New Haven, Conn., February 17, 2004 - "The Yale School of Management - The Goldman Sachs Foundation Partnership on Nonprofit Ventures" today announced its selection of 20 nonprofit organizations to proceed to the final round of the National Business Plan Competition for Nonprofit Organizations.
The 20 finalists are in the planning stage, or early stages of operating income-generating business ventures. They will spend the next three months working with business planning consultants and Yale School of Management students to strengthen and finalize their business plans.
On May 12 - 13, 2004, the 20 nonprofit finalists will present their business plans to a panel of expert judges at the Second Annual Conference and Awards Ceremony in downtown New York City at the Museum of Jewish Heritage. The judging panel will select four grand-prize recipients, each of whom will receive $100,000 and four runners-up, each of whom will receive $25,000. In addition to cash awards, the winners will receive hundreds of hours of business planning consultations to assist their organizations in implementing their business ventures. Presentations are open to the public.
The judging panel, still in formation, will consist of a diverse collection of experience and expertise that lends tremendous value to the Competition. It includes: Rick Antle, Senior Associate Dean of the Yale School of Management and the William S. Beinecke Professor of Accounting; Richard Fishman, Executive Vice President of MacAndrews & Forbes Group, Inc.; Roderick von Lipsey, Private Wealth Management, Goldman Sachs & Co.; and Lynn Taliento, Principal of McKinsey & Company and co-founder and leader of the Firm's Global Nonprofit Practice.
Yale SOM Professor Sharon M. Oster, a leading authority on competitive strategy and nonprofit management and co-faculty director of The Partnership, commented, "We continue to be enormously impressed by the high quality of the business ideas coming from the nonprofit sector. Once again, this year, our dedicated group of talented evaluators from the Yale School of Management, Goldman Sachs & Co., McKinsey & Company, and other experts in the field did a yeoman-like job in sorting among these excellent plans to help us find the 20 finalists. Though it was quite difficult to turn down plans that were truly superb, we expect many of these ventures will move forward with other sources of funding and project champions, and we hope that they return to our Competition next year."
Stanley J. Garstka, Deputy Dean of the Yale School of Management and co-faculty director of The Partnership added, "It's gratifying to see significant improvement in the quality of ideas, strategy, and business planning skills coming from the nonprofit community. We were also quite pleased to see that nearly 400 Yale School of Management alumni, about 10% of our alumni base, served as competition evaluators this year and last. This speaks to the close relationship between The Partnership on Nonprofit Ventures' goals and our school's mission-to educate leaders for business and society."
About The Partnership on Nonprofit Ventures
The Partnership on Nonprofit Ventures was funded through combined grants totaling $6 million made by The Goldman Sachs Foundation and The Pew Charitable Trusts. The Yale School of Management - The Goldman Sachs Foundation Partnership on Nonprofit Ventures educates nonprofits about nonprofit enterprise, serves as a mechanism for capitalizing promising profit-making ventures with financial support, and provides intellectual capital to build the practice of social entrepreneurship in the nonprofit sector at-large. As its signature event, The Partnership runs the National Business Plan Competition for Nonprofit Organizations. The Partnership maintains a comprehensive online Resource Center with current research, articles, and discussion boards on the subject of nonprofit enterprise and social entrepreneurship.
About The Yale School of Management
The mission of the Yale School of Management is to educate leaders for business and society. The school prides itself on preparing men and women to combine rigorous business skills with a broader appreciation for the economic, social, and political factors that shape the global environment. The Partnership on Nonprofit Ventures brings together three strands of the Yale School of Management's teachings-entrepreneurship, business skills, and social responsibility-to nonprofit organizations, infusing its program with the philosophy that superb business and management skills are a critical ingredient for leadership in every sector of the economy - private, public, and nonprofit. Since 1993, the Yale School of Management has been consistently rated #1 in Nonprofit Management among the nation's graduate management programs by U.S. News and World Report.
About The Goldman Sachs Foundation
The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants in excess of $43 million since its inception, providing opportunities for young people in more than 20 countries.
About The Pew Charitable Trusts
The Pew Charitable Trusts support nonprofit activities in the areas of culture, education, the environment, health and human services, public policy and religion. Based in Philadelphia, with an office in Washington, D.C., the Trusts make strategic investments that encourage and support citizen participation in addressing critical issues and effecting social change. In 2003, with approximately $4.1 billion in dedicated assets, the Trusts committed more than $143 million to 151 nonprofit organizations. .
Yale School of Management - The Goldman Sachs Foundation Partnership on Nonprofit Ventures Announces National Business Plan Competition Finalists
February 17, 2004