Post responses to The Education of a Patient Capitalist here.

The Blue Sweater excerpt we read was very interesting to read, as a student in the business school. I found Jaqueline Novogratz’s business aspirations to be similar to mine in the sense that I want to help social causes though a business perspective—which is why I want to be a social entrepreneur. I found it encouraging that there are people like her see the importance of social entrepreneurship and it is great that she is dedicated to raising money and funding entrepreneurs. Her mission to “reinvent” the idea of philanthropy and make nonprofits become more businesslike is something I also hold to be true and meaningful.
She stated, “My passion was using business models to create effective, sustainable systems where government or charity alone had failed poor people.” Novogratz saw the importance of structured business models that identify a cause and treat it like a working company. She saw trends of organizations and charities throughout America that were not being efficient, which essentially is wasting time, money and not solving any problems for those in need.
I admire the approach that Novogratz took. I think it is important that she saw that philanthropy was becoming a meaningless effort in which Americans were throwing their money into organizations that did not necessarily handle money properly or effectively. The donors themselves were not even really caring about the actual change—rather it was becoming a self-interest thing that made themselves feel better, which is quite ironic. I know from personal experience that the philanthropic culture in London is much different than America’s culture. Philanthropists in London care very much about all aspects of the charitable investments which drives a pressure for progress.
However, Novogratz brought up a good point when she noticed that many charities or entrepreneurs, when receiving money from donors, feel obligated to please the donors. A lot of the time the donor feels entitled to suggest how their money is used. When this happens, it puts pressure on the entrepreneurs or charity workers to comply with the person that is giving them money.
I can see how that situation becomes sticky. I do not disagree with either the donor or the receiver. That is why I think that Novogratz’s business is so impressive because she serves as the middle man. She adds cushioning between the borrower and the lender. And with the cushion, she is able to give the borrower (or charity or entrepreneur) more freedom to seek and develop their vision. That said, an important aspect of her company is also to work with lenders that understand that they are “investing in change.” I think that is a key concept because it allows certain people to realize the role that they play in change. If an investor can recognize that their money is of more value to a charity than their ideas, compared to a professional that has been working in the charity sector for years, the system of change becomes more efficient and therefore successful.

After reading a piece of The Blue Sweater, I realized I am most interested in readings that entail fair trade and entrepreneurship. When deciding to take on the project, entrepreneurs, described by an old man, “aren’t necessarily the smartest people in the world, but they are the ones who have the guts and heart to do whatever it takes to made dreams comes real.” It made the author realize it was her dream and what she wanted to do become a reality. It also sparks my entrepreneurial interest to life.

In this chapter, I found it interesting that the biggest early challenge the team faced was finding the entrepreneurs and ideas in which to invest. They were looking for ventures with visionary leaders who were using business approaches to solve big social problems. However, they realized the more they looked, the less likely they were going to get the perfect entrepreneur. They had to take a risk to see where it could possibly go. Dr. V was the answer with a big vision and a move-in date that was overpowered by an act of terror.

With this surprising turn of events, they invested in Pakistan and began working their entrepreneurial ventures for the better there and make markets for the poor. With the many challenges they were facing, the idea was hard enough supporting the poor, but now would yield even lower returns over time. With all the trials and troubles in this journey, it was interesting to see that Acumen persevered and was not giving up its mission.

It is encouraging to see the success story of Satyan, who wanted to fix many of the problems in the community by providing a better income for them. He knew the educational and hygienic problems as a main focus, with health insurance being important as well. He had a goal worth focusing and fighting for by changing people’s lives in India fundamentally. Drishtee, in 2008, had expanded more than Starbucks, creating jobs and serving 7.5 million while changing individual lives for the better. It was interesting to see the entrepreneurial journey of Acumen and the successful results of the whole journey that is only the beginning.

I found the Patient Capitalist/Blue Sweater reading to be very inspiring. I find myself intrigued by those who partake in social entrepreneurship, and bring an ethical perspective into the world of business. Reading about Jaqueline's struggles, successes, and motivations made for a great read.

