Word: novogratz
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Dates: during 2000-2009
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...BUNGALOW New Jersey's funky beach town of Long Branch got a whole lot funkier this summer with the arrival of the Bungalow, BungalowHotel.net. It's a 24-room hotel with Technicolor public spaces courtesy of hip husband-and-wife interior team Robert and Cortney Novogratz of Sixx Design. Rooms have names like Aloha and Kahuna and are starkly white with cowhide chairs and kitschy flea-market posters. Pool, table football, board games and cocktails are found in the Bungalow Lounge. And while there aren't many amenities in-house, guests can pay a small additional...
...ninth-floor offices of the Acumen Fund, a nonprofit that helps entrepreneurs in developing countries build businesses, overlook Trinity Church in New York City's Financial District. Consider it a case of Wall Street crossing Hope Road. "It's a good metaphor," says Jacqueline Novogratz, Acumen's founder. Some call it venture philanthropy, but Novogratz prefers the phrase "private equity for the poor." What that means is that a small company in India gets a $185,000 loan to make and sell affordable water filters. And that a Pakistani firm receives more than $260,000 in grants and loans...
...projects work out. Acumen lent money to an Indian entrepreneur who designed a $42 hearing aid but wasn't able to move it to market. Yet even in that case there was a lesson to be learned, says Novogratz, a former banker. "We want to understand how to build companies that effectively deliver critical goods and services," she says. "The more we can understand how to do that, the more effective we think we'll be in bringing forward a blueprint for change to the world." --By Barbara Kiviat
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