community

We are excited to announce the launch of our new online Community and would like to invite you to join us!

As part of the community, you will find more ways to get involved with Acumen Fund than ever before. In the past six months, we have seen so many individuals step up and do more:

• Volunteer groups have formed around the world in New York, San Francisco, London and Dubai.
• Individuals are raising money for Acumen Fund by running races, climbing mountains or by simply sharing their excitement about our work.
• Not to mention, the successful Dignity Benefit that was organized entirely by volunteers in  New York City

Connect with other Acumen Fund supporters and share in our exciting journey to create a world where dignity, not dependence, is the norm.  We’ve only just begun, and with your help, we can do so much more.

How you can get involved:

• Join our community
• Raise funds for Acumen
• Host a book discussion
• Tell a friend

We look forward to seeing you online!

For those of you who attended our DIGNITY event – partnering with Nuru Project – a few months ago, you might remember Monica Logani as the woman in white who placed the winning bid for the amazing Steve McCurry print. In addition to now being the proud owner of a stunning image that holds so much personal relevance for her, Monica is also one of a growing number of individuals in our NY Chapter (formerly the Young Professionals for Acumen Fund) looking to leverage their investment expertise with their passion for building enterprises that serve the poor. We’re delighted at Monica’s commitment to our work and excited at the growth of the NY chapter which increasingly offers opportunities for individuals to support our vision of dignity and choice for all. We wanted to share Monica’s reflections on the connection she feels to the work of Acumen Fund.

By the age of five, I was fortunate to have lived in two vastly different continents, while being raised with a set of values and language from a third. These varied experiences have shaped my compassion for humanity.

I was born in Accra, Ghana, a nation on the coast of West Africa. In the early 1960s, my maternal grandfather, a mechanical and agricultural engineer, was sent to Ghana on deputation from India as Chief Engineer of Agriculture, a sector that was considered the backbone of the Ghanian economy. His mandate was to automate the crop cultivation process for the cassava plant, the most important staple food crop in Ghana. Previously, the cassava crop cultivation process was very labor-intensive and many of the farmers that subsisted on this crop for their livelihood could not earn enough to lift themselves out of poverty. The machines my grandfather invented to automate the cultivation process substantially helped increase the farmers crop yield and led to higher incomes for farmers.

With this backdrop, I grew up with an acute understanding of the plight of the Ghanaian farmer. In Ghana, the highest incidence of poverty occurs in the agricultural sector and is dominated by small holder farmers. These farmers worked long hours in intense heat and faced chronic food insecurity. Their families lived in decrepit, overcrowded shacks with boarded up windows and inadequate ventilation. They slept on dirty mats on earthen floors and had limited access to safe water, electricity or plumbing. Meanwhile, their sparsely clothed children ran through the flooded streets and lacked any opportunity to get an education.

Despite these hardships, the spirit of the Ghanaian people was remarkable; they were happy, sociable people with an optimistic outlook. This picture of poverty has always stuck in my mind, and although my grandfather played a small role in helping alleviate some of the poverty, I realized at an early age that there was still a lot of work to be done in helping the impoverished.

When I was five, my parents immigrated to the U.S. to pursue their post-graduate studies. My paternal grandmother, a native of Peshawar, Pakistan, came to live with us. While my parents were very busy post-graduate students, my grandmother primarily cared for me and my siblings. She not only instilled in us a deep appreciation for the rich Indian culture but also taught us how to speak Punjabi, her native tongue. I recall the vivid stories my grandmother recounted about her childhood in Peshawar and how difficult life became after the 1947 Partition, which divided the Indian subcontinent into Hindu-dominated but nominally secular India and the newly created Muslim state of Pakistan. Because my widowed grandmother was Hindu, she was forced to leave Pakistan with my father. They migrated to India as refugees, homeless and without any monetary support. The hardships they faced in reconstructing their lives were innumerable. My father, who was a very hardworking and ambitious student, did whatever it took to excel in school. Thanks to the scholarships he received and a few professors along the way who truly believed in him, my father attained his engineering degree and was finally able to rise out of poverty and stand on his own feet. Although my grandmother passed away over twenty years ago, her stories have stayed with me and my compassion for the underprivileged has only grown with each visit to India.

