I’m at the Kellogg Innovation Network Global Summit which is the creation of of Rob and Stephanie Wolcott. It is a global group of CEO’s and heads of R&D from Fortune 500’s.
Kimmie Weeks from Liberia, founder of Youth Action International, which focuses on raising global philanthropy in youths, kicked off the event with a wonderful talk. He discussed a program they launched giving women in Sierra Leone looms to make clothes and drive self-sufficiency.
One quote that stuck with me was “when you have people who get by on a dollar a day, imagine what they can do with small amounts of money you give them? They are resourceful and not to be only pitied.” It reinforces how one needs to see the positives tied to all negatives.
You see this resourcefulness in the entrepreneurial world with both bootstrapped companies and some of the small grants given by accelerators. I found that this Spartan DNA is the number one predictor of success in portfolio companies. It shows both their respect/understanding of dilution and their innovativeness & resourcefulness.