| Root in the News
President Clinton Recognizes Root Capital
Root Capital is featured at the Clinton Global Initiative.
Root Capital was recognized multiple times last week at the 2008 Clinton Global
Initiative (CGI) Annual Meeting in New York City. The three-day conference convenes
global leaders to devise innovative solutions to some of the world's most pressing
challenges. Nearly 60 current and former heads of state, five Nobel Peace Prize
recipients, and hundreds of international CEOs, non-profit leaders, and major philanthropists
were in attendance. Both presidential candidates also addressed meeting participants.
We were thrilled to participate alongside many of the modern-day heroes who inspire
our work on poverty and climate change, including former Vice President Al Gore,
Muhammad Yunus, founder and managing director of Grameen Bank, and Wangari Maathai,
founder of the Green Belt Movement.
In the midst of such luminaries, former President Clinton honored William Foote,
Root Capital's President and Founder,
on stage Wednesday as he highlighted the critical need to support small businesses
in developing countries. As President Clinton noted, "In wealthier nations, small
business accounts for almost 60-percent of employment but in low-income countries,
that number drops to 20-percent because small businesses lack the help, support,
and guidance needed to thrive."
President Clinton recognized Root Capital and partner organizations as part of the
Aspen Network for Development Entrepreneurs (ANDE), which supports small and growing
businesses in developing countries through financing, technical assistance and general
support. President Clinton applauded the partnership, "This commitment shows the
power of collaboration between private, for-profit investment, and NGOs in helping
small businesses to thrive."
- Click here to watch webcast.
- Click here to listen to podcast.
Foote was chosen to represent ANDE and Root Capital at a press conference Thursday.
Foote highlighted ANDE's efforts to follow in the footsteps of Muhammad Yunus and
create a social movement around small and growing businesses in developing countries.
A panel discussion on Thursday featured Root Capital yet again. Jane Wales, chair
of the Clinton Global Initiative's poverty alleviation working group, recognized
both Foote and Michael Dupee, Vice President of Corporate Social Responsibility
for Green Mountain Coffee Roasters as part of a session on food security and poverty.
(See right for more details)
- Click here to watch webcast.
- Click here to listen to webcast.
- Read more about the Clinton Global Initiative.
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A Big Apple Welcome
New York philanthropists Veronique and Bob Pittman host party in honor of Root Capital.
On Wednesday, September 10, Veronique and Bob Pittman hosted a reception at their
home in New York City where 40 guests gathered to learn about Root Capital. This
was the first event of its kind for Root Capital, which is about to kick off its
ambitious campaign to raise $70 million by 2012. Influential New York thought
and business leaders, as well as Root Capital staff and supporters, gathered in
the Pittman's elegant co-op against a backdrop of the Manhattan skyline. Candle
Café provided vegan hors d'oeuvres and waiters circulated with Acai-tinis (made
with the popular Amazonian berries, a product financed by Root Capital.) Midway
through the evening, Root Capital's film was played for the crowd, and President
Willy Foote talked about Root Capital's background and plans for growth. The room
buzzed with interest and several guests lingered after the presentation.
With his powerful testimonies, Antony Bugg-Levine, managing director of The Rockefeller
Foundation, provided one highlight of the evening. Another memorable speaker wasn't a donor or a NYC big-wig. It was Andrew, the Pittmans' fourth-grade
son.
"This is important because we have to save the planet for the next generation, and
if Root Capital doesn't do it, who will?"
Exactly.
Clinton Global Initiative Highlights
Innovative Coffee Partnership
Willy Foote and Michael Dupee, Vice President of Corporate Social Responsibility
for Green Mountain Coffee Roasters (GMCR), were recognized on stage at the Clinton
Global Initiative last week as part of a session focused on cutting-edge efforts
to enhance agricultural productivity and inventive models that help small farmers
gain access to markets.
Jane Wales, chair of the Clinton Global Initiative's poverty alleviation working
group, announced an innovative partnership between Root Capital and GMCR. The goal
of this partnership is to improve the financial literacy and management skills of
rural-based businesses in Latin America and Africa, which include many of GMCR's
coffee suppliers. GMCR also made a commitment at the Clinton Global Initiative
to support Root Capital's efforts to expand its financial training with a five-year,
$450,000 grant - the largest single grant in GMCR history.
Root Capital launched a pilot financial education and training program in northern
Latin America in 2006 and has since provided financial education to 1,300 business
leaders from 50 grassroots businesses in northern Latin America. GMCR's announced
commitment will enable Root Capital to launch the program in South America and Africa.
In total, from 2009 to 2012 Root Capital will build
financial expertise among the leaders of 150 grassroots businesses, representing
nearly 100,000 farmers and artisans in 12 countries.
"Root Capital's innovative work in providing financial services to the underserved
global community of grassroots businesses has helped us better serve all our stakeholders
and meet our own goals around reducing poverty and hunger in the communities we
touch," said Dupee. "Our partnership helps create economic opportunity, support
entrepreneurial activity, and provide economic incentives for sustainable natural
resource management in rural communities worldwide."
Read MarketWatch article for more details.
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