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Fund follows on success of UEF I; expands scope to accelerate growth of global microfinance sector
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Matt Bannick talks about changes he has made and where Omidyar Network is headed
By Virginia Glasner. Venture Capital Journal.
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Investment to target “missing middle” between microfinance and commercial capital markets
World of Good, Inc. creates market-based solutions for poverty alleviation by connecting artisans in developing countries to mainstream consumer markets. The company is comprised of a wholesale program that brings its branded line of fair trade products to more that 1,200 US stores, including Whole Foods and Borders; an online marketplace, where shoppers can buy gifts and accessories that create social good; and a signature product line that features handmade accessories, housewares, and gifts.
World of Good, Inc. benefits the consumer by providing access to global goods from the developing world. It also determines consumer preferences to guide producers to create items that are in demand.
In September 2008, World of Good, Inc. partnered with eBay to launch the first online marketplace for fair trade retailers from developing countries to market their wares directly to mainstream buyers. This site, WorldofGood.com by eBay, not only serves as a location for producers to sell their goods to eager consumers, it also educates consumers about the impact of their purchases. The site offers everything from fair trade coffee to organic clothing and home décor items made from recycled materials.
On WorldofGood.com by eBay, the user can search for goods by a particular cause they support, read producers’ bios, and monitor the third-party verifiers for each item. These online tools encourage accountability from sellers and provide consumers with greater trust in the social impact of their purchases.
By connecting buyers in the US with artisans in developing countries, World of Good, Inc. demonstrates the power of markets to help develop economies in sustainable ways. Based on transparency and trust, this business model focuses on the ability of the individual to make a difference — from the Andean knitter to the West African cocoa farmer to the average American consumer.
Visit www.worldofgoodinc.com to learn how World of Good connects buyers and sellers to develop emerging markets around the world.
Visit www.worldofgood.com to buy products that promote social good.
