Inspiring Capital

We help investors and donors have more impact for less money. And get to know great new people and ideas.

[inspiringcapital]

Kicking off #ImpInvNYC!

Last night 100+ New Yorkers gathered in SoHo for the first of many NYC Impact Investing community events.  The energy and enthusiasm was contagious as this smart, talented group of people discussed Impact Investing as “a powerful new way to change the world.”  The networking was anchored by some of the field’s top professionals sharing thoughts on the current state of impact investing, advice for career switchers, and more, including words from:

Pip Deely, SFC Associates

Nell Derick Debevoise, Inspiring Capital

Jennifer Field, Gerson Lehrman Group


Giselle Leung, GIIN

Abhilash Mudaliar, GIIN


Folake Oguntebi, ImpactAssets


Joe Silver, Imprint Capital


John Walker, Columbia Business School

Here are some of highlights for those who couldn’t attend (from the live Twitter feed @inspiringcap #impinvNYC)

General Thoughts

@RoCgracek

Tonight’s meetup: encouraging to meet impact investors & entrepreneurs who want to make a difference in this crazy world #impinvny

@InspiringCap

At tonight’s #impinvNY event we have #socent @PatrickFromuth who is funding and rebuilding an orphanage in #haiti #impinv

@InspiringCap

Joe Silver of Imprint Capital on advising for buy side #impinv : big spectrum of impact and financial return #impinvNY

@InspiringCap

Giselle Leung of @theGIIN on how #impinv work speaks to both the power of leveraging biz approaches and doing good in the world #impinvNY

  On Challenges in the Space

@S3IDF

MT @InspiringCap @118Capital on building a portfolio of early #socent cos. biggest challenge: turning momentum into $ #impinvNY #socinn

@InspiringCap

@IAimpactassets Dir. of Marketing: we are lowering the minimum of #impinvproducts so that individual donors can participate #ImpInvNY

@InspiringCap

@NFFSocialImpact on biggest challenge for #impinvNY: understanding capital needs of social sector and facilitating flow to it

  Thoughts for Career Switchers

@InspiringCap

#impinv #jobs Tip: @theGIIN has a #career database on their website and they are hiring! #impinvNY

 @InspiringCap

@theGIIN tip: be thoughtful about your passion in the space, think about your skills and interests and be articulate! #impinv #impinvNY!

Stay tuned for our yet-to-be-announced September NYC Impact Investing Event! In the meantime, join our Meetup group so you’re sure to get the next invitation. And use #ImpInvNYC on Twitter to share great resources, news, and events in the Impact Investing space! (http://www.meetup.com/New-York-Impact-Investing/)

Big thanks to our event organizers Nell Derick Debevoise, Pip Deely, and John Walker!

[inspiringcapital]

Wanted: Rockstar social entrepreneurs

I had the pleasure of attending the Nexus Global Youth Summit at the UN this week, as a speaker on the Frontiers of Impact Investing panel. We had a fantastic discussion with a room jam packed of talent, energy, and enthusiasm for the use of financial capital to change the world. Exhilarating! 

In the next panel I attended on entrepreneurship, also jampacked, and masterfully moderated by Tabreez Verjee, with the insights of Rachael Chong of Catchafire, Seth Bannon of Amicus, and Saad Khan of CMEA. Among a number of interesting points raised by the group and discussed, one particularly stuck out to me: We (may) need more ego-driven social entrepreneurs who pursue personal fame and so increase the visibility of the field.

The first question Tabreez fielded was "What single venture / entrepreneur has been the most impactful on society?" Replies included Thomas Edison, Bill Gates and Microsoft, and BRAC. Seth then asked who in the room could name the founder of Facebook (everyone) and BRAC and only one hand went up (proud that it was the hand of Marilia Bezerra, Inspiring Capital advisor and friend).

This dramatically made the point that social entrepreneurs don't tend to be spotlight-seekers in the same way that 'traditional' business entrepreneurs do. Marilia's very valid point was that BRAC's success is not due to Fazle Hasan Abed (yes, that's the founder of BRAC) as an individual, but to 10s of thousands of employees, plus partners, funders, and clients of the organization's vast efforts over time. 

