Administration Calls for “New Ideas for a Better World”

Change has been on the American agenda since President Obama took office and it was definitely in the air as the State Department opened its doors to innovators in foreign affairs at Ted@State last week. This was the inaugural event for the Global Partnership Initiative, established by Secretary Clinton in April to foster public-private partnerships between businesses, nongovernmental organizations, foundations, universities and faith communities in order to better achieve its diplomatic objectives.

TED began in 1984 as a conference to bring together leaders in Technology, Entertainment and Design. Since then, it has grown and become a forum for visionaries and innovators, thinkers and doers, to share “ideas worth spreading.” The challenge is to give the talk of their lives in 18 minutes and the results have been nothing short of inspirational.

Speakers at the event included social-media analyst Clay Shirky; futurist Stewart Brand; economist Paul Collier; data visionary Hans Rosling; and our own Jacqueline Novogratz, CEO and Founder of Acumen Fund.

This is a thrilling moment for Acumen Fund and for all those working to support social enterprise. It means we are on the Administration’s radar and it means there is an acknowledgement that the traditional top-down approach to aid needs to be rethought.

Jacqueline argued that neither markets nor aid alone will bring an end to global poverty. Instead, she told of the successes created by patient capital and explained how it can provide dignity and hope to the world’s poorest.

“The idea of Patient Capital takes the best of the markets as well as philanthropy and aid. Patient Capital is money invested in entrepreneurs building companies and organizations that solve tough problems like healthcare, water, housing, alternative energy. Expectations for financial returns are lower than market rates. Expectations for social impact are very high.”

In a bold move, she proposed a Global Innovation Fund to invest in local entrepreneurs and civil society leaders. This may have been an outrageous proposal a few years ago. But as the aid debate shifts and as policy officials open their doors, change is in the air and this doesn’t seem so unrealistic.

She ended with a sense of urgency and of hope.

“Now is the moment for all of us to move forward with a spirit of faith, of generosity, of integrity, of perseverance. For it is these qualities for which men and women have always been honored and there is so much to gain.”

Stay tuned for a link to Jacqueline’s Ted@State Talk when made available. In fact, if you haven’t visited the site, do so now. You won’t regret it!