Advancing Workforce Development Through Impact Investing in Connecticut

On November 13, 2024, Sooah Rho ’23 and Billy Huang ’21 came to speak at Social Impact Lab. Both alums embody a commitment to social impact that bridges personal experience, systemic change, and innovative program design. From addressing housing insecurity to rethinking workforce development, their journeys highlight the power of curiosity, resilience, and strategic thinking in mission-driven work.

Billy Huang: A Personal Connection to Housing and Workforce Development

Billy Huang’s path to social impact began with deeply personal roots. As a first-generation college student navigating life with a disability, he developed a keen awareness of inequities in housing and access to resources. Growing up in a family reliant on SNAP benefits, Billy also witnessed first-hand the struggles of housing vulnerability and its intersection with economic mobility.

His experiences led him to launch a startup focused on resource delivery platforms for individuals experiencing housing insecurity. Yet, Billy recognized the need to expand his toolkit to make a broader impact, which led him to pursue an MBA. At SOM, he focused on creating sustainable solutions for vulnerable populations, influenced by his participation in Professor Tony Sheldon’s Global Social Entrepreneurship practicum course and his involvement in the Economic Development Club.

Billy emphasized that securing a job is just as critical as having a home. This belief guided his work in Connecticut’s workforce development initiatives, particularly the Career Accelerator Program (CAP). CAP leverages outcomes-based financing to address barriers to upskilling in sectors like CDL (commercial driver’s license), advanced manufacturing, and healthcare.

“The impact space is nebulous,” Billy shared. “You have to be proactive in asking diverse questions to diverse audiences.” He also emphasized the importance of personal relationships in the impact sphere, because “everyone is in this space because they want to be.”

Sooah Rho: From Nonprofit Leadership to Financial Fluency

Sooah’s career began in education with Teach For America and the Student Success Network in New York. Initially, though she aspired to lead a nonprofit herself, Sooah found the reality of fundraising-heavy roles less fulfilling than she anticipated.

Realizing she needed to better understand the financial and policy mechanisms driving nonprofits, she joined SOM to broaden her skillset. Determined to make the most of the MBA, she honed her skills in accounting and finance, and joined the Consulting Club to build fluency in the language of business.

Sooah also frequently reached out to people who were working in the field to ask questions and gain more information, and this proactive approach equipped her to navigate the impact space, where she focused on designing solutions that balance financial return with meaningful outcomes.

Building the CT Career Accelerator Program

The CT Career Accelerator Program (CAP) exemplifies the synergy between broader vision and systemic action that both Sooah and Billy champion. This state-run initiative seeks to address barriers to workforce upskilling through an outcomes-based financing model. In the collaboration, Billy represented the State and Sooah the fund designer, Social Finance.

The program aims to:

• Ensure equity by focusing on low-income participants and avoiding systemic biases.
• Recycle funds to support future learners.
• Build an ecosystem that integrates education and workforce development.
• Share risk among learners, programs, and employers, reducing the financial burden on the learners.
• Maximize efficiency by deploying funds effectively.

Structured as a “pay-it-forward” fund, CAP provides upfront funding from government or philanthropic sources, which is then recycled through repayments tied to employment outcomes. Participants gain training in high-growth sectors, while employers benefit from an increasingly skilled workforce.

The CAP process includes labor market analysis, fund strategy design, and due diligence in selecting training providers. Yet challenges in the fund’s design remain, such as ensuring repayment compliance and securing stronger partnerships with employers.

Billy explained, “We focus on fixed amounts above income thresholds to align incentives without creating undue risk for participants.” Showing initial proof of concept will be key to growing the fund and bringing the CAP to even more students in the future.

The CAP’s success depends on balancing two competing goals: maximizing student-friendliness and ensuring funds’ recyclability. Key considerations include loan sizes, stipend amounts, interest rates, repayment terms, and participant eligibility criteria.

Despite the challenges in maintaining this balance, Billy remains optimistic. “If we trust there’s a return greater than zero, that’s already a win.”

Lessons for Aspiring Leaders

For students interested in social impact careers, both Sooah and Billy emphasize the importance of aligning personal values with strategic goals. Billy advocates for leveraging past experiences to develop skills applicable across sectors, and Sooah underscores the need for adaptability and prioritizing a strong workplace culture.

Their work with the CT CAP demonstrates how personal experiences can inform systemic solutions, proving that mission-driven leadership and inclusive growth are not just possible—they are essential.