Balancing Short-Term Profits and Long-Term Prosperity
Joel Solomon, Carol Newell and Paul Richardson, Renewal2
SVN members Joel Solomon, Carol Newell and Paul Richardson founded Renewal2 to empower businesses to create change in a new “solutions economy.” Today, Renewal2 is at the forefront of using wealth to contribute to the common good. Renewal2 aims to shift the culture of global business from a focus on short-term profits to a vision for long-term prosperity, by integrating the concepts of social and environmental impact into how they define success.
In 1994, Solomon and Newell assembled a team and established the Renewal Partners Company and Endswell Foundation to provide investments and spark philanthropic solutions to the social and environmental challenges facing British Columbia. Using the tools of business and philanthropy, Renewal has contributed more than $11 million in equity investments to entrepreneurs working towards triple-bottom-line success and has injected $20 million into financing for conservation projects, non-profit real estate ventures, social enterprise business lending, education, capacity enhancing shared services for charities, and financial services for philanthropists.
Renewal2 has expanded its impact by bringing over 80 outside investors into the fold with its newest product, Renewal2 Fund. Collaborating on Renewal2 Fund, innovators across North America are reimagining the economy, culture and public policy needed to balance financial returns with community and environmental impact. Tides Canada Foundation and Hollyhock Center are two of its strongest partners in this endeavor.
“Our SVN relationships were crucial to the success of Renewal2 Impact Investment Fund’s $35 million of capital raised during the recession. Personal networks, where trust was well established, made all the difference.” - Joel Solomon, Chairman & Co-Founder