A Business Course on Alleviating Poverty
Ed. Note: We’re pleased to have FLiP Contributor Ingrid Velmonte share perspectives on a recent microfinance course she completed. Congrats, Ingrid, and thanks for sharing your experience with us!
By Ingrid Velmonte
On crisp Monday evenings this autumn, the NYU Microfinance Initiative and NYU Stern Social Enterprise Association hosted a course on microfinance that was simulcast via internet by the Haas School of Business at UC Berkeley. NYU was one of more than 30 campuses around the country to host the simulcast, which was open to the public. “Introduction to Microfinance” began in October and was taught by Professor Sean Foote, who is a member of Haas’ Professional Faculty, a venture capitalist in Silicon Valley, and a philanthropist involved in microfinance and education. The course offered an overview of basic theories, history and trends in the microfinance sector.
During seven classes, Mr. Foote engaged his students with lecture, discussion and readings, but the highlight of the course was the opportunity to hear directly from leaders in the microfinance sector who served as guest speakers at each class. They came from varying groups, from successful microfinance institutions around the world to technology startups targeting the industry. My personal favorite was the class featuring the president of Kiva, Premal Shah, and the founder of MicroPlace, Tracey Pettingill Turner. Sitting side by side, Premal and Tracey openly spoke about their passion for their work, facing the challenges of getting a start up off the ground, and deciding whether to go the nonprofit or for-profit route. Listening to these pioneers, one was witnessing a real-time discussion of microfinance as both an important tool for global development and as the connection between the small-business owner in a developing nation and the person donating money via their laptop.
Michael Flatley, who works in finance here in New York, explains why he attended the simulcast at NYU: “The idea that such small-sized loans can alleviate poverty is what drew me to microfinance. A small loan can make a world of difference.” Indeed the course focused on infusing regular business practices with a sense of positive social impact, and classes often explored the tension between financial and social profit. Mr. Foote emphasized that there was no right or wrong answer to this issue, and that he wanted students, the future business leaders and entrepreneurs, to establish their individual positions based on what works morally and intellectually for them, whether or not they pursue careers in this sector - sound advice for anyone working toward a compassionate goal.







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