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A California-based venture capital firm is putting its money where its mouth is in an effort to help some of the world's poorest people out of poverty.
The New York Times reports on the work of NESsT, which has been investing in social enterprises in Latin America and central and eastern Europe since 1997.
NESsT co-founder Nicole Etchart tells the Pioneers Post that the firm's investment focus has shifted since the Berlin Wall fell and civil society organizations began to generate their own revenues.
"The other thing that changed is we moved entrepreneurs a little further in the spectrum: We used to just work with startups," Etchart says.
"Now we work with companies that already have a product or service and have a team and some sales, but need a lot of support to grow."
NESsT has invested more than $24 million in more than 24,000 entrepreneurs, trained and supported more than 24,000 entrepreneurs, and incubated and financed more than 223 enterprises since it was founded.
Etchart says the firm's investment focus has shifted from helping to helping to "lift people out of poverty by giving them a dignified job."
NESsT now has offices in six countries, including the US, Poland, Romania, Brazil, Peru, and Chile.
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