Earlier this year I was turned on to the great work of the Acumen Fund by Seth Godin. In short, the Acumen Fund is fighting global poverty by investing “patient capital” in for-profit companies that deliver goods and services to the poor.
At their recent annual investor gathering, the Acumen Fund shared some truths they’ve discovered along the way.
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.
As a serial entrepreneur it struck me how much of this wisdom applies to business. Especially,
- Great people, every time, no exceptions.
- If failing is not an option, you’ve ruled out success as well.
- There is no currency like trust, and there are no shortcuts to earning it.
What do you think? Which lessons resonate with you?
Kevin Kruse is a NY Times bestselling author and keynote speaker. Get more success and tips from his newsletter at kevinkruse.com and check out keynote video clips. His new book, Employee Engagement 2.0, teaches managers how to turn apathetic groups into emotionally committed teams.