Monika JhaveriJournal #1
This summer I interned at the Acumen Fund in Hyderabad, India. The Acumen Fund uses the venture capital investment method to invest in entrepreneurial solutions to poverty. In short, it invests in social enterprises that are focused on improving access to water, health, housing and energy in India, Pakistan, and East Africa. Specifically, I worked on their Water Portfolio, which funds businesses that target the BOP of India who otherwise do not have safe access to clean water. The water portfolio is an especially challenging space to find profitable businesses, since there is already so much NGO and Government attention and dollars going into this space. My job was to help identify gaps in the water market that can be effectively addressed by private sector models. Additionally, I assisted on due diligence for a deal that the Fund was looking to invest in.
The experience left me feeling like a sponge, not just because of the job itself, but also because of the experience of living in Hyderabad. A couple of early observations are as follows: one observation had to do with the importance and attention that water has received from governments and corporations alike. It is surprising to me how few social enterprises actually exist in this space. This really speaks to the challenge of trying to set up a business when the social benefit is far greater than any financial benefit. It was fascinating to dig into the details of businesses that actually manage to overcome this challenge. My other observation is that I was surprised at how helpful field experts were in talking to me about what they do and teaching me about various aspects of the water sector. The amount of collaborating in the social enterprise world is impressive and one that you rarely come across in the business world.
But between devising the best strategy to hail an auto-rickshaw and taking a step back to think about how much we take water for granted, what was most inspiring for me was to witness the unique culture of the Acumen Fund. I have been fascinated with the work and the model developed by the Acumen Fund for several years now, and it was amazing to observe it from the inside without the rosy-colored lenses of its media attention. What’s particularly encouraging from this insider’s view is that it actually is as invigorating, creative and inspiring from the inside as it seems like it would be from the outside. Having worked in the development space before, this realization about the Acumen Fund was especially heartening for me.
