Post By:
Tim Pennell
MBA, 2013
The nonprofit and private sectors were
abuzz this summer with news of advancements in Pay for Success and Social
Impact Bonds in New York City and Massachusetts. I was fortunate to be working
for the summer as a Senior Analyst at Third
Sector Capital Partners,
a leader in social innovation financing and the firm selected to oversee the
first-in-the-nation initiatives in Massachusetts.
What
is social innovation financing? Each year, the U.S. spends billions of dollars
on social programs that fail to achieve measurable impact. At the same time, there
are limited funds to grow programs with documented results. Pay for Success
programs, when combined with innovative social financing mechanisms, present
opportunities to create unique public-private partnerships to redirect
resources towards preventative initiatives that measurably improve lives.
As a member of the Third Sector team I
was able to apply many of the skills I acquired during my first year at BU -
from excel modeling and preparing presentations for negotiations with the state
to creating a new company website and writing a case study. Working for Third
Sector was the perfect application of business acumen to solving a key issue
for nonprofits and governments nationwide. At the end of the summer I will stay
on part-time at Third Sector.
I landed at Third Sector by serving as
a New Sector Summer Fellow. The fellowship provided the opportunity to receive
additional trainings and interactions with other MBAs and students from across
the country working in Boston for the summer.
Tim Pennell is a 2nd Year MBA in the Public & Non-Profit concentration. Prior to BU, Tim worked in fundraising for a symphony orchestra. This fall he is continuing work part-time with Third Sector Capital Partners, his summer employer.
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