Word: nonprofits
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...percentage of M.B.A.s going straight into the nonprofit sector remains in the single digits--after all, student loans are much easier to pay off with a for-profit salary. And, says Greg Dees, faculty director of Duke University's Center for the Advancement of Social Entrepreneurship, "many students, if they heard 'nonprofit management,' would be thinking about running a museum, a hospital. That's not what excites them. What excites them is finding innovative entrepreneurial solutions to social problems...
...years ago, most new hires in the nonprofit world were graduates of schools of social work, public policy and liberal arts. Today, in an era of dwindling government grants--not to mention increased scrutiny of nonprofits' business practices--many charitable organizations are looking for people committed not just to the cause but also to cost-benefit analyses and earned-income strategies...
Business schools are responding. According to the 2005 Beyond Grey Pinstripes survey of business schools, the number of core courses with nonprofit-related content has more than doubled, from 10 to 21, at the 49 schools that have participated since 2003. The number of electives with a social or environmental focus-- including courses that explore entrepreneurial solutions to social problems--has almost tripled among the 24 schools that have participated in every survey since 2001, from 137 to 468. Net Impact, a global network of M.B.A. students, graduates and professionals trying to find business-based solutions to change the world...
Enter a different breed of M.B.A.: social entrepreneurs like Priya Haji, 35, Siddharth Sanghvi, 30, and David Guendelman, 28, who last year founded the giftware company World of Good. A for-profit, socially responsible start-up that makes grants to a nonprofit sister organization, World of Good has impressed venture capitalists who usually put their money into the latest technological innovation. But the business plan put forward by the Berkeley M.B.A.s--which won this year's Global Social Venture Competition--has VCs convinced that there's also money to be made from handmade silk scarves, woven bags, beaded jewelry and "nonviolent...
...remuneration as CEO of the Nature Conservancy, the world's largest environmental charity--at $275,000 plus health and retirement benefits--might even have seemed inadequate. With operations in 28 countries and claims of having nearly a million members, the Conservancy that McCormick was running was, after all, the nonprofit equivalent of a multinational. But it turned out that McCormick had also received a $75,000 sign-on bonus, $75,000 to cover living expenses, a $1.7 million loan to buy a new house and a no-strings-attached discretionary fund to use toward finishing pet projects...