First and foremost, I found the business model behind the Acumen Fund to be interesting. I initially found some good and bad in it. I really liked how they put a different spin on the word "investing". Usually an investor, especially a primary investor, is someone who calls the shots in the company and is seeking large monetary returns. Investors in this case, as Jacqueline describes, is someone who is "investing in change". I liked how this gives a sense of responsibility and ownership to those who help donate to the Acument Fund. One aspect that I didn't like however, was the fact that Jacqueline was surprised on how hard it was to get her first 20 investors when she wasn't able to give them a solid idea of where their money was going. I feel like order to be able to get people to invest with you, you need to establish a feeling of trust. You can't just ask someone to give you $100,000 and hope that they will just put their faith in you to do something with it.

One other point that I found to be inspiring was the success of Satyan. I feel like social entrepreneurship is always much more challenging than other areas of business, so to see the success of Satyan and the Acument fund and how they were able to slowly grow their businesses to something that could substantially change the lives of those in need.

“ In the course of history, there comes a time when humanity is called to shift to a new level of consciousness, to reach a higher moral ground. A time when we have to shed our fear and give hope to each other. That time is now.” - Wangari Maathai

I believe this quote by Maathai really captures Novogratz ideas for this new business model she is creating. Based on the current problems and views of philanthropy, Novogratz was able to create something positive out of a negative. The current views of philanthropy are fixated on the ideas of pleasing people rather than making their lives better. Basically people are utilizing a majority of the money without a real cause other than pleasing people.

I also agree to what Avery posted about how Novogratz acts as a “cushion” between the investors and the entreprises. Usually when investors give money to a certain company, the company’s main objective shifts from its company’s business plan to making the investor happy. In most cases it does feel that it feels more as if the investors are taking over rather that an investment on the company. And with this new business model it can make it easier on the companies to concentrate on their own purposes without worrying too much about the investors.

I also like that these business models are not about charities, but rather center around the idea of an investment. In a way to compare it charity is a fish, while the investing is the act of fishing (Give a man a fish, feed him for one day. Teach a man to fish and he will never go hungry again). Too many times I feel that we try to throw people a bone with charities and really what happens is that they will ask for more because they don’t know how to get more. With investments, it gives these people (who do need help) a chance to learn and also get what they need.

I thought Jacqueline Novogratz's article, "The Education of a Patient Capitalist," was very interesting and extremely relevant to the concept of Entrepreneurship and Fair Trade. In the article, Jacqueline addressed the major obstacles a socially conscious entrepreneur must overcome in their efforts to make a difference in the world. After receiving a huge sum of capital funding, Jacqueline struggled to build a strong team of globally minded business people to create a successful alternative to charity, one of the central themes of the Fair Trade business model, while dealing with the difficulties of conducting business in a third world country and domestic tragedies, like the September 11 terrorist attacks.

The first concept that I found interesting was Jacqueline's definition of Patient Capital, "money invested over a long period of time with the acknowledgement that returns might be below market, but with a wide range of management support services to nurture the company to liftoff and beyond." Jacqueline spoke about the difficulty of finding venture capitalists to fund projects like Amani and Aravind because most Wall Street investors are looking to make returns of 25 to 40% in 5-7 years.

This is a very valid issue to consider, when discussing the difficulties that people in undeveloped nations, like our Amani business partners, face in building a sustainable business. Though Fair Trade businesses serve a niche market of socially minded consumers who are willing to pay a premium price for goods that were produced without harm to anyone along the supply chain, many of them will never be able to compete, directly, with full scale corporations in developed nations funded by venture capitalists. The capital required upfront by companies in undeveloped nations to begin production immediately prevents many potential business deals from ever coming to fruition. However, the Patient Capitalists Jacqueline described had a very interesting business model, rather than making tiny microfinance loans to particular people, they would invest hundreds of thousands of dollars in enterprises that could reach millions of people. While I believe there is great merit and a strong need for microfinance, the concept mentioned above is another great way of creating an alternative to charity by enabling people to help themselves.

