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.