WCA Leadership Summit Session 4: Jessica Jackley

Jessica Jackley is co-founder of Kiva.org, the world’s first peer-to-peer online micro-lending website. Kiva.org allows internet users to lend as little as $25 to entrepreneurs in the developing world, providing affordable capital to start or expand a small business. In just three years Kiva has helped raise over $61 million and connected thousands of people across 120 countries. A graduate of the Stanford Graduate School of Business, Jackley’s work has been featured on The Oprah Winfrey Show and the Today Show. She brings a fresh perspective on the personal nature of giving and how new generation leaders can innovate through technology.

Notes to follow…

• Her family had their own leadership summits  and had themes for the year
• 2 things learned early on… 1) Jesus said the poor would always be with us, 2) What you do for the least of these you do for me.
• Didn’t know what her specific role would be for a long time.
• Micro-finance – financial services for the poor.
• 5 years ago quit her job and went to Africa to learn about micro-finance and how a load of $100 could change a person’s life.
• Institutional banks will not load to many people because they lack collateral.
• As she interviewed people in Africa, she found every story was special.
• Example of an early loan… Rice farmers in Uganda needed money to buy a truck so they could transport their product to other markets. Cost $2,000.
• Lenders in 185 countries. Just every day people.
• Profiles on their website of people who would like a micro-loan.
• (Are entrepreneurs screened? How do poor people without internet access post a profile?)
• 100% of the money goes to the person.
• Average loan size is $600
• Average lender lends $100
• Repayment rate is about 98.5%
• Lives are being changed. Parents have money to buy clothes for school. Families getting better living conditions, nutrition. Can be a better host by offering sugar with their tea.
• Yesterday Jessica did a load from her iPhone in less than a minute.
• Kiva.com launched in March 2005. Went back to Uganda, took pics of 7 entrepreneur.  Loaned $500k first year, up to $85m last year.
• (If all the money loaned goes to the entrepreneurs, how is Kiva itself financed? Through some of the interest paid on the loan?)
• Value of trust goes throughout the organization and beyond.
• Believe that people want to do good.
• iPhone ap was designed by a volunteer, not staff.
• When you believe in the value of co-creation, you have to be willing to release some control.
• Keep focus by going back to the mission statement: to connect people through lending to alleviate poverty.
• If a company comes to them wanting to give large amounts of money but not be personally involved, they will turn them down, including one offer of $10m
• Common purpose is the best way to predict outcomes in an unpredictable environment.
• Innovation and entrepreneurship should be present in the church. Should be the safest place on the planet to come out with the biggest dreams and ideas.
• Great poets don’t tell, they show. I don’t tell people they should give sacrificially, I show them.
• You can talk about wanting to do something, but once you actually do something everything changes. Don’t be afraid to start small. Just start.
• The secret to changing the world is a change of mindset.
• When we truly believe in the possibility of one another, all the rest is logistics.
• Kiva is now facilitating loans in the U.S. now.

Awesome stuff! Really impressed with what Jessica Jackley and Kiva.org are doing.