Ashoka's Venture Fund for Leading Social Entrepreneurs

Ashoka’s Venture Fund
for Leading Social Entrepreneurs
Prospectus 2008

“The world is full of people with innovative ideas who are willing to give their all to implementing
them but don’t have money to get started. These “social entrepreneurs” can change the lives of
millions of people for the better if only they are helped to follow through on their ideas. The
movement to identify and fund social entrepreneurs in a systematic way, indeed the very term “social
entrepreneurship”, was the braindchild of one man: Bill Drayton [founder of Ashoka]”.
President Bill Clinton
Giving: How each of us can change the world
An invitation to change the world with Ashoka...

Executive Summary
Ashoka is the global leader in identifying and supporting individuals who are turning the most
innovative ideas for social change into reality. These social entrepreneurs—called Ashoka
Fellows—accomplish the extraordinary: saving 9 million hectares of Amazon rainforest; raising
school enrollment in rural Bangladesh by 44%; creating a helpline for street children across Asia
that has taken 5.5 million calls.
Ashoka’s Venture Fund for Leading Social Entrepreneurs is an exceptional way to invest in the
people with the ideas and tools to bring about sustainable change throughout the world. The
Venture Fund provides revenue for the three-year living stipends provided to Ashoka Fellows,
enabling them to focus full time on implementing their ideas and scaling their programs. By
financing Fellow stipends, the Venture Fund also makes it possible for these entrepreneurs
to access Ashoka’s global network of peers and strategic partners—resources many Fellows
consider far more important than money. This combination of financial and professional support
leverages each Fellow stipend and maximizes your direct investment.
Yet most importantly, the Venture Fund operates without regard to the region or field in which
a remarkable idea is unleashed. The funds are directed where they are most needed, ensuring
that a new, powerful idea will have the support to achieve lasting impact no matter what issue it
addresses or where the change will happen.
In its inaugural year, the Venture Fund generated just over $500,000 which enabled the election
of 10 of the 163 Fellows identified last year. In 2008, we expect to elect over 200 Fellows and
have set a target of $10M for the Venture Fund to support a growing number of our Fellows in
the future.
Ashoka seeks partners in the Venture Fund from a minimum of $5,000. We invite you to learn
more about the Venture Fund for Leading Social Entrepreneurs on the following pages, and join
us in enabling lasting solutions for social change.
Please feel free to contact Michael Zakaras at (703) 600-8270 or mzakaras@ashoka.org if you
are interested in contributing to the Venture Fund or would like to learn more about Ashoka’s
work. You can also visit us at www.ashoka.org.

Ashoka’s Approach
Social Group
Entrepreneurs Entrepreneurship
Architecture
for the
Citizen Sector
Social Entrepreneurs
Venture is the program through which Ashoka supports
social entrepreneurs—role models for the citizen sector and
engines for social change. After a rigorous selection process
and evaluation against our five core criteria, Ashoka provides
Fellows a three-year living stipend and ongoing professional
support. Ashoka continues to build and integrate an array of
services and opportunities for Fellows which are designed to
meet their needs at each different stage of their careers.
Group Entrepreneurship
Ashoka develops frameworks for entrepreneurs to access
each other’s ideas and experiences, collectively changing
entire fields. Ashoka’s mosaic initiatives capture the principles
and strategies of Ashoka Fellows around the world, helping to
spread best practices and instigate widespread change.
Ashoka’s mission is to shape a global, entrepreneurial, competitive citizen
sector: one that allows social entrepreneurs to thrive and enables the world’s
citizens to think and act as changemakers.
Ashoka’s vision is a world where everyone is a changemaker: a world that
responds quickly and effectively to social challenges, and where each
individual has the freedom, confidence and societal support to address any
social problem and drive change.
To achieve our mission, Ashoka has developed a three-part approach that builds from our core strategy of
supporting social entrepreneurs.
Architecture for the Sector
Ashoka is helping to establish the systems and supports in the
citizen sector that changemakers need in order to succeed.
These diverse programs include: access to financing, diversified
and localized resources, and bridges to other sectors of society.
In particular, Business Social Bridges, evident in many of
Ashoka’s programs, work to create high impact investment
and learning opportunities between the business and citizen
sectors.
For Example:
• Global Fellowship builds platforms for peer learning and
funded collaboration opportunities within the network.
• Strategic Partnerships provide pro bono training and
consulting from McKinsey & Co., Hill & Knowlton, and
others.
• Fellow Security offers prevention strategies and emergency
support to Fellows under threat.
• Changemakers.net is a global online community, which
seeks and improves solutions and sparks collaborations to
create systemic change.
• The Law for All Initiative enables all individuals to live as full
citizens by supporting human rights defenders, facilitating
pro bono legal assistance, and opening access to justice.
• Full Economic Citizenship is demonstrating in four industries
the huge productivity and profit gains possible through new
production and distribution chains that match businesses
with partners from the entrepreneurial citizen sector.
• The Citizen Base Initiative catalyzes citizen sector
organizations to build broad grassroots support for their work:
money, people, and information from diverse sources.

