Last Thursday evening (Jan.29, 2009), I presented on behalf of Givology at a panel event hosted by the NYC Young Women’s Social Entrepreneurs and Columbia University’s Multicultural Business Association. The topic was “The Different Faces of Socially Responsible Investing,” and the attendance and audience engagement was phenomenal. The audience was a mix of Columbia students, alumni, and business professionals who likely heard of the event through Morgan Stanley’s Microfinance Forum, a partner of NYSWE.
Quick shoutout to NYSWE: It is a community of seasoned social entrepreneurs, women transitioning from one career to another, and/or adding a social venture idea to existing organizations, which frequently meets to share stories, host events and workshops, and in general, to support one another’s endeavors. Their website: www.ywse.org/nywse Let me first share with you my experience “from the front of the room.” The women who sat on the panel on my two sides were eloquent, passionate, ambitious, and inspiring.
In case you may know any of them: Molly Alexander, Business Manager, Acumen Fund; Diana Ayton-Shenker, Founder and CEO, Fast Forward Fund; Danielle Noto, Microlumbia; Heather Rees, Founder, NYC Venture Philanthropy Fund.
We started off with a quick overview with ourselves. Strangely, while listening to Heather and Diana present (before it was my turn), I suddenly had an idea to not merely verbally, but also represent Givology through a picture. It was as if being in that room generated sparks of creativity within me…I doodled a quick flow chart with some stick figures on my notepad and jotted a few bullet points down right before I started speaking. You can see a much more refined version of this flow diagram on the site/in our powerpoint presentations in a few days time, I hope. We are in the midst of beautifying it for your eyes.
The panel discussion circled around the following questions: How do you ensure your sources of financing are with minimal “strings attached”? What are ways you monitor “good governance”? What metrics do you use to measure your performance? Through Molly’s responses, I learned about Acumen Fund’s B.A.C.O. system (Best Alternative Charitable Output) and pipeline web diagnostics program that tracks various project-based metrics. Examples include: number of patients served by an ambulance run by a health non-profit, number of bed nets distributed, etc. Diana spoke a lot about her vision of youth-to-youth, peer-to-peer support of non-profit initiatives. Fast Forward Fund is an ideal example of how micro-philanthropy can thrive on minimal amounts of capital- via contributions from adults and children alike. Her experience in social work really adds multiple dimensions to her current work. After we opened up to Q&A, discussion grew even more animated. One student asked about how non-profits find organizations and individuals in need, while another topic discussed was how a donor should decide on whom to give to. Danielle and Heather both run funds that support venture. So their perspectives were crucial in addressing the question of “filtering” to find those in true need, with the most convincing mission. NYC Venture Philanthropy pools together donors’ $1/day contribution to ultimately disburse seed funding to worthy social start-ups, while Microlumbia disburses monies to microfinance projects.
With respect to Givology, it was amazingly insightful to hear what the social investors and fund managers’ perspective was in evaluating “venture philanthropies.” I find it intriguing that terms I read and use during my *ahem* “day” job in private equity can also come alive in the world of non-profit. Terms that mix finance and investing with social sciences, like “social return to investment,” … we as a society are still struggling to define them! Philanthropy, technology, business--- starting to see overlaps?
Pictures from “The Different Faces of Socially Responsible Investing”- January 29, 2009:
