Word: novogratz
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Dates: during 2005-2005
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...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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