February 9, 2010, Washington, DC – Agora Partnerships announced today that its work to help small and growing business entrepreneurs fight poverty in Nicaragua has earned its founder election to Ashoka’s Global Fellowship, a network of leading social entrepreneurs with representation from more than 60 countries.  

Ben Powell launched Agora Partnerships in 2005 with the goal of unleashing the potential of small business “impact” entrepreneurs - small business owners who work to create economic, social, and environmental change through their businesses.

Roberto Mejia is an example of an impact entrepreneur supported by Agora.  Mejia launched a foot clinic in Managua that now employs over 25 people and provides affordable foot care to nearly 2,000 low income customers a year, in addition to creating a foot clinic cottage industry throughout Nicaragua.

According to Powell, Agora's vision is “a world where every entrepreneur with the desire and potential to make a positive impact on society through their business has the tools, networks, and capital necessary to succeed. “

Agora Partnerships has worked with over 300 volunteers from top businesses schools in the U.S., local businesses, and social leaders to help hundreds of entrepreneurs in Nicaragua and El Salvador grow their ventures.  Realizing that consulting alone is typically not enough to allow a business to grow, Agora Partnerships also sponsors impact investment funds designed to invest in companies too big for microfinance loans and too small to access traditional commercial capital.

“There is a growing movement to invest capital to support those companies that can deliver true social and environmental impact as a part of their business,” Powell said.  “A critical piece of the puzzle is to find – and help develop – the next generation of entrepreneurs who can truly put impact investment capital to work.”

The selection of Powell as an Ashoka fellow represents a decision on the part of Ashoka to support models that can harness private sector activity for the public good.

“What is exciting about Agora’s work is the focus on system change – on creating new ways for impact entrepreneurs to access opportunity and partnerships“, said Stuart Yasgur, Managing Director at Ashoka and head of its Social Investment initiative.

“I am truly honored to become a part of this powerful and committed community“, Powell said,  “we very much want to make Ashoka’s  “Everyone a Changemaker” philosophy a reality for entrepreneurs struggling to grow so that their businesses can make a positive impact in their communities.”
   
A global organization, Ashoka supports those who share qualities traditionally associated with leading business entrepreneurs – vision, innovation, determination, and long-term commitment – who are also committed to systemic social change in their fields.  Ashoka Fellows are recognized for their innovative solutions to some of society’s most pressing social problems.  Other Ashoka entrepreneurs working in the impact entrepreneurship field include Willy Foote of Root Capital, Matt Flannery of Kiva and Mohammed Yunus of Grameen Bank.

Ashoka Fellows work in every area of human need.  Selection criteria include the social impact of the idea, the newness of the idea, and the entrepreneurial quality and creative problem solving of the founder.

“Our job is to help develop the talent pool of entrepreneurs and the support network around them, and we couldn’t ask for a better partner than Ashoka,“ said Powell.

Powell noted that a key to Agora’s model was recruiting local business and entrepreneurship leaders to the cause, and in particular thanked co-founder Ricardo Teran for his leadership.  “Our model only works when you are able to recruit the most entrepreneurial, tenacious, and morally committed local leaders to invest their own social capital to the movement”, said Powell.  “This recognition is a reflection on Ricardo and our team’s tireless work and dedication.”

Powell became convinced of the power of small business to transform poor communities as an entrepreneur in Mexico, where he co-founded CityGolf: Puebla, a miniature golf course and pub that has been operating for over ten years.

Prior to starting Agora Partnerships Powell worked as a Presidential Fellow at the Office of Management and Budget.  Powell has an MBA from Columbia Business School, an MS in Foreign Service with distinction from Georgetown, and a BA with high honors from Haverford College.  He has been recognized as a development innovator by Dalberg, Social Venture Network, BMW Foundation, and Draper Richards Foundation.

Agora Partnerships is a community dedicated to unleashing the potential of small business “impact” entrepreneurs to create economic, social, and environmental value for their communities and for the world.  Agora works to accomplish this mission by providing select entrepreneurs in the developing world with strategic consulting, leadership development, a global community of support, and access to capital.  Using human, cultural, and financial capital to help create a new generation of impact entrepreneurs, Agora Partnerships hopes to change cultural attitudes and expectations about the role of business in poor countries, and their importance for broad economic development.

www.agorapartnerships.org

Ashoka: Innovators for the Public is a global association of the world’s leading social entrepreneurs—individuals with innovative, large scale ideas for addressing social problems.  They address every area of human need, from human rights to the environment, from full economic citizenship to empowering young people.  Since its founding in 1980, Ashoka has enabled more than 2,500 leading social entrepreneurs in over 60 countries.

www.ashoka.org   www.changemakers.net