PND (11/16/99) -- Entrepreneurs' Foundation Makes First Investment

The Entrepreneurs' Foundation, a nonprofit organization created in 1998 for the purpose of establishing community reinvestment as an integral part of the entrepreneurial culture in the Silicon Valley/San Francisco Bay Area, has announced its first investment of $325,000. The recipient of the grant, Partners in School Innovation, is a San Francisco-based NPO committed to improving student performance at schools in low-income Bay Area communities. In addition to providing financial resources, the foundation will actively support Partners with hands-on involvement, professional expertise, and access to entrepreneurial networks.

The foundation's decision to invest in Partners was strongly influenced by the track record of its executive director, Julien Phillips, a former McKinsey & Company partner who also co-founded Ashoka: Innovators for the Public, the Arlington, Virginia-based nonprofit that pioneered recognition of and support for social entrepreneurs in developing countries around the world.

"Julien's broad business experience, vision, and commitment to improving the quality of education in low-performing schools made our decision an easy one," said EF founder and chairman Gib Myers. "Our goal is to help build a high performance organization delivering quality service to many Bay Area schools."

EF focuses on getting start-up high-tech companies involved in the community and on implementing new philanthropic models in the areas of education and youth development. When young companies join EF as members, they donate a small amount of their stock to the foundation. After they are acquired or go public, the capital from the sale of the stock is invested in selected community organizations. To date, 55 companies have signed on with the foundation.

"Entrepreneurs' Foundation Announces First Investment to Partners in School Innovation." Entrepreneurs' Foundation News Release 11/11/99.

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