S6E9: Jacqueline Novogratz, MBA ’91, on The Role of Storytelling in Investing
Jun 29, 2023
54:41
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Quick takeaways
Jacqueline Novogratz emphasizes the power of storytelling in fostering change and enabling individuals to share their own narratives.
Poverty is not just about income but encompasses a lack of choice, opportunity, agency, and dignity.
Deep dives
Importance of Developing Moral Courage Amid Technological Acceleration
In the midst of rapid technological advancement, the crucial need for consciousness and compassion towards one another is emphasized. There is a call to ensure that moral courage evolves in tandem with technological acceleration to navigate the challenges of our rapidly changing world.
Impact of Upbringing on Entrepreneurial Spirit
Growing up in a large and resourceful family played a significant role in shaping the entrepreneurial spirit. The experience of communal care and responsibility, along with overcoming challenges to acquire desired goods, instilled resourcefulness and entrepreneurship among siblings.
Transition from Wall Street to Africa for Social Impact
Despite a successful career on Wall Street, the decision to shift focus towards social impact in Africa stemmed from a desire to utilize acquired skills for meaningful change. Witnessing economic exclusion in Latin America propelled the transition towards extending financial tools to marginalized communities.
Redefining Dignity and Capitalism through Acumen's Model
The concept of dignity, beyond mere wealth, emerges as a vital element in addressing poverty and inequality. Acumen's approach advocates for a balance between capitalism and dignity-driven systems to foster empowerment and agency among underserved populations, revolutionizing the traditional notions of philanthropy and market-driven solutions.
"I've seen unbelievable change happen in places that the world sees as not investible. Part of storytelling is doing the work of investing so that people can tell their own stories because of the changes they've made."
In 1986 Jacqueline Novogratz quit her job on Wall Street and moved to Rwanda to help open the country's first microfinance institution. She then came to Stanford GSB in 1989, and, in 2001, founded Acumen, a nonprofit impact investing fund.
"We look at poverty always in terms of income, but poverty is so much more than income. Poverty is a lack of choice, it's a lack of opportunity, it's a lack of agency, it's a lack of feeling that you can contribute. Dignity is the opposite."
In this View From the Top interview, Novogratz sits down with Kathleen Schwind, MBA ’23, to talk about her journey into impact investing and how the industry has grown in the last decade.
"We are in this moment of just extraordinary technological acceleration. Our challenge is to ensure that our moral reasoning, our moral imagination, our moral courage keeps pace with that acceleration."