Introduction to the
Venture Fund
What is the Venture Fund? The Venture Fund for Leading Social Entrepreneurs provides equity
for the three-year living stipends Ashoka invests in its Fellows. Along with a lifetime of professional
support, including access to a network of 2,000 of their peers, Ashoka’s financial investment is
critical to the launch and spread of Fellows’ ideas and programs. Ashoka acts on a firm belief in
the power of a new idea in the hands of a well supported social entrepreneur. By providing these
resources, the Venture Fund will enable Ashoka Fellows to better address society’s most difficult
challenges, from access to water to youth violence.
What is the need for the Venture Fund? Nearly three decades after Ashoka supported its first Fellow
in India, the number and quality of social entrepreneurs around the world is increasing rapidly. The
citizen sector is maturing, the field of social entrepreneurship has flourished, and Ashoka wants
to keep pace with this growth by bringing more social entrepreneurs into our global Fellowship.
This presents a new and exciting opportunity for Ashoka’s investor partners, as our ability to raise
adequate unrestricted funds for stipends cannot always accommodate all of the Fellows we source
who meet our criteria. The Venture Fund for Leading Social Entrepreneurs fills this urgent need for
flexible, global funding. As forward thinking investors, you understand that in today’s interconnected
world, a great idea can begin anywhere and spread everywhere — with the help of the right network.
Ashoka and its community can make that change happen for social entrepreneurs no matter where
their work begins, or what the “hot issue” or region of the moment may be.
Who does the Venture Fund support? In 2008 Ashoka will further its track record of identifying
the most promising ideas and leaders in social change with the support of the Venture Fund. In
2007 the Venture Fund supported ten diverse, promising entrepreneurs. Among them is Bolivian
Casimira Rodriguez, who after 18 years as a mistreated domestic worker is shifting societal opinion
and behavior towards this marginalized group, breaking a pattern of exploitation, trafficking, and
violence. Rodrigo Villar of Mexico is building capacity and consumer demand for sustainable, “green”
businesses, bringing his now 28 start-ups over $24M in investments. Hailing from Turkey, Thailand,
Brazil, Mexico, Sri Lanka, Bolivia and Nepal, these and eight other individuals are beginning a new
chapter in their path as changemakers because of Ashoka’s investment.
What difference does Ashoka’s venture investment make? Over 27 years Ashoka has proven
that our investment at the critical launch stage propels leading social entrepreneurs to new,
unprecedented levels of impact and achievement. 80% of Fellows report that Ashoka’s investment
made a significant or critical difference in their work. Fellows are recognized leaders in their fields,
building institutions and growing ideas that challenge the status quo and bring about important
“This would’ve just been a cool hobby if Ashoka hadn’t come along”
-Ashoka Fellow Steve Bigari (USA)

