Prosperity, Sisterhood, and Honeybees

Two years ago, in my work as founder of Honeybee Capital, I was trying to describe investing that is truly connected to the world, to the people, to the products and entities that provide meaning and value to our communities. The language I needed was elusive. I examined terms used in the various “integrated health” indices for economies, but Gross National Happiness, while a great broadening from Gross National Product, did not quite hit the mark. Sustainability is also a wonderful term, but I was aiming to describe something even more than that. A type of investing that is regenerative and renewing, thoughtful and full of (dare I say it?) joy.

Prosperity – that is the word that truly describes what I sought.prosperity_opportunities This is a term with both depth and breadth. Prosperity is defined as “to thrive or succeed in a healthy way.” That little word “healthy” is so important – it nods to a more complete view of success, one that includes physical, mental, emotional, and economic well-being; one that extends beyond the individual to include whole families and whole communities. Another layer of meaning is found in the root words – Latin terms for “hope” and “fortune” are, quite literally, the roots of prosperity. So Prosperity is success, yes – but it’s healthy success, broad-based and full of hope.

It was right around this time that I met Prosperity Catalyst, the nonprofit, and Prosperity Candle, the sister enterprise that serves as product marketing specialist. Siiri Morley, the Executive Director, presented to the Pipeline Fellowship, a women’s angel investor training network, where I was a member. So right from the start, we were united by the idea of women helping other women. Actually, much more than that – women investing in other women, and in their prosperity.

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Prosperity Catalyst does not come by its name lightly – it earns that name every day, in the work of all who are connected with the group. The organization trains women to run their own businesses. Prosperity Candle, the sister organization, provides the direct link to the market for the Catalyst’s women to sell their creations, ensuring that all of that training and production is both useful and use-able. With this model, Prosperity links locally-focused training and business leadership to broader global markets. This is not an isolated process of training for training’s sake, but a strategy that melds strategic and tactical. Plus, the candles are so beautiful! Siiri and her team helped me to plan the first-ever corporate gift for Honeybee Capital, a beautiful beeswax candle.

The light from those candles is lovely, steady and clear – but it is nothing compared to another sort of light I see coming from Prosperity Catalyst. The most important element I have come to appreciate in this organization is a subtle one: it’s how their program and the people involved are modeling leadership in a powerful and different way. Siiri and the entire Prosperity Catalyst team demonstrate leadership that is bold and attention-grabbing – while also service-oriented and nuanced. They are effective and efficient – and still deeply human. They are determined and devoted – while embracing flexibility and creativity. This is the kind of leadership I want to see in the world.

For all of these reasons, I am delighted to be able to support Prosperity Catalyst. I hope you will join me.

katherineKatherine Collins is Founder and CEO of Honeybee Capital, and author of the forthcoming book, The Nature of Investing.  After a long and successful career in traditional equity management, Katherine set out to integrate her investment philosophy with the broader world by traveling as a pilgrim and volunteer, earning her MTS degree at Harvard Divinity School, and studying the natural world as guide for investing to add value in an integrated way, beneficial to our portfolios, to our communities, and to our planet.  

See more about Katherine’s work at www.honeybeecapital.com or follow her on Twitter @honeybeecap.

 

Our Young Selves: Learning, Serving and Celebrating

With the new school year approaching, I’m thinking about fresh starts—for my 15-year-old daughter and for me. She and her peers seem interested in volunteering, but I wonder if it’s more about building a college résumé than offering community service. A study last year reports that the Millennial generation (roughly ages 18-29) actually volunteers and donates more than any previous one. The trick is connecting a young person to a community need that resonates, prompting a lifetime of service and an enthusiasm for giving back.

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The Young Woman’s Guide is a nice start. Aimed at women and girls ages 15-35, YWG provides educational opportunities, partners mentors/mentees, and works on a global scale. I also love DoSomething.org, a site devoted to helping those 25 or younger (nearly 2 million at last count) to “kick ass on causes they care about.” (If, like me, you’re “old” by their standards, their Old People FAQ gives us some ageless guidance on how to start volunteering.)

A recent Women 2.0 article underscores the urgency of training young women to give, contribute, and lead. Now at 40% ownership, women are anticipated to launch a full 50% of the 9.72 million new businesses expected in the U.S. by 2018. That’s just five years from now. Maybe my daughter won’t be thinking about finding a job but, rather, becoming one of the many women creating a company of her own.

