Mike Galgon, co-founder of the tech giant aQuantive, which Microsoft acquired for $6 billion, and pioneer behind Seattle’s startup incubator Pioneer Square Labs, has embarked on a new mission.
As the CEO of Global Partnerships, Galgon is shifting his focus from tech moguls to a different breed of entrepreneur: those battling poverty in Latin America and Africa.
“Entrepreneurship is really the human spirit at its best,” Galgon says. “It’s seeking business opportunities, gathering people and resources, and working relentlessly to get things done.”
Global Partnerships, a Seattle-based impact-first investor, provides capital to impoverished individuals and their businesses.
These entrepreneurs, according to Galgon, exhibit a level of dedication that dwarfs that of traditional tech founders.
Take, for instance, a female coffee farmer who supports her children’s education and bolsters her community’s economy—a testament to unparalleled commitment and hard work.
Galgon’s journey with Global Partnerships began over 22 years ago with a life-changing trip to Guatemala, where he witnessed firsthand the transformative power of access to credit.
“People didn’t want a handout,” he reflects. “They just wanted access to credit like you and I were born with. That experience opened my eyes to the reality of extreme poverty and the profound impact small amounts of capital can have.”
After serving on the board and later as chair, Galgon stepped into the CEO role when former CEO Rick Beckett retired.
Bill Richter, co-chair of Global Partnerships’ board, commended Galgon as “a proven and growth-oriented executive, a strategic thinker who thrives in nascent and emergent markets, and a leader of high-performing teams.”
Since its founding in 1994 and launching its first fund in 2005, Global Partnerships has deployed over $770 million to social enterprises in developing countries, aiming to uplift those living on less than $5.50 a day.
The funds facilitate low-cost loans to provide essential goods and services like microfinance institutions offering working capital loans and financial education to female microentrepreneurs, health clinics delivering preventative care to low-income communities, and agricultural cooperatives ensuring better prices for smallholder farmers.
Galgon is passionate about demonstrating the benefits of an “impact-first” approach to investing.
Drawing parallels to aQuantive’s success through meticulous documentation of returns, he believes Global Partnerships can replicate this model to attract more investment into low-income countries.
Despite the significant challenges these entrepreneurs face, including the escalating impacts of climate change, their resilience and determination are awe-inspiring.
“We’re not creating solutions, we’re just providing fuel for their fires,” Galgon states. “That’s where the hope comes from.”
In a world where tech titans often steal the spotlight, Galgon’s shift towards empowering unsung heroes in impoverished regions is a powerful reminder of the profound impact of access to capital and the indomitable human spirit.
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