Partnership on Nonprofit Ventures Prepares for Final National Business Plan Competition for Nonprofit Organizations
Partnership fosters interest, enthusiasm for nonprofit business ventures
“For the three partners, our greatest accomplishment is an enduring infrastructure that will live well beyond the business plan competitions,” said Stanley J. Garstka, co-faculty director of The Partnership. “This program has enabled us to learn about and help evaluate almost 2000 distinct nonprofit venture ideas. We have provided help in the development of over 200 complete business plans and guided 60 nonprofits from all over the United States to hone their plans in a national competition. This has been a critical formative experience for nonprofits and academics alike.”
Over the past four years, The Partnership has drawn on the time and talents of well over 500 Yale alumni who served as evaluators. The Partnership also tapped the expertise of Goldman Sachs, which provided advisors to The Partnership and judges at the business plan competitions, and consulting firms, including McKinsey & Company, which provided strategic direction for The Partnership in its early stage and whose consultants served as evaluators and judges throughout the process.
The early research work into earned income ventures undergirding The Partnership was provided by two leaders in the field, Cynthia W. Massarsky and Samantha L. Beinhacker, who continued to manage The Partnership throughout the last four years. “The outstanding work of Massarsky and Beinhacker goes a long way to explaining the success of The Partnership in reaching so many diverse nonprofit organizations,” said Sharon Oster.
“While we are delighted that the three business plan competitions helped recognize and provide capital for some outstanding earned income ventures, we are most pleased with the growth in intellectual capital in this field. The Partnership has fostered interest and enthusiasm for the work of nonprofit enterprises and we look forward to seeing new growth in this field as it moves into maturity,” said Stephanie Bell-Rose, President of The Goldman Sachs Foundation.
“The Yale-Goldman Sachs Partnership on Nonprofit Ventures has been a pioneering project in stimulating social entrepreneurship among nonprofits—and also in demonstrating that these kinds of ventures are not for everyone,” said Don Kimelman, director of The Pew Charitable Trusts’ Information Initiatives. “The Trusts is proud to have offered our support to this unique and effective partnership of the nonprofit, academic, philanthropic and business worlds. The initiative has provided a strong launching point from which this new field can flourish for many years to come.”
The Partnership on Nonprofit Ventures educates nonprofits about social enterprise; capitalizes promising profit-making ventures and job training/employment programs with financial support; and provides intellectual capital to build the practice of social entrepreneurship in the nonprofit sector at-large.
The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation’s mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants of $62 million since its inception, providing opportunities for young people in more than 20 countries. Visit the Foundation’s website at www.gs.com/foundation.
The mission of the Yale School of Management is to educate leaders for business and society. The school prides itself on preparing men and women to combine rigorous business skills with a broader appreciation for the economic, social, and political factors that shape the global environment. The Partnership on Nonprofit Ventures brings together three strands of the Yale School of Management’s teachings—entrepreneurship, business skills, and social responsibility—to nonprofit organizations, infusing its program with the philosophy that superb business and management skills are a critical ingredient for leadership in every sector of the economy—private, public, and nonprofit. Since 1993, the Yale School of Management has been consistently rated #1 in Nonprofit Management among the nation’s graduate management programs by U.S. News & World Report.
The Pew Charitable Trusts serves the public interest by providing information, advancing policy solutions and supporting civic life. Based in Philadelphia, with an office in Washington, D.C., the Trusts will invest $177 million in fiscal year 2005 to provide organizations and citizens with fact-based research and practical solutions for challenging issues.