societal changes. For example, Ashoka Fellow Arvind Kerjiwal, after institutionalizing the Right to
Information Act in India, worked with Ashoka staff and Fellows in Nepal to ensure that the right to
information was incorporated into that country’s new constitution and built a citizen-led movement
for the right to information in Nepal.
How will the Venture Fund make a difference for Ashoka? While the Venture Fund is an ongoing
source of support for the Venture program, it is not an endowment—it serves a current and
continually evolving need for investment in Fellow stipends. As such, a new Venture Fund for Leading
Social Entrepreneurs will be raised and disbursed annually. Each year’s goal will reflect anticipated
elections of Ashoka Fellows and projected gaps in resources. Our Fellow election target in 2008
is 235: a roughly 40% increase from 2007. The 2008 Venture Fund has a goal of $10 million,
allowing us to meet or hopefully surpass this target. Led by investments at the $100,000 level, $10
million would enable approximately 150 Fellow elections, as stipend levels vary by country and by
individual. Increasing the number of Fellows in our community raises the caliber of our network,
thereby increasing its value to all Fellows.
How did the Venture Fund start? The Venture Fund was launched in May 2006 with an initial gift of
$100,000 from the Oswald Family Foundation in honor of Charles W. Oswald, former CEO of National
Computer Systems of Minneapolis and current chairman of Rotherwood Investments. An advisor
and supporting partner to countless entrepreneurs over his career, Charley understands the critical
role that investing in people plays in bringing forth new ideas and integrating change. Reflecting
Charley’s powerful combination of heart, brilliance, and gratitude for all his opportunities to succeed
in the American business world, the Oswald family is passing on the gift of financial support and
opportunity to the world’s leading social entrepreneurs with Ashoka. The Oswalds have supported
Ashoka, and Fellow stipends, for a number of years; this gift represents an increase in geographic
scope and commitment from the family.
Of the Venture Fund investment, Charley writes, “Through Ashoka’s Venture Fund my family and I
share in supporting the most creative people in every field and on every continent. The opportunity
to connect our resources with such transformative global change is invaluable for everyone involved.
Clearly, it’s one of the most satisfying and effective investments we’ve made.”
We invite investor partners to join us now to build a better world by discovering the most promising
social change ideas and the entreprneurs behind them.

2007 Fellows
Supported by the Venture Fund
Rodrigo Brito, Entrepreneur Alliance, BRAZIL
Rodrigo created the Entre preneur Alliance to develop, together with small businesses, infrastructure
and quality services to raise income and profit in low-income communities that are normally excluded
from the mainstream market. The Alliance also formed a multi-stakeholder support network to assure
sustainability for small business entrepreneurs in low-income communities.
Arzum Meleksoy, Alibagis, TURKEY
Arzum has designed an entirely new mechanism for building interest, awareness, and citizen support
for Turkey’s under-resourced citizen sector. Her Internet platform links users with Turkish citizen
organizations in a way that directs corporate money to projects of an individual’s choosing. With it,
Arzum is establishing a culture of support for the citizen sector with ripple effects beyond the web.
Rodrigo Villar, Center for Sustainable Business, MEXICO
Rodrigo founded the Center for Sustainable Businesses in Mexico to promote sustainable
business as a critical part of the solution to Mexico’s pollution challenges. Within three years, he
started 28 sustainable businesses and brought them US$24 million in investment. To create and
support consumer demand Rodrigo is also launching Green Pages, a business directory for “green”
businesses.
Casimira Rodriguez, the Domestic Workers’ Union, BOLIVIA
After 18 years of being mistreated as a domestic worker herself, Casimira realized that she could spur
change only by reversing widespread societal apathy about the widespread abuse and exploitation of
domestic workers. Casimira changes perceptions by working with employers, raising public awareness, and
educating indigenous rural families who send their daughters to the cities in hopes of a better life for
them. The Union’s support groups serve as surrogate families for workers far from home.
Nalinika Obeyesekere, Blue Paw Trust, SRI LANKA
Nalinika is transforming the animal care system in Sri Lanka. To build the veterinary profession, she
introduced education programs and incentives for the return of veterinarians who have left the country,
including the first multi-doctor veterinary practice in Sri Lanka. The veterinary practice subsidizes free
treatment for street animals and sponsors programs in schools and neighborhoods on animal safety
awareness.