These are exciting times for women, young and “old” (ahem, over 26).

 

Young Women Funding Social Impact

Catalytic Women gathered in San Francisco in June to hear three experts talk about engaging younger women who are defining their own ways of giving back. While I may not be of this generation, it was such a treat to hear from them and to feel their energy. This is my favoriate audience for our work – the enthusiasm, creativity and optimism is absolutely infectious.

Our panelists were, likewise, three dynamic young women:

L.Volftsun

Lana Volftsun

Lana made clear some of the obstacles for giving that younger donors face:

  1. Affordability. So many images of “philanthropy” are of older donors, often men, making very large gifts. This is ironic for 3 reasons: women make most giving decisions; the cumulative impact of individuals giving at modest levels now can be so much more significant than a single, large legacy gift; and few of us see ourselves as able to make million dollar donations.
  2. Knowledge. With over 1.5 million nonprofits in the U.S., thinking about finding the best fit is downright daunting. It can be hard to know where to start.
  3. Impact. We all want to know that our dollars, at whatever level of giving, make a difference. Sounds so simple, but it’s not.
Erin Geiger

Erin Geiger

I’m a big fan of the “dumb question” – I find it opens dialogue by making it OK for others to admit not knowing it all. Erin answered mine: What is the definition of a Millennial? And, as expected, lots of others jumped in to ask their own questions. None were dumb.

Millennials are between 18 and 25 years old. Next Gen seems to have a broader interpretation, including Gen X and Gen Y. Panelists agreed that these latter tags relate more to life experience and association than to quantitative standards.

We heard other illuminating answers to words commonly used in discussing social impact. Not surprisingly, these answers led to some of the vehicles that young women are using to engage as donors and social investors.

  • Microfinance is a platform, a portal, between those of us interested in making smaller gifts (or loans) and those living in poverty without access to banks and traditional financial resources.
  • Crowdfunding is an online platform where many people can support a single project.
  • A giving circle is the reverse: a group where many people work collaboratively to find one or several organizations to support.
  • Impact investing creates both a return on investment (ROI) and a positive social and/or environmental impact.
  • Impact considers a company or organization’s ability to create positive benefits that are social (e.g. provide jobs or affordable housing) or environmental (such as sustainable land use or clean energy).

Affordability

Leigh Moran

Leigh Moran

Leigh shared Calvert Foundation’s philosophy of changing the way that capital flows: it is not mutually exclusive to raise money from investors and to deploy it for social impact across the global. Their Community Investment Note allows an individual to invest as little as $20 in creating a financial and social return.

One Percent Foundation has the goal of mobilizing Millennials to give just that: 1% of their income. This September they will launch new giving circles – and Catalytic Women is excited to be partnering with them.

Knowledge

Younger donors aren’t the only ones struggling with learning about options for impact and building financial confidence in how to fund change in the world around us. As Leigh put it, one of their goals is for Millennials to see themselves as investors. By offering ways to invest in causes that are a person’s passion, through initiatives like WIN_WIN_RGB_2inches-1Women Investing in Women (WIN-WIN) and Engaging Diaspora Communities, Calvert Foundation is exploring ways to engage some of the largest groups of potential funders: young adults, diaspora communities with a common origin in a geographic region, and women.

Camp Start Up, Kiva’s summer program launched this year in partnership with Independent Means, provides financial education to young adults and inspires social entrepreneurship. At either end of the spectrum – extreme poverty or extreme wealth – it can be difficult to discuss money.

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DoSomething.org is the largest network in the U.S. educating and mobilizing teens for social impact. Why wait until we feel that we have enough to give? All the better if we can start that education earlier (or, in my case, help my daughter build her financial confidence and impact).

Impact

One participate asked, If an investment can be made in either a nonprofit or for-profit enterprise, what’s the difference between an investment and a donation? As more giirs-logohybrid options become available, this line seems to blur. Perhaps the larger question is, does it matter? Yet the metrics used to evaluate social impact, such as Global Impact Investing Rating System (GIIRS) and IRIS, are a good place for us to create awareness about impact in any kind of funding for social change.

Storytelling is a powerful way to engage and create impact. One young woman told of a call from her alma mater telling her she was a VIP among alumni donors. She wondered how this could be, with the modest amount that she gave. Yet others were giving less; to them, she was an example of action and impact.

