Geneva, Switzerland, 20 March 2008 - The World Economic Forum announced that Root Capital Founder and President William Foote has been selected as a Young Global Leader 2008. This honour is bestowed each year by the World Economic Forum to recognize and acknowledge the top 200-300 young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world. The Young Global Leaders for 2008 include 121 business leaders, as well as leaders from government, academia, the media and society at large from 65 countries. The new class represents all regions, including East Asia (64), Europe (58), the Middle East and North Africa (12), North America (45), South Asia (24), sub-Saharan Africa (21) and Latin America (21).
"The World Economic Forum is a true multistakeholder community of global decision-makers. We need the Young Global Leaders to be a voice for the future in the global thought process and as a catalyst for initiatives in the global public interest," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
William Foote founded Root Capital in 2000 to invest in grassroots businesses that transform rural communities and conserve natural resources in some of the world's poorest, most environmentally threatened places. Root Capital's vision is to create vibrant rural economies across the developing world where smallholder producers with access to markets and financial services lift themselves out of poverty while improving the health of our planet. Since its launch, Root Capital has provided financial training and over $80 million in credit to 180 grassroots enterprises in 26 countries in Latin America, Africa, and Asia-with a 99% repayment rate. By working with small- and medium-sized enterprises (SMEs) such as cocoa farmer cooperatives and artisan associations, Root Capital aims to fill the "missing middle" of finance in developing countries - the underserved gap between micro-credit and commercial financial institutions.
"I am truly honored to be selected as a Young Global Leader and by this recognition of the work Root Capital has done," said Foote. "We help harness the existing entrepreneurial energy in isolated rural communities, encouraging socially and environmentally responsible business practices. We're hopeful that this award will draw attention to the needs of isolated rural communities, and allow us to expand our efforts to serve them."
Drawn from a pool of almost 5,000 candidates, the Young Global Leaders 2008 were chosen by a selection committee of 31 eminent international media leaders, including Thomas H. Glocer, Chief Executive Officer, Reuters, United Kingdom; Arthur Sulzberger, Chairman and Publisher, The New York Times, USA; Robert Thomson, Publisher, Dow Jones & Company and The Wall Street Journal, USA; and Hisashi Hieda, Chairman and Chief Executive Officer, Fuji Television Network, Japan. The selection committee is chaired by H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan.
The current community of Young Global Leaders represents over 60 countries and includes Larry Page and Sergey Brin, Co-Founders of Google, USA; Crown Prince Haakon of Norway; Malvinder M. Singh, Chief Executive Officer and Managing Director, Ranbaxy Laboratories, India; Hiroshi Nakada, Mayor of Yokohama, Japan; Nicky Newton-King, Deputy Chief Executive Officer, JSE, South Africa; Carlos Danel, Co-Chief Executive Officer, Banco Compartamos, Mexico; and Jack Ma Yun, Chairman and Chief Executive Officer, Alibaba Group, People's Republic of China.
"It is our belief that this community of committed individuals can actually change the status quo. They are not only a preview of what effective, collaborative leadership in the 21st century might look like, they are actually putting it into practice today," said David Aikman, Senior Director and Head of The Forum of Young Global Leaders. "It is our privilege to work with such inspirational leaders and to bring them together in a global network that builds their insights and skills even further, providing them with a global platform to tackle the key challenges of our generation."
Established in 2004 by Professor Klaus Schwab, The Forum of Young Global Leaders is a unique, multistakeholder community of the world's most extraordinary young leaders, who dedicate a part of their time to jointly addressing global challenges and who are committed to devoting some of their knowledge and energy to collectively work towards a better future. As part of their engagement, the Young Global Leaders give their time to task forces to initiate, develop and drive innovative solutions on important, globally-oriented issues, including health, education, the environment, global governance and security, and development and poverty.