The counterpoint that while of course no organization rests on a single person's shoulders, smart, successful, charismatic individuals can be very motivating sources of inspiration for young people considering various career paths. And while there are many such people in 'traditional' business, entertainment, and even politics (fewer!), there are few if any visible social enterprise 'rockstars'.

Do we need to encourage or build such profiles? Or would we regret it? 

[inspiringcapital]

TGIF: a 360 friend

It has been a wonderful week for Inspiring Capital, and so there were many people I could thank today, and am indeed sending my gratitude! But my weekly thanks go to a 360 friend: someone with whom I easily spend hours chatting and laughing about the grittiest details of my business, as well as the joys and challenges of relationships past, present, and future; global travel; work and life styles; and plenty else in between. This despite having spent relatively little time together in the relatively short time we've known each other.

I was introduced to this wonderful woman by another professional contact-turned-friend. Neither of us was exactly sure what the connector had in mind, but made time for lunch. It didn't take long to fall into a very natural and comfortable exchange of ideas and thoughts, and indeed start brainstorming projects and ventures that we'd like to explore together. The discussions have continued, and get deeper and more comprehensive with time. 

I'm grateful to have been connected to this new friend, and for her openness and willingness to get to know me and support my work. And I am also grateful that there are people as smart, ambitious, well-connected, and thoughtful as her who have such a deep commitment to positive social change. 

[inspiringcapital]

A welcome addition to the NYC impact investing scene

I was thrilled to see that Investors' Circle is establishing a local network here in New York. The only (that I - or they - know of) formalized impact-only angel network in the country, Investors' Circle, has an impressive range of programs and has invested $172 million in 271 ventures, which have raised $4B of follow-on funding. They consider the sector of activity as the primary factor in choosing entrepreneurs to pitch, which offers a pragmatic, action-focused, if somewhat qualitative way to get money to great early stage ventures. 

They do monthly pitch nights in the cities where they have chapters (Durham and Philadelphia, with NY and SF coming online now), as well as larger networking and matchmaking events. They also had a fellowship program to train MBAs in impact investing, but had to discontinue that given its significant administrative cost. Of course, there's an online platform that all members have access to, as well as regular calls with general sector discussion and specific consideration of a given deal.

Their first meeting in New York was standing room only, attended by 60+ investors who are considering joining. We're proud that New York showed Investors' Circle such a warm welcome: good confirmation that there are lots of impact dollars in this city looking for a good home! 

[inspiringcapital]

TGIF: Serendipity!

This week's gratitude is dedicated to an inanimate force that I've been particularly aware of this week: serendipity, or unexpected but fortunate events. Ever since I found out that chocolate chip cookies are the result of just such an accident (no, really!), I've had a real appreciation of serendipity. It has been especially noticeable this week. 

I went to an event that a client invited me to, celebrating the (hopefully game-changing) approval of B Corps status in Delaware, where nearly half of all US private corporations are registered. As I got ice water at the bar (to fight the record-breaking NYC heat), a senior gentleman approached the bar, and asked me why I was at the event. We chatted about Inspiring Capital, my vision for autonomous and efficient social enterprises (rather than grant-dependent non-profits), before finally introducing ourselves. 

Not only was my random new acquaintance the man that my client had most come to see, but also Alan Patricof: an idol and icon for any entrepreneur with a passion for the power of wise investing.

Of course, I had the relationships to know about the event, made the effort to attend, and done the work to have stories to engage my idol in conversation. (In other words, my lucky serendipity was facilitated by years of practice.)

Nonetheless, I am grateful to the forces responsible for this and countless other serendipitous encounters that I have always allowed to shape my work and life.

[inspiringcapital]

Lean Impact: Productivity tips for social entrepreneurs

I co-hosted my first Twitter chat yesterday, under the able guidance of the Lean Impact team, who's been leading a Lean Impact chat every Wednesday at 2 pm EST for the last few months. It was a great experience: we had useful as well as friendly / funny discussion. If you're interested, see the full transcript, thanks to Yangbo Du, and more importantly, follow #leanimpact now and next Wednesday 2-3 pm EST to join in the conversation!

Take-aways

1) Trello: I've already fallen in love with this freeware to build to-do lists that are so much more. And eminently share-able. And free! 

2) Prioritization of tasks was identified by the group as a crucial skill to master, whether by organizing your day in the morning and checking in hourly (see Peter Bregman's 18 Minutes) or making a list and crossing out all but the top 3 most important tasks... See the transcript for more great points on this topic.

