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Yale School of Management Receives $4.5 Million to Launch Nonprofit Business Plan Competition

Reprinted from: Philanthropy News Digest
February 14, 2002
Copyright 2002, The Foundation Center. All rights reserved.

The Yale School of Management (YSOM) has received grants totaling $4.5 million from the Goldman Sachs Foundation and the Pew Charitable Trusts to establish a business-plan competition for nonprofits that seek to increase their earned income.

Scheduled to launch in May, the Yale SOM-Goldman Sachs Foundation Partnership on Nonprofit Ventures will enlist YSOM faculty, alumni, and current MBA students, as well as Goldman Sachs professionals, to evaluate business ideas, help with research and case studies, and offer technical assistance to participating nonprofits. At the conclusion of the competition, four grand-prize winners and four semi-finalists will be selected to receive awards of $100,000 and $25,000, respectively, to help launch their ventures.

"Nonprofits across the country always have had to balance their social mission and bottom line," said Don Kimelman, director of Pew's Venture Fund. "Traditionally, most have been more concerned with doing good work - carrying out their charitable purpose - than with their finances. We expect that this pioneering project will have ripple effects throughout the nonprofit sector."

"Yale School of Management Receives Twin Grants Totaling $4.5 Million from the Goldman Sachs Foundation and the Pew Charitable Trusts to Foster Business Growth Among Nonprofit Organizations." Yale School of Management Press Release. 2/08/02.

FCNote: The Pew Charitable Trusts (PA) had assets of $4,894,417,637 and made grants totaling $211,053,071 in the year ending 12/31/99.

FCNote: The Goldman Sachs Foundation (NY) had assets of $12,430,933 and made grants totaling $4,727,190 in the year ending 06/30/99.