After business school, I worked on Wall Street as an equity research analyst. I have always been intrigued by what makes certain companies successful while others, with a seemingly good product or service, don’t make it off the ground. I focused my attention on undiscovered small capitalization stocks that I believed would flourish and whose stock price appreciation would bring it into the mid/large-cap world in the next two to five years. I took a multi-faceted approach to analyzing these companies — focusing not only on their valuation, earnings and business model but also on their market opportunity (something that wasn’t clearly defined for these small companies), distribution model, competitive positioning, relationships with vendors and customers and management style. I employed a “kick the tires” style of research where I regularly called company customers, vendors, competitors, employees, creditors and industry experts to get a “true” picture of a company’s health and its future prospects. It was very hard work and it required a long-term perspective but it translated into high quality stock picking. Although my work was respected by my hedge-fund clients, after more than fifteen years on Wall Street I decided to take a back seat and spend more time with my family while pursuing other interests. I wanted the next chapter of my life to be more about helping others and “giving back.”

During this time, I read a lot about the power of microfinance in alleviating poverty. I liked the concept because it empowered the poor by leveraging their entrepreneurial spirit and placing the potential for success in their own hands rather than simply giving them handouts. Last spring, I heard Acumen Fund CEO Jacqueline Novogratz interviewed on National Public Radio while promoting her book, The Blue Sweater. As she described her philosophy — specifically her entrepreneurial approach to solving global poverty with “patient” capital — and explained how Acumen Fund stands on the shoulders of microfinance, I was intrigued. I immediately bought her book and read it from cover to cover. I was not only spellbound by her vivid storytelling but also particularly impressed by the social entrepreneurs in whom Acumen Fund invests and works alongside. Finding the right social entrepreneurs in whom to invest reminded me of my work finding undiscovered small-capitalization companies, but the reward is considerably more fulfilling.

I was so inspired by The Blue Sweater that I went to a book reading in Manhattan to personally meet Jacqueline and ask how I can get involved. I am excited to find ways to channel my compassion for the poor in India and Africa, to leverage my investment skill set and to be part of the Acumen Fund community working to effect real change.

A few months ago, Kevin decided that he wanted to train for his first ever Ironman to reportedly counterbalance his consumption of McDonalds. He researched non-profits, found out about Acumen Fund and became the first person to ever raise funds for us on First Giving. Kevin raised over $1,700 for Acumen Fund in less than a month and we heard about his efforts only after we received the check.  Wow.

We reached out to Kevin to understand why he did it and in his own words:

“When I signed up for the Ironman, I was a little curious as to why such a large event doesn’t formally promote charity, so I simply decided to do one on my own. Through a bit of research, I became very interested in infrastructure development in some of the impoverished areas of India and Pakistan. I think that the projects that Acumen Fund is involved in are simply amazing and I can’t tell you how much I appreciate your work.”

And on his Ironman:

“The Ironman was pretty sweet - I had a lot of fun even though I got destroyed by the professionals.  The best memory I had of the race was during the run, when a 68 year old lady passed me up - really made me feel like a champion.  But I really just do these things for fun and I get so much enjoyment out of it now when I know that I can raise money towards something I really believe in.”

Kevin demonstrated true generosity in his actions – taking it upon himself to help without a request for recognition or support from Acumen Fund – and for that we are truly appreciative.

We are also really excited by what Kevin did, because these dollars can really add up. All it takes is 60 people like Kevin to help us raise $100,000. Don’t forget that, as a non-profit, Acumen Fund relies on donors and fundraisers – many of whom aren’t too different from Kevin. You could really make a difference in our mission to end poverty.

Are you up for being one of the 60? If so, here are some easy ways that you as an individual can help:

• FirstGiving – an easy-to-use fundraising site where you can leverage just about any activity – like triathlons, trekking, skydiving, birthdays, weddings, anniversaries – to raise funds for Acumen Fund.

• Facebook birthdays – instead of a present, ask your friends and family to support Acumen Fund.  Several of our own staff have already jumped on this.

• Set up a Squidoo Lens – link your lens to our official lens and we’ll watch the dollars roll in. Seriously.

