For years, some of the country’s top charter school networks have turned to venture philanthropy funds that have helped them grow and replicate.
Now, for the first time, a group of philanthropists and investors has set out to create something similar for high-quality private schools.
The founders of a new philanthropic venture known as the Drexel Fund say private schools need to adopt the same “growth mindset” that exists in thriving charter school networks. That requires financial support to start new schools, which they’re setting out to provide.
“We are very much of the mindset that if it’s great, the school should be serving more kids and it should expand,” Rob Birdsell, a co-founder and partner of the fund. “If someone has a great school, why should their growth be limited? Let’s get creative. They need funding to expand and serve more students and families.”
The new fund opens today, and will start providing “seed investments” to schools as early as this fall. Continue Reading →