Carrie Rich was senior director at Inova Health System when what she calls “a small act of kindness” on her 26th birthday set her life on a new course.
Inova CEO Knox Singleton, her boss at the time, gave her a $100 check in her birthday card and encouraged her to live her dream, which was to have emerging young business leaders team up with top business executives interested in making positive changes in society to raise money for sustainable social impact.
Rich reached out to family, friends and organizations she volunteered with for donations and guidance, and after many generous donations – including two $1 million checks – the Global Good Fund was born.
The key to The Global Good Fund’s success has been the fellowships it supports all over the world that bring together young fellows with executive mentors and leadership coaches to develop sustainable projects in local communities.
“By investing in social entrepreneurs, The Global Good Fund fellowships create ripple effects of social impact that make the world a better place through business,” Rich said in May. “The COVID-19 pandemic has shown us that now, more than ever, it is important to invest in organizations that make social impact a key part of their missions.”
The organization restricted its spending this year because of the pandemic but provided funding usually used for leadership development to some of its fellows with business challenges. It is now dedicated to investing in five areas that will make the greatest impact, Rich said: health, education, the environment, economic mobility and financial inclusion.
From 2018 to 2019, revenue increased 231 percent and net income increased 229%. One of the tools the organization has been selling to companies was created to measure the effectiveness of the fund’s social impact.
“We’ve helped prove that socially impactful businesses cannot only be profitable, but can also weather rough times better than traditional businesses,” she said. “In order to demonstrate that, we not only invested financially and philanthropically in these companies, but we also became one ourselves.”
“We’ve helped prove that socially impactful businesses cannot only be profitable, but can also weather rough times better than traditional businesses.”