I was also very interested, though not very surprised, to hear what Cate Muther had to say about the success of women in his kiosk business, Drishtee. He stated that women were his most successful franchisees, but many of them had no access to financing because they had never been issued birth certificates. He went on to explain that in many cases the women worked harder than men and that in many instances it is more beneficial for societies to have the woman making money because every penny earned goes directly back to the family.

I have always learned about the struggles that women face in other countries to get a job outside the home, let alone start their own business, but this was the first time I ever heard of a lack of documentation as an obstacle. It is hard to imagine living in a world where you are not even given a birth certificate, because from your birth it is assumed that you will not need it. It was also interesting to read that successful women are more beneficial to the community as a whole because every penny they earn goes home to help their families.

In Jacqueline Novogratz’s chapter titled, “The Education of a Patient Capitalist,” Novogratz discusses how her idea and wish of improving and building am organization that would better incorporate philanthropy and business, became reality, and about the importance of recognizing entrepreneurs. Novogratz wanted there to be an organization or institution that can “build more transparency and greater accountability into the work at all levels and treat the poor as customers with a real voice, not as passive recipients.” For Novogratz, this became reality, even if she was faced with many trials and difficulties in the process.

Novogratz states that her foundation/ institution “invests in entrepreneurs who have a vision and the ability to solve local problems with market- driven ideas and approaches,” instead of just “simply making grants.” Novogratz would “direct [her] efforts toward building strong organizations that they would gradually help bring to financial sustainability.” It was inspiring to learn how she had had such a strong vision of what she wanted to achieve, and how, through effort, she was able to achieve them.

At one point, Novogratz was offered to work at a major financial institution, instead of at the Rockefeller Foundation. If she had taken the job offer, she would have earned a salary that was seven times her salary then. Novogratz chose to not take the job offer, since she thought it better to remain at the Rockefeller Foundation, a place with freedom and innovation. Most people would have taken the job offer at the major financial institution, if given the chance. It was again, inspiring to learn that Novogratz had the willpower to select a choice (that although might seem to provide less personal benefit, such as monetary benefits), that would help her better achieve her vision for social justice.

Novogratz was able to form a public charity called Acumen Fund, and through this fund, they were able to invest in entrepreneurs that had the potential to influence and make change in the world for the poor. Novogratz was able to hold true to her mission of creating a “sustainable system where government or charity alone had failed poor people.” Novogratz was able to invest in good entrepreneurs, and was able to create a system in which the poor people were not, ironically, forgotten in the acts of charity. It is people like Novogratz who see the big picture, and are not easily swayed by personal and monetary gains, that are able to bring about real change for the poor.

The first aspect of this excerpt from "The Education of a Patient Capitalist" I found interesting was how she talked about the nature of philanthropy in the late 90's and early 2000's, how it was flawed and needed a fresh perspective. She talked about how it was all "givers" and "takers" and that the money went directly to poor people usually in some form of charity or handout. She also talked about how the "takers" or donatees felt obligated to please the "giver" because otherwise they might lost the donation.

I think this part of the excerpt is a perfect description of how Fair Trade came about. It grew out of the need to create institutions, businesses and communities that care about creating a a better society for people in poor areas. Before Fair Trade and businesses like Acumen, there wass only charity which wasn't adressing the root problem, it was simply curing some of the symptoms. Although Acumen is not itself a fair trade business, it shares the common idea that rather than just providing services for the poor you need to create institutions that generate their own money in order to continue functioning without constant donations. You need to create a self sufficient society that can better itself, rather than just ask rich people to keep helping poor people. You need a fundamental shift in the ideology of philanthropy and that's exactly what the author was trying to do with Acumen Fund.