• Join/Start an Acumen Chapter – Is there a group of Acumen Fund supporters in your city ready to jump into action? If so, we’d love to have a Chapter there. We’re actively seeking leaders for a SF Chapter right now – do apply if you’re in the Bay Area, or flag your interest for us to come to your city and we’ll get back to you by the end of September!

These are just a few of ideas, but there are many more out there - we’d love to hear from you.

Over the past year, a group of young professionals in New York has taken their support for Acumen Fund to a whole new level. The group was merely an idea when co-founders Erica Dhawan and Farhat Umar approached us wanting to do more. It has since grown to over 800 individuals with an expanded leadership team and committed volunteers that step up time and again to organize events and help spread the word about Acumen Fund. Most recently, the group’s efforts culminated in a stylish photo auction and party, co-organized with the Nuru Project, that brought over 250 supporters together and raised almost $25,000 for Acumen Fund.

We have heard interest in starting an Acumen Chapter in the San Francisco Bay Area, but first we need to find leaders! The leadership of several key volunteers in New York has been critical to the group’s success, and we believe that it will be no different on the West Coast.

What is a Chapter?
A Chapter is essentially what we’re calling an Acumen Fund volunteer group – a group of like-minded individuals who share a passion and interest in Acumen Fund’s work and our sector. The objectives of each Chapter are to educate their communities on patient capital and raise funds in support of Acumen Fund.

What if I’m not a young professional – is a Chapter for me?
Absolutely! Everyone is welcome! The NY group started out as a young professional’s organization but has continued to grow and attract an increasingly diverse membership. The leadership team continues to refine its strategic direction and plan activities that cater to different needs, so watch this space!

As a Chapter volunteer will I go overseas or work on projects for Acumen Fund’s investments?
We get inundated with requests from individuals who want to travel to and work with our investees, and at this stage it is simply not possible. Many of our investees are fully focused with running their businesses, and are unable to cope with volunteers. That said as opportunities arise, we will definitely make them known to all Chapter volunteers. Interested parties should also apply to be an Acumen Fellow.

What’s in it for the Chapter leaders and volunteers?
Yes, we recognize that these are volunteer positions and it takes extraordinary people to step up and give their time so generously. Rather than tell you what we think is in it for them, hear what some of our NY volunteers have to say:

“Being the founder and leader of the NY young professionals was a big time commitment, but an extremely worthwhile one. I got to work with like-minded talented young professionals, who share a similar vision to use our skills to create social change, build my own leadership and organizational skills with support from Acumen Fund staff, and develop lifelong relationships with a community of people who seek to build a movement for social enterprise and patient capital.” – Erica Dhawan

“I volunteered with the NY young professionals to help organize the Dignity event.  I met an incredible group of motivated, passionate, and inspiring people.  On a personal level, I feel that the New York young professionals are that rare networking group that actually makes an impact, creates a movement, and enables everyone involved to learn and grow from our experiences working together. I can’t wait to get going on our next endeavor!” - Nina Sharma West

Ok, how do I flag my interest to get involved?
Read more about Chapters and our application process here. Or dive straight in:
•    If you are in the SF Bay Area and would like to be a Chapter leader – apply here.
•    If you are in the SF Bay Area and would like to be a volunteer – fill out your info here.
•    If you’re not in the SF Bay Area and think we should start a Chapter there – tell us why!

Thank you for all your support. We look forward to getting an amazing Chapter going on the West Coast, and we are definitely planning to start Chapters elsewhere. So watch this space!

Update: You can now download and listen to the call in its entirety:

Acumen Fund Summer Associate call - April 1, 2009

For the 10 summer internship positions Acumen Fund has open globally, we received 700 applications from an amazing group of candidates. We’re going to do our best to find the 10 people who are the best fit for our needs this summer, but the bigger, harder question is, “What about the other 690?”

Sasha posed this question a few weeks ago on his blog and on the Acumen Fund blog. There were some comments; there was also a discussion here at Acumen about how best to engage this “amazing group of candidates.” After a couple of e-mails and meetings, we decided to run an experiment: offer our 690 non-accepted candidates a private conference call briefing from senior Acumen staff. This was a way to say thanks, to welcome folks into our community, and to offer ways to stay engaged - not just with Acumen Fund, but with the social enterprise space as a whole.

