Social Entrepreneurship for the 21st Century: Innovation Across the Nonprofit, Private, and Public Sectors

"In her book Social Entrepreneurship for the 21st Century, Georgia Levenson Keohane provides a great insight into the emergence of social business and entrepreneurship. Her work provides a clear-sighted analysis of the many different dynamics at play as we test new models and solutions for global economic change." --MUHAMMAD YUNUS, 2006 Nobel Peace Laureate, author of Banker to the Poor

"Entrepreneurship and venture thinking don't reside only in Silicon Valley; they can be found in the nonprofit sector, and they are changing the social fabric of nations and cultures around the world. Just how the nonprofit sector has evolved into a powerful agent of social change is the story expertly told by Georgia Levenson Keohane in Social Entrepreneurship for the 21st Century. This is a hugely important book for those who want to understand the nonprofit world and its evolving role." --ELIOT SPITZER, former governor of New York and host of Current TV's Viewpoint

"A timely, comprehensive, and well-written perspective on one of the most powerful, positive forces for social change in our world today. Keohane's book not only synthesizes her state-of-the-art knowledge of the field, but brings new insight into impact investing, the growing role of the social capital markets, the essentiality of valid performance measures, and the blurring of the lines between the social, public, and private sectors." --WILLIAM F. MEEHAN III, Raccoon Partners Lecturer in Management, Stanford Graduate School of Business and Director Emeritus, McKinsey and Company

"There's been much talk of a 'social entrepreneurship' movement over the past decade. But what is it? How new is it? How has it influenced nonprofits as well as the private and public sectors? What are its virtues and its limitations? What risks are there in its embrace? Georgia Levenson Keohane has provided the most comprehensive, deeply researched, critical examination of social entrepreneurship to date." --PHIL BUCHANAN, president of the Center for Effective Philanthropy

Modern social entrepreneurship is transforming the way we invest our money and change the world. Within 10 years, investors will channel hundreds of billions of dollars to achieve positive social and environmental impact in housing, health, education, energy, and financial services across the globe. While there are extraordinary financial and social gains to be made, many unanswered questions remain.

What's the best way to harness markets to promote social change? And what kinds of investments can we make across the nonprofit, private, and public sectors to achieve a more shared prosperity?

This book demystifies the complex world of social entrepreneurship, providing all the information you need to understand social investment and innovation, whether you're a private investor, policymaker, nonprofit manager, or passionate and engaged donor.

In clear and straightforward language, former McKinsey executive Georgia Levenson Keohane charts the development of what the New York Times calls "the emerging hybrid of philanthropy and private equity." In Social Entrepreneurship for the 21st Century, a must-read for anyone interested in innovative solutions to social problems, Keohane:

• Shows how social entrepreneurship has radically transformed the nonprofit, private, and public sectors
• Explores the promise of impact investing--what it really is and how it works
• Illuminates the challenges of bringing billions of dollars in private capital to bear on social problems
• Identifies smart public policies that promote social innovation at the local and national levels
• Recommends specific investment opportunities you can act on now

With in-depth coverage of cutting-edge social programs and philanthropic initiatives, Social Entrepreneurship for the 21st Century provides the knowledge and tools you need to be a responsibly engaged investor and citizen in the coming decades.

Georgia Levenson Keohane is a Roosevelt Institute Fellow, an adjunct professor at the Columbia Business School, and a former McKinsey consultant. She writes regularly for Harvard Business Review, The Nation, Slate, and The American Prospect, while advising a range of poverty-fighting organizations. She holds a BA from Yale, an MBA from Harvard, and an MSc from the London School of Economics, where she was a Fulbright Scholar.