Inclusive Entrepreneurship

UPDATED: 12 Can’t Miss Sessions at SXSW Interactive 2016

Posted on by Case Foundation

It’s that time of year again: We’re less than a month away from SXSW Interactive—a five-day festival that showcases a mix of digital creativity, emerging technology and unique networking events. With nearly 34,000 participants and countless panels, workshops and sessions, narrowing down your schedule can be a little overwhelming, but our staff of SXSW veterans have put together a list of 12 sessions you can’t miss.

From March 11 through 15, members of the Case Foundation team will be on-site learning about new trends in social good, philanthropy and technology from thought leaders in the sector and leading eight sessions on social good issues, inclusive entrepreneurship, philanthropy, innovation and more that we hope you will join us for:

FRIDAY, MARCH 11

11:00 am: Jean and Steve Case: A Roadmap for Innovators
Austin Convention Center, Room 18ABCD
Join our CEO Jean Case and Chairman Steve Case, two of the world’s most prominent technology pioneers, investors and philanthropists, as they talk with Ben Johnson of Marketplace Tech and share a roadmap for innovators and entrepreneurs who want to change the world.

2:30 pm: Inclusive Entrepreneurship Panel at SoFin @ SXSW
Cooper’s Old Time Pit Bar-B-Que, 217 Congress Ave.
Case Foundation SVP of Communications, Allie Burns, joins a panel at SoFin @ SXSW to explore the subject of inclusive entrepreneurship and why supporting entrepreneurs from under-represented backgrounds is the key to building a stronger future.

SATURDAY, MARCH 12

11:00 am: #Movements: When a Hashtag Breaks the News
W Marriott, Salon C
Our Senior Director of Communications, Jade Floyd, leads a discussion with researchers and journalists on how, in an age where more than half of all Facebook and Twitter users get their news from these sites, powerful hashtags like #BlackLivesMatter, #BringBackOurGirls, #GivingTuesday and more, are able to take over social media and momentous moments in time.

3:00 pm: Village Capital 2016 FinTech Showcase
Maggie Mae’s, 323 E 6th St
Our CEO Jean Case joins our friends at Village Capital as a judge for their pitch competition focused on supporting financial inclusion entrepreneurs from around the US, particularly entrepreneurs from under-represented backgrounds in technology.

SUNDAY, MARCH 13

4:00 pm: #WhatsGoodMixer at SXSW 2016
The Connected Yard, 83 Rainey Street
Hosted by our CEO Jean Case, join CauseMedia Group and What’s Trending for a social good mixer, bringing together nonprofit leaders, social activists, technologists and corporate partners for a look at innovations in social good. You must RSVP for this event. Click here and use password whatsgood to RSVP today.

MONDAY, MARCH 14

1:15 pm: SXgood Stories: Myth of the Entrepreneur
Palm Door on Sixth
The Case Foundation hosts an entertaining and eye opening storytelling session featuring four entrepreneurial thought leaders. These dynamic individuals will each share a brief story about the challenges and opportunities they face as entrepreneurs… but only two will be true, while the other two are false. Will you be able to tell fact from fiction?

2:30 pm: SXgood Lab: The Future of Entrepreneurship presented by the Case Foundation
Palm Door on Sixth Patio
Join the our SVP of Social Innovation, Sheila Herrling, and the Case Foundation for a lively group discussion to inspire ideas for how we can create a new narrative for the future of entrepreneurship together. This session is aimed at crafting actionable concepts for how we can create a more diverse and inclusive reality for our entrepreneurial community. Following the session, join us for a networking happy hour.

3:45 pm: Global Innovation Challenge: Lifting 1 billion people out of poverty presented by USAID
Palm Door on Sixth
USAID is calling on innovators everywhere to help end extreme poverty. Three social entrepreneurs will pitch their ideas to solve global development challenges in an interactive competition, and our CEO Jean Case will be one of the pitch competition judges.

We’re also excited to take part in the many sessions that promise to stretch our minds, inspire our creativity and just have fun, like the three sessions below. Have another can’t miss SXSW session we should know about? Tweet us the details using @CaseFoundation so we can share it with our community.

FRIDAY, MARCH 11

11:00 am: New World of Photography and Visual Storytelling
Hilton Austin Downtown, Salon F
Seasoned National Geographic photographer Joel Sartore has put the reach of modern media platforms to work through Photo Ark, using the power of both traditional and social media on National Geographic’s many publishing platforms to create a connection between animals and the people who can help protect them. Share in this panel’s lessons of making media meaningful, while enjoying amazing photos and videos.

