Time Magazine Cites TechnoServe as Example of How to Harness Capitalism to Benefit the Poor
AUGUST 1, 2008 —Washington, DC—Time magazine's current issue features TechnoServe's work with coffee farmers as an example of how capitalism can be harnessed to help improve the lives of poor people. The citation appears alongside an article by Bill Gates called “How to Fix Capitalism,” which looks at “ways to bring far more people into the system—capitalism—that has done so much good in the world.”
Gates notes that capitalism has improved the lives of billions, but it has also “left out billions more.” The most effective way to bridge this gap, he argues, is to seek solutions that benefit both corporations and the poor, with nonprofits stepping in to “help create such opportunities.”
TechnoServe's work with coffee farmers in Latin America and Africa is cited in an accompanying piece that highlights “8 Examples of Creative Capitalism.” TechnoServe business advisors are helping small-scale coffee farmers to produce and sell more lucrative specialty coffee, linking them to major international buyers such as Peet's Coffee & Tea and Starbucks.
The scale of these efforts was greatly expanded with a recent grant from the Bill & Melinda Gates Foundation.
About TechnoServe: TechnoServe is leading a movement that empowers people in the developing world to build businesses that break the cycle of poverty. Growing enterprises generate jobs and other income opportunities for poor people, enabling them to improve their lives and secure a better future for their families. Since its founding in 1968, the U.S.-based nonprofit has helped to create or expand thousands of businesses, benefiting millions of people in more than 30 countries. The Financial Times has rated TechnoServe one of the top five NGOs for corporate partnerships. Charity Navigator has also awarded its highest Four Star ranking to TechnoServe.
For more information, please contact: Luba Vangelova, Director of Marketing Communications, TechnoServe/Washington, DC Tel: +1 202-719-1302 ; Email: firstname.lastname@example.org