3) Tomato time: http://tomato-timer.com/ will help you manage your time and energy, with 25 minute work periods followed by 5 minute breaks. (And the full pomodoro method calls for a long 10 min break every four 30-minute cycles.) Going to try this one tomorrow! 

4) Afternoon lull: many of us lamented the 'afternoon lull,' and suggested tips from meditation to an episode of The Daily Show to exercise to a peanut butter and jelly sandwich! 

[inspiringcapital]

TGIF: A reliable and effective champion of me

TGIF, remember? Thank goodness I've Friends! I met this week's object of my gratitude at a Meetup last winter referred to me by a b-school classmate. Robert was the speaker, and presented his long strategic efforts to get mainstream investors aware of and bought into Triple Bottom Line investing. Most of us had not heard of him or his organization because of TBLI's focus in Europe (until their fabulous first NYC conference in June), as well as mainstream commercial investors rather than the 'tribe' of impact investors, CSR professionals, or social entrepreneurs. This choice makes Robert's work a steeper uphill battle, but with a markedly higher upside in terms of the impact he has when he does convince a client or partner of the logic and potential of Triple Bottom Line Investing.

When I sent Robert a LinkedIn request after the Meetup, he replied with an apology for having provided what he felt was an inadequate response to my question about professional opportunities in the field. We met for coffee before he went back to Amsterdam, and had a great chat about his career and vision and my own aspirations. He made several recommendations of individuals whom I should meet (and introductions), and included me in the preparations for the first TBLI conference to be held in New York. 

The conference was outstanding, as I wrote in June, and the people that Robert has connected me to have been uniformly helpful, smart, and optimistically ambitious about the future of triple bottom line investing in the mainstream as well as the smaller, faster-moving niche of social entrepreneurship. I even had the chance to meet Robert's wife and son, and hear about his wife Rieki's incredible social tourism project in Bhutan, including an upscale eco hotel and vocational hotel school.

The benefits just keep coming - I had two fantastic calls with outstanding women that Robert insisted I connect with yesterday, both of which I am confident will yield some rewarding, educational, and fun work! I am so grateful to have been embraced by Robert and the TBLI community, and look forward to getting more involved and active in their work. Next stop: TBLI Zurich in November... 

[inspiringcapital]

You can't help ventures there from here... Or can you?

I helped moderate the latest in the Spark Workshop series put on by the Social Enterprise Program at Columbia Business School. It's a great concept that brings together people from the Columbia community and beyond with a shared interest in a given topic or venture in the social enterprise space. Rather than highlighting a single speaker, Spark workshops allow all participants to share their experience and learn from others. 

Our theme was International Social Enterprise (details on moderators etc here). The first group I moderated, of the investors in the room, decided that the most compelling topic for them to discuss was "What can I do from the US to support social entrepreneurs working abroad?" We remixed the groups (originally divided into early and late stage social entrepreneurs, supporting actors, and investors) to ensure diverse perspectives on this question. 

Here are our TAKE-AWAYS (keep reading below for the backstory if you're interested):

1) Social entrepreneurs need to be clear with their investors: are they looking for donations or investment to grow the business? And remember that all seed stage investment is essentially a contribution! Most for-profit businesses don't make it beyond that stage either to return investors' money. 

2) Social enterprise is all about marketing: customize the blend of your product's benefits and its socially responsible aspects to match your customers' interests.

3) The most powerful mentors or advisors share the entrepreneur's big picture view about the business's mission. They also have some understanding or experience of the context in which the business operates.

4) There are strings attached to all types of money (whether donations, family loans, equity investments, etc), but they are different. Know what you're getting into and what will be expected of you in return!

BACKSTORY:

We were lucky to have a social entrepreneur visiting from India (Pragati of Chockriti: fine chocolates from New Delhi) so we used her as a case to explore the issues. What we found was that there are two main ways in which people in the room could help entrepreneurs like Pragati: money and knowledge. These answers weren't surprising to any of us, but we were able to learn a bit more about how we could contribute those resources more effectively. 

KNOWLEDGE Pragati explained how important it was that mentors and advisors 1) have the same vision for the business, with a triple bottom line, pursuing financial profits but also accounting for its impact on the people and planet that it touches. And 2) an understanding of the unique challenges in the context where she's working (a village near New Delhi). Without this alignment and understanding, it's hard for Pragati to integrate advisors' well-meaning advice.

