Venture Strategy Identifies Promising, Early-Stage Organizations Using Innovative Solutions to Solve Enduring Social Problems
NEW YORK, NY – Guggenheim Partners is proud to announce the selection of four non-profit organizations for the second cohort of the Network for Social Innovation. The Network for Social Innovation is a Guggenheim's Corporate Social Responsibility venture strategy that identifies promising, early-stage organizations using innovative solutions to solve enduring social problems. It recently won WealthManagement.com’s “Corporate Social Responsibility/Diversity” Award for an Asset Manager.
The organizations were selected by the firm’s Corporate Social Responsibility Committee through an extensive, seven-month evaluation process which included:
- Two-hundred-eighty-nine submissions were received from more than 32 U.S. states and 10 countries worldwide.
- Two-hundred-eighty-six employees collectively completed more than 1,300 initial evaluations of 45 semifinalists.
- Ten 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.
- Four organizations were ultimately approved by the Corporate Social Responsibility Committee through a systematic assessment of the organizations’ leadership, mission, impact, financial management, and engagement potential.
The four new Network for Social Innovation partners are:
- FreeFrom, a provider of financial empowerment tools and training for survivors of domestic violence
- JustFix.nyc, a service for New Yorkers featuring data-driven technology tools for tenants and advocates fighting housing displacement
- Sanitation and Health Rights India, a builder of sanitation systems for toilets and safe drinking water to achieve health equity in rural India
- SIRUM, a medication recycling program connecting unused, surplus medicine with people who need them most
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. Guggenheim aims to support the organizations with the financial and creative capital they need in order to succeed.
The Network for Social Innovation has extended its reach from its inaugural request for proposal in 2016, as applications for the program this year increased by 58 percent. The four new Network for Social Innovation partners will join the inaugural cohort, who are now in their third and final year of partnership:
- Drive Change, a hospitality training program for young people returning home from prison
- Global Health Corps, a fellowship for young talent at global 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
- Pursuit, a provider of free coding education for individuals from underserved communities
- Sanergy, a manufacturer of low-cost sanitation facilities for urban slums abroad
“This announcement of our second NSI portfolio is another major milestone in Guggenheim Partners’ growing commitment to social impact,” said Lauren Coape-Arnold, Head of Corporate Social Responsibility. “We are thrilled to welcome the newest NSI partners and look forward to engaging our employees to drive transformative social change in our communities.”
About Guggenheim Partners
Guggenheim Partners is a global investment and advisory firm with more than $265 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 over 2,300 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 06.30.2018 and include consulting services for clients whose assets are valued at approximately $66bn.