The Buffalo News reported that a $650,000 check in 2008 from the Community Health Foundation of Western and Central New York for a new program to assist the frail elderly in Cattaraugus County came with a caveat: Trustees of the foundation wanted the money back, with interest.
A single grant of that size was beyond the capacity of the foundation, so trustees decided instead to make it a loan.
The money allowed Community Care of Western New York to launch a program that will keep more than 200 rural elderly people safely in their homes. Without it, the project probably would have stalled.
"It would not have opened without us, and what is a really promising model for elder care in a rural community would have been lost," said Ann Monroe, foundation president.
Increasingly, foundations in Western New York and across the country are turning to loans, loan guarantees and other measures as a way to aid needy nonprofit organizations without giving away the store.
The John R. Oishei Foundation, the area's largest private foundation, currently has more than $12 million — nearly 4 percent of its $280 million asset base — being used in this fashion. And at least two other local foundations, the Margaret L. Wendt Foundation and the Joy Family Foundation, have experimented with alternative financing.
Known as "program-related investments," or more popularly "PRIs," the loans and loan guarantees are serving a dual purpose for foundations hammered by stock market losses in 2008.
PRIs, like grants, put money toward projects that might not otherwise get off the ground. Read more here.
Monday, May 24, 2010
Monday, April 26, 2010
6 qualities of successful social entrepreneurs
As related in The Nonprofit Times e-mail newsletter:
So, what makes a successful social entrepreneur? In his book “How to Change the World,” David Bornstein disputes the common assumption that highly successful entrepreneurs are more confident and persistent than most others.
Instead, he found that what distinguishes successful social entrepreneurs is the quality of their motivation; they were the ones who were most determined to achieve a long-term goal that was deeply meaningful to them.
With this, he sets out six qualities of highly successful social entrepreneurs.:
Willingness to self-correct. Inclination to self-correct stems from the attachment to a goal rather than to a particular approach or plan.
Willingness to share credit. A willingness to share credit lies along the “critical path” to success, because the more credit entrepreneurs share the more people will want to help them.
Willingness to break free of established structures. By doing this, entrepreneurs can gain the freedom to act and the distance to see beyond orthodoxy in their fields.
Willingness to cross disciplinary boundaries. Independence from established structures not only helps social entrepreneurs break free of prevailing assumptions but also gives them latitude to combine resources in new ways.
Willingness to work quietly. Many social entrepreneurs spend decades steadily advancing their ideas.
Strong ethical impetus. At some moment in their lives, social entrepreneurs get it into their heads that it is up to them to solve a particular problem.
So, what makes a successful social entrepreneur? In his book “How to Change the World,” David Bornstein disputes the common assumption that highly successful entrepreneurs are more confident and persistent than most others.
Instead, he found that what distinguishes successful social entrepreneurs is the quality of their motivation; they were the ones who were most determined to achieve a long-term goal that was deeply meaningful to them.
With this, he sets out six qualities of highly successful social entrepreneurs.:
Willingness to self-correct. Inclination to self-correct stems from the attachment to a goal rather than to a particular approach or plan.
Willingness to share credit. A willingness to share credit lies along the “critical path” to success, because the more credit entrepreneurs share the more people will want to help them.
Willingness to break free of established structures. By doing this, entrepreneurs can gain the freedom to act and the distance to see beyond orthodoxy in their fields.
Willingness to cross disciplinary boundaries. Independence from established structures not only helps social entrepreneurs break free of prevailing assumptions but also gives them latitude to combine resources in new ways.
Willingness to work quietly. Many social entrepreneurs spend decades steadily advancing their ideas.
Strong ethical impetus. At some moment in their lives, social entrepreneurs get it into their heads that it is up to them to solve a particular problem.
Sunday, April 4, 2010
Entrepreneur to hear business pitches on Quadby Kevin Tampone
John Liddy, entrepreneur in residence at the Tech Garden in downtown Syracuse, will spend a few hours Tuesday afternoon handing out cash on the Syracuse University Quad.
Students will have to earn the money though.
Liddy will listen to business ideas from any student and hand out vouchers for $5 in cash. Students must show up to an event for young entrepreneurs scheduled for April 28 at the Tech Garden to claim the money.
