network of social enterprises and impact investors enables IBL to find and place fellows so that they can gain practical experience for up to a year. IBL’s partners are also excited about the program as it provides a source of strong talent to grow their businesses. Previous fellows have been placed with IBL partners around the world: Village Capital, SOCAP, Waste Capital Partners, Unreasonable East Africa, and others.
Corey, an IBL Fellow with a consulting and international development background, discussed her placement with a company in Kenya: “IBL facilitated a placement for me at One Degree Solar as a Project Manager. I still have to pinch myself each day that I am working for such an incredible social enterprise. I would not have been able to get to where I am today without IBL and I highly recommend IBL to any early to mid-career professionals.”
IBL is looking for professionals with 3-5+ years of experience, an undergraduate degree, and a genuine interest to pursue a career solving major global challenges. Mr. Kyle encouraged potential applicants to learn more and apply at www.impactbusinessleaders.com.
The Fellowship Initiative offers comprehensive support to high school students to help them achieve personal and professional success
Former Secretary of State General Colin Powell and former New York City Mayor Michael Bloomberg join Jamie Dimon for announcement today
June 23, 2014 (New York, NY) – JPMorgan Chase & Co. today announced the expansion of The Fellowship Initiative (TFI) to Chicago and Los Angeles along with a new, larger class of Fellows in New York City. The Fellowship Initiative, first launched in New York City in 2010 as a multi-year pilot developed by JPMorgan Chase, enrolls young men of color in a comprehensive, hands-on enrichment program that includes academic, social and emotional support at a critical juncture in their lives to help them achieve personal and professional success.
Many young men of color from economically-distressed communities do not have access to the educational opportunities and support systems they need to succeed. It is well-recognized that Black and Latino students in New York City, Chicago and Los Angeles graduate from high school at rates well below those of their non-minority peers. At a minimum, future employability requires a high school degree, but real economic opportunity involves much more.
“These young men need access to high quality education and positive role models in and outside the classroom,” Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co, will say today during an event with former Secretary of State General Colin Powell and former New York City Mayor Michael Bloomberg announcing the program expansion. “We want to raise their expectations for what they can achieve in life – and give them the tools for academic and personal success. The Fellowship Initiative is a smart investment in their individual futures and the future of our country.”
Beginning in 2010, JPMorgan Chase launched a pilot in New York City to see if the right combination of intensive academic and leadership training could help young men of color complete their high school education and gain admission to top colleges and universities. The pilot demonstrated that with a comprehensive enrichment program, these students were able to rise to the challenge, work hard and expand their personal and economic horizons.
“America’s continued strength depends on our young people getting the education and support they need to succeed in an increasingly competitive world,” said General Colin Powell. “At America’s Promise, we launched GradNation to help raise the national average on-time high school graduation rate to 90 percent by 2020. By focusing intensively on young men of color and providing hands-on mentorship and support in high school and college, JPMorgan Chase’s Fellowship Initiative is an excellent example of the commitment our country needs to preserve the long-term success of our nation. I am pleased to be on President Obama’s ‘My Brother’s Keeper’ task force, which is also complimented by the JPMorgan Chase Fellowship Initiative.”
“Helping young Black and Latino men overcome the obstacles they face is an urgent challenge that has been too long ignored,” said former New York City Mayor Michael Bloomberg. “In New York City, we created a public-private partnership called the Young Men’s Initiative to confront the challenge head-on. We need more civic-minded companies and organizations to step up and join this work, and I congratulate JPMorgan Chase for being a leader in this effort and for making a real difference in the lives of young men of color in our city.”
The 24 Fellows who completed the three-year pilot starting in their sophomore year of high school reported elevated academic goals, career aspirations and life-changing personal growth. Each of these Fellows who completed the pilot program graduated from high school on-time, gained admission to a four-year college program and, collectively, received scholarships and grants totaling $8.4 million. More than half were the first in their family to attend college.
“We need to do more to ensure that young men of color are not left behind,” said Dalila Wilson-Scott, President of the JPMorgan Chase Foundation. “One of the most important lessons we learned during The Fellowship Initiative pilot in New York City was that students respond positively to commitment. They were able to unlock their overall potential when they had sustained access to academic and social supports alongside mentoring.”