MONEY Of course, this is where the conversation really got interesting. Pragati was very honest about her struggle to decide the best financing model for her business. She is breaking even and sees opportunities to expand that would improve profitability. But the family money she has been using so far to build Chockriti aren't enough to get to that next level. However, she hesitates to promise returns or give away part of her business to take investments. She is getting revenue from customers, which is always a great sign, and using that to build the business, but it's not enough to really grow.

Pragati mentioned several times the option of getting donations, whether cash or in-kind gifts of equipment or supplies she needs. She also talked about bank loans, and offering chocolate as a 'return' for individual investors who provided capital. 

For the potential investors, 'traditional' entrepreneurs, and other supporters of social enterprise in the group, this blend of forms of capital and return was uncomfortable. There was a general preference for clarity around a business's identity (for- or not-for-profit) and therefore they type of funding they request (donations or investment). This sentiment may explain why it is difficult for hybrid organizations to really gain traction, or maybe it's just a matter of time? 

The important take-away for Pragati was that while it's of course scary to accept investment money or debt capital, and it's not right for everyone, an infusion of cash can offer huge potential for the business to grow. She could simply buy adequate lighting for her chocolate studio, and personal protection so her female employees to get to and from work safely, without waiting for someone to donate these items. That is the power of social finance: it affords social enterprise leaders the autonomy to get the resources they know they need to optimize their business operations. Let the social capital flow! 

[inspiringcapital]

Is the social enterprise trend dangerous for women?

I visited the Venture for America training camp at Brown this week, and was duly impressed - great program (read more here), awesome staff and above all, more than 100 outstanding fellows! However, 3/4 were biologically 'fellows' too. Only 17 of this year's 68 VFA fellows are women.

We heard a few hypotheses from the staff about why they're so far from a 50/50 class, including: women are worried about safety in VFA cities (Cincinnati, Detroit, etc); women think they have to be engineers to apply; and women are looking for social enterprise jobs and aren't willing to work for a business-minded for-profit.

This final theory is the one that stuck with me. It reminded me of research presented in Women Don't Ask, which shows that the majority of the pay gap between male and female MBAs' salaries 10 years after graduation can be attributed to men asking for more money at every evaluation and women not asking.

The connection I drew between these salary negotiations and young women's strong preference for a non-profit employer is that perhaps women's relationship with money has become so unhealthy that we aren't even comfortable asking for money from our customers for our employers. Even if it's just an implicit ask, by virtue of taking a job at a for-profit company.

There are many issues in the emergent social enterprise space about money: can you solicit donations for a business? Aren't seed stage investments basically 'donations' (write-offs) anyway? Should social entrepreneurs earn private sector or non-profit salaries? What level of profit is acceptable for a B Corp or a for-profit social enterprise? 

And now, overlaying the gender issue with these money-related concerns, I have two questions:

Is the social enterprise trend dangerous to women, because it will encourage them to continue to undervalue their work, only now in a for-profit context withOUT the safety net of donations (easier to solicit than salary or customer prices) to support their efforts and organizations?

And/or will the greater proportion of women leading social enterprises (compared to traditional enterprises) be an obstacle for the financial viability of the sector, by perpetuating a trend of pro bono and low bono services, cost-plus low-end pricing, and sacrifice of bottom line for optimal performance and quality? I treasure the nature of social enterprises, concerned with profit AND their implications for the people and planet they touch. BUT there is a great need in the sector to protect the financial considerations of each venture to ensure that it is able to become a viable and so sustainable business. Will women's reluctance to ask for adequate cash for them and their businesses get in the way of that progress? 

Clearly, women offer great value to the social enterprise sector, but to optimize that value, it is important to consider all aspects of this involvement. Just as men's involvement could threaten a social enterprise's commitment to mission based on traditional 'male' qualities of being cold and analytic.

I know these are controversial points, but I feel strongly that it is important to discuss such points honestly if we are to do the best for each other and the next generation of entrepreneurs and investors. Plus, don't you always enjoy an intelligent debate? 

