Venture Strategy Identifies and Supports Promising, Early-Stage Organizations Using Innovative Solutions to Solve Enduring Social Problems
NEW YORK – Guggenheim Partners is proud to announce the selection of six non-profit organizations for the launch of its inaugural Network for Social Innovation. Rebranded from PROPEL10, the Network for Social Innovation is a Corporate Social Responsibility venture strategy that identifies promising, early-stage organizations using innovative solutions to solve enduring social problems.
The organizations were selected by Guggenheim’s Corporate Social Responsibility Committee through an extensive, seven-month evaluation process, which included:
- One-hundred-eighty-three submissions were received from more than 30 U.S. cities and 20 countries worldwide.
- One-hundred-eighteen employees collectively completed more than 1,200 initial evaluations of 50 semifinalists.
- Twenty finalists underwent final due diligence that encompassed a site visit to the organizations’ headquarters to meet the leaders and observe programs, interviews with management and governance, comprehensive financial analyses, and more.
- Six organizations were ultimately approved by Guggenheim’s Corporate Social Responsibility Committee through a systematic assessment of the organizations’ leadership, mission, impact, financial management, and engagement potential.
The six Network for Social Innovation partners are:
- Coalition for Queens, a provider of free coding education for individuals from underserved communities
- Drive Change, a food truck workplace for young people returning home from prison
- Global Health Corps, a fellowship that pairs promising early career talent at worldwide public health NGOs
- Hot Bread Kitchen, a culinary workforce development program for women facing economic insecurity
- MoneyThink, a financial literacy and education program for low-income youth
- Sanergy, a manufacturer of low-cost toilets and sanitation facilities for urban slums abroad
Guggenheim Partners will award each Network for Social Innovation portfolio organization $100,000 over the next 12 months. In addition, the firm will engage its global “creative capital,” comprising employees’ time, talent, and relationship networks.
“The announcement of the Network for Social Innovation portfolio is a significant moment for Guggenheim and its legacy of social impact,” said Penny Zuckerwise, Head of Corporate Social Responsibility. “With Guggenheim’s financial and creative capital support, these organizations will be better poised to achieve transformative and lasting social impact.”
About Guggenheim Partners
Guggenheim Partners is a global investment and advisory firm with more than $250 billion1 in assets under management. Across our three primary businesses of investment management, investment banking, and insurance services, we have a track record of delivering results through innovative solutions. With 2,500 professionals based in more than 25 offices around the world, our commitment is to advance the strategic interests of our clients and to deliver long-term results with excellence and integrity. We invite you to learn more about our expertise and values by visiting GuggenheimPartners.com and following us on Twitter at twitter.com/guggenheimptnrs.
1Assets under management are as of 9.30.2016 and include consulting services for clients whose assets are valued at approximately $60bn.