Who knew how much I missed business travel? Despite the still-cramped seats, forced close proximity to other humans in a small capsule, and a few crabby passengers, after a 2 year hiatus, it was great to get back on the road. Thank you Impact PHL for giving me an excuse to visit our long-time client The Barra Foundation in Philadelphia. Their Total Impact Summit was invigorating, educational and inspiring, especially seeing all the local funds and Black led developers working to create economic opportunities in the city. Can’t wait to go to San Francisco for SOCAP and the National Center for Family Philanthropy conferences in October. Ping me if you’ll be there!
In honor of Earth Day
After finishing up as Finance Committee and Board Chair of the Citizens League I had decided not to serve on any more nonprofit boards. As much as I love the work, after continuous Board service since 1994 I figured I’d find another outlet for my volunteer time.
Then I had lunch with Michael Noble, Executive Director at Fresh Energy. Introduced by our mutual friend and Carleton classmate Elizabeth McGeveran, I think we each thought it was just a get-to-know-you meeting. I’ve always been passionate about the environment, having grown up in the big woods of Minnetonka (that’s a story for another time). Studying public policy at Harvard Kennedy School showed me how important policy is in truly addressing climate change. I was so inspired listening to Michael talk about Fresh Energy’s impressive track record.
I have to admit I was one of those who had kind of retreated into helpless despair when it came to climate change. The problem is so big and we humans seem so reluctant to change our habits, our companies continue to pollute, and our government leaders are timid, at best.
Joining the Fresh Energy Board changed all that. I’ve met amazing people like Deepinder Singh, founder and CEO of 75f, making our existing buildings “smart”, more comfortable and energy efficient at the same time. I met Kristel Porter, Executive Director of MN Renewable Now, connecting underserved residents to renewable energy. I also got to meet amazing staff like Anjali Bains, Lead Director Energy Access & Equity and Sarah Clark, Deputy Executive Director. What can I say, now I’m hooked.
Lately some of the attendees at our monthly Impact Investing Roundtable asked me about volunteering and I have to say, please do consider Board service. It’s open to everyone and all of the thousands of nonprofit organizations need a Board of Directors. If you’re not sure what’s involved, you can take a class through Propel for Nonprofits. Here are my quick tips:
I’d love to hear your stories about Board service. Tweet me your thoughts @susan_hammel or email.
Susan serves on three boards: Fresh Energy, Carleton Careers Advisory Board, and the Trillium Family Foundation. She also is the volunteer President of the MN Alumnae Network of Harvard Women. Her previous boards include Pro Mujer, Children’s Home Society (was Family Services), St. Paul Arts Partnership, Theatre de la Jeune Lune, Asian American LEAD, Arts Council of Fairfax County, NPH USA, Citizens League, Sunrise Banks and the Minnetonka Yacht Club.
Susan Hammel Bio: As a philosophy major who went to Wall Street, Susan Hammel translates between passionate social changemakers and expert accountants. In her role as President and Founder of Cogent Consulting Inc., Susan serves as MCF Executive in Residence for impact investing and led the charge to map the Twin Cities impact investing ecosystem. As a native Minnesotan, Susan is dedicated to the entire community and brings professional experience from New York, Washington DC and Chicago to the region.
As we emerge cautiously from our pandemic caves, it’s wonderful to be out with humans again, at least a little bit. Then again Zoom is part of our workplace culture now and I’m grateful for the technology, as is our Cogent principal, Terri Barreiro, who I enjoy seeing weekly at Impact Hub MSP, which she co-founded with Katie Kalkman. Lately, I have had the good fortune to be spending time with talented Black entrepreneurs and they give me a lot of hope for our communities: people like Ian Alexander, Anisha Murphy, and Karine Blanc. You’ll note that many of the people leading this work are women and in honor of Women’s History Month, I also want to give a shout to someone I’ve admired for years: the late great Madeline Albright, the first woman to serve as U.S. Secretary of State.
