Jan 29 2010
Jacqueline Novogratz
Pioneer of “market-based” philanthropy
Jacqueline Novogratz founded and leads Acumen Fund, a nonprofit that takes a businesslike approach to improving the lives of the poor. She’s become a leading voice of the new philanthropy, which emphasizes sustainable bottom-up solutions over traditional top-down aid.
One of the most innovative players shaping philanthropy today, Jacqueline Novogratz is redefining the way problems of poverty can be solved around the world. Drawing on her past experience in banking, microfinance and traditional philanthropy, Novogratz has become a leading proponent for financing entrepreneurs and enterprises that can bring affordable clean water, housing and healthcare to poor people so that they no longer have to depend on the disappointing results and lack of accountability seen in traditional charity and old-fashioned aid.
The Acumen Fund, which she founded in 2001, has an ambitious plan: to create a blueprint for alleviating poverty using market-oriented approaches. Indeed, Acumen has more in common with a venture capital fund than a typical nonprofit. Rather than handing out grants, Acumen invests in fledgling companies and organizations that bring critical — often life-altering — products and services to the world’s poor. It’s a fascinating model that’s shaken up philanthropy and investment communities alike. And their success can be traced back to Novogratz herself, who possesses that rarest combination of business savvy and cultural sensitivity. In addition to seeking out sound business models, she places great importance on identifying solutions from within communities rather than imposing them from the outside.
Prior to Acumen Fund, Jacqueline founded and directed The Philanthropy Workshop and The Next Generation Leadership program at the Rockefeller Foundation. She also founded Duterimbere, a microfinance institution in Rwanda. She began her career in international banking with Chase Manhattan Bank. She is currently on the advisory boards of Stanford Graduate School of Business and of Innovations Journal published by MIT Press. She is an Aspen Institute Henry Crown fellow and a Synergos Institute Senior Fellow. She is a frequent speaker at international conferences, including the World Economic Forum, the Clinton Global Initiative and the TED Conference.[/expand]
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Topics
Ending Poverty
Patient Capital
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