The Fellowship Initiative in Chicago, Los Angeles and New York City will include:
The Fellows will also receive support services and coaching through college, as well as opportunities for summer internships at JPMorgan Chase. In addition, their families will participate in educational workshops about the college application process.
JPMorgan Chase is recruiting 120 students – 40 students in each city – to participate in the program. Recruiting began in May, and students who are enrolled in the program will begin orientation in July and the full program in October. The Fellowship Initiative will begin with a week on college campuses.
“The Fellowship Initiative is a program that addresses the current state of crisis young men of color are facing, which is arguably the most urgent and prevalent social issue in American society,” said Dariel Vasquez, a Fellow from the New York City pilot program. “TFI provided me both the professional and academic development I desperately needed to become successful in high school and in college. The program practically put me a year ahead of my peers. TFI gave me exposure to a world I didn’t even know existed and prepared me to successfully navigate through any obstacles that may present themselves. It goes without saying that I wouldn’t be here today had it not been for programs like TFI.”
Other Notable Statements of Support for The Fellowship Initiative
“The JPMC Fellowship Initiative is exactly what the President’s call to action through My Brother’s Keeper is all about: creating powerful mentorship and fellowship opportunities for young men of color,” said U.S. Secretary of Education Arne Duncan. “Programs like these are catalysts for success in college and careers, building pathways to opportunity for our nation’s most vulnerable youth, who are too often left out of the mainstream workforce.”
“As the largest school district in the nation, we know that programs like the JPMorgan Chase Fellowship Initiative provide invaluable academic and social supports to our young men of color,” said New York City Mayor Bill de Blasio. “I’m thrilled that The Fellowship Initiative is expanding in New York City giving additional students a chance to reach their individual potential and graduate high school prepared for success in college and career.”
“In Chicago, our goal is 100% college-ready, 100% college-bound for every child, and that is what The Fellowship Initiative achieves for these young men who participate,” said Chicago Mayor Rahm Emanuel. “Having a mentor who unlocks their potential and unleashes their talents in a constructive safe environment is the strongest tool there is for transforming lives. These opportunities not only benefit the young people who take advantage of them, they benefit our whole society, because when one young person succeeds in life, it is a win for our country.”
“I’m pleased that JPMorgan Chase’s Fellowship Initiative will help young men of color in Los Angeles create opportunities for personal and economic success,” said Los Angeles Mayor Eric Garcetti. “I’m confident the academic support and leadership training offered to these students will help them prepare for college and get the skills they need to start rewarding careers.”
For more information and to view a short film about The Fellowship Initiative, visit www.jpmorganchase.com/TFI.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
New York, NY (June 18, 2014) – The National Minority Business Council, Inc., (NMBC) and The Network Journal (TNJ) announced a joint humanitarian/professional venture with Vision on Africa (VoA) for health enhancement and capacity building among women and youth in Africa. The announcement was made at TNJ’s 16th Annual 25 Influential Black Women in Business Awards Luncheon in March.
Senedu Araya Sellassie, an Ethiopian-born U.S. citizen, established VoA (http://www.visiononafrica.org/), a nonprofit organization, in Virginia in 2003, and set up its offices in Ethiopia upon her return to that country after some 30 years in the United States. In addition to her title as founder, Ms. Araya Sellassie serves as the organization’s CEO.
This June, the NMBC and TNJ will host the New York visit of Ms. Araya Sellassie, who is internationally recognized for her work through VoA. Ms Araya Sellassie’s visit serves to shore-up the partnership with the NMBC and TNJ, which will solicit the involvement of TNJ’s 25 Influential Black Women in Business honorees in providing focused mentoring and training opportunities. The partners will collaborate to advance women as entrepreneurs and enhance small business growth on the continent.
“Our participation is in response to an expressed desire from a number of our 25 Women honorees over the years to put their knowledge and expertise to use in Africa,” Rosalind McLymont, TNJ’s Executive Editor, offered. “We believe that VoA, is an excellent vehicle for them to do just that.”
Ms Araya Sellassie’s U.S. visit provides the partnering organizations an opportunity to discuss a menu of group and individual activities, as well as the opportunity to begin to plan for a contingent of leading African-American business women to travel to Africa in the near future. A private reception with Ms. Araya-Sellassie will take place on Friday, June 20, at the offices of the NMBC, 1633 Broadway (at 50th Street), 30th floor, N.Y.C., from 6:00 p.m. to 8:00 p.m., where she will articulate the value that TNJ’s 25 Influential Women and the NMBC can bring to VoA and to Africa.