It’s got me thinking about the suspicion many in the nonprofit and philanthropic sectors have regarding the for-profit sector. Skepticism and pointed questions are good but it is possible that the for-profit sector will develop sustainable, scalable solutions to our pressing challenges: racial justice, gender equality, climate change, economic opportunity for all, to name a few. My advice–look beyond someone’s tax status and focus on the work they’re doing. If you’re not sure of a for-profit entrepreneur’s motives, see if they are a Public Benefit Corporation, like Cogent and/or B-Lab certified like one of my favorites: Binary Bridge founded by Lori Most, bringing mobile health technology to places around the world.
After 20 years as a mission-driven business, Cogent Consulting converted to a Specific Benefit Corporation on December 18th, 2018. We are an independent, strategic, financial, and impact investing firm empowering purpose-driven organizations.
We work with a diverse set of mission-driven investors and entrepreneurs through evidence-based and actionable advice. Our work serves foundations, corporations, social entrepreneurs, and place-based ecosystems. Our clients in 2021 included Allina Health, Barra Foundation, Beyond Celiac, Blandin Foundation, Bush Foundation, Community Foundation of Greater Des Moines, First Children’s Finance, gener8tor, Local Initiative Support Corporation Twin Cities and Duluth, Marbrook Foundation, Minnesota Council of Foundations, New Mexico Association of Grantmakers and several others. Please see our new website for more information, www.cogentconsulting.net.
Pursuant to Section 304A.101 of the Minnesota Statutes, Cogent Consulting SBC pursues the following specific benefit purpose as listed in its articles:
To empower purpose-driven organizations that drive positive social impact in their communities.
Cogent Consulting, SBC accomplishes its specific benefit purpose with all of its clients and pro bono work.
This work included the following projects:
Cogent Consulting encountered the following hindrances to pursuing its specific benefit purpose:
The latest science says we are living through an “endemic” not a pandemic, anymore (take a listen to Science Friday’s 9/17 podcast). Rather than finding this news thoroughly depressing, I’m doing my best to embrace it. I’ve never thought there would be some kind of magic getting “back” to normal: only “Build Forward Better” as we said in our June, 2021 impact investing conference. So, let’s share what we’ve learned over the last 18 months. I’ve learned that people really do want to take action and explore new ways of addressing society’s ills such as climate change and racial injustice. What did you learn? I’d love to hear. Tweet me @susan_hammel or email or leave a comment below.
Good jobs.
Safe homes and communities.
Quality schools.
Fresh food.
Close friends and family.
Excellent medical care.
With the COVID-19 Delta variant surging, my mind is once again turned to health: what does it mean to be healthy, to live in a healthy community, to share a healthy lifestyle? Imagine how everyone can enjoy abundant health in their own lives, families and communities.
When we think about health we tend to think of hospitals, doctors’ offices, medicine, and medical equipment. Yet health means so much more and requires access to a place to live, good food to eat, quality jobs and a safe community. People in health care refer to these factors that occur outside a medical setting the “Social Determinants of Health”.
The six Social Determinants of Health are really quite obvious; things our grandparents knew intuitively.
Source: Henry J. Kaiser Family Foundation
Makes sense, right? But what’s a hospital, doctor, or health system to do? They are focused on number six: providing access to high quality care. They have to provide for unpaid care, too. There are limited financial resources and giving is focused on the medical setting.
But they are large institutions requiring significant financial management operations. What about activating their balance sheet? Hospitals, some clinics, and health systems maintain investments to support their operations. What if they invested a portion of their assets in these Social Determinants of Health?
There are investable opportunities in almost every Social Determinant of Health: numbers 1-4 are the most straightforward.
For example, a hospital can invest in an affordable housing project in their region. They could make a loan to a Community Development Financial Institution (CDFI) that lends and provides advice to small businesses in under-resourced neighborhoods. They could fund healthy food options in their neighborhood or help build a new school. When the investments pay off, the hospital can recycle the money back into other projects that advance the Social Determinants of Health. What if they used a local community accessible bank for all or part of the normal banking business?