12:30 pm: Social Activism: How to Ignite a Movement
JW Marriot, Salon C
What does it take to transform an idea into a viral movement for social good? Author and researcher Derrick Feldmann has spent the past two years talking with the people behind the biggest social movements of our time. He’ll share their stories and some of their secrets and what you can do to make your cause go viral.

MONDAY, MARCH 14

9:30 am: Tech at Issue in 2016 Election
JW Marriott, Salon 5
With the 2016 presidential campaigns in full swing, we will take a deep dive into how issues around technology and entrepreneurship will impact politics and the presidential election.

TUESDAY, MARCH 15

12:30 pm: Swipe Left or Right: The Latino Millennial Vote
Austin Convention Center, Ballroom EFG
Join Maria Teresa Kumar for a deep dive into the mind of a Latino millennial: why and how they vote and how they’ll shape our political landscape for years to come.

Not headed to SXSW this year? Follow along with the Case Foundation team members on Twitter at @CaseFoundation, @JeanCase, @Sherrling, @AllieB, @JadeFloydDC, and our chairman at @SteveCase.

Photo credit: shelbysdrummond.

Changing the Face of Entrepreneurship

Posted on by Case Foundation

Throughout our nation’s history we have celebrated entrepreneurship as a key to unlocking economic and technologic advancement, seeing ourselves as a country of innovators, discoverers and inventors. And each February we honor the integral role that black history has played in building and strengthening our nation. This week, I am thrilled to be in Miami for Black Tech Week and the launch of our partner PowerMoves’ recent expansion into the region. I can’t think of a better way to honor the role that entrepreneurs of color have played in making America the greatest “startup” ever!

But here’s the rub: when we talk about startups and entrepreneurship today, why is it that we are so hard-pressed to name entrepreneurs of color that made history and shaped our collective future? Why does our collective conscience go to equating “entrepreneur” with a white guy in a hoodie, toiling away alone in his garage, until he has a Eureka moment that changes life as we know it? Myths of the Entrepreneur persist and are perhaps disproportionately holding back entrepreneurs of color when our nation needs them most.

Let’s be reminded of some of the greatest innovations of our time, all led by entrepreneurs of color:

  • The carbon-filament light bulb invented by Lewis Latimer in 1881. Thomas Edison gets all the glow (no pun intended), but Latimer’s filament made it cheaper, more efficient and, therefore, more practical and profitable.
  • The gas mask invented by Garrett A. Morgan, first used in 1916.
  • Blood banks, made possible by the invention of Dr. Charles Richard Drew in 1940, which allowed plasma to be dehydrated and countless lives saved since.
  • Refrigerators, invented by Frederick M. Jones in 1940, modernized farming and shipping, and led to the introduction of modern-day supermarkets.
  • The automatic oil cup for train parts, invented by Elijah McCoy; his design was so superior to the many knock-offs that engineers ordering them asked for “The Real McCoy” (ok – really, how many of you knew that’s where that term came from?!)
  • The potato chip! Invented by George Crum in 1853, the potato chip industry became a billion dollar business, creating a massive amount of jobs and certainly changed my world.

And let’s highlight some modern-day entrepreneurs of color showcasing the power and potential of diversifying the current state of our nation’s entrepreneurship:

  • Publisher John H. Johnson who started both the Ebony and Jet brands and the first African American to appear on the Forbes 400 list.
  • Financier Melody Hobson of Ariel Investments, which today is the largest minority owned investment firm in the world with nearly $11 billion in assets.
  • Hotelier and sports team owner Sheila Johnson, who was co-founder of BET and the first African American female billionaire.
  • Entrepreneur and investor Daymond John who is founder and CEO of FUBU and a judge on the hit show Shark Tank on ABC.
  • CEO Janice Bryant Howroyd of ACT-1 Group, the nation’s largest black female owned business with more than $1.4 billion in revenue.
  • Earl Robinson, CEO of PowerMoves (disclosure: PowerMoves is a grantee of the Case Foundation), which has backed 100 minority-founded companies, raising $27 million in venture capital and creating more than 350 jobs.
  • Kesha Cash, founder of Impact America, investing in underserved communities.
  • And venture capitalist Erik Moore with five exits under his belt and dozens of investments in companies like Zappos.com.

So much history to celebrate. So much to be inspired by. And so much more to do to recognize and realize the full innovation potential of America by leveling the entrepreneurship playing field for all. Connecting social and financial capital to women and entrepreneurs of color who continue to be under-represented and whose success will serve as inspiration to a whole new set of young dreamers looking for role models to whom they can relate. Sadly, today only 3% of venture-backed companies have female CEOs and only 1% have founders of color; Project Diane’s report on the success of African American women in tech is best summarized by Wired as “embarrassing.” Making entrepreneurship more inclusive isn’t about charity or political correctness; it’s about sound business. Research shows that companies in the top quartile for gender, racial and ethnic diversity are more likely to have financial returns above their national industry medians. And in many respects, it’s about restoring the American dream.

