In episode 51 of the Disruptors for GOOD podcast, I speak with Carrie Rich, the Co-founder and CEO of The Global Good Fund on using capital to accelerate social impact.
Carrie Rich is the co-founder and CEO of The Global Good Fund. Built by and for social entrepreneurs, The Global Good Fund was created in 2012 based on the belief that growing leaders is the best strategy for solving complex social problems and achieving global good.
Carrie tested the theory behind the fund while working as Senior Director of Vision Translation at Inova Health System and teaching as an adjunct faculty member at Georgetown University.
There, she co-authored Sustainability for Healthcare Management: A Leadership Imperative, a Handelsblatt’s Top 5 Business Book. Carrie has been recognized as a 2018 Enterprising Women of the Year Awardee.
About the Global Good Fund
The Global Good Fund is a nonprofit social enterprise built by social entrepreneurs for social entrepreneurs. The organization identifies leaders who stand to achieve greater social impact with executive mentorship, professional leadership coaching and capital.
They believe growing leaders is the most effective strategy for solving complex social problems and achieving global good.
The Global Good Fund invests in entrepreneurs focused on solving five key social issues related to sustainable changes in education, healthcare, the environment, financial services and the economy.
Built by social entrepreneurs for social entrepreneurs, they identify high-potential leaders and accelerate their success through proven, proprietary development methods.
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Interview Transcript
[00:00] Host (Grant Trahant):
What’s up everybody, this is Grant from Causeartist. Welcome to another episode of the Disruptors for Good podcast. Today, we’re talking with Carrie Rich, co-founder and CEO of the Global Good Fund. It’s an incredible story about how the Global Good Fund started, and Carrie will share the long version of that story. But to summarize quickly, it all began with a single email Carrie sent to her friends, colleagues, and family, which unexpectedly raised $2 million. Her dream was to start a fund that would provide coaching and capital to social entrepreneurs around the world, particularly in healthcare and developing countries.
Fast forward to now, the Global Good Fund invests in entrepreneurs across all sectors, not just healthcare. Carrie has advised hundreds of social entrepreneurs over nearly a decade, and today, we’ll talk about how investors entering the social impact space can help us solve many of the world’s problems. I hope you enjoy this conversation.
Before we dive into the interview, I want to mention our new podcast Impact Studio by Zach, who recently joined Causeartist. He’s got some amazing guests lined up, so check it out. Also, Jasmine is back with season three of Impact India, and we’ll be doing Instagram live interviews soon. Lastly, if you’re a social enterprise or nonprofit looking for web design or development help, visit impactrecipe.com. We offer affordable, high-end design with no upfront costs. Alright, thanks, and enjoy the interview!
[04:09] Grant Trahant:
How I like to start is by diving into a person’s journey. For you, the Global Good Fund seems like a culmination of everything you’ve done in your life and career. Can you take us back to the beginning and talk about your journey toward becoming co-founder and CEO?
[04:43] Carrie Rich:
Yes, I wake up every day feeling like the Global Good Fund is my life’s work. I’ve always been interested in helping people, and for me, that started in healthcare. After graduate school, I landed a dream job in healthcare administration at a large organization in Virginia. I worked closely with the CEO, and one day, I approached him and said, “It’s amazing that I get to work for you, but there are so many people out there with strong work ethics and good hearts who don’t have the same opportunities.”
I asked, “What if we could pair people like me, who are early in their careers but have strong potential, with experienced leaders like you who can help us avoid mistakes and achieve success?” My boss said, “Nice idea, but please get back to doing your job.”
A few months later, for my 26th birthday, he gave me a card with $100 in it, saying, “Go live out this idea.” Inside the card was a quote by John Wesley, “Do all the good you can, by all the means you can, in all the ways you can.” That was the seed funding for the Global Good Fund. I sent an email to friends, family, and colleagues, asking them to donate. My goal was to raise $6,000 for six organizations, but two weeks later, we had raised $2 million. And that’s how the Global Good Fund started. Fast forward seven years, and we’re now working in over 30 countries, supporting social entrepreneurs globally.
[08:30] Grant Trahant:
Did you quit your job after that? Or did you continue working while building the fund?
[08:53] Carrie Rich:
I didn’t quit right away. I had just spent all this time studying healthcare and loved my job. I didn’t know what to do with $2 million—I hadn’t planned to create an organization, just to help others like me who wanted to make a difference. So, for the first year, I continued working, and we created an advisory board. These were high-level leaders who donated their time to mentor young social entrepreneurs. I worked nights and weekends on the Global Good Fund until the board said, “Are you going to do this full-time, or do we need to find someone else?” That’s when I took the leap of faith.