Act

How can young women fund social impact? Their options are available to us all. Here were some of the many possibilities that emerged from the conversation with our experts:

  1. Invest a small amount and get hooked. Put as little as $20 into a Community Investment Note through Calvert Foundation or take $25 to start a lending team with Kiva.
  2. Tell your story. Even better if you tell your story in your own voice – take a video on your phone and post it to Facebook or LinkedIn.
  3. Connect with others around giving. Join a giving circle to meet other women who give, or bring a giving circle – like One Percent Foundation or Catalytic Women’s giving circles – to another group, like a professional network.

Catalytic Women has resources on all the above. Just email me at melanie@catalyticwomen.com and we’ll point you in the right direction for making your own, personal impact in your own way.

5 Steps to Impact Investing With a Gender Lens

Two weeks ago in Boston I had the extraordinary pleasure of hearing from three women I admire greatly: Jackie VanderBrug, Siiri Morley and Cheryl Kiser. They spoke about the complexities of social impact at a Catalytic Women event. Their perspectives spanned the full range of engagement in social impact.

In this emerging field of social entrepreneurs and gender lens investments, I see the smartest people I know struggling with definitions and metrics and models. It’s confusing — and exciting. The opportunities have never been better for women. I’m jumping in.

Care to join me? Here are a few, easy steps to help you start, from our experts who spoke to a group of Catalytic Women on May 2 in Boston.

  1. Be the brand. Women make most consumer purchases and each dollar we spend has an impact. Leverage your power when you shop. Look for products made by women. Have you seen Prosperity Candle’s beautiful selection of gifts for self and others? Siiri spoke of the women who create these products and use candle-making as a business to lift themselves out of poverty in some of the world’s harshest places. Jackie also told a story of looking for a special purchase for herself and taking the time online to find a source that has a positive impact on its community. The Internet has never made this easier.
  2. Focus your philanthropy. Jackie’s US Trust and Boston’s own The Philanthropic Initiative have a High Impact Giving Guide focused on gender lens philanthropy. She also spoke about a Monitor Institute/Packard Foundation report on enterprise philanthropy. Prosperity Catalyst, the nonprofit sister organization led by Siiri, is creating a special hands-on learning community for donors who support their work at $5,000 as Founding Catalyzers (perfect for Catalytic Women!) and will have opportunities to see the impact the organization makes in reducing poverty.
  3. Invest in a woman entrepreneur. Prosperity Candle is funding a royalties program so that their global women candle makers have inventory and supply expenses covered, minimizing their initial outlay of $20,000. Kiva and Catapult offer microloans to women around the world starting with as little as $20. WINWIN (a fund of Calvert Investments), WAGES (US Trust Investment for Women and Girls Equality Strategy), and the Raise for Women Crowdrise challenge allow investments in women entrepreneurs. Join Pipeline FellowshipAstia Angel or Golden Seeds to invest seed funding to women-led startups.
  4. Leverage your company’s giving and marketing funds. Make the case in your own business or to your corporate leaders: devote a percentage of your company’s philanthropic budget towards social enterprises with shared values; create marketing partnerships with companies looking to shift the gift and create more meaningful event and corporate swag; or invest in programs that train social entrepreneurs, like the Social Innovation Lab at Babson College.
  5. Ask questions. No one has all the answers in this space of social enterprise, impact and gender lens investing. And only a minority of financial advisors are familiar with these tools for ROI with a social benefit. If clients aren’t asking, advisors have no reason to learn. Ask your wealth manager: What is the impact of my portfolio on women and girls?

A bit more about the experts who offer these strategies…

C.Kiser

Cheryl Kiser, as head of The Lewis Institute for Social Innovation and Babson Social Innovation Lab, knows the challenges of becoming (or not) a social entrepreneur.

S.Morley

Siiri Morley brings experience as a founding team member of social enterprise Prosperity Candle and nonprofit Prosperity Catalyst, and spoke of the risks and benefits of these contrasting for/non-profit business models for social impact.

J.Vanderbrug

Jackie VanderBrug, as an early leader in gender lens investing and in her new role leading social investing strategies at US Trust, explained the myriad ways to invest in enterprises run by women, benefiting women, or both.

