MUMBAI, July 19, 2011- The poor do not want handouts and are willing to pay for basic necessities, such as water and electricity, argues Jacqueline Novogratz.
Speaking here before Asia Society India Centre, Novogratz based that statement on her experience as Founder and CEO of Acumen Fund, a non-profit global venture capital fund that takes an entrepreneurial approach to problems associated with global poverty.
The author of The Blue Sweater: Bridging the Gap Between Rich and Poor was joined in conversation by Akhil Gupta, Senior Managing Director and Chairman of Blackstone India. The speakers discussed the benefits of venture capitalism, with Novogratz advocating this approach as both an alternative and complement to traditional aid, market forces and government intervention.
Citing examples of Acumen Fund's work in Africa, India and Pakistan, Novogratz explained how this method of investment and nurturing leaders was producing tangible and far-reaching benefits.
The talk was part of Asia Society India Centre's Entrepreneurship Series and co-presented with the Bombay Stock Exchange.