Imagine if every hospital in the country went beyond their community giving programs and employed more of their own investable assets to address the Social Determinants of Health. Do good and do well: yes, it can be done.
I tell my kids that good health rests on a three-leg stool of actions: move, eat, sleep. My advice stands but doing those things requires a good job, someplace safe to live, healthy food to buy nearby, education to live a productive and fulfilling life, and positive social connections. Many children lack access to these essentials. The more we are all aware of ways to address gaps in those required attributes the better our communities will be.
Forward thinking health care organizations are already working on it.
Tweet me your thoughts @susan_hammel.
Susan Hammel Bio: As a philosophy major who went to Wall Street, Susan Hammel translates between passionate social changemakers and expert accountants. In her role as President and Founder of Cogent Consulting Inc., Susan serves as MCF Executive in Residence for impact investing and led the charge to map the Twin Cities impact investing ecosystem. As a native Minnesotan, Susan is dedicated to the entire community and brings professional experience from New York, Washington DC and Chicago to the region.
Right now I’m hopeful: more people are getting vaccinated every day, gender and racial equity remains top of mind for all even though a year has passed since the murder of George Floyd, and more money is moving into making a positive social and environmental impact. After getting my start in impact investing in the 1990s with Prudential Financial headquarters in Newark, New Jersey, I’m particularly excited to see other corporations join the party. Many investors are requesting “education to action” engagements, which is also a change from just a few years ago. And social entrepreneurs like Kate Mortenson of iPondr, the gener8tor team, and Dr. Paul Johnson of Brown Venture Group, the heart of why we do the work we do, well, they continue to inspire me with their tenacity and brilliance.
Ask most successful people how they launched their business and they will say luck, grit, and support from friends and family: a spouse, their parents, maybe a successful sibling, or their dear Uncle Joe who’s always believed in them (and if they’re well connected, a few wealthy friends). Yet while most entrepreneurs have plenty of grit, perseverance, and sometimes a bit of luck, many lack a network of friends and family members with excess capital to spare, particularly women, Black, Indigenous, and people of color (BIPOC), who are half of the US’s entrepreneurs.
The lack of systems where entrepreneurs and investors can meet, form relationships of trust, and possibly do business together is one of the six gaps we identified in our Twin Cities Impact Investing Ecosystem study. While this is a nationwide issue, what gives me hope are all the solutions popping up to address the “friends and family” gap, both locally and across the country.
We’re excited to hear from national featured guests who are actively solving these impact investing issues at our virtual Impact Investing conference on Thursday, June 10th. We’ll hear from:
Expect discussions with attendees and leaders from some of the many emerging and established Twin Cities-based funds and initiatives. We call them “sparks” because they are lighting fires for action by addressing the gaps in our ecosystem and inviting others to join their initiatives. They include:
We hope you can join us on the 10th, click here for full information and registration. Stay tuned for more announcements!
As a philosophy major who went to Wall Street, Susan Hammel translates between passionate social changemakers and expert accountants. In her role as CEO of Cogent Consulting PBC, Susan is celebrating over 20 years as an impact advisor and is serving her sixth year as Minnesota Council on Foundation Executive in Residence for impact investing. Like in her youth, Susan remains optimistic and passionate about changing the world and enjoys downtime by the lake with her husband and the 4 adult children in their blended family, their partners, plus a recent addition of a beautiful grandson.
Our core values of reducing and eliminating inequity, beginning with the direction of capital and financial solutions, have always driven Cogent Consulting’s work. Cogent and our partners like the Twin Cities Impact Investing Ecosystem are founded on principles of relentless positive change using our privileged resources and networks in the financial sector for good.
Our hearts are broken with events in our home the Twin Cities and global community. While the verdict of guilty on all murder charges for former Minneapolis police officer Derek Chauvin on April 20th is a positive development, racism is far from over. The Cogent team knows it is not enough to be “not racist,” but we and all white people need to be actively anti-racist. We affirm that Black Lives Matter and recommit to that value in the wake of Duante Wright, Adam Toldedo, and Ma’Khia Bryant’s deaths at the hands of police.