The talent, the companies and the opportunities to level the playing field are out there. There just needs to be more intentionality in the discovery and sourcing process. Over the last two days, I’ve seen some of our future nation shapers on stage at PowerMoves Miami launch. Companies like Neurtronic Perpetual Innovations, LISNR, VOO Media Group and Kairos have all each raised more than $5 million with disruptive ideas. Watch out for Virgil, a mobile-first career navigation platform, who today won the Knight Foundation’s Angel Round Pitch Competition, which I had the honor of judging. And please, let’s model the secret sauce of PowerMoves in sourcing successful black female founders – of the 11 (yes, only 11!) black female founders that have raised more than $1 million in outside investment, four of them — Lisa Dyson of Kiverdi, Kellee James of Mercaris, Cheryl Contee of Attentive.ly and Jewel Burks of Partpic (disclosure: Partpic is an investment of our founder Steve Case) — are alumna of the PowerMoves model, collectively raising nearly $50 million in capital.

Join us in our crusade to diversify the face of entrepreneurship. Tell us which entrepreneurs of color are on your radar and what’s standing in the way of unleashing their full potential. Share with us on Twitter at @CaseFoundation using #Ent4All.

An Opposite World for Opposite Day

Posted on by Case Foundation

Today is Opposite Day! Or should we say, today is not Opposite Day…

On this lighthearted day created to celebrate the unorthodox, we give pause and think about how we might apply the same paradoxical principles to our own work in the social sector. We asked ourselves, what would the world look like if a few key things got turned upside down and their opposites became the reality?

What if the majority of investments were Impact Investments?

In the world right now, most investments are still made without considering their environmental and social impact. In fact, of the estimated $212 trillion invested worldwide, only $60 billion has to date been identified as intentionally committed to impact investing. Today, we allow ourselves to imagine if the opposite were true: if essentially all investors sought to not only mitigate negative impact within their investments, but actively invested to improve social and environmental outcomes. What might the world look like if trillions of dollars were unleashed with the dual intent of catalyzing long-term, sustainable social change and making a profit? In this “profit with purpose” climate:

  • Institutional investors would be equipped with the tools to build out diverse, impact portfolios.
  • Individual investors would have a huge pipeline of new businesses to invest in, and impact would factor in to all of our investment options.
  • Fund managers could develop competitive impact funds for all investors.
  • Your entire 401K would be invested to intentionally create stronger communities, more sustainable environmental outcomes, greater social equity, better treatment of employees in all sectors and improved schools and access to education globally.
  • Social businesses would have access to the kind of scale-fueling dollars that allow them to create positive outcomes in communities all over the world.
  • Markets would have the capacity to track financial and social performance bolstering investor confidence.
  • Philanthropic dollars and government efforts would be matched with fully committed capital markets, driven to do more than maximize profits.

In this opposite world, the possibilities seem endless when impact investments are the norm and the private sector is fully harnessed to tackle our most entrenched social issues.

What if the majority of new high-growth startups were lead by diverse teams?

Right now, most companies funded through venture capital are founded by white men, making for a very homogenous startup community that tends to exclude women and entrepreneurs of color. Recent research found that 85 percent of all venture capital–funded businesses have no women on the executive team, only 2.7 percent had a woman CEO and less than one percent have an African-American founder. And yet, a growing library of research suggests that teams with a diversity of race, ethnicity, gender and sexual orientation are more innovative than homogeneous groups, and that diverse companies perform better financially. So what if we flipped these statistics on their head? What if the majority of high-growth companies with venture capital funding were lead by diverse teams of entrepreneurs?

  • Diverse entrepreneurs would have access to valuable social capital through new networks and mentorships.
  • By moving more investments to diverse teams, we would get more successful entrepreneurs who represent diverse communities. This would mean our leaders, investors and entrepreneurial decision-makers would have those same valuable diverse backgrounds and experiences that make their companies successful.
  • More venture capital firms would include women executives and executives of color in the funding decision-making process, which, if similarity bias research holds true, would distribute venture capital funding more evenly among diverse entrepreneurs.
  • A new generation of young entrepreneurs would be inspired, and current women entrepreneurs and entrepreneurs of color may have a chance for funding because they’re being noticed for the first time.

This topic is complicated for many reasons, but one thing is clear: when we have an inclusive entrepreneurial ecosystem, we have more people sitting at the table to help push us forward and innovate, create economic growth and strengthen communities.

What if instead of erring on the side of caution, we all decided to Be Fearless?