The call was yesterday morning; about 10% of the invited candidates joined (67 total). I helped moderate; Brian Trelstad and Yasmina Zaidman talked about the latest Acumen happenings (describing some of the newer investments, our plans for 2009 and 2010, etc.) We actually recorded the whole call, and will release a .mp3 version of it as soon as we get a copy and have a chance to convert it. (For some reason, Global Crossing records conference calls in .wav format - not helpful.)

Acumen Fund Summer Associate call - April 1, 2009

After a short presentation, Brian and Yasmina took questions - and the floodgates opened up. I promised at the end of the call to post questions to our blog, so here they are. We - Brian, Yasmina, me and the rest of the team - will do our best to answer them over the next few weeks. In the meantime, take a look - and comment below if one question in particular is of interest!

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1. How do social metrics figure into an ROI calculation? What are the typical returns on investment and investment timeframes you look for in assessing viability of projects?

2. One of the biggest challenges is identifying entrepreneurs in low-income communities. What is the methodology that Acumen follows to identify these entrepreneurs? Furthermore, how does Acumen Fund provide the technical assistance to ensure that these enterprises are indeed successful?

3. Has Acumen Fund encountered challenges in the more political unstable regions it operates in? If so, how has or is it working through them?

4. What is the evaluation process for the ventures you look at for investing? Do you use some kind of a Social Return On Investment metric? Or what metrics do you use?

5. What percent of your annual investments (in 2007?) were considered failures? Were they considered failures because of inability to repay or lack of social impact? How has this number changed since Acumen was founded?

6. Could you talk a little bit about the work of a Summer Associate an Acumen? In other words, what would a typical day at work look like?

7. What are the next steps if we are interested in working with Acumen Fund, and we are not considered for this year’s summer internship program?

8. Many of my peers are excited about careers in the social venture sector but struggle to see what the long term career path might be given the maturity of the sector. Could you help chart out the possibilities for a post-MBA graduate?

9. What is Acumen doing to increase awareness of their services to people in the developing countries?

10. How did Acumen Fund start, and does the opportunity exist (in your opinion) for an individual to start an analogous Fund working in other geographical locations? If so, what skills would you suggest an entrepreneur develop to follow this path?

11. How important is it for clients to have the potential to receive additional loans from Acumen in the future? Have any clients already received repeat loans? Do you think the potential has a strong influence on an entrepreneur’s motivation to repay?

12. Could you comment on non-profit/philanthropic and profit-driven/sustainable funding models?

13. I’m curious with regards to the diversification of investment strategies adopted. For example: if investment is being done in the housing sector of Pakistan do you invest in multiple arenas or are your investments confined to a specific focus area?

14. How does Acumen Fund take investment decisions or evaluate ROI in an environment where there is no financial data?

15. Could you elaborate on your thoughts with regard to involvement in social investing earlier in one’s career versus later in one’s career? Would getting involved later in one’s career have a greater impact and perhaps be more worthwhile?

16. Could you talk about your own professional paths and how you made the shift from more traditional careers to management roles in the BoP/ social entrepreneurship space?

17. Is something specific that Acumen looks for in a candidate profile?

18. Could you talk a little about entry level positions at Acumen Fund for recent MBA and policy graduates?

19. Could you comment more on how to get involved with Acumen Fund’s work outside the fellows and interns program — perhaps more detail on the “young professional” network?

20. What do you suggest an individual who has little experience in international work can do to participate with Acumen?

21. Where does Acumen Fund see itself in the future in its investments in ecomarkets? Is Acumen Fund aware of any viable engagements in payment for environmental services in the water sector, not only in water delivery but resource conservation (e.g., in watersheds/parks/reserve systems)?

22. Given the culture of intellectual property protection in the market and the simultaneous high purchasing value of knowledge (such as journal subscriptions), which can be an access barrier for “the base of the pyramid,” how does Acumen Fund address such issues head on to promote and extend its knowledge sharing impact? Particularly, how does Acumen Fund convince its partners (if they are entrepreneurs in a highly competitive marketplace) to be more open in sharing their knowledge?

23. What is the Acumen Fund’s position on the role of public-private partnerships both in the areas of environmental markets and knowledge sharing?

(Editor’s note: this post first appeared on Sasha Dichter’s blog.)