[inspiringcapital]

A promising example of cross-sector replication

I had the chance to check out Venture for America's (VFA) training camp at Brown today. I know the Teach for America model (on which VFA is based) fairly well, and met VFA founder Andrew Yang at the Social Innovation Summit this spring. A business school classmate has gotten involved with VFA this spring as a judge and donor, and brought me to Providence with her to see the 2013 fellows being trained, as well as a midterm session for the 2012 fellows.

VFA recruits top college grads who would otherwise be seduced into finance, law, or consulting careers. They host them for an intense 5 week training and match them with jobs in startups in American cities that lack the robust entrepreneurship infrastructure of NYC or Silicon Valley. The startups pay their $38,000 (more or less) salary, and VFA provides ongoing guidance throughout the two years of fellowship. VFA's hope is that its fellows will gain the skills, motivation, and connections to establish their own startups during or after the fellowship, contributing to the 100,000 jobs the organization aims to help create by 2025.

A team from McKinsey did a great job with the new fellows, though a few fellows confirmed our speculation that it was probably an odd experience to be 'trained' by people essentially their age doing the very jobs that the fellows chose not to do. Anyhow, the consultants facilitated an interactive workshop about basic workplace success tools to help the fellows contribute valuably to the startups they'll join in a few weeks. They integrated VFA Founder Andrew Yang's commitment to fellows learning an 'owner's mentality,' working for and thinking about the startup as though they were the founder. 

The VFA team managed the second year fellows on their own, reflecting the organization's ample and talented team with tangible commitment to the mission and empowerment from Andrew and the board. Indeed, we learned that staff members attend board meetings, which struck me as a great way to ensure alignment within a young organization. The group of 2012 fellows had a different feel, thanks to their year of 'real world' experience at their startups, and also as the first-ever VFA fellows. 

David Rose, of New York Angels, Gust, and Singularity University, came to speak to the new and old fellows.

A primary theme that came up over the day (which ended in a full-on New England lobster bake, complete with steamers and corn on the cob) was the ratio of young men and women in the program. There are 17 women out of 68 2013 fellows, and the first class had an even lower percentage. VFA is aware of this challenge, and keen to right the balance to 50/50. They haven't quite cracked it, but mentioned a few contributing factors:

- Female candidates think there's a technical background required for the positions. (Not true: there are many business development, sales, and strategy opportunities too.)

- Young women are more intimidated by the idea of living in VFA cities like Detroit, New Orleans, and Cincinnati because of safety. (I don't give this theory much credence, given an internship program I know of in Palestine that has 80% female applicants.)

- Women want to work for non-profits and drop out of the selection process (or never apply) when they learn that VFA would place them in a for-profit startup. (THIS is the issue I really want to dig in to... more in a second post.)

In the meantime, I wish VFA and the 2013 fellows the very best and look forward to engaging more with the organization. 

Take-aways:

1) Staff attending board meetings is a great tool for mission and vision alignment for social enterprises, especially in early days.

2) We still have a lot of work to do encouraging young women to work for and establish startups.

3) Entrepreneurship (and supporting entrepreneurs by working at startups) is something that we need to be teaching, for the good of the American economy.

[inspiringcapital]

What a joy to start Sunday in Union Chapel in Oak Bluffs, even in 90+ degree heat. First of all because its a gorgeous old octagonal building that houses an elegantly and harmoniously diverse spiritual community. But today in particular, we were blessed by the presence of Margaret Marshall, former Chief Justice of the Massachusetts Supreme Court, as well as Harvard General Counsel and sundry other impressive titles. Being South African born and the former president of that country's national student union (in the 60s!), she spoke today about Nelson Mandela's laudable commitment to the rule of law. I won't attempt to recreate her eloquence on that subject, just entreat you to watch this video she cited. "Music and dancing is what makes me at peace with the world. And myself." Nelson Mandela on stage with Johnny Clegg, 1999.

[inspiringcapital]

TGIF: the beauty of efficient collaboration

Someone I didn't manage to meet at last month's Triple Bottom Line Investing conference rescheduled our call earlier in the week for 8:30 this morning. I was a bit reticent to accept, but agreed. Then about 8:33 this morning, I wished I hadn't and got skeptical. But just a minute later, my phone rang. And I'm so glad it did. The person who connected us is a great connector, in terms of quality not quantity, making relevant and timely introductions. Both of us commented on that at the start of the call, and agreed at the end that he had done it again. After a quick exchange of our respective July 4th celebrations, my new acquaintance smoothly proceeded to a refreshingly clear and concise overview of her work and next steps. I did my best to return the favor, seemingly with success, given her questions and suggestions for next steps. Fifteen minutes very well spent not only defining potential collaboration and next steps, but also the shameful uselessness of so many drawn out and redundant 'partnership' discussions. I look forward to further contact and cooperation with someone so ready and willing to get stuff done. Together, and efficiently!

