Echoing Green 2010 Annual Report
Echoing Green 2010 Annual Report
echoing
green
unleashes
NEXT
GENERATION
TALENT
to solve
the world’s
biggest
problems Rural China Education Foundation (Fellowship Class of 2007)
Credit: Marco Flagg 2
dear FriendS,
For those of us interested in the work of social entrepreneurs, the past year witnessed an
explosion of activity from all quarters. The work of innovative, new organizations has been
the catalyst for important conversations about value creation and the kind of world in which
we all want to live.
For decades, the social sector has been bedeviled by the lack of simple, all-encompassing
measures of success like “return on investment” and “efficiency” that are the common currency
of business. As social innovators search for a way to communicate the power of their new
solutions, they are attempting to reconcile these compelling business measurement constructs
with the messy reality of societal change and its hard-to-assess outcomes. Echoing Green
continues to be on the frontline of these critical debates.
In particular, many in our community are deeply engaged in the attempt to create a new asset
class called “impact investing,” which generates returns for investors that are simultaneously
financial, social, and environmental. Our community is part of the discussions that are setting
expectations for the marketplace of investments, pushing the field to develop better metrics,
and pressure-testing tradeoffs between growth and exit strategies, and impact and profit.
Our work with young people on college campuses and beyond is influencing (and being influ-
enced by) their sense of how business and social objectives should come together in the world,
reflecting their focus on harmonizing economic success with meaningful service to their
community. The Echoing Green community continues to inform the way institutions of higher
learning think about their roles in preparing tomorrow’s talent to take on and solve today’s
challenges. And we continue to both spark and engage in dialogues that bring diverse audiences
together, sharing our unique perspective on a human capital approach to social innovation.
Your collective efforts have propelled us to a new level of leadership requiring a more robust organi-
zational response. A multimillion-dollar, multiyear capacity investment by the W. K. Kellogg
Foundation has provided us with the growth capital to do just that. We remain grateful for and
inspired by your vision for what solutions-oriented civic engagement can unleash around the world.
And we look forward to our continued work together as we think big, act boldly, and drive change.
Sincerely,
cheryl l. dorSey
david c. hodgSon PrEsidENt, EcHOiNG GrEEN
cHAir, EcHOiNG GrEEN 1992 EcHOiNG GrEEN fELLOw
Think Big. Be Bold. Drive Change. These are the maxims of social change.
To think big is to imagine the world as it might be.
It is to dig into root causes and push past the status quo.
It is to be fueled by possibility.
Echoing Green invests in next generation leaders—
Echoing Green Fellows—who think big. Fueled with
purpose and fluent in the issues they are addressing,
our Fellows and Alumni see social, economic, and
moral value in the forgotten and marginalized.
4
TALENT
Our Ecosystem ideas
of Changemaking
Over more than two decades, Echoing Green has built
a robust ecosystem supporting the world’s most prom-
ising visionaries and their bold ideas for social change.
A dynamic and synergistic community of talented people,
ideas, and resources, this innovation hub works because
resources
it incents and celebrates innovation, takes but manages
risks, and accepts and learns from the inevitable failures
that accompany great leaps forward.
5
As a social innovation seed funder, Text messages
Echoing Green is positioned to spot that protect against counterfeit drugs
trends before they mainstream. Up to 5 percent of drugs sold in developing countries are
Recently, we have seen a growth counterfeit. Nathan Sigworth (2008 Echoing Green
Fellow) of PharmaSecure launched a technology platform
in and supported the development that allows consumers to check the authenticity of their
of products designed for users at medication via SMS.
the base of the pyramid. These big
Sanitary pads
ideas are transforming lives and
revolutionizing the marketplace.
made from banana fibers
Elizabeth Scharpf, a 2008 Echoing Green Fellow and
founder of Sustainable Health Enterprises (SHE), is
launching female-run franchises to manufacture and
distribute low-cost sanitary pads made out of banana
fibers. Ultimately, she aims to dramatically reduce
the hundreds of millions of dollars in lost income and
productivity that result from women in developing
countries missing school and work during menstruation.