Too often today, those of us charged with finding or funding solutions to social challenges — philanthropists, government, nonprofits — seem to be moving too slowly and often operating with the same set of tools, concepts and caution of the generations before us. But what if failure wasn’t a limitation? What if taking risks was the status quo? What kind of world would you imagine?

In this fearless world, we would all:

  • Make big bets and make history – which is what the Levi Strauss Foundation did when it embraced the company’s 160-year pioneering legacy and was able to create an innovative new approach to investing in San Francisco’s rising social change.
  • Experiment early and often – as demonstrated by the Salesforce Foundation, which revolutionized corporate philanthropy through its innovative 1-1-1 model, giving 1 percent product, 1 percent equity and 1 percent employee time for philanthropic purposes.
  • Make Failure matter – just like the Jacobs Family Foundation did when it transformed an abandoned lot, took on an experimental initial public offering and ultimately transformed its business model from traditional grantmaker to place-based funder to maximize impact without sacrificing its core values and mission.
  • Reach beyond our bubble – and follow in the steps of Global Health Corps, which was formed by six diverse strangers with a shared vision to spark and nurture unlikely partnerships among very different young people from around the world to impact global health.
  • Let urgency conquer fear – which compelled the senior leadership team at Share Our Strength to make big bets aimed at ending childhood hunger in America.

When global challenges seem overwhelming, we would set out to create unlikely partnerships, experiment with new thinking and set audacious goals—just like these fearless leaders highlighted above have done.

To build a better world, to make a real difference, we have to take bigger risks, make bigger bets, and fail forward; in short, we have to Be Fearless. These opposite worlds may be hard to imagine, and there are certainly hurdles to get there, but we, along with our partners in each of these areas, are working every day to make them a reality.

Ready to join us? Get started with the Be Fearless Action Guide, which offers step-by-step tools to help you take risks, be bold and fail forward.

Editors Note: On a previous version of this blog post the size of markets estimates quoted from the USSIF and the GIIN were incorrect and have been modified.

The Myth of Failure

Posted on by Case Foundation

The Myth of Failure is the fourth post in the Case Foundation’s Myth of the Entrepreneur series. This series is intended to intentionally examine, and change, the stories our culture tells about entrepreneurship. For more information on the Case Foundation’s approach to the Myth series and Inclusive Entrepreneurship, please check out our introductory piece. We encourage you to join the conversation using #Ent4All on Twitter.

The Myth of the Entrepreneur series is based on research conducted by Michael Chodos, former fellow with the Case Foundation and currently at the Beeck Center for Social Impact & Innovation at Georgetown University, with contributions from Aaron Coleman, former Case Foundation intern.

Failure is a core part of the story of entrepreneurship. Each year about 6 million new businesses start up, but they don’t last long. By five years, half are gone. By 20 years, almost all are gone.

In most of our discussions around entrepreneurship, the genuine agony, trauma and shame around failure is discussed solely as a learning experience and bump on the road to inevitable success. We promote and analyze the building of a startup, but we leave the failure part untouched until the entrepreneur has been successful with another venture. Then, that failure is lauded as an important part of their journey that made them who they are. But why wasn’t that important moment in the entrepreneurial journey something we cared about when the failure actually happened? What are the immediate learnings that could be shared?

At the Case Foundation, we understand the importance of failure. It is baked into our organization’s culture and a key part of our Be Fearless campaign. Failure is an important tool in the innovator’s toolbox. If we expected everyone to get it right on the first try, we wouldn’t have some of the most important inventions and innovations of our time. Many inventions happen incrementally, and many creative figures don’t have success their first time out. Henry Ford, Walt Disney, Steve Jobs, Oprah Winfrey and Steven Spielberg were all fired or rejected early on. Persistence and the ability to build upon past failure are what make breakthroughs happen. (Provigil) As Robert Sofia, a marketing consultant to the Fortune 500, writes, “The way in which we respond to our failures has the power to shape us. If we sulk, falter, and permanently fail, we risk being shaped in a damaging way. If we take specific steps to overcome our failures, learn from them, and improve as a result, they will make us stronger.”

But what about the downside of failure? Failure deeply affects the lives of the entire team, investors, vendors and customers. When a business goes under there are real, live people who lose their employment, families that lose their seed stage investing and entrepreneurs who can be left with overwhelming debt. The stories of why companies shut their doors can be learning opportunities for other ventures, but only if we have a culture that acknowledges that while failure to some degree is inevitable, it is not glorious and absolute failure is something that many entrepreneurs can’t afford.

