A new group of venture philanthropy funders will be taking young social impact ventures under its wing, offering mentoring, strategy advice and connections, as well as capital.
Social Venture Partners Miami (www.svpmiami.org) launched on Thursday and it is part of a global network of 3,500 venture philanthropists now in 43 cities in nine countries who have collectively invested more than $63 million in about 840 social ventures since 1997.
SVP partners are professionals, executives, entrepreneurs and community leaders; together they select social ventures in the community to back, and they contribute their time, talent, capital and connections to help the ventures grow, using a venture capitalist model to reap social returns.
At the launch of SVP Miami at the New World Center, Paul Shoemaker, the Seattle-based founder of the global Social Venture Partners and author of "Can’t Not Do," said every SVP chapter needs an energizer bunny and Lauren Harper, the founder of Miami’s chapter is that. “Join the movement, write your check, be a part of this network that is going to make Miami a better place,” said Shoemaker, who also spoke at the Philanthropy Miami event earlier in the day.
The idea is that SVP will be an on-ramp, helping promising concepts that already have traction to grow and become “venture ready” for social impact funders, said Harper. Over time, SVP Miami will mentor and fund a number of ventures. A big differentiator with other programs, she said, is that SVP plans to partner with the ventures they back for three to five years.
The SVP model provides the right combination of resources and capital to support social ventures that can scale. And this is the right time to do this in Miami.
Lauren Harper, founder of SVP Miami
Harper also co-founded the Center for Social Change, a Miami co-working and education center for nonprofit and for-profit social ventures.
“The center does an incredible job bringing people together ... but more is needed,” said Harper, noting that Miami is a city of startups but not scaleups. “The SVP model provides the right combination of resources and capital to support social ventures that can scale. And this is the right time to do this in Miami.”
At the launch, attended by a couple hundred people, Harper introduced the founding partners – 11 so far.
“The big vision is we need to transform the way we give and the way we invest, the way we do business and the way we do nonprofit work,” Harper said. “Globally, there is a whole new movement and a whole new industry, a trillion dollar industry, called social impact investing that allows for financial returns social and environmental returns.
“I think Social Venture Partners will this be an amazing bridge that will bring the non-profit and for-profit world together to drive change.”
Follow Nancy Dahlberg on Twitter @ndahlberg