An infant incubator
less than one percent the traditional cost
Jane Chen and Rahul Panicker—2008 Echoing Green
Fellows and co-founders of Embrace—are designing and
distributing this portable product in developing countries
with the potential to save over 100,000 low-birth-weight
babies in five years.
A point-of-sale system
on a mobile phone
David del Ser (2009 Echoing Green Fellow) of Frogtek
creates mobile applications for micro-retailers in emerging
markets. His first application is a point-of-sale system for
shopkeepers that helps them better manage their inventory
and improve their profits.
6
think big to...
infuse
My affiliation as a member of Echoing Green’s board inspired me
to leave my day job and create B Lab with two of my best friends.
Certified B Corps care as much about creating social and environmental
my capital
benefit as earning profits. What connects these two
parts of my life is how we infuse capital with purpose.
The purpose of my capital is to help build a market-
with purpose
place of ideas and talent that improves
the conditions for every human being
and the earth we collectively inhabit.
Andrew Kassoy B Lab When Andrew Kassoy joined Echoing Green’s board in 2004, he had spent
thirteen years in the private equity sector. As a mentor, he helps Fellows develop the best structure
for their social enterprises—nonprofit, for-profit, or innovative hybrids. More recently, he seized a big
idea by creating B Lab, a nonprofit that defines and certifies a new class of corporations—B Corporations—
that use the power of business to solve social and environmental problems.
create
The first working prototype of the corn sheller
gave me a big sense of accomplishment. We sold
1000 products in our first year and we plan to
businesses
spread our work across East
Africa over the next five years
through local partnerships and
on bikes
community innovation initiatives. Echoing
Green helped me dream a lot bigger. After all,
there is a global market of 1 billion bicycles.
JODIE WU GLOBAL CYCLE SOLUTIONS As an MIT engineering student, Jodie Wu (2010
Echoing Green Fellow) brought her idea for an income-generating bicycle to Tanzania.
Trial and error led to a corn sheller, a mobile phone charger, and other simple
machines—all of which are bicycle-powered—that transform the daily lives of subsis-
tence farmers around the world, while retaining the full function of the bicycle.
7
To be bold is to embrace risk.
It is to own a problem in the world and pursue nothing less than transformation.
Bold leaders align their hearts with their heads and convert obstacles
into opportunities to realize their visions.
8
be bold to...
change the
We created a unique social incentive structure—
a link between a school for girls and desperately
needed services for all. Now the community
value placed on
associates these services
with girls’ education.
Echoing Green believed
women in Africa
in us. We’re proud
and humbled to be part
of this community.
KENNEDY ODEDE AND JESSICA POSNER SHINING HOPE FOR COMMUNITIES Kennedy Odede (2010 Echoing Green
Fellow), who is pursuing studies at Wesleyan University, is the first person from one of Africa’s largest slums,
Kibera, Kenya, to attend a four-year college. Jessica Posner (2010 Fellow) moved to Kibera after graduating from
college, partnering with Kennedy to create Shining Hope for Communities, the first tuition-free school for girls that
also offers community members basic services including healthcare, water, computer training, and adult literacy.
end
When I became an Echoing Green Fellow in 1998,
microfinance was still a novel concept in the
United States. Without Echoing Green, SKS would
poverty
not have gotten off the ground
when it did. SKS has now
provided more than 7.5 million
in India
poor women in India with access
to financial services, and we continue
to reach more people.
VIKRAM AKULA SKS MICROFINANCE Vikram Akula is a 1998 Echoing Green
Fellow and founder and chair of SKS Microfinance, the largest micro
finance organization in the world to issue an IPO. His 2010 book, A Fistful
of Rice, tells the story of how he combined philanthropy and capitalism
to help India’s poor transform their lives by becoming business owners.
