- Jacqueline Novogratz, founder and CEO of Acumen, says she is wary of philanthropy entrepreneurs who think they can cure poverty using a Silicon Valley model. “The biggest point of failure when we’re looking at entrepreneurs … is they come in thinking they have this solution,” Novogratz said at Fortune’s Most Powerful Women Summit in Riyadh. “That, for me, is a big red flag.” Acumen, has invested $260 million in 215 portfolio companies that provide affordable education, health care, clean water, energy, and sanitation.
It’s not just billionaires like Bill Gates and Jeff Bezos who are giving away their wealth to those more in need. Entrepreneurs and wealthy Gen Zers are also getting in on the action—often from the comfort of their cushy abodes. For ex-Wall Street analyst-turned-social-impact-investing CEO Jacqueline Novogratz, that’s a big red flag.
