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press release PRINCETON SOCIAL CAPITAL AWARDS POLICY DEVELOPMENT GRANT FOR SOCIAL INVESTING RESEARCH INITIATIVE (SIRI) 24 May 2004 Policy Development (PD) is pleased to announce that Princeton Social Capital (PSC) has made a grant to PD to conduct Phase I of a study that will raise awareness and contribute to the understanding of the still underdeveloped field of social investing. The study will be called the PSC Social Investing Research Initiative (PSC-SIRI) in recognition of PSC's contribution of both financial and intellectual capital. Social investing represents an enormous opportunity to marshal the resources of the private sector for social change. But there are many risks. Over the course of one year, PD will organize and evaluate existing social investing models according to social impact criteria, guide investors and philanthropists to the best approaches, and help create a policy context in which these approaches can thrive. Approaches to be considered include: socially responsible investing, social venture capital, social enterprise and entrepreneurship, program-related investing and mission-related investing, corporate social responsibility, community development corporations and financial institutions, fair trade, sustainable development, social capital markets and others. During Phase II, PD will select a handful of the most promising social investing trends for closer analysis. According to PD Executive Director Aron Goldman, "Market-based approaches to social problems have become so popular that the market mechanism often gets more attention than the social impact. PD will help correct that imbalance, and in doing so, help analysts uncover social investments with stronger financial and social bottom lines." Rather than wait for the final report to be issued, PD is inviting researchers, funders, investors, the corporate community, the policy community, practitioners, and others to get involved from the very beginning (see Social Edge discussion). PSC is already an active participant, lending the formidable social investing expertise of its staff and board. "We look for social investing opportunities with compelling financial and social returns," explains PSC President, Curt Bassett, "and collaborating with non-profits like PD is a great way to find those opportunities." To help mobilize support for Phase II, PSC has generously offered to repeat its contribution to this initiative if substantial additional funding commitments are made. |
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