9
Jason Aramburu Anna Elliot
re:char Bamyan Media
environment community improvement and
Build cost-effective distributed carbon- economic development
negative power plants that produce energy Produce reality TV competitions in
from waste and replenish soils in rural developing countries to celebrate social
farming villages in Sub-Saharan Africa and entrepreneurs and educate millions
Latin America. of viewers on what it takes to build
successful social ventures.
10
Ashni Mohnot A. Latham Staples
Enzi Empowering Spirits Foundation
education civil and human rights and
Reduce the financial barrier to education community improvement
by enabling people to invest in students’ Fight negative stereotypes of LGBT
higher education in exchange for a share in individuals by organizing community
future income for a fixed period of time. service projects that join together LGBT
and non-LGBT individuals to work together
side-by-side, fostering collaboration and
encouraging nonconfrontational dialogue.
11
To drive change is to relentlessly pursue outcomes.
These leaders enlist hearts, minds, and resources,
making their causes our causes—
SKS Microfinance
Founded by Vikram Akula (1998 Echoing Green Fellow),
SKS is the largest microfinance institution in India and the
first to go public there. Leveraging capital markets to achieve
scale, SKS was able to reach 7.5 million clients in twelve years
(it took Grameen Bank thirty-five years to reach 8 million).
12
drive change to...
IncludE more
When I became an Echoing Green Fellow in 2008,
American editorial pages were dominated 85 percent
voices in
by men. In fact, the range of voices (and brains) we hear from
in the world almost everywhere—online, on TV, in Congress—
the public
is incredibly narrow: mostly western, white, privileged,
and overwhelmingly male. This suggests a tremendous
conversation
opportunity: what would be the return to society
if we could harness all of our brain power?
KATIE ORENSTEIN THE OPED PROJECT The OpEd Project believes that if we hear the best ideas
from all kinds of people—women included—we’ll have a smarter, better world. Nearly 4000 women
have been trained and connected to a national network of mentors in the media. They have a 25
percent success rate publishing opinion pieces in major outlets, including The New York Times,
The Wall Street Journal, and National Public Radio—and they have reached tens of millions of readers.
At echoing green,
our core purpose continues
We identify and amplify next generation leadership. We fortify outsized
ideas with seed funding, cutting-edge knowledge, mentors, connections,
fellows
and public visibility. and alumni
Like many in the social innovation arena, we recognize that networks
function as the critical unit of change. Everyone in our Echoing Green donors
community—Fellows, Alumni, board members, donors, partners,
and friends—contributes to this lively, network-based intelligence.
13
Our leadership
SENIOR STAFF BOARD OF DIRECTORS SPECIAL ADVISORS
Cheryl L. Dorsey David C. Hodgson, Chair Carter F. Bales
President General Atlantic LLC NewWorld Capital Group, LLC
1992 Echoing Green Fellow Maya Ajmera, Vice Chair Michael Brown
Lara Galinsky The Global Fund for Children City Year
Senior Vice President 1993 Echoing Green Fellow 1991 Echoing Green Fellow
14
drive change by...
Applying my
Part of the reason I was so enthusiastic to work for
General Atlantic was its association with Echoing
Green. I’ve been able to use my business skills to
business skills
help Fellows develop strategies that
promote sustainability. My grandma
said, ‘Siempre adelante.’ Always
in a new way
forward. Social entrepreneurs are forward-
looking in a way few others are, and it’s uniquely
rewarding to help them actualize their visions.
BRIAN DUNLAP Brian Dunlap represents the third generation of General
Atlantic leadership support since it founded Echoing Green. His work analyzing
new investments and providing operational support to portfolio companies in
the U.S. and Latin America complements his role as co-chair of the Social
Investment Council.
REDEFINING
I grew up in a family where giving
involved more than money, so
I’ve never felt comfortable just
HOW TO
writing a check and walking away. Echoing
Green has been something to run, not just walk, to.
