Newmanís Own Foundation Grants $900,000 to Echoing Green; Funding Will Support International Fellowships
New York, NY, February 06, 2013 --(PR.com
)-- Echoing Green has been awarded a $900,000 grant, over two years, from Newman’s Own Foundation, the independent foundation created by the late actor and philanthropist Paul Newman. The funding will support a global fellowship program that provides resources to a diverse group of the world’s most promising social entrepreneurs.
“The grant from Newman’s Own Foundation will help ensure the greater development of our network of changemakers,” said Cheryl L. Dorsey, president of Echoing Green. “These are young leaders who want to take on some of the world’s most challenging problems, with the goal of making the biggest difference.”
This is the first Newman’s Own Foundation grant to Echoing Green, and it unites two pioneers in social enterprise. The funding will further the organizations’ shared commitment to build a global philanthropic network and invest in people who are making a positive impact in communities around the world today and in the future.
“Paul Newman was among the earliest social entrepreneurs before the term was even defined. He started Newman’s Own, the food company, 30 years ago and decided to give all the profits to charity,” said Robert Forrester, president of Newman’s Own Foundation. “He never thought he was doing anything special; he just thought it was the right thing to do. Echoing Green reflects that spirit of generosity by supporting those who are working to make the world a better place.”
The funding of Echoing Green represents a refined focus for Newman’s Own Foundation. Building on the Foundation’s priority of encouraging philanthropy, this grant places a greater emphasis on the developing world and the importance of investing in young social entrepreneurs and leaders.
Paul Newman established the Foundation in 2005, as a means of continuing his pledge to donate to charity all net profits and royalties from the sale of products from Newman’s Own, Inc. Since the food company’s founding in 1982, Newman and Newman’s Own Foundation have donated more than $370 million to thousands of charities worldwide.
About Echoing Green:
Founded in 1987 by global growth equity firm, General Atlantic, Echoing Green unleashes next generation talent to solve the world's biggest problems. To date, Echoing Green has invested over $31 million in seed funding 540 social entrepreneurs (Echoing Green Fellows) and their innovative organizations across the globe. Recognized Echoing Green Fellows include the founders of Teach For America, City Year, College Summit, Citizen Schools, One Acre Fund, and SKS Microfinance, and hundreds of others. Further, Echoing Green drives social innovation by taking the stories, frameworks, research, and lessons of its Fellows and the field of social innovation in order to inspire a generation of young people to build meaningful impact-driven lives and careers. Additional information can be found by visiting www.echoinggreen.org.