And let me know where your journey into gender lens investing and supporting social entrepreneurs leads you — or how Catalytic Women’s network and resources can help.

Women Who Create, Disrupt and Collaborate

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Big problems require lots of people (and resources) looking for patterns of disruption. Yet traditional philanthropy tends to be risk averse. This can be a conundrum — one that women may be particularly well positioned to solve.

Women now own most wealth in the U.S. and make most giving decisions. I believe we can be a bit curious about investments with a social impact, new models for social impact and, especially, creativity and disruption. Evidently, I’m not alone.

I recently read two articles, both in the Harvard Business Review, on women challenging the status quo. Tara Mohr (entrepreneur, author and member of Catalytic Women) spoke about the challenges of “good girls” (Haven’t we all been, or wanted to be, at some time or another??) learning to be disruptive.

And what about Mukti Khaire’s new Harvard MBA course about Creative High-Impact Ventures profiling entrepreneurs who changed the world in six “culture industries”: fashion, publishing, art/architecture/design, film, music, and food. Perhaps social entrepreneurs have a lot in common with serial entrepreneurs, who must persist until they succeed.

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Collaboration plays into creativity and disruption in a big way. Khaire talks about the 4Cs. “Commentary influences Culture, which influences what we Consume, which is influenced by what is actually out there in the market [Commerce]. If you can shift one of these elements you can actually create a new market.” Her HBS colleague and author Amy Edmondson says “using thoughtful design to solve big problems in the world… I became interested in how people come together and work together to innovate, to problem-solve, to do better things.”

If you’re looking for ways to collaborate for social impact, here are a few ideas:

  • Be part of a collaborative event — let us create a panel on your favorite issue or organization, or come listen & learn.
  • Join the only nationwide network of women funding social impact at any level and to every issue area. It’s free.
  • Help financial advisors create the content that women want on leveraging their wealth, intellect and values.
  • Attend an upcoming event on social impact. (See the full calendar in our members’ only online library.)
  • Think like a serial entrepreneur and create disruptive change. Share your story of creating change. (Read some of our favorite articles on disruptive women, below.)
  • Read more ideas on collaborating

I’m looking forward to collaborating with you to innovate, problem-solve, create and disrupt.

High-Leverage Giving and Impact Investing

What a treat to hear our panel discussion on Impact Investing and Strategic Philanthropy! We had a great turnout for our October Live Event in Silicon Valley, and the conversation was both enlightening and and enlivened. Many thanks to our Guest Speakers Safia Kryger-Nelson and Kim Wright-Violich for leading everyone through through a topic so important and relevant to Women Philantropists.

Safia Kryger-Nelson, Senior Account Manager of ImpactAssets, talked about safiaopportunities to blend giving vehicles with impact investing, creating triple-bottom-line impact for your philanthropic dollars. Safia oversees the growth of ImpactAssets’ Giving Fund, a unique donor advised fund that multiplies the impact of current grantmaking with tailored investments that work for maximum social and environmental benefit—while also earning a return to increase future giving potential.

K.ViolichKim Wright-Violich is principal of a consulting practice focused on philanthropic and social sector consulting, and former CEO/President of Schwab Charitable. She shared practical insights from teaching UC Berkeley undergraduates to become strategic donors in the highly rated Cal Strategic Philanthropyclass, as well as from her extensive career developing donor-advised funds and tools to engage philanthropists at all levels.

Women have significant financial influence—she makes most of the giving and spending decisions, and owns the majority of assets—and a woman makes decisions about wealth differently. Regardless of a her income or assets, she can make an impact on an issue, and is likely to bring her values and family into decisions around wealth.

As we convene women in Silicon Valley, Boston and elsewhere who are looking for innovations in philanthropy, let us know your interests. This event is the first of two pilot programs this fall for Women Giving Under the Radarwith the Center for Nonprofit and Public Leadership at the University of California Haas School of Business. The Center offers social sector solutions and develops the next generation of leaders. LinkedIn was our host for this event.

Women Giving Under the Radar is exactly the kind of unique event that Catalytic Women creates to convene women thought leaders who are redefining what it means to have and share wealth. Future topics may include leadership and nonprofit boards, giving/investing hybrids, entrepreneurial philanthropy, women in politics, gender lens investing, women’s economic power, and giving to women. What’s your interest? I welcome your ideas—indeed, rely upon them—as we create new programs for women like us.