[11:10] Grant Trahant:
Was the Global Good Fund initially focused on healthcare entrepreneurs?
[12:30] Carrie Rich:
No, from the beginning, we were industry-agnostic and geographically-agnostic. We believe if you invest in high-potential young leaders, they will grow businesses that positively impact the world. The entrepreneurs we support come from all sectors—healthcare, education, job creation, environmental sustainability, and more.
[13:28] Grant Trahant:
Can you walk us through the process of how someone applies to the Global Good Fund? What does the selection process look like, and what support do you offer?
[14:04] Carrie Rich:
We host an open application process online, free to apply, in the spring. Anyone under 40 who has already established a social enterprise can apply. We look for people whose enterprises are either ready to scale or have already been piloted successfully. We provide them with leadership development, mentoring, coaching, and financial support over a 12-month virtual fellowship. The entrepreneurs we choose are humble, resilient, and coachable.
[16:05] Grant Trahant:
How are your entrepreneurs handling the current COVID-19 crisis?
[18:10] Carrie Rich:
It’s a tough time, but our entrepreneurs are rising to the challenge. We provided $270,000 in emergency funds and crisis management training. For example, Esusu—a company that helps people build credit by paying rent—is helping tenants pay rent during the crisis. The Empowerment Plan is making masks for frontline workers, and 4P Foods is delivering nutritious, locally-sourced food to homes. Our entrepreneurs are pivoting to meet the needs of their communities.
[20:56] Grant Trahant:
Has the mission of the Global Good Fund changed over the years, or has it stayed consistent?
[21:34] Carrie Rich:
The mission has stayed consistent: investing in high-potential leaders to address the world’s greatest challenges. But the way we deliver on that mission has evolved. We became a virtual organization five years ago, and we’ve leveraged technology to measure impact in real-time. We’ve also developed revenue-generating programs, like leadership development products for corporations, and we’ve partnered with other organizations to serve more entrepreneurs.
[25:41] Grant Trahant:
Does the Global Good Fund take equity in the companies it supports?
[25:53] Carrie Rich:
No, the Global Good Fund is purely philanthropic. However, we created a sister company called the Global Impact Fund, a for-profit VC fund that takes equity in some of our entrepreneurs’ companies. The Global Good Fund focuses on leadership development, and when those entrepreneurs are ready for capital, the Global Impact Fund can step in.
[28:00] Grant Trahant:
Are you still teaching at universities?
[28:17] Carrie Rich:
I recently ended my teaching at Georgetown and George Washington University, but I’m still involved in adapting curricula globally. I enjoy engaging with students because they care deeply about making a difference in the world, both professionally and personally.
[30:21] Grant Trahant:
It’s exciting to see more capital flowing into social entrepreneurship. What do you think about the rise of impact investing?
[31:46] Carrie Rich:
It’s exciting, but we still have a long way to go, especially in supporting underrepresented communities and early-stage social enterprises. A lot of impact investing is still about who you know. We need to focus on getting financial and human capital into the hands of diverse social entrepreneurs who may not have had access to those networks before.
[33:13] Grant Trahant:
What’s the application process like for entrepreneurs who want to apply to the Global Good Fund?
[33:13] Carrie Rich:
We look for entrepreneurs who have been operating their social enterprises for 2-5 years. The process starts with a simple 10-question form. As applicants progress, we ask for more detailed information, including video interviews and footage. We’re looking for that hunger and resilience in the entrepreneurs we select. We get about 2,500 applications each year for 12 fellowship positions.
[37:41] Grant Trahant:
Can you highlight some of the entrepreneurs that have come through the Global Good Fund?
[37:41] Carrie Rich:
Sure! One example is Soapen, a company that makes handwashing fun and colorful for kids by turning soap into pens. Another is Dog Tag Bakery, a living business school for veterans transitioning into civilian life. These entrepreneurs are doing incredible work, helping their communities while running successful businesses.
[41:09] Grant Trahant:
Looking back, what are some lessons you’ve learned over the past decade?
[41:09] Carrie Rich:
A few lessons: First, speak up when you have a seat at the table. I used to stay quiet, but I’ve learned it’s important to contribute. Second, invest in yourself—whether it’s time, money, or education. Third, invest in leaders who reflect their communities. And lastly, when you face rejection, stand up and keep going.
[43:31] Grant Trahant:
How much funding has the Global Good Fund dispersed over the years?
[43:31] Carrie Rich:
We’ve raised about $10 million to date, with most of that going directly to entrepreneurs. A challenge for me as a nonprofit leader has been balancing the need to invest in our team while fulfilling our mission. But if we don’t have a healthy team, we can’t create healthy communities.
