Here's a switch: Big hedge funders going nonprofit (CNBC, December 30, 2013) New Profit partner, Marci Spector, is mentioned as one of the young people who “made the jump” from working at a hedge fund to joining the nonprofit sector. “Spector, now 34, learned how to evaluate the health of companies and their leadership teams while working as a healthcare analyst at hedge fund firm Perry Capital from 2004 to 2006. She left to get a master's degree from the Harvard School of Public Health and joined New Profit in 2008, a non-profit. The Boston-based group works like a venture capital firm for other non-profits--like Teach for America and charter school group KIPP--by investing in them and helping them scale.”
The untold story on upward mobility (The Hill, January 24, 2014) America Forward’s Deb Smolover and Shirley Sagawa argue that our country needs a new vision to fight poverty, and recommend programs based on bipartisan principles of innovation, results, accountability, and public-private collaboration. The article served to urge the President to assume the role of Social-Entrepreneur-in-Chief during his State of the Union address: “We hope that President Obama will highlight them [the programs] in the State of the Union and work to solidify them during his remaining time in office.”
An Ex-Offender Who Is Forging a New Path (The New York Times, January 26, 2014) As part of The New York Times' "Room for Debate" section, a New Profit Managing Partner, Kim Syman, weighs in on who the President should invite to the 2014 State of the Union. She tells the story of Derik Gilmore, who was formerly incarcerated, yet is now thriving in his job at a restaurant thanks to his training by the Roca program. "Gilmore is making strides against recidivism, which is a destructive force in low-income communities. His story is about transformation, which would be a great theme for President Obama to focus on as he attempts to bridge the partisan divide on poverty." New Profit is a proud funder of Roca.
New Profit is among the funders that provide grants to Roca, an organization that helps high-risk youth escape cycles of repeat arrests, joblessness and homelessness. New Profit's involvement with Roca and its Pay for Success initiative is mentioned in the following articles:
Massachusetts Launches Landmark Initiative to Reduce Recidivism Among At-Risk Youth (Third Sector Capital, January 29, 2014)
$27 million state program to fund Roca outreach program in Greater Springfield and Greater Boston (Mass Live, January 29, 2014)
Social Impact Bonds to Fund Program to Reduce Recidivism (Nonprofit Quarterly, January 29, 2014)
The Biggest Social Impact Bond In The U.S. Will Keep At-Risk Young Men In Jobs And Out Of Prison (Fast Company/Co.EXIST, February 3, 2014)
Goldman Sachs, hedge fund billionaire back $27M social impact bond (CNBC, January 30, 2014)
Roca to prepare 300 Western Massachusetts young men for work, avoidance of crime, through unique state-funded program (Mass Live, February 4, 2014)
State’s social innovation financing is thorny legal matter (Boston Business Journal, February 4, 2014)
Biggest 'Social Impact Bond' In The U.S. Targets Stubborn Recidivism (Forbes, February 7, 2014)
Public-private partnerships show new way to pay for success (Boston Globe, February 5, 2014) In this Op-ed by New Profit Managing Director Tripp Jones, he describes the Massachusetts Juvenile Justice Pay for Success Initiative, a seven-year, $27 million effort to expand Roca services, backed by New Profit along with Third Sector Capital Partners, Goldman Sachs, The Kresge Foundation, Living Cities, and The Boston Foundation. "The impact potential of this initiative is real and significant, and the Pay for Success angle is unique. This approach involves a fundamental change in the way we finance social service programs, which are under huge stress in this era of tight budgets."
World’s Greatest Leaders: 9 Dynamic Duos (Fortune/CNNMoney, March 20, 2014) New Profit Founder and Managing Director Vanessa Kirsch and her husband, Alan Khazei of Be The Change, Inc. are named one of the “World’s Greatest Leaders: 9 dynamic duos.” Says the piece, by Erika Fry “Leadership is often described as a lonely and solitary pursuit, but that’s not always the case. Here are just a few dynamic duos—some married, some just partners in crime—that prove there can be room for two at the top.”
Vanessa Kirsch’s Venture-Capital Mindset is Changing Philanthropy (BizWomen, March 24, 2014) Vanessa Kirsch is profiled on Bizwomen.com, a new national online publication from American City Business Journals, covering the interests of women in all kinds of businesses, from Fortune 100 companies to startups.