The second part of this excerpt I found extremely interesting was the hospital in India run by Dr. Aravind. I think that not only was his mission an extremely important and helpful one but he went about it the right way. Dr. Aravind helps people with eyecare, mostly with blindness due the high numbers of the blind in India. When a type of lens called the intraculor lens many patients could regain their eyesight. However these lens cost around $120 when they first came out and were completely unaffordable to the poor in India.

This is what I find brilliant, just as the Acumen Fund wanted to change philanthropy from donations to investments in instituations, this doctor found a way to change his business as well. Rather than attempt to gather donations so his patients could afford these intraculor lens he simple came up with a different business model. With the help of Acumen Fund they started Aurolab and were able to create lens for much cheaper, eventually for only $2 each. Dr. Aravind also helped everyone get care by having two hospitals, one for paying patients and one for non-paying. Even though both hospitals had the same rotating group of surgeons (same level of care) one had nicer commodities for the paying customers. By doing this he was able to take money from the paying customers to alleviate costs inccured by non-paying customers. I think that this whole plan was a perfect example of how to create an institution that continuously helps poor people rather than going around asking rich people to donate so that these patients can pay for surgeuries.

In the book, The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World Jacqueline Novagratz chronicles her experience in establishing a financial institution that served as a venture capital fund for the poor.
I was most impressed with the decision that led her to starting this venture.
Her first option was to work for a wealthy company in the “dot.com” boom worth $100 million to start a philanthropic organization for clients. The pay would be seven times greater than her current salary and there would be a sense of security. Her other option was to start something from scratch, with freedom and her own vision. Although the latter was more risky, she followed her gut and the chance to pursue her own vision.
I am also intrigued by the business model she followed and the approach she took in starting the project.
This venture capital fund for the poor would raise charity money and then invest in equity, loans, and grants in organizations committed to helping the poor. Novagratz made it clear that this is not microfinance. There is no investment in individuals but instead there is an investment in organizations that reach millions. The idea behind this was her “…passion [to use] business models to create effective, sustainable systems where government or charity alone had failed poor people.” In this sense, private entities were a solution to global poverty.
This last sentiment connects back nicely to the concept of fair trade. Purchasing fair trade goods is a private investment that affects a wide range of individuals. Whether it be a large coffee plantation cooperative, or a group of women making artisan goods to avoid prostitution, traditional private investment is put towards an untraditional goal of helping others.

I found the “The Education of a Patient Capitalist” reading to be very intriguing. The more I read about social entrepreneurship, the more I consider getting involved in this type of work. It is great to make a living for yourself, but to do this by also helping people in need would be so very rewarding.

I liked the idea of investing in entrepreneurs with a vision to bring about social change and to invest in creating strong organizations, not just funding some projects to help the poor. Strong organizations are structures that can stay in place for some time and bring about change on a large scale. These organizations have the ability to bring awareness to social problems around the globe that many people do not even know exist. My favorite point in the article is the “use of business models to create effective, sustainable systems where government or charity alone had failed poor people.” This idea is key, because it takes more than government intervention and charitable donations to make a lasting change in peoples’ lives. I agree with Jacqueline’s thought to invest in private innovation, which is the best model for solving public problems.

I was impressed by the success of Drishtee and how they opened four kiosks a day in the beginning, beating Starbuck’s rate of expansion. This growth is unbelievable. The success of the Acumen fund is inspiring, because I can see the organization doing very well since it has already seen rapid growth and success. I have great hopes for Acumen.

Jacqueline Novogratz’s article, “The Education of a Patient Capitalist,” in her book, “The Blue Sweater,” was incredibly informative about the path she took and the difficulties that working with a non-profit, entail. Although she mentions many roadblocks and changes in the thinking about the eventual funding of the “Acumen Fund,” in the end Novogratz shows how important assisting the poor truly is.

