Menção sobre a Endeavor no editorial da Revista Forbes!!!

0316navhttp://www.forbes.com/forbes/2009/0316/010_sidelines.html

Adam Smith said, “I have never known much good done by those no affected to trade for the public good.” Presumaly, he would have looked with favor on another Scotsman, who made a fortune busting unions and then gave it all back through grand philanthropies. This classic mode of organizing one’s purposes in life has been described as “the basic rape, pillage and philanthropy model of business.”

At the other end of the spectrum is the snack and salad oil company founded by the late Paul Newman. He could have made a bundle the usual way and then left it to charity. Instead, he had 100% of the profits going to good causes from the start. Newman’s Own has given away $260 million.

Between these extremes are those businesses that aim for profits while affecting to trade for the public good. They fall in the realm of what modern academics describe with the Theory of Blended Values. Two such ventures are the subject of stories, by Quentin Hardy and Richard Morais, in this issue of FORBES.

You might be skeptical of Google (nasdaq: GOOGnews people )’s professed aim to do no evil, or wonder how it can honestly serve two masters. Google does a good job maximizing profits from advertising but maybe not such a good job diverting those profits into flaky clean-energy schemes. Perhaps, then, you can admire the business model of Tom’s of Maine. Its advertised environmentalism makes its toothpaste appealing to a certain kind of consumer. The founder made enough money from this sales pitch that he can now be generous with the Nature Conservancy.

The latest entrant in the Blended Value marketplace is a money management firm in New York City. On Mar. 1 Uhuru Capital Management will open up a fund of hedge funds with the pledge to divert 25% of its profits to charities. The founders with the mixed motives, Neal Goldman, 38, and Peter Kellner, 39, both had early successes with conventional ventures and wanted a different kind of accomplishment.

This is not “socially conscious” investing in the usual sense. That is a big business on Wall Street, but as Goldman points out, it isn’t changing the world. If you sell your Altria (nyse: MOnews people ) shares because tobacco is wicked, some other investor steps up to buy them; the cigarette business is unaffected.

Uhuru’s intended beneficiaries: Ashoka, which helps “social entrepreneurs” invent new ways to help poor people; and Endeavor, which endorses small businesses in the Third World, making it easier for them to get capital. The hope: An angel funding a startup in, say, Brazil becomes a client of Uhuru and/or helps Uhuru’s hedge fund managers pick Brazilian stocks.

 

Ludmilla Figueiredo

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