[inspiringcapital]

Nonprofits working themselves out of business: as it should be!

Adam Quinton, founder of Lucas Point Ventures, explained his involvement with Astia and investment philanthropy as follows: I invest in women because I'll make more money that way. Businesses with at least woman on the founding team have a slower burn rate, higher growth rates, and faster times to profitability.

His opening was apt for the About Astia event, introducing Astia's work to a room full of New York entrepreneurs and investors (current or aspiring). Astia is a global network that works in three pillars: a non-profit that supports women's success in high-growth businesses; an angel network to invest in early stage women-led high-growth businesses; and a venture fund that invests in women-led businesses in high-growth sectors.

Catherine Berman, Astia's Senior VP for entrepreneur programs, won me over when she explained first that they aspire to be 50/50 in everything they do. Because Astia is not a women's network, it is a network of people who recognize the value in changing the current 95/5 distribution of venture capital dollars to men vs women. 

And then, the clincher: she explained that Astia aspires to work itself out of business within 10 years because venture money and opportunity will be equally distributed between men and women at that point. How refreshing to hear a non-profit organization designed and operating as they should be: highly strategic, impactful organizations designed to fix a problem in a limited amount of time and then close down and/or move on to a new problem. 

Go Astia - I look forward to hearing a lot from you throughout the decade, and then absolutely nothing! 

[inspiringcapital]

TOMS responds to "fair criticism"

I was thrilled to see (thanks Cone!) that TOMS has made a commitment to manufacture 1/3 of their shoes in the countries where they donate the 'give' pair of their buy-one-give-one model. 

This decision was presumably largely or entirely a response to the widespread criticism of TOMS for failing to develop (or even damaging) emerging economies by giving away imported shoes, thereby distorting the local market. The free TOMS shoes are distributed for free in an African community, making business for local stores like the one below, even harder than it would be otherwise.

Founder Blake Mycoskie explained that he has had a great deal of trouble with their supply chain over the years. Indeed, it's not easy to manufacture in emerging markets, with limited infrastructure, available materials, and myriad other challenges of a nascent economy. However, it is do-able. And with TOMS lofty goals and monstrous success, it is only right that the company take on these challenges.

Mycoskie is wise to respond to this popular critique of his model, about which he said, "I think that it’s a fair criticism,” in his Huffington Post announcement about the new commitment to in-country production. As Cone explained, it is rare - and so refreshing and valuable - for a company (for-profit or non) to listen to critics and then react accordingly. And most of all, to publicly acknowledge and discuss that failure.

No one is perfect and we don't expect companies to be. But particularly in the unforgiving world of social enterprise, we all have to show that we're trying as hard as we can to do the best we can. Always. 

[inspiringcapital]

TGIF: Role models

This week's Thank Goodness I've Friends appreciates two women who I can't exactly call friends, but to whom I'm definitely grateful. Indeed, the first, I'll never meet as she tragically lost a battle to cancer. I learned about Ann Richards through Holland Taylor's masterful Ann on Broadway this week. 

Taylor's performance seems to have impeccably captured Richards' commitment to public service, smart wit, upbeat resilience, and vibrant belief in women's ability to do anything, just like her Daddy told her she could. Though the author and only actor in the one-woman show shared a disclaimer at the end that her play's message was "no more political than a play about Amelia Earhart would be about aviation," Taylor as Richards offered a rousing call to the audience to get involved in government, at the very least by voting. 

The show, which closed with an outstanding Q&A with Gloria Steinem, was the perfect set up for a breakfast the next morning that I had agreed to attend for a London Business School classmate on the host committee. It was a fundraiser for Reshma Saujani's campaign for City Advocate.