I found a lot of wisdom throughout Novogratz’s chapter, especially when she had to re-mold the idea of what she wanted to do, to what was plausible. For example, the original idea of the Acumen fund was to find entrepreneurs and businesses in less developed countries, and give grants/donate to help their businesses grow in a way that would hopefully help bridge the gap between the poor and the rich. Novogratz modeled her organization as if she were running a for-profit funding business, but without interest and necessary pay-back, as she referred to her donors as “investors,” and planned to let them know about major failures and successes. They would not “get any money back from your investment, but change.” I personally really liked Novogratz’s charity proposal, and would have thought many people would have invested in it but I was surprised by how many individuals turned her down, and additionally that one investment banker even said, “your idea of combining business and philanthropy not only won’t work, it is misguided.” After all the funding was received, I liked how honest Novogratz was about their path as they spent an entire summer searching for enterprises that fit their model on heath technologies w/ a focus on India and East Africa, and only found one entrepreneur by the end: Dr. Govindappa Venkataswamy founder of the Aravind Eye Hospital. Novogratz continues to have a positive attitude through everything, and I think had I been in her situation that I may not have had the drive to push through everything and continue.

The demand for Acumen Funds, after a year + was not there as like the investment banker said, “philanthropy and business won’t work.” Although there was a major hole in the road for Novogratz, what impressed me the most was her willingness to completely change her business idea to make the organization work and continue. For example, “by the end of the first year, we had modified our approach. We determined that we would no longer make grants, but instead invest equity in or make loans to social enterprises..We were interested in enterprises run by social entrepreneurs who were unafraid to work in markets where individuals had minimal income, where the roads were terrible and infrastructure was sometimes nonexistent.” Due to the fact that the previous organizations model was not working, one might thing that it would be easier to decrease the size of the organization and focus in busy cities on businesses that have already been created. Acumen funds and the board: Novogratz, Dan Toole, David Buxbaum, and Margo Alexander actually took the organization to the next level by seeking out entrepreneurs who were passionate, intelligent, and ready to work in desolate situations. Acumen funds not only provide funds to these entrepreneurs, but actually work alongside them: “offering management advice and technical help and connections to a wider network of talent.” Of course everyone needs money to start off with, but what I find that makes Acumen funds so special is the attention and help that they provide to the entrepreneurs, showing that they really care about the success and well-beings of those they are assisting.
I was really intrigued by Novogratz’s idea of an in-between type of business investment and traditional charity which she deemed “Patient Capital.” Micro-funding is definitely a good first-step for businesses that need money, but this Patient Capital with providing means of buying supplies, but additionally providing services and teaching the entrepreneurs how to expand their ideas, is really what we need. The Dorothy Day Center on Fordham’s campus actually has two main focuses to their teaching which are: Service and Justice. Novogratz’s idea of patient capitalism reminded me of their teachings as her idea of providing funds and loans to the entrepreneurs fills in for the Service portion, but the Justice portion is through the teaching and assistance as showing them the skills to use the loans to truly succeed and make a difference. I am so glad to hear that an organization like Acumen funds exists and with everything we have learned thus far, I believe that this idea of patient capitalism may hits spot-on as the best way to assist the business minded entrepreneurs in less-developed countries. Throughout this article/chapter I was reminded of how lucky we as college students in America truly are, and it’s nice to know that there are people out there already making waves, hopefully we as a class and in the future can continue to make waves as well.

In the chapter from Novogratz’s book, she discusses an innovative take on philanthropy and how she was able to take these ideas and make them a reality. Rather than just give out charity grants, she tried to incorporate business concepts into philanthropy. Her goal was to build greater transparency and accountability which meant that she would focus on entrepreneurs with real marketable ideas. She also stressed the importance of back and forth communication between the poor who were viewed as customers as opposed to passive recipients.

This dialogue between the philanthropic organization and the bottom of the pyramid ensures that the firm is able to provide exactly what is needed for entrepreneurs to succeed and helps avoid miscommunication. Her ideas became a reality in the Acumen Fund which is a public charity that connects investors with people who have the power to improve the standard of living for the bottom of the pyramid. The result is a sustainable charity venture that can focus on funding great ideas, rather than worrying about finding funding to keep the firm afloat.

