Jacqueline Novogratz (Acumen): When to Listen, When to Lead
Mar 20, 2024
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Jacqueline Novogratz shares her journey from investment banking to creating Acumen, delivering over $100 million to help low-income communities worldwide. She discusses empowering women in Africa, the transformative power of listening in leadership, and advocating for a more equitable capitalist system prioritizing social impact over profit.
Transitioned from investment banking to create Acumen, raising funds for global social enterprises.
Balancing generosity with accountability is key to revolutionizing capitalism for human welfare.
Moral imagination in leadership involves empathetic listening and decisive action for societal transformation.
Deep dives
Jacqueline Novogratz's Journey from Investment Banking to Philanthropy
Jacqueline Novogratz transitioned from a career in investment banking to creating Acumen, a nonprofit that raises money to fund social enterprises globally. Having witnessed interconnectedness in Rwanda, she applied principles from her banking career to empower communities with Acumen's investments in healthcare, solar energy, and businesses supporting low-income individuals.
Early Life and Inspirations Shaping Jacqueline's Path
Coming from a military family and inspired by women saints who lived and fought for ideas, Jacqueline was instilled with a sense of responsibility to contribute positively. Despite parental expectations for self-sufficiency, her journey included compromise in academic pursuits and eventually led to a career in business with an altruistic mission.
Challenges and Transformations in Acumen's Initiatives
Starting with microfinance initiatives for underserved women in Rwanda, Jacqueline encountered initial failures that spurred necessary learnings in humility and understanding. By cultivating empathy and accountability, Acumen evolved into making substantial investments in social enterprises aimed at sustainable impacts in education, healthcare, agriculture, and clean energy.
Redefining Capitalism for Greater Social Impact
Seeking to revolutionize capitalism's focus from profit to human and environmental welfare, Jacqueline emphasizes the importance of balancing generosity with accountability. Acumen's approach emphasizes empowering low-income individuals through investments that foster community capabilities and provide tangible opportunities for growth, advocating for a more equitable and humane capitalist system.
The Power of Moral Imagination and Listening in Leadership
Jacqueline underlines the power of moral imagination in leadership, urging individuals to empathetically engage with diverse perspectives and prioritize humanity over profit. Encouraging active listening and discernment to lead effectively, she believes that a balance between listening and taking decisive action fosters sustainable solutions and societal transformations.
Adapting to Global Challenges and Accelerated Innovations
Amidst the COVID-19 crisis, Acumen's entrepreneurial partners have showcased rapid adaptability and purpose-driven decisions to address pressing social needs. Jacqueline envisions a future where businesses, governments, and academia prioritize purpose, people, and the planet, catalyzing systemic changes towards a more compassionate and sustainable society.
When the COO of Chase Bank told Jacqueline Novogratz that she had the potential for a high level career at Chase, she knew she had to quit her job. She continued to use the skills she learned from investment banking, and used them to change the way the world sees capitalism and philanthropy. Today Acumen has delivered more than 100 million dollars in loans, grants, and investments to projects and businesses that help low income people around the world.
It's little wonder that as a child Jacqueline Novogratz was drawn to the stories of saints--or, rather, "narratives about women who directed their own lives," as she tells Guy Raz in this conversation from 2020 (reprised, fittingly, during a month that honors the power and history of women).
