The Echoing Green model has repeatedly proven to be successful at helping emerging social entrepreneurs attract the support they need to be sustainable
New York, NY (PRWEB) August 8, 2007
As the newest example of its twenty year and more than $25 million commitment to social entrepreneurs, Echoing Green announced today its 2007 fellows. The group, selected from among nearly 900 applicants, includes twenty organizations whose founders have crafted breakthrough ideas to confront some of the world's most deeply entrenched social problems. Through their newly created organizations, the fellows aim to spark social change in more than a dozen countries spanning five continents.
Echoing Green is one of the only organizations solely dedicated to investing in early-stage social entrepreneurs. The organization maximizes the likelihood of success for nonprofit innovators by providing up to $90,000 over two years, plus comprehensive technical assistance and consulting support.
Among the most prominent issue areas addressed by the 2007 fellows are redevelopment in New Orleans, energy and water sustainability in the developing world, and education reform. Examples of the social ventures initiated by the 2007 Echoing Green Fellows include:
•U.S. Public Service Academy: Establishing the nation's first public service academy to stand alongside the military academies and focus on preparing young Americans to pursue careers in public service.
•Green Power: Creating affordable hydro-electric power systems owned and operated by rural Kenyan communities that previously did not have access to electricity.
•CentsCity: Building an online virtual city that strengthens young people's ability to become financially savvy adults and increases their possibilities for success.
•Mobile Metrix: Transforming the lives of the world's uncounted poor by employing local youth to use mobile technology to gather demographic data from those living on the margins of society.
•Video Volunteers: Creating a global media industry for disenfranchised communities as a tool to educate, connect, and empower individuals throughout developing nations.
"The bold and creative spirit of these entrepreneurs underscores Echoing Green's commitment to support undiscovered leaders who can make a real difference in our world," said Dr. Cheryl Dorsey, President of Echoing Green. "These fellows come to us with passion and drive; we then provide the early stage funding and vast network of social entrepreneurs to help them secure sustainability and more quickly achieve the impact of their ideas."
Echoing Green was founded in 1987 on the belief that the same entrepreneurial spirit that has driven the U.S. economy can also foster new solutions to complex social problems all over the world. By applying the principles of private investing to the social change sector, Echoing Green has nourished nearly 350 initiatives. A recent study found that fellows have raised close to $1 billion in additional funding, delivering a return on investment of approximately forty-four times Echoing Green's seed funding.
"The Echoing Green model has repeatedly proven to be successful at helping emerging social entrepreneurs attract the support they need to be sustainable," said Dave Hodgson, Managing Director of General Atlantic, LLC and Chairman of the Echoing Green Board of Directors. "Like traditional private equity investors, we are looking for a return. But in the case of Echoing Green investments, the ultimate return is deep and far-reaching positive social change."
Approximately two out of three organizations founded through an Echoing Green investment reach sustainability, and more than 80 percent of the institutions launched since 2000 are still actively pursuing their missions of social change.
The addition of the 2007 fellows brings the Echoing Green global network to almost 450 fellows. With the support of Echoing Green, they have given birth to nationally-recognized organizations such as Teach For America, Working Today, Genocide Intervention Network, the Global Fund for Children, and City Year. In addition to seed capital, Echoing Green provides fellows a range of other benefits, including health insurance, strategic planning support, legal assistance, and financial modeling.
A full description of the 2007 Echoing Green Fellows can be viewed at http://www.echoinggreen.org/2007fellows and a list is attached below.
About Echoing Green
As an angel investor in social entrepreneurship, Echoing Green identifies, funds and supports the worlds most exceptional emerging leaders and the organizations they launch. For more information on the Echoing Green Fellowship program, the 2007 fellows and their organizations, please visit http://www.echoinggreen.org.
2007 Echoing Green Fellows
Gemma Bulos and Kevin Lee
A Single Drop for SafeWater
Puerto Princesa City, Philippines
Matthew Sirolly and Melvin Yee
Advocates for Workers' Economic Rights
Los Angeles, CA
Regional- Africa, Asia and Latin America
Wakiso District, Uganda
St. Louis, MO
English at Work
Equatorial Guinea Rights Network
Equatorial Guinea, Africa
Initiative for Human Rights in Mental Health
New York, NY
Rafiq Kalam Id-Din
KID LLC, A Teaching Firm
New York, NY
Rio de Janeiro, Brazil & San Francisco, CA
New Orleans, LA
Adam Bucko and Taz Tagore
The Reciprocity Foundation, Inc
New York, NY
Resurrection After Exoneration
New Orleans, LA
Diane Geng and Sara Lam
Rural China Education Foundation
U.S. Public Service Academy
Jessica Mayberry and Gavin White