Note: I lost my Internet connection this afternoon and have been unable to make any posts since.  The below blog text was written before I realized that I had no means of posting it.

I’m in yet another breakout session—this one entitled “Funding Food Chain.” It is being moderated by Tim Freundlich (Good Capital / Calvert Foundation), and includes Karen Barsa (Investor’s Circle), Shari Berenbech (Calvert Foundation), Patrice Scheider, (Media Development Loan Fund), and Cynthia Massarsky (Growth Philanthropy Network).

Here’s a description of this breakout session: As the social capital markets mature, there’s a new food funding chain - from foundations to syndicates to investors’ circles, to social funds - that (like the traditional venture capital system) fills the investment needs of social enterprises through all stages of growth, including listing on stock exchanges.

I’ve known Cynthia Massarsky since 2006, when I met her at Great Bay’s Annual Conference.  But even at that point I had been aware of her work.  She has been a seminal figure in the field of social enterprise for many years.  In 2004 she co-edited “Generating and Sustaining Nonprofit Earned-Income Ventures”, a book to which I still refer on a regular basis.  She also directed the Yale/Goldman Sachs National Business Plan Competition for Nonprofit Organizations - a program she created for the Pew Charitable Trusts, Goldman Sachs Foundation, and Yale School of Management.  In 2007, she edited two papers for the Great Bay Foundation on topics related to social enterprise.  At the Growth Philanthropy Network (GPN), Cynthia is now working to connect high-performing nonprofit organizations with philanthropic organizations. Her work is about rapidly expanding proven nonprofit models by galvanizing philanthropic resources.  In essense, GPN is creating a new social capital marketplace.  Cynthia’s work at GPN is in the early stages, so stayed tuned for more information.

The last two breakout sessions I’ve attended have included Tim Freundlich and Shari Berenbech, both of whom represent the Calvert Foundation.  Calvert has long been at the forefront of social investment. The organization offers an investment product called “Community Investment Notes,” which enables organizations and individuals to invest in pooled loan funds for nonprofits.  The funds can be targeted to meet the mission-related interests of investors.  For example, Calvert offers a Social Enterprise targeting option for investors interested in social enterprise, such as Great Bay.  In addition, Calvert administers the Calvert Giving Fund, a $30 million donor-advised fund.