The Women in the World post (read it!) does a magnificent job of summarizing the inspiring contributions that Reshma's circle of champions shared. None of which, by the way, eulogized Reshma, at the candidate's explicit request. Instead, they talked about sisterhood: women helping women, picking each other up and walking the last hard mile together. The room was packed with accomplished and beautiful women of all ages and races, gathered by an illustrious host committee, just to mention a few: Diana Taylor of Wolfensohn & Co, Natalia Oberti Noguera of the Pipeline Fellowship, Alexandra Wilkis Wilson of Gilt Groupe, Janet Hanson of 85 Broads, Caroline Ghosn and Tiffany Dufu of the Levo League, Jill Iscol of the Hummingbird Foundation, Kelly Hoey who's Forbes top 5 women changing VC, Cali Yost of Work/Life Fit... and the list goes on. 

I was obediently tweeting the #sisterhood hashtag within 10 minutes of these women spreading this good vibe, easily leading one to imagine what a Reshma administration would look and feel like. And I'm having a call with the campaign's finance chair Monday to see how I can help it happen. Check her out: http://www.reshmafornewyork.com/ and get on board. (Men, you're invited to support the #sisterhood too!)

So thank you, Ann and Reshma, for offering me and other women and citizens around New York, Texas, and beyond an inspiring example of how and why we should be leading our communities. It's no one else's future more than yours.

[inspiringcapital]

The Road Less Traveled

Although I should be planting flowers on my terrace and cutting fruit for a party Sunday, or at the gym, or at least sleeping in, I am looking forward to heading down to the financial district early Saturday for the Forte MBA Women's Leadership Conference. By another feat of LinkedIn, the organizer reached out and asked me to speak to participants on a panel about "The Road Less Traveled".

I didn't hesitate when Forte asked me to contribute my Saturday morning to their event for two reasons. First, I love the organization, whose mission is "to launch women into fulfilling, significant careers through access to business education, opportunities, and a community of successful women". They offer scholarships enhanced by a host of other services and mentorship for women in full-time MBA programs. They also host great events, on- and offline (watch some past Forte events here), for women of all ages and across sectors. These efforts are important.

While I am not a Lean In missionary (details are for a separate post), I do feel strongly that MBA programs are an important sphere of power where women remain tragically underrepresented. Particularly in Executive MBA programs, targeting more senior professionals, like the one I did at Columbia and London Business Schools, women are a small minority of the class. Ours was one of the more balanced cohorts with 25% women.

As we have learned - though not acted on - diversity on boards (including more women than the 16.6% US average) improves corporate performance. Given that a large part of the value of MBAs (especially Executive programs, whose students have more experience to share) is learning from peers' experience and backgrounds, it is in everyone's interest to have more women contributing to those discussions. Unfortunately, on a 'traditional' female lifeline, Executive MBA timing directly overlaps with prime childrearing years, and pregnancy and infancy are not easily compatible with 20+ hours of class and schoolwork on top of a full-time job. I'm honored to be part of Forte's work bringing attention to these challenges and encouraging women to pursue MBAs, seeking help from schools, employers, and family members along the way.

The second reason that I am looking forward to Saturday's panel is the topic of discussion: taking the "road less traveled" after completing an MBA. It is important for business-minded (and trained) people to go into "non-traditional" MBA fields like non-profit, social enterprise, and impact investing. These organizations need forward-looking and agile strategy, efficient operations, and masterful leadership perhaps even more than traditional businesses, since they don't heap financial bonuses on top performers.

Since women are particularly likely to be attracted to those sectors, I am eager to spread the word that an MBA is a very relevant qualification for such jobs, despite popular ideas to the contrary. Thank you, Forte, for the invitation, and more importantly for the work you do all year round! 

[inspiringcapital]

TGIF: Hani Masri

My Thank Goodness this week is that I've this wonderful friend and mentor, who I met serendipitously almost 6 years ago, and have worked, traveled, and played with ever since. He has taught me more than probably any one else about people, business, and the good life. 

We have traveled thousands of miles, hosted events, drank many bottles of (very good) wine, met dozens of potential and eventual partners, made myriad plans (some carried out, others abandoned), talked business, talked life, and politics, from Washington to Jerusalem.

And perhaps most significantly, I've had the pleasure of helping him to establish Tomorrow's Youth Organization: a truly game-changing venture for kids and women in the Middle East. 

Thank you, Sir, and shukran iktir. Here's to a whole lot more wine, accomplishment, adventure, and fulfillment!