Washington DC, December 22, 2008 – The Draper Richards Foundation has awarded Ben Powell and Agora Partnerships its Social Entrepreneurship Fellowship. The fellowship is in recognition of Agora’s innovative model to fight global poverty and inequality by supporting small business entrepreneurs. The fellowship includes a grant of $300,000 to be distributed to Agora Partnerships over the next three years.
Founded in 2005, Agora Partnerships provides strategy, networks, and access to capital to socially responsible small businesses with the potential to improve their communities and protect the environment. Since its inception, Agora has worked with over 200 companies and promoted entrepreneurship to thousands of individuals in Nicaragua.
“Agora Partnership’s focus on helping small businesses in the developing world is critical to spreading opportunity and fighting global poverty,” said Bill Draper, director of the foundation. “This is an important, highly entrepreneurial organization in the development field and as venture capitalists we are proud to support it.”
The Draper Richards Foundation’s fellowship is based on the structure of a venture capital fund. This high-engagement model provides strategic and organizational support to recipients. Anne Marie Burgoyne, Draper Richards’ portfolio director, will serve as a member of Agora Partnerships’ Board of Directors.
“Draper Richards brings not only funding but real strategic support to the organizations they work with, “ said Agora co-founder and Draper Richards Fellow Ben Powell. “Our entire Board is extremely excited that Anne Marie has joined us, especially given Draper Richards’ impressive track record for helping take early stage social enterprises to scale.”
With support from the foundation, Agora hopes to leverage $10 million in micro venture capital investments to over 50 small businesses, and create a globally scalable model to fight poverty.
About the Draper Richards Foundation — www.draperrichards.org
The Draper Richards Foundation funds selected social entrepreneurs in a variety of public service areas, including education, the environment, arts, health, and community and economic development. The Foundation’s support is based on the structure of a venture capital fund, providing financial support as well as strategic and organizational assistance. The Foundation was founded by venture capitalists William H. Draper III and Robin Richards Donohoe.
About Agora Partnerships — www.agorapartnerships.org
Agora Partnerships give developing world entrepreneurs the management tools, networks and financing needed to launch successful, socially responsible companies that can transform communities.