For more information on NMBC services, visit: www.nmbc.org
Keith Boyd Launches Lemonade Stand Around Tulsa
Tulsa, OK (June 18, 2014) – Ten-year-old Keith Boyd, CEO of Keith’s Ice Cold Lemonade Stand, is teaming up with entrepreneurship education resource Thrive15 and several local businesses to make lemonade out of lemons. Boyd, who was born with nonverbal cerebral palsy and is unable to use his arms, legs or mouth, set out to raise $250,000 for The Little Light House, a Tulsa-based development center for children with special needs. The Little Light House gifted him with the technology that allows him to now verbally communicate. The Tobii EyeMobile is a tool that allows Boyd to communicate by using his eyes to type what he wants to say on a screen, which is then verbalized by the tool. In response to this gift, Boyd crafted a business plan to set up lemonade stands around Tulsa for the summer, the proceeds of which would benefit The Little Light House. “My goal is to raise money for The Little Light House where I went to school until I was six. They have done so much for me; I want to give back so other kids can go to that school without paying any money, “ said Keith Boyd.
Recognizing Boyd’s entrepreneurial spirit, local franchised Chick-fil-A Operator and Thrive15 mentor Arthur Greeno reached out to Keith’s parents to ask how he could make the lemonade stands become a reality. Greeno enlisted the help of other Thrive15 mentors, who helped create a website for the lemonade stands and to secure local sponsors and media partners for the initiative. Additionally, Greeno secured donations of lemons and tea for the stands.
“I knew I had to meet Keith when I heard his story,” said Greeno. “I was so inspired when he shared his business plan with me that he had written with his eyes. Many people dream big, but to take action is very admirable.”
“Thrive15 was honored to provide Keith the tools he needs to succeed in business,” says Thrive15 CEO Clay Clark. “Keith reminds us that it doesn’t matter what your circumstances are, you can thrive if you are diligent.”
Keith’s Ice Cold Lemonade Stands will launch on Wednesday, June 18 at ten Tulsa area business locations and will be open every Wednesday from June 18 through August 20 between the hours of 10 a.m. to 2 p.m. For donation of any amount, guests will receive a cup of either Chick-fil-A Lemonade or Chick-fil-A Sweet Tea. For donations of $100 or more, guests will receive a reusable Chick-fil-A cup that they can take to any Tulsa-area Chick-fil-A restaurant through August 20 for unlimited beverage refills.
Participating sponsors of Keith’s Ice Cold Lemonade Stand include: Thrive15.com, Tulsa-area Chick-fil-A restaurants, Bob Hurley Ford, Lawn America, KOKI Fox 23, The Apothecary Shoppe, The Vintage Pearl, The Journey Training, M&M Lumber Co., Sunkist, Tetley, TetleyHarris Food Group, Lamar Advertising Group, American Waste Control, Halo Branded Solutions, Domino Foods, Bryan Smith State Farm Agency, E-Z Up, Red Dog Construction and Healthy Living Games.
Solar Roadways, Indiegogo’s Most Popular Campaign Ever, Invited to the White House
In celebration of the first-ever White House Maker Faire (http://www.whitehouse.gov/blog/2014/06/04/first-ever-white-house-maker-faire-celebrating-nation-makers) Indiegogo announces the Indiegogo “Maker Challenge” that offers maker-oriented campaigns who enter through July 16 a chance at prize packages from Amazon and Autodesk. Indiegogo’s “Maker Challenge” is an opportunity for a global community of innovators, entrepreneurs and makers to share their ideas with the world.
Scott and Julie Brusaw of Solar Roadways (https://www.indiegogo.com/projects/solar-roadways) will be attending the White House Maker Faire in honor of their revolutionary initiative that has raised over $2 million on Indiegogo. President Obama will host the first White House Maker Faire today where he will meet with a select group of America’s makers in recognition of their contributions to innovation.
Indiegogo launched in 2008 as the world’s first crowdfunding platform and is dedicated to allowing anyone, anywhere to fund what matters to them. As the world’s funding engine, Indiegogo democratizes access to capital and helps innovators around the world improve society by turning their ideas into reality.
