Class inspires students to start CSEC
Mustafa Ascha
Issue date: 11/20/09 Section: News
Juniors Katey McCabe and Ali Briggs started the Case Social Entrepreneurship Club (CSEC) in hopes of what they refer to as "doing well by doing good."
For the purpose of their club, social entrepreneurship is the act of engaging in a business with the express goal of also creating some external benefit for society. In addition to this definition, McCabe and Briggs also said that they would like to support nonprofit organizations.
Their interest in the idea of social entrepreneurship sparked when the two took a SAGES class called, "Economics of Global Poverty" with professor of economics, Martine Lussier. Also the professor for various macroeconomics courses, Lussier holds a deep passion for the study of economics.
She was one of the first resources toward which McCabe and Briggs focused their efforts. "Ali and I took this class and figured we could do something that was helpful," explained McCabe. From there, McCabe and Briggs suggested to Lussier that the funds allocated to that specific SAGES course be used to send money to the Kiva organization.
Upon the creation of the CSEC, Kiva was first on the agenda. Kiva is an organization that facilitates small loan transfers between people in more developed countries and people living in poverty. These small loan transfers can range in amount: the website immediately offers options for lending ranging between $25 and $250. Such small amounts lead to the term "microlending" as a description of the Kiva organization. As of this week, the organization has had a 98.04% repayment rate.
More specifically, the loans go to entrepreneurs' businesses in lower income areas of the world. One of Briggs' favorite stories is that of a woman from Kenya who used her funds to support a peanut butter business. The borrower, Grace Ayaa, is a mother of four children who was faced with the problem of earning money to support herself and her children. She began by using a mortar and pestle to crush peanuts, but soon found that this method was not fast enough to meet demand for her peanut butter. She then decided to save money for a processing machine. This machine, however, can only be used to make small batches at a time because Ayaa has nowhere to store the peanut butter. So, Kiva helped her raise the money to purchase a refrigerator. Of the $475 that Ayaa borrowed, she returned all $475.
For those students who are interested in learning how to combine effective business models with social sustainability, the CSEC meets on Wednesdays at 5 p.m in PBL room 120.
For the purpose of their club, social entrepreneurship is the act of engaging in a business with the express goal of also creating some external benefit for society. In addition to this definition, McCabe and Briggs also said that they would like to support nonprofit organizations.
Their interest in the idea of social entrepreneurship sparked when the two took a SAGES class called, "Economics of Global Poverty" with professor of economics, Martine Lussier. Also the professor for various macroeconomics courses, Lussier holds a deep passion for the study of economics.
She was one of the first resources toward which McCabe and Briggs focused their efforts. "Ali and I took this class and figured we could do something that was helpful," explained McCabe. From there, McCabe and Briggs suggested to Lussier that the funds allocated to that specific SAGES course be used to send money to the Kiva organization.
Upon the creation of the CSEC, Kiva was first on the agenda. Kiva is an organization that facilitates small loan transfers between people in more developed countries and people living in poverty. These small loan transfers can range in amount: the website immediately offers options for lending ranging between $25 and $250. Such small amounts lead to the term "microlending" as a description of the Kiva organization. As of this week, the organization has had a 98.04% repayment rate.
More specifically, the loans go to entrepreneurs' businesses in lower income areas of the world. One of Briggs' favorite stories is that of a woman from Kenya who used her funds to support a peanut butter business. The borrower, Grace Ayaa, is a mother of four children who was faced with the problem of earning money to support herself and her children. She began by using a mortar and pestle to crush peanuts, but soon found that this method was not fast enough to meet demand for her peanut butter. She then decided to save money for a processing machine. This machine, however, can only be used to make small batches at a time because Ayaa has nowhere to store the peanut butter. So, Kiva helped her raise the money to purchase a refrigerator. Of the $475 that Ayaa borrowed, she returned all $475.
For those students who are interested in learning how to combine effective business models with social sustainability, the CSEC meets on Wednesdays at 5 p.m in PBL room 120.
Be the first to comment on this story