This past week I had the great opportunity to attend part of the Utah Nonprofits Association Conference. The West Valley Cultural Arts Center was busy with hundreds of passionate and dedicated individuals exchanging ideas and working to advance their represented causes.
It is my privilege to attend a lecture led by Alan Hall regarding Social Entrepreneurship and Venture Philanthropy. Although Alan didn’t break very deeply into the mechanics of social entrepreneurship, he very candidly addressed the relationship that sound business practices and experienced business leaders play in successful social innovation. For many in attendance, the thought of applying measurable business practices and working closely with entrepreneurs–or even supporting their ventures was almost unheard of.
“I have to make money if I’m going to give it away” was a simple but clear demonstration of the principle of sustainability.
In describing the mission of Grow Utah Ventures and Island Park Venture, Alan stated that he was actively seeking to nurture and develop other entrepreneurs with the same mission to improve their communities and be stewards of their profits for a higher cause.
The Alan and Jeanne Hall Foundation is part of Alan’s balanced portfolio to direct his dollars and attention to sustainable and measurable impacts throughout Utah.
Successful for-profit and non-profit start-ups (and mature companies for that matter) need to run on the same sound principles of putting the customer (donor) first, having sound financial model, develop a robust vision.