To learn more about the Indiegogo “Maker Challenge” please visit the Maker Challenge Partner Page: https://www.indiegogo.com/partners/maker
To speak with an executive at Indiegogo the team behind Solar Roadways, please contact:
— Almost 200 of the world’s leading philanthropists, social entrepreneurs and public officials, including Warren Buffett, Chuck Feeney, Paul Tudor Jones, Michael Milken, Malala Yousafzai, Stephen Schwarzman, Laurene Powell Jobs, Arne Duncan, Peter G. Peterson, Leon Black, Jim Breyer, CEO and Co-founder of Teach for All Wendy Kopp, Governor Andrew Cuomo, J.B. Pritzker, Jeff Skoll, Sal Khan, Spanx Founder Sara Blakely, and Denis O’Brien gathered for a discussion on groundbreaking models in philanthropy, and how to improve education —
New York, NY, June 18, 2014 – Forbes Media announced today that on June 17, at the New York Public Library, the company hosted the third annual Forbes 400 Summit on Philanthropy. With the goal of creating entrepreneurial solutions for education issues, particularly supporting America’s K-12 public schools and increasing access for girls in the developing world, the exclusive summit, supported by Royal Bank of Canada, Green Mountain GP Limited, and Alzheimer’s Association, brought together almost 200 of the world’s leading social entrepreneurs, philanthropists, and billionaires, including Warren Buffett, Chuck Feeney, Paul Tudor Jones, Michael Milken, Malala Yousafzai, Stephen Schwarzman, Laurene Powell Jobs, Arne Duncan, Peter G. Peterson, Leon Black, Jim Breyer, CEO and Co-founder of Teach for All Wendy Kopp, Governor Andrew Cuomo, J.B. Pritzker, Jeff Skoll, Sal Khan, Spanx Founder Sara Blakely, and Denis O’Brien.
“This was another outstanding Philanthropy Summit. From research on brain development to improving America’s public schools, the discussion around education was thoughtful and energizing,” said Mike Perlis, Forbes Media President and CEO. “We’re very pleased that we can leverage the power of the Forbes brand to convene some of today’s most influential thought leaders and share their knowledge and ideas with the Forbes audience across all of our platforms.”
“Last year’s Summit focused on global poverty, and we led a team to Liberia to turn our plans into actionable results,” added Forbes Editor Randall Lane. “This year’s agenda, from top-to-bottom, was our best yet, and we hope to spur similar results on behalf of the world’s children.”
The results from the 2013 Forbes 400 Summit on Philanthropy are encouraging. Bill Ackman’s Pershing Square Foundation recently made a $516,000 donation to Last Mile Health, an organization started by Raj Panjabi to train and hire individuals in each village to serve as “frontline healthcare workers,” offering pre-natal screenings and basic aid to Liberians: http://www.forbes.com/sites/randalllane/2014/06/17/can-a-magazine-change-a-country-one-year-later-an-update-on-forbes-and-liberia/
This year’s Summit began Tuesday morning with the story of Pakistan’s most famous student, Malala Yousafzai, the 16-year-old activist who was shot in the head two years ago by Taliban militants afraid of her campaign for girls’ education. Now studying in Great Britain, she missed her first day of school all year to come to New York and ask a room full of billionaires like Warren Buffett, Paul Tudor Jones, Stephen Schwarzman and Jeff Skoll to support her new charity, the Malala Fund, which will fight for girls’ education all over the world.
During the Summit’s evening program, two major awards were presented. Warren Buffett presented Chuck Feeney, Founder of The Atlantic Philanthropies, with the Forbes 400 Lifetime Achievement Award for Philanthropy. http://www.forbes.com/video/3628405854001/ (Buffett was the recipient of the award last year, which was presented to him by Bono.) ForbesWoman President and Publisher Moira Forbes gave Wendy Kopp, Chief Executive Officer and Co-Founder of Teach for All, and Founder and Chair of Teach for America, the Forbes 400 Lifetime Achievement Award for Social Entrepreneurship http://www.forbes.com/video/3628368714001 (last year’s winner was Nobel laureate Muhammad Yunus).
Chuck Feeney said, “It’s simple, really. You get more satisfaction from giving while you’re alive and involved. You learn and make adjustments to achieve the highest and best use of your resources. You get to see what you’ve helped accomplish. I am grateful that, by giving me this award, Forbes is encouraging other successful businessmen and women to more fully engage in philanthropy in their lifetimes.”