When looking at the statistics on diversity in entrepreneurship, we must ask ourselves, “Are we setting up some groups to fail more than others? Or are we judging the failure of some entrepreneurs more harshly than others? And by idolizing failure, are we leaving out an entire class of entrepreneurs?” It’s easy to look at statistics like “failed entrepreneurs are far more likely to be successful in their second go-around, provided they try again” and miss the significance of that last part of the sentence – “provided they try again.” Women CEOs and CEOs of color already receive significantly less venture capital than their peers, yet we expect them to bounce back from failure just the same. But diverse entrepreneurs face additional obstacles. Because of the wealth distribution in this country, many families, particularly those of aspiring entrepreneurs of color, do not have the $20,000-$50,000 in “friends and family” funding to start a first venture, let alone a second. And if women are twice as likely as men to shut down their businesses because of lack of capital, we have to consider that factor when searching for ways to support women entrepreneurs during and after their first ventures.

Social science has begun to shed some light on the disproportionate affects diverse entrepreneurs may experience related to failure. Some researchers have begun to associate the stereotype threat, a phenomenon typically assessed in a classroom or test-taking setting, with success in other areas. Stereotype threat posits that if women entrepreneurs know that they are going to be judged more harshly when they’re pitching, they will have a worse performance. We must begin to assess the external biases that affect how we assess, value and judge all entrepreneurs, particularly those that are struggling or have survived a previous failure. And entrepreneurs must look for ways that they can begin to build up networks, mentors and role models that break down these stereotype threats and show they can survive all stages of growing a business, including possible failure.

Failure is not an enemy; it is a learning tool. At a macro level, it can free up workers to become the new team of newly forming entities that will hopefully be more efficient. It can free up entrepreneurs to pursue new ideas. And it can free up investment dollars for future ventures. However, to trivialize failure as some popular stories of entrepreneurship do or to call it a right of passage, it takes away from the seriousness of the risks entrepreneurs and their supporters face.

So the question is, how do we begin discussing failure in such a way that helps to mitigate disaster, while still celebrating entrepreneurial tenacity to overcome barriers and find success when the odds are stacked against them? And how do we ensure that failure doesn’t close the doors on entrepreneurs from particular backgrounds while leaving those doors open for others? At the end of the day, we still love the grit and determination of our entrepreneurial visionaries like Ford and Jobs, but it has to be a path available to all entrepreneurs with innovative ideas, not just the privileged few.

Join the conversation on Twitter at #Ent4All and be sure to check out the full Myth of the Entrepreneur series!

Be Fearless Spotlight: Inner City Advisors and Fund Good Jobs

Posted on by Case Foundation

This Spotlight is authored by guest writer Caitlin Kelly as part of a special blog series by the Case Foundation featuring Be Fearless stories from the field. Follow along with us as we meet people and learn about organizations that are taking risks, being bold and failing forward in their efforts to create transformative change in the social sector.

For Sean Daniel Murphy, interim CEO of Inner City Advisors (ICA) and Managing Director of Fund Good Jobs, what goes around comes around. Murphy credits the mentorship he received early and often with who he is today — a visionary entrepreneur on a mission to help others realize their business goals.

“It always starts with the family values I was fortunate enough to grow up with,” he says. “My parents, aunts and uncles, a lot of people, really looked out for me and I was attracted as a result to change some things that weren’t right in my community. I wasn’t interested in nonprofit work per se, but when my mentor gave me a shot and opened a door for me at 21, he took a chance on me. Now I take a chance on others. Building people is the way I do business.”

In its first two years in existence, Fund Good Jobs, which provides the capital and support small businesses need to grow and create good jobs, has grown into a $2.35 million fund. The Fund has invested in five companies that have created and retained nearly 150 jobs, making a positive economic impact on hundreds of Bay Area residents. Over recent years, Fund Good Jobs’ founding organization, ICA, has overseen the growth of hundreds of local businesses that collectively have generated revenues of over $200 million and that employ more than 2,500 Bay Area residents.

The companies benefiting from Fund Good Jobs traditionally have had difficulty accessing capital, though they are all dedicated to creating what Murphy calls “good jobs.” The “good jobs” movement has grown significantly over the past few years. Murphy defines a “good job” as one that offers pay above a livable wage, provides access to health benefits and wealth building tools like a 401(k) plan, offers “life ladders” — opportunities to rise both personally and professionally — and has a culture that allows employees “to really enjoy” making a living there.

Key to the movement is a focus on small businesses, which are uniquely equipped to create good jobs. They have greater flexibility to hire those who have lacked access to quality employment opportunities. As active members of the community, they tend to hire locally and are less likely to ship jobs overseas. Collectively, thousands of small businesses across the country have the capacity to generate millions of good jobs.

