Last week, Acumen Fund held its annual Investor Gathering. Our partner, Gary Rindner, shared these observations about the event.
On November 14, I had the pleasure of attending my first Acumen Fund investor gathering. Having just committed as a partner, any lingering doubts about my choice were forever dispelled by this remarkable event.
Having heard her speak previously, I was not surprised by the insight and inspiration of CEO Jacqueline Novogratz’s remarks. More revealing were the impressive presentations by others in the Acumen community - standup poetry presented by the first crop of Acumen Fellows, deep but concise gazes into the future from a stellar panel of experts. Or as board chair Margo Alexander mentioned to me on the way out - it just doesn’t get better!
For me, the venue had special meaning. Thanks to the kindness of partners Shelley and Donald Rubin, the Rubin Museum of Art was available to us, an elegant structure carved from the remnants of the old Barney’s store on 17th Street. Stirring deep memories of the many long days I worked at Barneys selling suits to help meet my college expenses, I noticed some fascinating parallels between Barney’s and Acumen Fund.
During my training at Barney’s, we were instructed that any customer who had trekked to Seventh Avenue and 17th Street (not a fashionable locale in those days) was in the store to buy, not to browse, and should never leave empty-handed. Acumen Fund takes a similar approach. Whether you are an entrepreneur or a partner, you are embraced and actively engaged once you enter Acumen’s space - no browsing allowed. If you are looking to be a spectator, you probably need to shop elsewhere.
Similarly, Barney’s taught us to size up each client and serve all of his fashion needs. If a traditional suit was not to his liking, I whisked a customer to the European or English-cut suits. Barneys prided itself on having the right suit for every person. Alterations were free and forever. Acumen Fund, too, diligently searches for the perfect fit with each of its entrepreneurs and graciously extends its own version of custom tailoring.
With newly purchased suits draped across my arm, I helped my customer accessorize with shirts, ties, shoes and the like. By assembling beautifully coordinated outfits, I enjoyed sending my customer out into the world with a winning wardrobe and attitude. Likewise, the Acumen model takes a full-service approach to each of its entrepreneurs - carefully assessing commitment and needs and constructing a comprehensive package of support and resources from a skilled, dedicated team.
I would be remiss to ignore the fact that the Rubin Museum’s location arose, in part, from the overexpansion and bankruptcy of Barney’s in the nineties, more than 70 years after it first opened its doors. My own assessment is that subsequent generations lacked the entrepreneurial drive and savvy of its founder and his son, despite having inherited an extremely successful, established franchise. Perhaps this is a problem that Acumen will confront in the next ten or twenty years as its investment enterprises age and become substantial, recognized businesses. Yet this strikes me as a happy problem, and one that Acumen will tackle and solve with its own unique blend of creativity and moxie.
Gary Rindner
November 20, 2006
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