From evaluating Fellowship applications to
GIVE
working directly with Fellows in rural Rwanda, Echoing Green
has broadened my opportunities for giving while creating
opportunities to show others what engaged philanthropy can be.
Sara Horowitz,
KATHERINE BOAS Katherine Boas is a manager at McKinsey & Company and 1996 Echoing Green Fellow
and 2010 Social Investment
co-chair of Echoing Green’s Social Investment Council. She also runs the Barefoot Council Be Bold Awardee
MBA, an adaptable tool she created to teach basic business to anyone, anywhere.
15
Our Investors
Echoing Green is supported by private contributions $5,000–$9,999
from corporations, foundations, and individuals. We extend Anonymous (2)
Eli Aheto ‡
our deepest thanks to our donors, whose generosity Maya Ajmera and David Hollander
made our accomplishments in fiscal year 2010 possible. Cathy Bacich and Ed Schallert
Frank V. Buquicchio
Elizabeth A. Cassidy ‡
$1,000,000 and Up $10,000–$24,999 Kathryn Corro ‡
General Atlantic LLC † Anonymous (1) Charlotte and Rory Cowan
W. K. Kellogg Foundation † Joel Ackerman Empire Blue Cross Blue Shield
The Altschul Foundation Betsy Fader*
$500,000-$999,999 Blue Ridge Foundation New York General Electric Company
David C. and Laurie B. Hodgson † John C. Burchett* Marianne A. Gimon and Alessandro
The Pershing Square Foundation Credit Suisse d’Ansembourg
Deloitte Services LP Katie and Peter Ginsberg
$100,000–$499,999
The Dinyar and Aashish Devitre Foundation Nellie and Robert Gipson
Anonymous (5)
Edwin Gould Foundation William Helman
Alwaleed Bin Talal Foundation †
Germeshausen Foundation Adam and Jules Janovic
Peter Bloom and Janet Greenfield †
The Glastenbury Foundation Ellen Jewett and Richard Kauffman
Steve and Roberta Denning †
Grabe Family Foundation, Inc. Kaye Scholer LLP
Flora Family Foundation †
HBO Kekst and Company
Andrew Kassoy †
Russell Kling and Jelena Gmitrovic Alex and Kristen Klabin
Nozomi Terao and Joshua S. Levine †
The Lamont Family Fund Kristen and Jonathan Korngold
$25,000–$99,999 Steven B. Malkenson Miles and Elizabeth Lasater ‡
Anonymous (1) Maurice Amado Foundation Lee and Cynthia Vance Foundation
American Securities Capital Partners Mario Morino Linklaters LLP
Annie E. Casey Foundation Morrison and Foerster LLP McKinsey & Company, Inc.
Kitty and Guy de Chazal Peter Muller mergermarket
Charlotte and Bill Ford* Nathan Cummings Foundation Murray R. Metcalfe
Chandra and Paul Graves Red Crane Foundation Morgan Stanley
The Harvard Business School Club Shiva Sarram and Drew Pearson Ronnie Planalp and Stephen Trevor
of New York Amy and Jeffrey Silverman Diana Propper de Callejon
Lisa and David Issroff Franchon and Gloria Smithson* Paulo Ribeiro and Walter Cain*
Paul, Weiss, Rifkind, Wharton & Mary and Jerome Vascellaro Rita J. and Stanley H. Kaplan Family
Garrison LLP Patti and Rick Wayne Foundation Inc., Scott Kaplan Belsky
The Seinfeld Family Foundation David and Dorrie Rosenstein*
16