We are reaching out to express that our hearts are with our Black friends and colleagues. We also ask our fellow white folks to seek out opportunities to join anti-racist efforts. We have included some places to start in this post.
Listen & Learn
Laylee Amadi of the creatives education podcast “So, Here’s the Thing” featured former Cogent Communications Associate Akua Konadu and her expertise in allyship to Black communities.
Partner
Akua today empowers social media entrepreneurs with personalized strategies. Get in touch with her via her website.
Support
Donate capital and time to a local Community Development Financial Institution like Meda that supports BIPOC.
Support
Order delivery and buy from local Black businesses like Junita’s Jar cookies.
Attend
Support the Center For Economic Inclusion, the first organization dedicated to inclusive economic growth, and attend their events for professionals and businesses who want to take action.
Build Forward Better: the 2021 Twin Cities Impact Investing Ecosystem conference, features a dozen guests with proven social impact strategies, nearly all of who are offering their valuable experiences as BIPOC. Tickets are available now.
Our next Social Entrepreneur Roundtable is May 18. Founder Susan Hammel uses these sessions to connect with professionals new to impact investing, students, businesses, and anyone who may value the perspective of a veteran in the field – plus a chance to network with others.
In such unprecedented times, many find themselves asking: How can I help? I want to donate time and money to something that will help. There is so much need. Where do I turn to find out what to do? How can I trust that my gift won’t be misused?
Financial advisors, family, friends, and even neighbors are turned to with these questions. I heard similar sentiments my whole career in grantmaking for corporations, but most often in my two decades at United Way when I worked on behalf of hundreds of thousands of donors. My answer is always to lead with your heart and choose with your head.
Some may look to personal and family life experiences of hardship, illness, or transformative events. You probably can easily think of experiences in your life that transformed your perspective and added to the list of things you care deeply about. These are how others have answered this question:
Others look to wrongs they have observed around them. What have you observed around you that leaves you wanting to do something to help? These are how others have answered this question:
What are you passionate about? That becomes your philanthropic focus. Multiple answers are common. So create your own list and see where it takes you.
This question still calls for you to look into your heart, which provides focus as you begin to look at all the many opportunities to donate.
Think about where you want to make a difference geographically. Think about the characteristics of the population you want to aid. And finally: think about the kind of response that makes the most sense to you.
Now is the time to bring in your head.
There are a myriad of nonprofit organizations working on the same focus as your passion. These organizations vary in quality, expertise, action, and focus. Choosing which one to trust with your money is similar to the Impact Investing decisions Cogent’s clients make. Look at several possible options as a starting point using these guiding principles:
You are not alone in this journey. Public information is available to inform these decisions.
When your heart aches for the world, use your head to choose what to do.
Venture Advisor Terri Barreiro
Some experts can choose on your behalf:
When your heart aches – that is the first step to making an impact. By acknowledging the ache and what caused it, you are ready to make a difference. Donations of energy and money can only be enhanced with informed investment practices. You can transform your passion into real philanthropic investments that really make a difference.
Terri Barreiro is a mission-driven venture advisor and an expert in systems change. She instructs Social Entrepreneurship at the Humphrey School of Public Affairs and the Carlson School of Business at the University of Minnesota. She is co-founder of and volunteer venture coach at Impact Hub MSP and consultant to nonprofit and philanthropic organizations.
She is the founder of the Donald McNeely Center for Entrepreneurship serving the College of Saint Benedict and Saint Johns’ University and co-authored Social Entrepreneurship: From Issue to Viable Plan. She brings to her work more than 30 years of experience as a nationally recognized nonprofit and philanthropy leader with extensive experience in United Way, corporate giving, and family foundation operations. She earned an MBA and BA cum laude at the University of Minnesota and completed an Executive MBA program at Carnegie Mellon University. She has enjoyed volunteering throughout her life, currently serving on the boards of Community Giving, Close Gaps by 5, Folk School Warroad, Market Access Fund, and Impact Hub MSP. Birding and nurturing native gardens and prairies are how she shares her leisure hours with her husband.