Megh Ale, Nepal River Conservation Trust, NEPAL
By igniting passion for rivers and creating new economic incentives, Megh is building a broad base of
support for the long-term health of waterways in Nepal. Through tourism opportunities, river guides
become enthusiastic advocates for conservation. Megh also engages local residents through river
festivals and in-school educational projects.
Nejat Unlu, Positive Life Support Center, TURKEY
Nejat has organized the first citizen organization in Turkey to empower those with the HIV virus to support
one another, raise awareness, press for ending discrimination, and lobby for reforms in state health
policy. Recently the Ministry of Health asked Nejat to incorporate some of his strategies in their AIDS
policy plan.
Angkhana Neelapaichit, Working Group on Justice for Peace, THAILAND
Angkhana is using her own life experience to bring an end to forced disappearances and arbitrary
detentions. She combines a grassroots approach to individual cases with a systematic reforms at the
legislative and judicial levels, adding appropriate use of media to gain public support. Angkhana makes
particular use of families and friends of victims to build systems of peace for all who are oppressed.
Selma Demirelli, The Water Lily Project, TURKEY
Selma is spearheading the first housing cooperative in Turkey run by women. Beyond providing shelter
and financial independence, housing cooperatives give women finance, business development, and urban
planning skills for the future. Further, property ownership is a key step to advancing women’s rights and
equal legal standing in Turkey.
Teerawat Sripathomsawad, Independent Living, THAILAND
Rejecting a medical model that keeps disabled Thais dependent on public assistance, Terrawat, himself a
quadriplegic, introduced the practice of Independent Living, through which all disabled persons can learn
to judge their own capacities and avoid institutionalization. From this empowered position, the disabled
become a social, economic, and political force to demand their rights and take an active role in society.

Fund Structure and
Operations
The Venture Fund for Leading Social Entrepreneurs is structured to be of maximum use
where funds are most needed. It means Ashoka will never have to limit our support of a
leading social entrepreneur because of lack of unrestricted funding. The Venture Fund does
not generate profit; investments in the Venture Fund are entirely tax deductible according to
Ashoka’s registered 501(c)(3) status in the United States and similar registration in many
other countries in which we operate.
Since the spring of 2006, launching supporter The Oswald Family Foundation has seeded
the Venture Fund with annual contributions of $100,000. Participation at the $100,000
level continues to be the lead investment, with other investments ranging from $100,000 to
the $5,000 minimum. The set minimum investment ensures a strong base of support for
Fellows in the diverse range of countries where Ashoka works. Gifts in smaller amounts are
still accepted from individuals through www.ashoka.org only. Exclusive of these individual
online donations, the average investment in the Venture Fund in 2007 was $41,000. Ashoka
continues to pursue creative partnerships and sourcing opportunities for the Venture
Fund.
For 2008, Ashoka set a goal of $10 million, which would cover approximately 150 Fellows
depending on the areas of most need. If the target is reached, Ashoka may continue to
solicit investments for the fund beyond this goal. However, all fund proceeds are targeted at
Venture stipends and associated program expenses.
Ashoka Fellow Luis Alberto Camargo
(Colombia) recognizes that
young people—the next generation
of consumers and decision-makers—won’t
take care of the environment
without a personal connection
to nature. Through OpEPA
(Organization for the Environmental
Education and Protection), Luis is
making a lasting connection to nature
accessible to all of Colombia’s
urban youth.