One of the interesting nougats of Novogratz’s life was that she turned down a job at a financial institution to work on this project. The salary that was offered to her was over 7 times what she was making at the Rockefeller Foundation and yet she had the willpower to turn it down. She was well educated and had many reputable options for employment, and yet she chose to make a difference. Her fund has invested over $50 million in aspiring entrepreneurs and social projects. Thus, it is evident that the Acumen Fund has been wildly successful and proves that sometimes crazy ideas can be implemented into the real world and that people can have a significant impact on the world, and more importantly, on the bottom of the pyramid.

In this weeks reading, "The Education of a Patient Capitalist", we discover some of the real thoughts of a woman trying to make a difference in both the business and philanthropic worlds using her innate skills of changing the way social entrepreneurship is run. This article was so interesting to hear Jacqueline's opinions on other people's "charitable" acts or at least their attempts at it.

One idea from the article that I found intriguing was the fact that Jacqueline recognized that certain charitable outcomes of well-off people did not reflect the same meaning as they should. Most of the time people donate to certain organizations to feel good rather than do good. This causes a lot of issues because then the organizations make decisions based of the input of their funders rather than those they are trying to help. I found this point very revealing about the culture we live in today because it seems as though many people get caught up in a certain charity because their favorite actor or actress supports it, as opposed to wanting to help fund a cause to change of certain individuals whom they feel close about. It seems as though our culture likes to disguise altruistic acts with alternative motives.

Another aspect of the article that caught my attention was the fact that Jacqueline was able to connect these different giving people to their respective causes based on the fact of how they wanted to donate. She became a centralized hub for the philanthropic community, exercising her efforts to network different people to charities where their money and acts would be most appreciated. This effort that she made was very encouraging because Jacqueline used her network to change the flaws she saw in charity. I loved how she took it upon herself to alter some people minds in how they give charity so it would become more fulfilling for them.

This article was a nice perspective on the idea of social entrepreneurship and how powerful it can be.

One thing that especially stuck out to me in the reading was the description of entrepreneurs by someone Maathai knew. He said; “entrepreneurs see possibility, an idea, and won’t stop, regardless of the obstacles, until they make it happen. I really like this quote because it is so encompassing and telling of the entrepreneurial spirit. This motivated Maathai to do groundbreaking work with the Rockefeller institution and make changes to the way people consider philanthropy that would have otherwise never happened had he gone with the secure job opportunity.

I think that this quote especially holds true for entrepreneurs who are also trying to do good in the world, because no matter how hard it is, or how many people doubt that their vision is possible, they will not stop trying until they make the change that they had envisioned and like Maathai, benefit those that need it the most.

Another quote that struck me was when the author was struggling, and the CEO of a health care company told him to “just start… don’t wait for perfection. Just start and the work will teach you.” This quote also had an impact on me and was seems to embody the spirit of being an entrepreneur.

This is such an important thing to keep in mind when starting out, because change will never come if we do not act upon it. If we expect something to happen, whether it be profits or a positive impact through fair trade, we must be willing to put the work in, even though it may not seem like the perfect time financially or otherwise.

One of the most encouraging parts of today's reading was when Novogratz spoke about the choice she had between running her own $100 million philanthropic fund or following her idea of creating a new system to improve the world. The decision is very difficult because one path leads to a charted, successful future with a lot of great options (the philanthropic fund), while the other offers immense upside but at the expense of certainty and a lot of sacrifice. It made me so happy and it was inspiring to see her choose to follow her gut and make the decision to stick with her original idea. Although there was no solid plan carved out, she knew that there was so much potential to change the world that it could not be ignored.

The second most significant moment of the reading for me was when Dr. V's clinic decided not to sell the cataract lenses for $60 despite the ability to reap a huge profit. There were other ideas in mind for the hospital than just making money; they were out there to help all people, including the poor. In a business environment that is so obsessed with profits and seeing the financial upside of an investment, it's good to see that in places less fortunate people are making the hard decisions to do the right thing. Best of all, the hospital was able to make money and serve its higher purpose. In other words, they aren't mutually exclusive things.