Last week when speaking on the “Creating Private Capital Markets” Panel at the Harvard Social Enterprise Conference, I noted that one of the big opportunities for Acumen Fund and other organizations in our sector is to capitalize on a huge influx of talent.  Demand to work in our sector is at an all-time high, the result of the rising profile of social enterprise; the blowup in the financial sector (a lot of people with financial skills are rethinking their path); and, hopefully, because society as a whole (or at least the younger generation) is taking a momentary pause to reconsider our definitions of success.

Acumen Fund and other organizations in our sector are currently experiencing overwhelming levels of interest.  One data point that I mentioned on the panel: for the 10 summer internship positions Acumen Fund has open globally, we received 700 applications from an amazing group of candidates.  We’re going to do our best to find the 10 people who are the best fit for our needs this summer, but the bigger, harder question is, “What about the other 690?”

This question was salient enough that Jonathan Greenblatt, co-founder of Ethos Water, saw fit to repeat it in the lunchtime plenary panel where he spoke together with Bill Drayton, CEO of Ashoka; Clara Miller, CEO of the NonProfit Finance Fund; and lecturer and political analyst David Gergen.  This helped me realize that “the other 690″ isn’t just a question for Acumen Fund, it’s a question for our sector.  With all of the creative destruction underway in the global economy, there’s a fundamental shift in how talent will be deployed.  For burgeoning sectors like ours, this creates a demand/supply imbalance for talent, and a collective opportunity if we want to take it.

A couple of ideas to chew on:

What if some of the economic stimulus money were used to create a new Global Peace Corps, one that takes some of the best and brightest people of all ages from around the world and gives them opportunities to work on projects (private and public) that are creating positive social change?

What if all of the 690 people who applied to Acumen Fund’s summer internship - plus their colleagues who are interested in working at Endeavor and Root Capital and the World Resources Institute and the International Aids Vaccine Initiative and the Gates Foundation and the Clinton Foundation and a hundred other fascinating places to work - created vibrant, online communities on Ning or Facebook or Twitter or through NetImpact to share their own entrepreneurial business ideas, and what if the best of these ideas were made available to early-stage investors and grantmakers and social venture competitions run by business schools around the world?

What else should we be doing?

As Chair of Acumen Fund’s board, I couldn’t be more proud to announce that Jacqueline’s book launches TODAY! This book has been a genuine labor of love, and her clear, distinct voice can be heard on every page. Jacqueline started writing it in 1996 after the Rwandan genocide. The colorful, funny and painful stories mark her personal journey from arriving in Africa in 1986 and continue through the founding of Acumen Fund. Through the stories, we learn important lessons about building entrepreneurial solutions to poverty, about listening, and about creating a life of meaning. For anyone interested in the work and approach of Acumen Fund, or in how we might shape our collective future, this truly is a must-read. I also believe that this book could be very beneficial to Acumen Fund.

Many have already asked how they can help. Just to name a few ways, you can:

• Write a short review on Amazon and/or comment on the reviews already there
• Send this message to all of your friends
• Become a fan of The Blue Sweater on Facebook (and stay up to date on media, events, etc.)
• Email the website address (www.thebluesweater.com) to friends and colleagues 
• Blog about it
• Mention it on Twitter
• Buy copies for your friends!

You can purchase books at Amazon, Barnes & Noble or at your local bookseller.

The world has never needed all of us working for the common good more than it does today. Thanks for being part of our community of friends - and thanks for helping us spread the word!

Sincerely,

Margo Alexander

P.S. A good friend has generously committed to give Acumen Fund $15 for each of the first 5,000 books sold! We are grateful for this pledge and hope you will help us by buying early!

With all the changes that are going on in the world – a financial meltdown on one hand, a new U.S. President brought to power on a wave of change from below on the other – we see tremendous opportunity. The time is ripe to create a step change in terms of awareness, excitement, and membership in Acumen Fund’s community of supporters and advocates – from tens of thousands to hundreds of thousands…and someday millions of people who believe that markets and entrepreneurship have a central role to play in the global fight on poverty.