Management of the Fund
Ashoka will steward the fund according to the timeline at
right. At the end of the fiscal year, gaps between elections and
available funds will be identified. The Venture Fund relies on
the input of senior staff and Ashoka’s Leadership Team which
will be consulted before funds are dispersed to finalize Fellow
elections. Ashoka will convene the necessary parties in August
2008 to determine the Fund’s activities, including but not limited
to which Fellows and geographic regions the Fund will support.
The timeline for the
Venture Fund in 2008 is
as follows:
November 2007:
Search and selection
of Ashoka Fellows
begins
December 2007: Initial
major solicitation of
Fund Disbursement
funds (ongoing)
Ashoka invests financially in social entrepreneurs through a May 2008: Second
three year living stipend which enables the launch and spread major solicitation of
of the Fellow’s idea. Ashoka will use the Venture Fund to finance funds
those stipends otherwise unsupported by other means. The July 2008: Solicitation
global average stipend is $45,000 per year, however Fellow of funds ends
stipends range considerably depending on the country and
August 2008: Annual
individual circumstances, according to local standards and
search and selection of
individual need. If the Fund is fully subscribed at $10 million,
Ashoka Fellows ends,
it would support approximately 150 Fellow stipends. Ashoka
gaps are identified,
books the entire three year stipend in year one, to ensure we
and the fund is
never default on our committment to the Fellow. For example, a
Fellow with a $50,000 annual stipend costs Ashoka $150,000
disbursed.
in year one plus the cost of our search and selectiton process
(estimated at 18% of the stipend amount). Because the geographic distribution of the
fund is not determined in advance, the final number of Fellows cannot be fixed. The Fund
may also cover costs related to the election of a Fellow. All Venture Fund money raised in
2008 will be disbursed in FY2008.
Fund Reporting
With the Venture Fund’s disbursement at the end of each fiscal year, Ashoka will disseminate
a report to all Venture Fund investors. It will include a synopsis of the work of Ashoka’s
Venture Program in each of our six major regions (North America, Latin America, Africa,
Middle East/North Africa, Europe, and Asia), a geographic distribution of how the Venture
Fund’s resources were spent, and summaries of the work of a selection of Fellows supported
by the Venture Fund. Updates on Ashoka’s financials and the development of the global
institution will also be included.

Ashoka’s Selection
Process
NoMiNATioN
Ashoka’s representatives rely on a robust nominator
network in all sectors to source quality candidates.
FirST opiNioN
This stage entails site visits, reference checks, interviews
conducted by Ashoka’s local representative.
SECoND opiNioN
A senior Ashoka staff person from outside the region conducts in-depth three
to eight hour interviews with each candidate covering both the candidate’s life
history and carefully probing the new idea.
pANEL
Each candidate spends one hour with each of 3 to 6 panelists, all of whom
are leading local social entrepreneurs in the country. The panel is chaired by
a global board member or senior manager, and the panelists discuss their
impressions. Panel decisions are by consensus--there is no voting.
BoArD rEViEW
Ashoka’s international board, meeting monthly, reviews
each candidacy carefully and is the final sign off.

Ashoka Fellow Criteria
A New idea:
Is the person possessed by a truly new idea for solving a public need? Is it a truly transformational innovation,
or just a tweaking of how things are now done?
Ashoka only elects individuals who possess a new idea, a new solution to a social problem that will change the
pattern in a field at the regional or national level. A new school or clinic does not meet Ashoka’s definition of a
new idea; there must be a vision of a new pattern for education or health care that promises to change schools
or clinics all across the candidate’s country or region.
Creativity:
Is this person creative both in vision and in problem solving?
Successful social entrepreneurs must be creative not only in goal-setting but also in solving the problems that
inevitably arise while pursuing their vision. They must use their creativity day after day in order to succeed. To
evaluate whether or not someone possesses this essential creativity, Ashoka examines his or her track record
of developing creative solutions from youth onward.
Entrepreneurial Quality:
Is it impossible for this person to rest until his or her vision is the new pattern across society, even if it involves
years of grappling with “how-to” issues?
Ashoka looks for people who are married to their idea and will keep developing it if need be for decades.
Social entrepreneurs are practical and pragmatic. They know how to overcome obstacles, and are driven both
by their idea and by the will to make that idea an institutionalized reality.
Social impact of the New idea:
Is the idea new, practical, and useful enough that others will adopt it once it has been demonstrated? If so,
how many people will be affected by this idea, to what degree, and how beneficially?
Ashoka is interested in ideas that will, over the long term, change the candidate’s field significantly and that
will trigger widespread impact. Social entrepreneurship not only needs an extraordinary person to develop an
idea but also a powerful, practical idea that will spread on its own merits.
Ethical Fiber:
If you were in danger, would you instinctively trust this person? Would you trust him or her in a position of
power?
There are three reasons why this criterion is critical to Ashoka. First, significant social entrepreneurs ask
people to make major changes in behavior, which is highly unlikely without trust. Second, Ashoka’s greatest
power, our community, does not work if even one person in the room is untrustworthy. Finally, we do not want
to add to the supply of untrustworthy public leaders.