One of the Be Fearless principles Fund Good Jobs demonstrates is being agile and creative in its assessment of risk and the way it structures capital offerings. By deeply engaging with a company, Fund Good Jobs can underwrite deals that traditional lenders and investors won’t touch. “Traditional notions of risk have really been prohibitive for these folks,” Murphy says. By providing “support and capital” to these businesses, he says “they in turn bet on people in their community.” His fund has made five such investments so far, “people I’ve known for four or five years. I know them well beyond their business plan.” And what he seeks in them is a quality that wouldn’t be visible on a typical balance sheet.

“Character is intangible and doesn’t carry as much weight as it could with local banks and local investors,” he says. But Murphy makes smart wagers, seeking out referrals from people whose values he shares, those new business owners working seven days a week and night shifts and the ones guaranteed to be fearless.

Firebrand Artisan Breads in Oakland is one such beneficiary. The new manufacturing plant has hired 45 staff members so far, with 15 more planned. They needed $1.8 million to grow their business, but couldn’t access a loan, stuck in what Murphy calls the “Valley of Death”— loans between $250,000 and $2 million — which are the hardest to obtain. Murphy’s financial acumen allowed Fund Good Jobs to create a capital stack, a combination of local and private investors, as well as a bank. In May 2015, the organization invested $600,000 in Firebrand to finance an expansion of the company’s baking facilities, as well as to help it open retail space at a development in downtown Oakland.

In October, the group finalized a $300,000 investment in Red Bay Coffee to enable it to open a new coffee bar and roasting facility in East Oakland. The two investments prompted an additional $1.6 million of growth capital from partners Murphy found.

Murphy’s board, led by Olukai CEO Jim Harris, encourages risk-taking too, but also offers significant input “to make sure we could continue making the bold bets we’ve made,” says Murphy. “They show us how to block and tackle. They’re constantly looking out for [our] blinders. It’s one thing to be fearless and take risks, but it’s another thing to have someone keep an eye out for you.”

Another Be Fearless principle that drives the work of ICA and Fund Good Jobs is that of reaching beyond one’s bubble. Murphy currently does this by cultivating key partnerships, including with local developer Michael Ghielmetti, founder and president of Signature Development Group. “Michael has been a key supporter of ICA-grown businesses that are creating good jobs in Oakland,” Murphy explains. Signature’s latest development is called The Hive, a retail block that now houses Firebrand Artisan Breads, Red Bay Coffee and Impact Hub Oakland.

“It’s an unlikely partnership because the temptation is to put in traditional tenants,” says Murphy. “But not only is he a supportive landlord, he’s invested in these companies and [has] gotten others to invest. It’s been a different way of doing business.”

Murphy credits Ghielmetti with pursuing community oriented businesses for his latest development. “It looks cool, but it wasn’t a conventional decision on his part. Most developers wouldn’t have partnered with us. When he asks us, ‘Do you need anything else from me?’ those simple questions are a lot bolder than people realize.”

How has Murphy and his team accomplished all of this in such a relatively short amount of time? Urgency is Murphy’s middle name. “I think our team would laugh if we tried to define a time that urgency drove us. We have to learn to balance that. We live at such an urgent pace every day. Our business owners don’t sleep — and we don’t either. It’s nights and weekends, and our relationships reflect that. I talk to our business owners every day at any hour for an advising session, whether that’s midnight or 5:00 a.m., if that’s what they need.”

When investing in underrepresented entrepreneurs or riskier business endeavors, Murphy knows that it takes more than a loan to make a business successful. The entrepreneurs need capital, but they also need social networks and a support system that can walk them through the process of growing their business. This holistic approach to building up businesses and creating good jobs is what sets Fund Good Jobs apart.

Murphy adds, “We have a phrase we use here – ‘Going all in.’ I’m inspired by it every day.”

Feeling inspired? If you’re ready to begin your own Be Fearless journey start by downloading our free Be Fearless Action Guide and Case Studies.

This post is provided for informational and educational purposes only. Any references to companies or investments do not imply endorsement by the Foundation.

The Myth of Combat

Posted on by Case Foundation

The Myth of Combat is the third post in the Case Foundation’s Myth of the Entrepreneur series. This series is intended to intentionally examine, and change, the stories our culture tells about entrepreneurship. For more information on the Case Foundation’s approach to the Myth series and Inclusive Entrepreneurship, please check out our introductory piece. We encourage you to join the conversation using #Ent4All on Twitter.

The Myth of the Entrepreneur series is based on research conducted by Michael Chodos, former fellow with the Case Foundation and currently at the Beeck Center for Social Impact & Innovation at Georgetown University, with contributions from Aaron Coleman, former Case Foundation intern.

There’s no denying the natural draw of drama that comes from a good battle, whether in a sport arena, a courtroom or a theatrical stage — we love to see truth, virtue and value emerge from a defining moment of clash and competition. Think: Monday Night Football, Law & Order, Game of Thrones, The Voice, Hamilton.

