Janus-Faced, Capitalism Turns a Gentler Profile
If Wall Street's excesses contributed to the decline of the nation's economy, could the same profit-driven environment really spawn a new generation of do-gooders?
Absolutely, says Wall Street Journal columnist David Weidner, and it's a process that's already begun, exemplified by those who seek profit by selling to poorer consumers. (I wrote about this general trend for Global Envision in "Slashing Health Care Costs, and Slashing, and Slashing", "How to Irrigate on a Shoestring", and Selling to the Poor, On Terms They Can Afford".)
Such entrepreneurs may be guided by a social conscience when they choose the products to fund and invest in and they may be willing to wait a little bit longer to turn a profit, but profit is still the end goal. "This new breed of Wall Streeter has turned the maxim 'greed is good' into 'greed can do good,'" explains Weidner.
A paragon of this model is The Acumen Fund, a non-profit venture fund that invests in business and entrepreneurial solutions to poverty. Its projects include replacing kerosene lamps with the safer and more affordable LED lamps, and pay-per-use toilets in Kenya.
Heidi Krauel, The Acumen Fund's founder, goes further "This is one of the new faces of capitalism," she says. For those just beginning to enter the world economic system, this is certainly good news.
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