Risks
The risks associated with the Venture Fund are two-fold: the general risk associated with
Ashoka’s investment in individuals and the performance of the Venture program in any given
year. For the former, the Ashoka selection process is designed to source and screen new
system changing ideas to create lasting social impact. It addresses significant uncertainties
in terms of program efficacy, due diligence, long-term viability, and long-term replicability,
resulting in Ashoka Fellows who represent the apex of the field of social entrepreneurship and
innovation in the social sector.
Ashoka has 27 years of experience mitigating risk for our partners and investors. Ashoka’s
methods of finding and supporting the world’s leading social entrepreneurs are tried and tested
around the world under varying circumstances. From the first year, we have rigorously, and
successfully, fought against all forms of discrimination and violence and maintained staunch
political independence. However, we fully recognize the nature of the world in which we work.
To this end, Ashoka is addressing the counterterrorism compliance and risk management
challenges of being a global organization.
With the assistance of strategic partner, Latham & Watkins LLP, Ashoka formulated a
comprehensive counterterrorism compliance program for Ashoka. Upon counsel’s advice,
Ashoka has adopted a series of policies that will help ensure that Ashoka’s global activities are
in compliance with US, EU, UN, and other regulations. Ashoka has contracted with ChoicePoint
Bridger Insight, a leading global compliance and risk management solutions company. Ashoka
is building its compliance department to screen all monetary transactions as well as staff,
associates, consultants, Fellows and candidates.
Ashoka’s counterterrorism compliance program includes:
• A screen for donors, investment recipients, and beneficiary organizations against terrorism
watch lists. We continue to follow all relevant reporting guidelines for cash and other
monetary transactions.
• No engagement in new countries without full assessment of relevant legal guidelines. We
consult with local and international counsel if necessary to be clear on our liability and risk
in entering new countries.
• Continuing to certify that resources are only given to individuals or organizations that will
further our stated mission and goals.

Ashoka continues to build on our commitment to the highest quality due diligence possible,
even as we seek to grow the number of Fellows we elect each year. Regarding the performance
of the Venture program, while it is highly unlikely that Fellow elections will fall below the target,
it is possible that a sufficient number of leading social entrepreneurs meeting Ashoka’s criteria
will not be elected during FY2008 to meet the target. If the Venture funding gap is less than
anticipated, the Fund’s resources will nevertheless be directed at the financial support of
Ashoka Fellows and associated program expenses. If the Venture Fund does not reach its
target of $10 million, all resources will still be used to support otherwise unfunded Venture
activities. A poor fundraising environment cannot be predicted, whether due to broader
economic conditions or those specific to social entrepreneurship or this Fund.
Ashoka currently operates in over 60 countries worldwide. Expansions are underway
and planned in 2008 to the Philippines, China, and Russia. Resources from the Venture
Fund could be essential in the start-up phases of these new country programs. Conversely,
operations in existing country programs may be suspended due to a change in government,
macroeconomic collapse, or other circumstances. The possible geographic impact of the
Venture Fund cannot therefore be specified in advance. In case of expansion or closure,
Venture Fund resources will continue to be allocated to the countries of most need. Details
of the geographic disbursement will be made available in the Venture Fund End of Year
Report.
Ashoka Fellow Kathryn
Hall (USA) reaches young
at-risk mothers through
mentorship and coaching
which ensures that pre-natal
care goals are acheived
and babies are born
healthy to prepared and
supported mothers. Here
she visits with a young
mother in Honduras.

Key Staff
Biographies
Diana Wells Diana is President of Ashoka. Diana joined Ashoka in the 1980s after graduating
from Brown University with a B.A. in South Asian Studies. She led the creation of Fellowship
Support Services, the prototype for today’s Global Fellowship program, which links Ashoka
social entrepreneurs to one another and to a wide array of information and supports. She
also conceived and developed Ashoka’s widely respected Measuring Effectiveness program
for impact evaluation. After a leave to pursue a Ph.D. in anthropology, she returned, serving
first as Vice-President of Global Venture, and currently as President.
Valeria Merino is the Vice-President for Venture and Integration and is responsible for the
overall facilitation and oversight of the Venture process in Ashoka. A social entrepreneur
for almost two decades, Valeria has been involved in the development and implementation
of public policy in the areas of democracy, rule of law, transparency and civil society
participation. Before coming to Ashoka, she was Director of the Venezuela Office of the Pan
American Development Foundation and its Senior Civil Society Adviser. Since 1994, she has
been a member of Transparency International and served on its Board; she also founded
and led Ecuador’s TI chapter for fifteen years. Valeria was appointed member of the Council
of the United Nations University based in Tokyo, from 1995-2001, by the Secretary General
of the United Nations and the Secretary of UNESCO.
The women who join Coopa-Roca, the design and
sewing cooperative created by Ashoka Fellow Maria
Theresa Leal (Brazil), gain self-confidence and
steady income with flexible working hours, as well as
a front-row seat at Brazil’s top fashion shows where
their work has been exhibited.