So, it’s not entirely surprising that the act of proving worth through this type of “trial by combat” has also become prevalent in the entrepreneurial narrative — largely in the form of the ubiquitous pitch competition. Whether part of mainstream pop culture or down the street at our local accelerator, the dozens of pitch competitions that take place every day deliver one clear message: an entrepreneur’s true worth — and a venture’s true likelihood of success — is proven by how they perform at the pitch competition.

The ultimate example of this narrative plays out on the ever-popular reality TV show, Shark Tank. Contestant entrepreneurs appear in front of world-famous investors who hold the promise of tens of thousands or even a couple million in start-up money. They get the added benefit of face time in front of an at-home audience of nearly 10 million, and if your business and pitch sound right — and you can handle the volley of difficult “gotcha” questions from the investors — you can close a deal right then and there and the audience is left thinking your success is guaranteed.

But in reality, “winning” a pitch competition itself is a small and rare moment in most entrepreneurs’ journeys, and an over-celebration of pitch events runs the risk of perpetuating the myth that it is the only pathway to building a successful, sustainable business. Stories of winning pitch competitions do not ground the success narratives of Oprah Winfrey, Mark Zuckerberg, Lucy Peng or Steve Jobs. In fact, many of today’s most celebrated entrepreneurs would probably tell you that they would likely have lost a pitch competition in the earliest days of their companies (check out Brian Chesky’s Medium post on the many rejections he received on early pitches to raise money for AirBnB).

Building, scaling and sustaining a new business requires more than a “winning” pitch. It requires an entire support system — founders, investors, policymakers, consumers and many others — who can offer the long-term support of the entrepreneur’s dogged pursuit to solve the one problem identified as worthy of immense investments of their own time and treasure. Ecosystem builders like Mara Mentors, Forward Cities, PowerMoves and 1776 understand this; they see the pitch and everything else. For those who have concerns that the pitch competition — and the myth that it is the only path to successfully starting a business — may be disadvantaging women entrepreneurs and entrepreneurs of color, innovations on the model are cropping up. Village Capital has introduced a “peer selection model,” and Springboard Enterprises has its “Dolphin Tank” which, in their words “isn’t… a competition for the best idea, it’s about channeling the expertise of the people in the room to provide connections and advice to help entrepreneurs take the next step.” And crowdfunding platforms are proving to be a more successful onramp for women and minority entrepreneurs. Groups and models like these provide entrepreneurs with access to the collaborative networks and connections they’ll need to scale and solve meaningful problems.

Wins and losses, and the learning that comes from both, are inevitable in entrepreneurship. No doubt pitch competitions can be great forums for showcasing entrepreneurial talent, surfacing new ideas, helping entrepreneurs hone in on their value proposition and generating feedback critical to the constant iteration that is part of building a business — and platforms like Shark Tank are tremendously helpful in raising the profile of entrepreneurs and innovators. My colleague Sheila Herrling and I also recently defended the role of pitch competitions in the nonprofit sector.

But as we seek to broaden the narrative around entrepreneurship it is important that we see beyond the excitement and drama that comes from a no holds barred “business death-match,” to the full scope of developing, nurturing and growing a diverse set of entrepreneurs leading sustainable businesses.

Join the conversation on Twitter at #Ent4All and be sure to check out the full Myth of the Entrepreneur series!

Pampered for Good: Black Friday Gifts That Give Back

Posted on by Case Foundation

This post was contributed by Sarah Hirshorn, intern at the Case Foundation.

With the endless barrage of advertising, sales, and deals, Black Friday can leave you feeling pressured to partake in the buying frenzy that begins after Thanksgiving. Many of us often end up overwhelmed with finding the perfect present for loved ones or ourselves. But hidden among the flat screen TVs and doorbusters, we know the best gifts are not only thoughtful and generous, but also give something back to the causes we care about the most.

To help you direct your holiday shopping needs, we’ve compiled a list of great gift options that also make a positive impact on you and the world. (And, you can order all of these online, so no standing in any lines at midnight, waiting for stores to open!) Whether you are looking to jump start your holiday shopping or treat yourself, we hope these diverse products help you become the toast of all your friends and family!

Don’t forget to share your favorite gifts that give back with us on Twitter or Facebook by using the hashtag #Gifts4Good.

NPR Listening Kit Party: This season, give the gift of listening. The Case Foundation has teamed up with NPR Generation Listen to launch the first ever NPR Listening Party Kit. Inspired by #GivingTuesday, this inaugural kit is giving themed and includes a curated collection of NPR stories that inspire dialogue around why people give, the future of philanthropy and people’s personal stories of giving. You’ll find everything you need to plan and host your own NPR Listening Party—we’ve even included conversation prompts, food and drink recipes and more to make sure your guests have an enriching and entertaining experience. Best of all, it’s free! Sign up now to be the first to get the kit when it debuts on December 1st. Listen for a cause.