Senator Investment Group LP Christine P. Chan*‡ Susan McPherson
Tom C. Tinsley Wymen Chan ‡ Samuel Meehan ‡
Jenny and Philip Trahanas Alison Cherry ‡ Stephen Meyer ‡
Robbert and Jenny Vorhoff*‡ The Cornell Family Fund Jason and Hyewon Miller
Stonington Cox*‡ Jason Morimoto ‡
$2,500-$4,999 Timothy J. Croak and Kevin Hogan Antonia Scott Ness
Karen Duffin ‡ Christopher Dambrosia*‡ Megumi Oka
Brian Dunlap*‡ Pooja Dhargalkar ‡ William Oris
Richard E. Cavanagh Jenna Dreher ‡ Carol Ostrow and Michael Graff
Cheryl Dorsey Steven H. Druckman ‡ Amy Pan ‡
Diana Elghanayan Joseph Fernandes ‡ Monika Parekh ‡
Expansion Capital Partners, LLC Jarrod R. Fong ‡ Brad and Sue Parish*
Aaron M. Goldman*‡ Mike and Tracy Freedman Marco Persico ‡
Lauren Hubbell ‡ Freelancers Union Pamela and Paul Pope
I Do Foundation Renée and Dr. Barry Gordon Johannes C. Reuter*‡
Journey Charitable Foundation Ananda Grant ‡ Elliot Ross ‡
Michael and Marjorie Loeb Sarah Greenhill ‡ Elizabeth and Gidon Rothstein
Lone Pine Foundation, Inc. Guidepoint Global, LLC Michael Sand ‡
Susie Noddle Gulsun Gul and Jeff Baum Ned Schwartz ‡
Anne Pollack Andrew Gustin ‡ Brennan Shaffner ‡
Brett Rochkind* Tian He ‡ Douglas Shaw
Marc and Stacey Saiontz ‡ Health Design Plus Brynn Sherman ‡
TPG Capital, L.P. Jerome J. Hershey ‡ Scott Shih-yau Shiao ‡
Sarah Zion and Tushar Shah Amy B. Herskovitz Linda and David Sicher
Kirstin Hill ‡ Jason Todd
$1,000-$2,499
Dylan and Molly Hixon Graves Tompkins*‡
Tushar Aggarwal ‡
Andrew E. Holm Rachel Tronstein ‡
M. Fraz Ahmed ‡
Courtney Irwin Robert Tsai ‡
Alvarez and Marsal Holdings LLC
Jill and Ken Iscol David L. Waldman ‡
Matthew T. Anestis
The John C. and Katherine M. Jennifer Wang ‡
Michael Balaban
Morris Foundation Josh Warren ‡
Matthew Barbas ‡
Michael T.M. Jones and Dana Brandon F. Warshaw ‡
Conor Barnes ‡
Wallach Jones Dede Welles
Ken Bartels and Jane Condon
Janice J. Kim ‡ Eric Wilmes ‡
George Beal
Jin-Young Kim ‡
Richard K. Bendetson
Robert Kopera ‡ In-Kind Supporters
Esther T. Benjamin Boston Consulting Group
Ashish K. Lal ‡
Lisa Berkower and Mitchell Rubin Credit Suisse
Addison Lanier III ‡
Jordan A. Bettman ‡ Kaye Scholer LLP
Christopher G. Lanning*
Jessica E. Bloomgarden ‡ Kekst and Company
Cindy Law ‡
Katherine Boas ‡ Lex Mundi Pro Bono Foundation
Cindy and Bruce Levine
Laura Bogomolny ‡
Scottye D. Lindsey ‡
Calvert Asset Management Co., Inc. * Denotes total gift amount including matching gift
Eric C. Liu ‡ † Denotes total amount of a multiyear gift
Sybille and Peter Campbell
Margaret Loeb ‡ Denotes Social Investment Council member
Marc Casale ‡
17
financial summary
June 30, 2010
18
A Single Drop for Safe Water (Fellowship Class of 2007)
Front Cover: Gardens for Health International (Fellowship Class of 2009),
Mercado Global (Fellowship Class of 2004) Credit: Suzanne Becker Bronk
Back Cover: Shining Hope for Communities (Fellowship Class of 2010)
494 Eighth Avenue
Second Floor
New York, NY 10001
echoinggreen.org