And the idea must be real, says Paul Brooks, vice president for entrepreneurship programs at the Tech Garden. Liddy will vet the concepts and only distribute the cash vouchers to students with top ideas.
The April 28 event will bring together student entrepreneurs from various SU schools, investors, and potential mentors for a program on entrepreneurship and emerging companies, Brooks says.
Liddy will be on the Quad from noon to 2:30 p.m.
Students will have to earn the money though.
Liddy will listen to business ideas from any student and hand out vouchers for $5 in cash. Students must show up to an event for young entrepreneurs scheduled for April 28 at the Tech Garden to claim the money.
And the idea must be real, says Paul Brooks, vice president for entrepreneurship programs at the Tech Garden. Liddy will vet the concepts and only distribute the cash vouchers to students with top ideas.
The April 28 event will bring together student entrepreneurs from various SU schools, investors, and potential mentors for a program on entrepreneurship and emerging companies, Brooks says.
Liddy will be on the Quad from noon to 2:30 p.m.
Tuesday, March 16, 2010
New York Entrepreneur Week April 12-16
New York Entrepreneur Week (NYEW) is a non-profit movement formed around a single belief: entrepreneurs change the world. And now is the time for entrepreneurs who have the will and drive to prove they can achieve anything, to stand up and come together in New York State for another groundbreaking NYEW event.
With over 100 speakers from 40 cities, 15 states and 3 continents, NYEW unites the state’s diverse entrepreneurial community; giving you the opportunity to connect with and learn from New York’s best and brightest entrepreneurs who are relentless, driven and dedicated to improving your business and the economy. View the full agenda here.
New York Entrepreneur Week encompasses five days of innovative and hyper-targeted events, including:
* Inspiring keynote speeches from recognized business leaders
* Riveting panels delivering relevant mission-critical advice
* The flagship RELENTLESS business plan competition
With over 100 speakers from 40 cities, 15 states and 3 continents, NYEW unites the state’s diverse entrepreneurial community; giving you the opportunity to connect with and learn from New York’s best and brightest entrepreneurs who are relentless, driven and dedicated to improving your business and the economy. View the full agenda here.
New York Entrepreneur Week encompasses five days of innovative and hyper-targeted events, including:
* Inspiring keynote speeches from recognized business leaders
* Riveting panels delivering relevant mission-critical advice
* The flagship RELENTLESS business plan competition
Monday, March 15, 2010
Need Ideas for Your Venture? How About Recycling Soap?
Here is a great example of an entrepreneurial start up that an individual developed. Although this is a stand alone nonprofit, tourism-focused nonprofits could have (or maybe still can) developed this type of program and partnership with local accomodations. Here is some info from a recent article:
Children in earthquake-devastated Haiti may already be washing their hands with Mickey Mouse soap from a Walt Disney World hotel.
The giant Disney resort recently signed on with Clean the World Foundation Inc., a year-old nonprofit group that hopes to improve hygiene in impoverished parts of the world by recycling soap and shampoo from tens of thousands of local and out-of-state hotel rooms.
The nonprofit group collects the used toiletries, which hotels previously tossed in the trash, sanitizes them and then redistributes them to people in need around the world. Read more here.
Look at your organization. What opportunities do you have, or can you create with your partners or supporters? Have your own ideas? Share them here.
Children in earthquake-devastated Haiti may already be washing their hands with Mickey Mouse soap from a Walt Disney World hotel.
The giant Disney resort recently signed on with Clean the World Foundation Inc., a year-old nonprofit group that hopes to improve hygiene in impoverished parts of the world by recycling soap and shampoo from tens of thousands of local and out-of-state hotel rooms.
The nonprofit group collects the used toiletries, which hotels previously tossed in the trash, sanitizes them and then redistributes them to people in need around the world. Read more here.
Look at your organization. What opportunities do you have, or can you create with your partners or supporters? Have your own ideas? Share them here.
Sunday, February 14, 2010
Southern Oregon Historical Society Looks to the Past for a Future
The NY Time reported on this Historical Society's plans to sell some of its historic properties. As the article relates:
They say economic collapse is what froze this place in time, a gold rush relic all but abandoned when the railroad passed it by. Decades later, that chance preservation positioned Jacksonville to benefit from new interest in the past. Boutiques moved to quaint California Street. Californians soon moved to town.
