Hi everyone! My name is Byung Lee from South Korea. I am a first year MBA student at the Stephen M. Ross School of Business at the University of Michigan pursuing a social venture capital career. I have diverse experiences as an industry researcher at a central bank, a high-tech engineer, and an oversea sales representative. Before I start writing, I want to let you know that I haven't secure the internship in social venture capital(SVC) YET, still on the process *sigh* : ) But I want to share some tips for future Ross international SVC pursuers.
1. What do you believe?
Do you believe that traditional philanthropy offered by public institutions and foundations is the solution for social problems? Do you believe the government has to take the role of being a main social impact driver? Then you have an inaccurate, I dare to say, belief. All theses will address the most immediate needs but these are not for long term solutions. You need to believe that in order to create long-lasting social impact, sustainable market-based approaches must be employed. And you need to believe SVC will be the key player.
2. Congratulation! You are in Ross
Do you know that Ross is one of the most prominent and respected MBA within a social sector? Thanks to Prof. C.K. Prahalad and Ted London. They are experts in the bottom of the pyramid, the concept prasied by many people. According to Bill Gates, it "offers an intriguing blueprint for how to fight poverty with profitability." The bottom of the pyramid is a new business models targeted at providing goods and services to the poorest people at the bottom of the pyramid in the world. You should read 'The Fortune at the Bottom of the Pyramid' by C.K. Prahalad, the book inspired many social venture capitalists.
3. Social Venture Fund
Last year Social Venture Fund(SvF) was launched in Ross. It is a student led investment fund, which will 'target and invest in innovative companies that place the generation of a significant social impact at the heart of their mission and way of doing business'. SvF is great way to maximize Ross exprience, if you want to pursue SVC career. Contact a coordinator of SvF. write 'I am interested in getting into your radar and next year...'.
Next time, I'll share more about how real SVC life flows.
Good luck Byung! Eager to know how your summer pans out. I'm looking to do this full time in Asia once I graduate as well :)
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