The reason why Novogratz's attitude toward her idea was so meaningful to me is because it's always great to hear stories of people identifying an opportunity and seizing it. It's very difficult to steer away from what's safe and familiar. Often times, in my life I lean to make the decisions that will produce the less change and maintain the status quo. Unfortunately, in order to address some of the biggest issues facing society, we have to start going with our ideas to make a difference even if there's a greater possibility for failure.

The reason why the refusal to sell the lenses was so powerful to me is because I can only imagine how hard it is to turn down an enormous profit, especially for an institution with such demanding needs, but Dr. V made the right choice. It's not often you see leaders being agents of positive change, but when it happens it's marvelous. It's good to learn of these examples so in the future, when most of us students will have to make similar decisions, we will know that it's not bizarre or outlandish. The right choice is what should be done and people have done it with immense success.

I love the quote that she stated about the 71 year old entrepreneur who defined his breed as "The most stubborn and persistent people in the world...he went to state that entrepreneurs make things happen. They have the guts and the heart to do whatever it takes to make dreams come real." That struck a chord in me, to never give up regardless no matter what. We will be faced with challenges, it’s a matter of turning the challenges and using them for strength as oppose to letting it use you for weakness. For instance the bad advice that an investment banker gave Jackie, when he stated that she was trying to combine business and philanthropy and not only would it not work but that it was misguided. Obviously, she had a group full of people that embraced her vision and contributed to what came to be known as the Acumen Fund.
Jackie uses quotes from Aristotle which still rings true today. What is given to you can be taken away. This is a philosophy that once again I live by because I do not take anything for granted. Not the breathe that I breath, not the people that I meet, the friends that I have and not the goals I’ve seek. She used that information to make a decision in her life and her path. She had a vision, and like a vision or idea if it is not implemented nothing happens. Jackie dreamed big, she wanted to serve the poor by solving public issues and she has done her best with the help of others backing her up. Great article.

I really loved this article because I thought this related most to the topic of 'entrepreneurship and fair trade' more so than article we have read thus far. I thought it was really cool and unique that Jacqueline Novogratz had a dream to start a new kind of philanthropic foundation, that was different from the norm during the dot-com boom. One thing that really stood out to me was her genuine passion in the process of creating a foundation that would make low-income communities actually part of the solution. I liked seeing that she actually cared about making an real change with the money people donate to philanthropy, and having a concrete plan.

I think the story of Satyan, who had a lifelong dream of "supporting the poor by building a large-scale information distribution system", was a particularly inspirational story to read. Satyan wanted to use kiosks to bring 300 million individuals into the global economy, by connecting them to information and skills. By the end, the Acumen Fund helped Drishtee eventually serve 7.1 million people, and creating 5,300 jobs.

Overall, I thought this was a great article to read and wish we could talk more about small businesses like this that are really making a change. Its amazing to see people who have great ideas, incredible passion, and the right resources do great things.

I really loved this article because I thought this related most to the topic of 'entrepreneurship and fair trade' more so than article we have read thus far. I thought it was really cool and unique that Jacqueline Novogratz had a dream to start a new kind of philanthropic foundation, that was different from the norm during the dot-com boom. One thing that really stood out to me was her genuine passion in the process of creating a foundation that would make low-income communities actually part of the solution. I liked seeing that she actually cared about making an real change with the money people donate to philanthropy, and having a concrete plan.

I think the story of Satyan, who had a lifelong dream of "supporting the poor by building a large-scale information distribution system", was a particularly inspirational story to read. Satyan wanted to use kiosks to bring 300 million individuals into the global economy, by connecting them to information and skills. By the end, the Acumen Fund helped Drishtee eventually serve 7.1 million people, and creating 5,300 jobs.

Overall, I thought this was a great article to read and wish we could talk more about small businesses like this that are really making a change. Its amazing to see people who have great ideas, incredible passion, and the right resources do great things.