We need someone to help us make this happen, so we’re hiring for a Business Development Manager – Marketing. What does that mean? It means we’re looking for a storyteller, a translator, and a listener, who at the same time is ready to roll up their sleeves with data and numbers and analytics. You might be a great blogger or an old-school marketer with lots of new tricks up your sleeves. But either way you bring off-the-charts passion, energy, commitment, and humility to this role.

Put another way, you’re probably either a super-duper marketer who knows how to use online tools, or you’re world-class with online tools and also have got some great marketing ideas. If you’re neither of these things, this job (PDF) probably isn’t for you.

We’d like to see what you can do – details on how to apply are on this Squidoo lens.

UPDATE: The Acumen Fund web site is back up! Thanks again for all your e-mails and, most of all, for your patience. (January 30, 2009)

To: Acumen Fund friends, Partners, community members and website visitors

From: Acumen Fund staff

Re: Unscheduled, unplanned website maintenance

Memo: Thank you! Our website went down this morning (New York time) for some “unscheduled, unplanned maintenance,” as we’re calling it. Basically, our server had a big hiccup and we’re in the process of restoring our data, backing everything up, and re-starting the whole shebang. Almost as soon as it happened, we started getting e-mails from you - our friends, colleagues, partners, Partners, community members, fans - to let us know what was up. As much as we don’t like to get caught with our servers down, it is totally refreshing and reassuring to know that there are so many of you out there who care enough to write. So seriously, thanks.

We’re working as hard as we can to get this fixed. In the meantime, might we suggest a visit to our YouTube channel? How about our Fellows blog? Or NextBillion.net, which Acumen Fund co-owns? There’s also the Facebook cause, the LinkedIn group - you get the idea.

We hope you’ll bear with us as we make these fixes. Thanks again to everyone who wrote - we’ll post again here on the blog when life is back to normal.

Gratefully,

Acumen Fund

We at Acumen Fund are so proud that Niko Canner, a key advisor to our work, was named in Fortune.com as among “the next generation of management experts who are changing the way business gets done”. As one of the “10 gurus you should know“, Niko stands alongside Nouriel Roubini, the NYU economist famed for predicting the recent economic turmoil, and Don Sull, the professor of management practice at LSE, among others. Niko has been a champion of our talent work and I personally feel incredibly grateful to him for all he and his firm Katzenbach Partners has done to strengthen and expand Acumen’s work.

Congratulations, Niko!

I like to cook, and I was recently browsing through the 101cookbooks.com site, looking for something do make with some extra zucchini, when I came across this unexpected post: an invitation to join the 101cookbooks.com Kiva lending team.

Suffice to say, I was not expecting to find microfinance shout-outs on a cooking blog. But when I saw this post, I was really struck (again) by the power and reach of Kiva’s model. Kiva just makes it so easy for people to participate in the micro-lending “movement” – anyone can become a lender and forge personal connections to individual loan recipients in the developing world. Not only is it easy to participate, but now it’s apparently getting easier to enlist others, too. The virality is really impressive.

Acumen Fund’s model is obviously different from that of Kiva (small & medium enterprise finance vs. micro-lending to individuals), but we have similar ambitions around engaging large numbers of individuals in our work. How do we give any interested, eager individual a way to participate? How do we create personal connections between the customers of our portfolio companies in India, Pakistan, East Africa and people who live thousands of miles away? How do we build a “movement” around the development-through-enterprise sector in the way that the microfinance movement has sprung up in recent years? How do we translate that “movement” into changes in the way people approach philanthropy and development?

We don’t yet have answers to these questions, but Kiva has at least shown us that there are plenty of people out there who want to try to help solve poverty if you can just give them a way to get involved. Our challenge in creating a “movement” will be to supply easy ways for people to participate so that maybe one day someone else’s search for a simple recipe will change the way she looks at the world.

P.S. If you ever find yourself with an “extra zucchini” problem, I recommend this recipe.

It has been a busy summer here at the Acumen Fund New York office, where we’ve been working hard to implement website and blog changes that make it easier for our community to access data on and insights from our work.

On the website, it’s now possible to view metrics reported by many of our investees. These investment metrics are fed directly from our Portfolio Data Management System. We are not able to share all the available data, and some of our new investments are still in the process of collecting data, but we are committed to sharing as much information as we can, as often as we can – and this is a step in that direction.