100 Good Deeds Bracelets – These beautiful bracelets are designed so that every time you perform a good deed you can move the ring one bead closer to the button. In addition to spreading kindness, these bracelets are made by vulnerable women, many HIV+, who’ve been trained for this work in Uganda, Zambia, South Africa, Rwanda, Haiti, Bali, India and New York. Accessorize for a cause.

Bright Endeavors – Nothing says relaxation like some deep breathes nearby a lit candle. Bright Endeavors trains at risk mothers to craft premium soy candles in a supportive, professional environment. This group is a nonprofit social enterprise of New Moms Inc. that instills confidence, professionalism and responsibility into adolescent mothers. Unwind for a cause.

Cotopaxi – Getting into nature can be good for both mental and physical health. Cotopaxi creates innovative outdoor gear that funds sustainable poverty alleviation and aims to inspire adventure. Their business model enables their grantmaking focused on global poverty alleviation and represents a commitment to sustainable product design and charitable giving. Adventure on for a cause.

Indigenous Clothing – Indigenous clothes are great for your body and are made sustainably. The clothes contain only organic and natural fibers as well as low-impact dyes. In addition, they are certified fair trade so the hardworking individuals who made the clothes are treated with dignity. Dressing in Indigenous clothes and accessories helps you look beautiful inside and out! Dress for a cause.

Miir – Getting your blood pumping with a great bike ride is both exhilarating and good for your health. Miir bicycles are not only stylish, but they also help get bikes into the hands of those that need them most. In much of the world, biking is one of the most practical and affordable forms of transportation and the ability to get from point A to point B efficiently can change a life. Miir works internationally and in the US with partners to give new bikes, train mechanics and buy replacement parts. Bike for a cause.

RxArt– Coloring books are trendy for both youth and adults this Christmas. The Rx coloring book provides a therapeutic outlet for the artist. In addition, RxArt distributes free coloring books to partner hospitals. RxArt is a nonprofit organization whose mission is to help children heal through the extraordinary power of visual art. They commission exceptional contemporary artists to transform sterile healthcare facilities into engaging and inspiring environments full of beauty, humor and comfort. Craft for a cause.

Sweet Beginnings – Sweet Beginnings, LLC makes the family of beelove™ products, an all-natural line of raw honey and honey-infused body care products that are sourced from its natural urban apiary in the heart of the North Lawndale community in Chicago. Even further, Sweet Beginnings offers full-time transitional jobs for formerly incarcerated individuals and others with significant barriers to employment in a green industry. Moisturize for a cause.

S’well – S’well water bottles have been sweeping the market because consumers love that they can keep a beverage cold for 24 hours or hot for twelve hours. The company initially launched in 2010 with the mission to rid the world of plastic bottles. In the US alone, an estimated 50 billion plastic bottles are dumped in landfill sites each year, and over 200 billion globally. Even further, S’well, is a proud supporter of the US Fund for UNICEF, donating $100,000 to help provide clean water to the world’s most vulnerable children. Quench for a cause.

Theo Chocolate – Chocolate is a known source of antioxidants and mood boosting endorphins. Theo Chocolate makes the chocolate eating experience even sweeter because the artisan crafted bars are produced in an ethical and sustainable fashion. Currently, their current suppliers are Norandino in Peru, Esco Kivu in Democratic Republic of Congo (DRC) and Cocabo in Panama. Theo helps these businesses to thrive and succeed. Indulge for a cause.

Tom’s Roasting Company – With Toms, your friend’s morning cup of Joe will work to help individuals who do not have access to safe drinking water. TOMS Roasting Co. purchases support water systems in seven countries – in the same regions where they source their coffee beans. Drink for a cause.

Tory Burch Seed Box – The Tory Burch Foundation empowers women entrepreneurs by providing access to capital, education, networking events and an online resource hub. The Seed Box is one of several initiatives encouraging women to embrace ambition. This box includes a versatile towel, organic tea, watercolor pouch, travel candle and key fob. Enjoy for a cause.

And for the person who has everything already, consider a Network for Good or GlobalGiving gift card. These organizations make it easy to support the nonprofits and causes you care about. A donation to your family and friends’ favorite charities is one of the best gifts of all!

There are many simple and meaningful ways to give back on behalf of Mom, Grandpa or Cousin Stacy this year. Share your favorite gifts that give back with us on Twitter or Facebook using #Gifts4Good.

Build Your BE FEARLESS Style On ReadBeFearless.com