The U.S. Hotel building in Jacksonville, Ore., is one of the 19th-century buildings that a historical society has proposed selling. A high-end housing development, Nunan Square, is a recent addition to the historic town.
History sells, but now Jacksonville may learn that, the hard way.
The Southern Oregon Historical Society, which controls five of the most prominent historic properties in a town that is itself a historic district, has proposed selling some of the sites as a way to prevent the organization’s own economic collapse. After changes in state and county tax policies left it without a clear revenue stream in the 1990s and several short-term measures since then have run their course, the society says it is essentially out of money.
Last September, the society shut down the Jacksonville Museum, housed in a former courthouse from the 1880s. It has also closed the rectory of a local Roman Catholic church, built in the 1860s, and Beekman Bank, which still houses scales used to weigh gold. The rectory and the bank, as well as the U.S. Hotel, built in the 1880s, are among the properties the society said it hoped to sell. Read more here.
This is a trend across the country. Museums and cultural organizations have found themselves in the position of multiple properties with no way to sustain them, let alone maintain them. With facilities literally bleeding these organizations dry, what other alternatives do they have? Have your comments on this article? Share them here.
They say economic collapse is what froze this place in time, a gold rush relic all but abandoned when the railroad passed it by. Decades later, that chance preservation positioned Jacksonville to benefit from new interest in the past. Boutiques moved to quaint California Street. Californians soon moved to town.
The U.S. Hotel building in Jacksonville, Ore., is one of the 19th-century buildings that a historical society has proposed selling. A high-end housing development, Nunan Square, is a recent addition to the historic town.
History sells, but now Jacksonville may learn that, the hard way.
The Southern Oregon Historical Society, which controls five of the most prominent historic properties in a town that is itself a historic district, has proposed selling some of the sites as a way to prevent the organization’s own economic collapse. After changes in state and county tax policies left it without a clear revenue stream in the 1990s and several short-term measures since then have run their course, the society says it is essentially out of money.
Last September, the society shut down the Jacksonville Museum, housed in a former courthouse from the 1880s. It has also closed the rectory of a local Roman Catholic church, built in the 1860s, and Beekman Bank, which still houses scales used to weigh gold. The rectory and the bank, as well as the U.S. Hotel, built in the 1880s, are among the properties the society said it hoped to sell. Read more here.
This is a trend across the country. Museums and cultural organizations have found themselves in the position of multiple properties with no way to sustain them, let alone maintain them. With facilities literally bleeding these organizations dry, what other alternatives do they have? Have your comments on this article? Share them here.
Friday, February 5, 2010
New nonprofit aims to spark growing firms
The Central NY Business Journal reported that a new nonprofit group has launched to encourage the development and growth of more small, innovative companies in upstate New York.
The organization, Upstate Venture Connect, aims to increase connections among mentors, entrepreneurs, and those interested in working for young, growth-oriented firms. Group leaders also want to spark more collaboration among business groups, universities, and economic development organizations.
Upstate New York isn't likely to generate major job growth by attracting large companies that will hire hundreds or thousands of people, says Martin Babinec, founder and chairman of Upstate Venture Connect, which started in January.
"That's yesterday's industrial model," he says. "But it's not reality with the way things currently work."
A better path, Babinec says, is to focus on developing numerous smaller companies. The group will concentrate on firms that can attract private-equity financing since they tend to be those with the best shot at growth. Read more here.
The organization, Upstate Venture Connect, aims to increase connections among mentors, entrepreneurs, and those interested in working for young, growth-oriented firms. Group leaders also want to spark more collaboration among business groups, universities, and economic development organizations.
Upstate New York isn't likely to generate major job growth by attracting large companies that will hire hundreds or thousands of people, says Martin Babinec, founder and chairman of Upstate Venture Connect, which started in January.
"That's yesterday's industrial model," he says. "But it's not reality with the way things currently work."
A better path, Babinec says, is to focus on developing numerous smaller companies. The group will concentrate on firms that can attract private-equity financing since they tend to be those with the best shot at growth. Read more here.
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