History
New Profit was founded in 1998 by social entrepreneur Vanessa Kirsch. After starting and growing two nonprofits—Public Allies and the Women's Information Network—Kirsch took a year to travel the world, interviewing social entrepreneurs and citizens across 22 countries. Through this experience, she came to understand that the nonprofit sector lacks sufficient access to second-stage growth capital, locking social entrepreneurs and their funders into a start-up phase mentality. She determined that in order for social entrepreneurs to have the greatest possible impact, they needed access to financial resources that could allow them to sustain and grow their program models.
In 1996, she began laying the groundwork for a venture philanthropy fund that would provide social entrepreneurs and their organizations with funding and valuable strategic consulting services. After over a year of research and development with a team of social entrepreneurs, academics, and philanthropists, Kirsch and a partner founded New Profit in 1998. With support from Monitor Group and under Kirsch's continued leadership, New Profit has worked with 34 nonprofit organizations to date.
New Profit was based in Cambridge, MA from its founding in 1998 until a move to Boston in April 2013.
Read more about this topic: New Profit Inc.
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