Kim Syman has lofty ideas about how New Profit, a social-impact funding organization that she helped get off the ground 20 years ago this week, can do better work. Much of it involves changing perceptions around the role of business in social enterprises, which can be a daunting task. Case in point: New Profit’s mission to finance nonprofits in an unconventional way — that is, with venture capital funding. But venture capital is usually designed to make the rich even richer, while social-innovation organizations tend to address systems of inequality and oppression — systems that can be exacerbated by those very same investments.
Yet Syman is a firm believer that the tools of business can and should be used to propel people toward social and financial stability. So when New Profit founder and CEO Vanessa Kirsch proposed the idea of the organization to her, as a way to bridge the gap between investments and impactful nonprofits, Syman jumped onboard.
Part of the problem is that investing for social good is still a relatively new idea. “Venture capital, as a concept, wasn’t known in the philanthropy world, especially 20 years ago,” says Syman, New Profit’s managing partner overseeing field leadership. She also helps with the nonprofit’s annual Gathering of Leaders, taking place this week in Boston. “The idea of venture capital for nonprofits still sounds kind of crazy for a lot of people.”
[For more on this story by NationSwell Team, go to http://nationswell.com/new-pro...nding-social-causes/]
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