It is amazing when one realizes the impact Acumen Fund, the non-profit venture capital organization, has achieved in its 10 years of existence., through their various activities they have proved to be a driver of market based solutions to poverty. The organization has been involved in various sectors, which includes housing, agriculture, health, water, energy and education. They have also invested $60 million in 57 successful enterprises. All in all, the organization has reportedly helped create 35,000 jobs and have impacted approximately 40 million people.
Their Africa office is located in Kenya was established in 2007 where they have so far invested $15.5 million in 17 enterprises. They have recently launched an East Africa Fellows Program, which provides an opportunity for professionals to get involved with projects the fund has invested in. Acumen Fund will be expanding into Accra, Ghana, where they hope to make their first investment this year.
To commemorate the organisation’s ten year celebration, a list of lessons was published on their website. Below is a summary of these lessons:
1. Dignity is more important to the human spirit than wealth.
2. Neither grants nor markets alone will solve the problems of poverty.
3. Poverty is a description of someone’s economic situation, it does not describe who someone is.
4. We won’t succeed in the long term without cultivating local leaders, local money, and strong local communities.
5. Great people, every time, no exceptions.
6. Great technology alone is not the answer.
7. If failing is not an option, you’ve ruled out success as well.
8. Governments rarely invent solutions, but they can scale what works.
9. There is no currency like trust, and there are no shortcuts to earning it.
10. Patient capital investing is built upon a system of values; it is not a series of steps to be followed
We hope their ongoing success will be an indication to the private sector that the development sector is not a scary place to be in.