Wendy Kopp said, “This recognition is a wonderful tribute to thousands of young people who have joined Teach for America and other Teach for All network organizations across the globe and channeled their energy into expanding opportunity for our nations’ most disadvantaged children. It is also a tribute to risk-taking, generous philanthropists and to the many other partners within education systems and communities across the world whose support has been crucial to our success.”
The Summit closed with a special musical surprise performance by the PS 22 Choir. Forbes magazine will reveal the results of the summit in full this November as part of its special Philanthropy issue.
About Forbes Media
Forbes Media, publisher of Forbes magazine and forbes.com, is an authoritative source of news and information on business, investing, technology, entrepreneurship, leadership and affluent lifestyles. Forbes.com, a leading business website, currently reaches 25.2 million unique monthly visitors, according to April 2014 comScore SCOR -0.3% worldwide. Forbes magazine, Forbes Asia, Forbes Europe and the 35 local-language editions published by the company’s licensed partners attract a global audience of more than 7 million readers. The Forbes magazine iPad app, which was launched in 2013 and merges the power of print storytelling with social sharing and the Web, has amassed nearly 1.2 million downloads. The company also publishes ForbesLife magazine, a luxury lifestyle publication, and plans to launch ForbesLife.com in September 2014.
Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than $104 million to causes worldwide, including donations and community investments of more than $69 million and $35 million in sponsorships. Learn more at www.rbc.com/community-sustainability.
About Green Mountain GP Limited
Green Mountain GP Limited (“Green Mountain”) is an alternative investment manager whose principals have distinguished backgrounds in the financial services industry. At the same time, they are known for their long-term commitment to education philanthropy. Green Mountain created an investment vehicle that provides access to a diversified portfolio of premier hedge funds. It seeks favorable risk-adjusted returns, while leveraging the intellectual capital of Forbes Family Trust, a top investment management firm, which manages the portfolio.
Green Mountain aims to grow financial assets through its investment strategy, and human intellect through its scholarship program. Green Mountain will contribute a substantial portion of its net profits to create scholarships for postgraduate education candidates in the STEM subjects. The scholarships will be awarded for outstanding masters-level students to attend the world’s top universities. The scholarship program will be administered by Green Mountain’s Academic Advisory Council, chaired by Dame Alison Richard, Vice Chancellor Emerita, Cambridge University and former provost, Yale University. Recipients will be named Green Mountain Scholars.
Participating Boot Camp entrepreneurs will also be in the running for a $50,000 PowerMoves.NOLA fellowship, a $25,000 cash award, and up to five may be selected for Risingstars mentorship program
New Orleans, June 12, 2014 — Some of America’s leading entrepreneurs and investors will mentor 20 early-stage minority entrepreneurs participating in the Risingstars Boot Camp presented by Techstars, an intensive, two-day session that serves as one component of the new, multi-faceted PowerMoves.NOLA initiative to be held July 3-5 in New Orleans. PowerMoves.NOLA was created to provide access to capital, mentors and advisers for high-growth minority entrepreneurs. The goal of the Risingstars Boot Camp presented by Techstars is to extend startup opportunities to demographic groups that are currently under-represented in the technology startup community.
Mentors participating in the Risingstars Boot Camp will include:
David Drach, Vice President of Business Development, Techstars. Drach is responsible for corporate relationships at Techstars and helped build the powered by Techstars programs. Previously Drach was Managing Director of the Emerging Business Team at Microsoft, focusing on startup and venture engagement across XBOX, Windows, Office and Bing. Drach helped create and grow the Microsoft BizSpark, BizSpark + and BizSpark One startup offerings from Microsoft. Dave helped build Great Plains Software which exited to Microsoft for $1.2B.
Fred Hutson, Founder and CEO of Pigeonly. Fred used his time behind bars for trafficking marijuana to plan and develop a business idea that would affect the lives of people no one else was paying attention to – inmates. He founded Pigeonly, a platform that identifies and organizes data on the nations’s incarcerated. Pigeonly has raised $2 million dollars in venture capital funding and currently employs 12 people and is growing. Fred is an alum of the Techstars Risingstars Program.
