Students from IE Business School, Universidad Complutense de Madrid and Hamline University have won the second edition of JPMorganâ??s Good Venture Competition. The competition focuses on developing philanthropic non-profit organisations.
This year 77 socially responsible teams from 48 universities and business schools pitched for $25,000 of direct funding from JPMorgan. Ultimately nine teams were selected for the final round, having submitted funding proposals for existing organisations to demonstrate how the financial investment would yield discernable social returns. The SKIP (Supporting Kids in Peru) team, comprised Teresa Escardo Etchenique, Brent Latham, Amanda Phillips, Alfredo Vaghi, was the only team from outside the US in the final.
The SKIP project supports the development of educational opportunities for disadvantaged children in the areas of El Porvenir and Alto Trujillo in northern Peru. Working with a number of educational and institutional partners on the ground, SKIP provides funding and resources to enable children to enter the education system. As well as working directly with the children they also provide a framework of support for the families, which include a micro-enterprise loan system to help families generate their own income.
Alfredo Vaghi commented that winning this competition was a huge moment for Supporting Kids in Peru. â??This grant will have a tremendous impact, allowing SKIP to double the population it serves over the next two years. A combination of aspects led to the win: not only does the SKIP project have a great mission and implementation method that yield impressive results, but also the approach plays a key role in increasing organizational efficiency, which in turn leads to greater social impact. Moreover, due to the diversity of the team we were able to highlight both the financial and social outcomes of the project, leveraging our learning at IE and our personal experiences.â?
For more information on JP Morganâ??s Good Venture Competition 2007-08 please click here.