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Print Edition StoriesWednesday, August 18, 2010
How I See It
Help the next generation get off on the right foot
By Matt Pierson, managing director of Dunn & Partners
UMass President Jack Wilson on Entrepreneurship
In the fall of 2009 a group of philanthropic-oriented entrepreneurs teamed up with the New Hampshire Charitable Foundation to launch a new chapter of the Entrepreneurs Foundation. The mission of the organization is to help entrepreneurs leave a lasting legacy, outliving their time as an entrepreneur with a specific venture.
The original plan was to have founders of new companies contribute a small amount of stock to the Entrepreneurs Foundation of New Hampshire (EFNH), with the idea that it would have value years down the road when there was a liquidity event. The concept has grown to enable entrepreneurs at all stages of a businesses’ life to participate, accepting gifts and pledges of stock, options, and LLC units, even cash. To date, more than 25 “members” have made contributions, halfway to EFNH’s first year goal of 50 members.
At a recent informational EFNH breakfast, one attendee inquired about the characteristics of people participating in the group. One characteristic that came up was “powerful.” I happen to agree, but what does this really mean? To me, powerful means people who would rather be on the field than in the bleachers. The powerful people are those who are going to define their own future rather than being told what it is. Powerful people develop and execute an action plan, versus going along for the ride. Sounds an awful lot like an entrepreneur, doesn’t it?
Many of the participants naturally wondered how resources would be allocated once liquidity events happened. A rotating group of members will be tasked with looking at a wide range of philanthropic needs benefiting the region. Some of these will be vetted by the N.H. Charitable Foundation for good stewardship and sustainability, while others may be presented directly to EFNH. There’s no preconceived set of criteria for causes to support, although I think in general the group believes supporting entrepreneurship is a natural fit.
With that in mind, I’ve got a couple of ideas that might be worthy of consideration: First, how about providing a couple young, talented entrepreneurs with a fully paid pass to attend the annual Nantucket Conference (www.nantucketconference.com), where they can spend three days getting to know some of the best and brightest (dare I say most powerful?) entrepreneurs, venture capitalists and angel investors? Or, how about providing scholarships to promising students for Semester at Sea’s (www.semesteratsea.com) “Engineering a New Tomorrow” 26-day short-term voyage? Students taking this late May program can take courses such as “Managing Sustainability in the Developing World” without missing time from their home campus.
One major benefit of making a donation to the EFNH is the opportunity to meet and network with other people who are charitably inclined. The group has held a number of successful social events, the first of which featured Meg Hirshberg, whose husband Gary founded Stonyfield yogurt. Meg shared her story of what it was like to be married to a struggling entrepreneur, both the good and bad. Laced with humor, her insider’s account struck a chord with the entrepreneurs and their spouses in attendance. Everyone could relate to the ups and downs of the early years, as well as be inspired by the tremendous success Stonyfield is today.
If you are charitably inclined and looking for a way to both make an impact and network with like minded people, I encourage you to check out the EFNH at www.efnewhampshire.com. Participants from outside of New Hampshire are welcome.
We’re fortunate in New England to have many entrepreneurs willing to give their time and talent to help others become successful. That is truly a major “power” of our region.
Matt Pierson is managing director of Dunn & Partners and past chairman of the New Hampshire High Tech Council, an entrepreneur and local high tech investor. Practicing what he preaches, he has pledge or donated shares in Nanocomp Technologies and JitterJam to the EFNH.
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