Giving Compass' Take:

• Steve Forbes interviews Jacqueline Novogratz, an outcomes-oriented, effective philanthropist on her perspective of entrepreneurship, accountable institutions, and more.

• How can your philanthropy help with global development? 

• Read more about development and philanthropy paradigms. 

Many young Americans—and older ones as well—yearn to “make the make the world a better place.” They should listen to my two-part conversation with one of the most effective, result-producing philanthropists today, Jacqueline Novogratz. Years ago Jacqueline shocked her workplace colleagues, family and friends by chucking a dazzling career in banking to go to Africa. Her goal: to help economically oppressed women move up by becoming entrepreneurs. They would start and manage businesses financed through micro loans from new institutions that Jacqueline and others assisted in launching.

Listeners—both those itching to directly make a difference, as Jacqueline has done, and those wondering why so much of the assistance to poor countries provided by governments and private organizations has been ineffective or actually harmful—will find Novogratz’s painfully gained wisdom immensely helpful and enlightening. As the saying goes, good intentions are not enough; positive change comes from patience, persistence, a willingness to learn, genuine humility and an immense amount of hard work.

Yet you will be immensely impressed by what Novogratz has done and is doing. Despite obstacles and heartbreaking setbacks, she and her teams have achieved stunning successes in struggling areas around the world. The organization she founded and heads, Acumen, pioneered impact investing and has financed 122 social enterprises across Africa, Latin America, South Asia and the U.S. Critical to Acumen’s work is the concept of “patient capital,” which recognizes that some projects may take years before achieving their goals.

Jacqueline Novogratz is an inspiring model of effective philanthropy.

Read the full article about lessons in effective philanthropy by Steve Forbes at Forbes.