Jerry Johnson, Managing Director of RLJ Equity Partners, a private equity firm focused on generating long-term capital appreciation by investing in profitable and growing businesses founded in 2006 by Robert L. Johnson and The Carlyle Group. He joined RLJ Equity Partners from American Capital, a publicly traded alternative asset management company with more than $20 billion of assets under management. Previously, Johnson was with Bank of America and also served as a White House Fellow and Special Assistant to the Secretary of Defense.
Shaun Johnson, Co-Founder of the Startup Institute. Shaun Johnson is a technologist, early adopter and helper of people. He is the co-founder of Startup Institute, an edtech company equipping individuals with the skills, access and mindset needed to make an immediate and positive impact on the startup venture they join. Startup Institute has locations in the US and in Europe. Shaun also serves as an entrepreneur-in-residence at Georgetown University’s Entrepreneurship Initiative.
Tuan Pham, Director of Techstars in Boston – Pham enjoys meeting and helping founders, and leveraging Techstars to build a more vibrant entrepreneurial Boston community. Prior to working with Techstars in Boston, Pham led Silicon Valley Bank’s early stage practice in New York and Boston.
K.J. Singh, Director of Techstars in New York – Singh is currently the Director of Techstars, NYC. In his current role, he sits on the selection committee for Techstars NYC and advises companies on product/market fit, fundraising strategies and other strategic issues. Prior to Techstars, KJ was a management consultant with Booz & Company. Previously, he was an investment-banker with Redwood Capital Group and started his career at JPMorgan. He holds a BBA from the University of Michigan and an MBA from Columbia Business School.
One Boot Camp entrepreneur will be selected as a PowerMoves.NOLA fellow, and will receive a $50,000 investment, office space, technical assistance. One entrepreneur will also receive a $25,000 cash prize from PowerMoves.NOLA. In addition, up to five entrepreneurs will be selected to join the Risingstars mentorship program.
Boot Camp participants will receive intensive hands-on guidance and coaching on their business models directly from the mentors. Mentors will focus on all aspects of an individual participant’s business model, including developing a strong business value proposition, selecting effective customer development strategies, achieving product/market fit, identifying early adopters and establishing sustainable revenue streams while controlling costs. The Boot Camp will culminate with a Demo Day presentation to potential investors. The event is provided to the entrepreneurs at no charge.
“With their collective knowledge of startups, and successful track records, this amazing group of mentors put together by Risingstars Founder Tom Chikoore will ensure that all participants walk away from the weekend as winners, with information and advice they can put into practice immediately,” said Leslie Jacobs, CEO of the New Orleans Startup Fund. “At PowerMoves.NOLA, we are focused on supporting early-stage, high-growth, minority-led companies. Providing these tech entrepreneurs with high quality mentors to guide them is a great way to keep us moving toward that goal.”
“Through Risingstars we are creating opportunities for those who are underrepresented in the tech startup community,” said Risingstars Founder and Director, Tom Chikoore. “We’re fortunate to have a highly qualified group of mentors – and partners like PowerMoves.NOLA – who are equally committed to supporting entrepreneurs.”
PowerMoves.NOLA is a national initiative designed to increase the number of America’s venture-backed minority businesses by leveraging the entrepreneurial ecosystem, resources and culture of New Orleans. This year, PMN will offer an intense two day Risingstars boot camp presented by Techstars for twenty early stage tech entrepreneurs of color and three pitch events for twenty high growth, minority-founded startups. Over the weekend, these forty entrepreneurs will pitch their ideas, expand their networks, and foster connections and relationships that will help them grow their businesses. And in providing this forum, PMN will showcase the innovation a diverse entrepreneurial community can provide America.
Headquartered in New Orleans, PowerMoves.NOLA’s mission is to address the generational challenges of wealth and economic development with innovative ideas, fresh approaches, and an overall commitment to equity and diversity as a growth strategy.
Techstars is the #1 startup accelerator in the world. Once a year in each location, Techstars funds about 10 companies and surrounds them with about 100 of the best and brightest web entrepreneurs and investors in the world. So far, about 80% of the companies that have been through Techstars have subsequently raised a total of about $500M in angel or venture capital, and 24 of them have already been acquired.
The Techstars Risingstars program extends technology company startup opportunities to demographic groups that are currently underrepresented in the technology startup community.