Here’s a new kind of venture capital, funded by donations more than by investors, looking to spur development in economically challenged areas.
I heard about it yesterday in The New York Times‘ Shifting Careers feature, headlined Venture Financing With a Mission Beyond Profit. Here’s a bit of it:
“But unlike a venture firm, Jumpstart relies on charitable donations, many of them from the private sector, for its financing and does not return a share of profits to those who provide the investment dollars. The return comes as satisfaction for elevating a region’s economic standing.
It’s an interesting new idea. The story features one organization called Jumpstart in Cleveland and cites several others.
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