Last week, The Bottom Line caught up with Greg Zumas '07, just back in the US after a summer stint with Agora Partnerships in Nicaragua.
Greg was one of a number of students who pursued internships with socially responsible organizations and received financial support from either the CORPS Fellowship or Social Venture Internship Fund. Here's what he had to say.
BL: Hi Greg, could you talk about what drew you to social enterprise?
GZ: Purely selfish reasons. A lot of people don't think of social enterprise that way. They see us as a bunch of selfless do-gooders, but the opposite is true. I'm pursuing the most self-gratifying field out there, both personally and financially. Also, you have to look at the trends. Increasing globalization and transparency in the world mean companies have to focus on being socially conscious. It's part of differentiation and catering to more sophisticated customers.
BL: Don't you think some companies will be getting into this for purely selfish reasons then, for PR?
GZ: In the short-term, the end justifies the means. If say Walmart wants to do it for marketing, then let it. The positive offshoot is that minds start to change, CSR becomes part of the culture, and it starts a snowball effect.
BL: How did this internship fit into your overall career plan?
GZ: My long-term goal is in international development. The immediate plan is to get into consulting or brand management. I could have made a ton more money this summer working for a different organization, but I chose to build a foundation of experience for the long-term. Prior to school, I co-founded a company that runs educational programs for elementary and high school students. This internship was a chance to get field experience abroad and to hone my finance skills.
My main role was to structure two deals, including the fund's first investment of $100,000 in a vegetable processing company. The experience reinforced my idea that international development is best achieved through the private sector. I would say to first year students that if your gut tells you to do something outside the standard banking or consulting fields this summer, then do it. You're preparing for your life, not for the day or even the year after you graduate. The summer internship is a very unique opportunity; think about what it creates for you long-term. At CBS we're lucky to have funding sources like the Social Venture Internship Program and the student-supported CORPS Fellowship to make this type of internship feasible financially.
BL: Could you talk about some of the project's specifics?
GZ: Agora is one of the first organizations to develop small-scale entrepreneurship in Nicaragua through equity investment. Usually, the amounts they need, $25,000-$200,000, are too big to be filled by microfinance, and too small for banks, so the entrepreneurs fall through the cracks. We help them develop their ideas, gain access to social networks, and find capital. I did the due diligence for our first investment, building on the outstanding work of a CBS team which consulted for the Nicaraguan entrepreneur. We get a lot of local support on the ground because of the solid reputation of Agora's founders, Ben Powell '05, and his partner Ricardo Teran.
BL: What were the most interesting challenges or highlights?
GZ: Negotiating deal terms, including owner's compensation, in a foreign language is quite an experience. It is a nuanced, trust-based conversation at best between two people speaking the same tongue. Let's just say my Spanish is much improved. It's challenging to live in the third world. The power would sometimes go out at 3 pm for hours at a time. Our accommodations were very comfortable though, with no dirt floors or chickens milling around. I stayed in an air-conditioned house with 4 other interns from different business schools. Overall, it was an amazing experience getting to know the people, and building lasting friendships in an amazing country;not to mention building for my future.
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