Morgan grant will establish social entrepreneurship program at Wooster

Written by John Hopkins 330-263-2082 Email Story | Print Story

July 6, 2005

WOOSTER, Ohio - The Burton D. Morgan Foundation has awarded a three-year, $228,400 grant to The College of Wooster to establish a social entrepreneurship program in which students will learn to apply insights and techniques from the business world to not-for-profit enterprises.

Many not-for-profits are seeking innovative ways to create revenue to support their core activities, using methods that have traditionally been in the for-profit domain.

This summer a team of students and faculty mentors is assessing current volunteer and non-profit activities in Wayne County. During the 2005-2006 academic year, the college will sponsor a series of speakers and workshops on social entrepreneurship, including a week-long symposium that will bring together experts in the field, leaders of local non-profit organizations, members of the business community, students and faculty to learn more about social entrepreneurship concepts and begin thinking about how they might be applied locally. Students will learn how to put together a business plan, evaluate its strengths and weaknesses, and assess its outcomes.

In January 2006, local agencies will be invited to submit proposals to the college for funding from The Burton D. Morgan Foundation Venture Capital Fund. The fund will provide seed money for new, profit-making ventures to support a not-for-profit’s core mission. Just as with a for-profit venture capital fund, the agency will be expected to pay back the fund so that it can continue to make new investments in succeeding years.

The Burton D. Morgan Foundation was established by Mr. Morgan in 1967 as a private foundation, administered by an independent board of trustees. The purpose of the foundation is to strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit.

The College of Wooster is an independent liberal arts college, nationally recognized for an innovative curriculum that emphasizes independent learning. Each Wooster senior works one-on-one with a faculty mentor to create an original research project, written work, performance or art exhibit. Founded in 1866, the college enrolls approximately 1,800 students.

In October 2003, the college launched Independent Minds: The Campaign for Wooster, the largest fund-raising effort in its history. To date, $108 million has been raised toward a goal of $122 million for capital projects, endowment and current operations. The campaign will conclude on June 30, 2007.