Ashoka Financials
Ashoka is entering a period of significant growth as we expand our work with
social entrepreneurs, building a world where every individual can think & act
as a changemaker. This upward trend is supported by a diverse donor base of
business entrepreneurs, their foundations, corporations, family foundations,
and individual supporters.
For FY2006:
• Total Expenses: $26.1 million USD
• Total Revenue: $26.3 million USD
For FY2007:
• Estimated Total Expenses: $30.4 million USD
• Estimated Total Revenue: $35.6 million USD
Ashoka’s fiscal year closed August 31, 2007. Audited financials for FY2007
have recently been completed and are now available.
Ashoka uses the accrual method of accounting. We are audited annually by
Cleveland & Gotliffe, a Virginia CPA firm. The annual budget is approved by the
leadership team, and then by the Board of Directors.
Ashoka is registered as a 501(c)(3) charitable organization in the US. Our tax
ID number is 51-0255908.
Ashoka’s most recent audit and 990 are available upon request.

Ashoka’s Global
Reach
Asia Fellows
Afghanistan 1
Bangladesh 61
Hong Kong 1
India* 283
Indonesia* 126
Nepal* 39
Pakistan* 42
Sri Lanka* 11
Thailand* 77
North America
Canada* 12
Costa Rica 8
El Salvador 6
Guatemala 2
Mexico* 131
Nicaragua 3
United States* 84
• Caribbean
• China
Countries where Ashoka has elected Fellows:
Africa Fellows
Botswana 1
Burkina Faso 12
Cameroon 4
Cote d'Ivoire* 4
Gambia 4
Ghana 4
Guinea-Bissau 1
Kenya* 11
Mali 11
Mozambique 2
Nigeria* 64
Senegal* 16
South Africa* 82
Tanzania 4
Uganda 16
Zambia 1
Zimbabwe 14
South America Fellows
Argentina* 40
Bolivia 26
Brazil* 284
Chile 34
Colombia* 46
Ecuador 28
Paraguay 14
Peru* 36
Uruguay 17
Venezuela 15
Middle East
Egypt* 33
Lebanon 2
Morocco 1
Palestine 3
Saudi Arabia 1
Europe Fellows
Belgium 1
Czech Republic 21
France* 10
Germany* 13
Hungary 27
Iceland 1
Ireland* 2
Latvia 1
Lithuania 9
Poland* 60
Slovakia* 16
Spain* 9
Switzerland 1
Turkey* 25
United Kingdom 4
Countries/regions where Ashoka is raising start up money to launch programs:
• Ethiopia
• Israel
• Japan
• Netherlands
• Philippines
• Russia
* denotes Ashoka country office
• Ukraine
• Vietnam

What People are
Saying About Ashoka
We believe one measurement of an effective
community is exhibiting durable communication
channels, networks, and collaborative alliances.
Ashoka provides us with a great model for best
practices – The engaged global community of
social entrepreneurs that Ashoka has fostered
helps each one of them to have more impact
than would have been possible individually.
- Iqbal Paroo,
Omidyar Network
Our collaboration with Ashoka: Innovators for the
Public in Latin America has convinced us of the
unparalleled power of the Ashoka idea. Ashoka
and the social entrepreneurs it supports have
caused social change in the developing world,
helping millions to lead better lives.
- Stephan Schmidheiny,
President, AVINA Foundation and
Founder, GrupoNueva
[Google] is a company that believes deeply in
entrepreneurship. And this is a company that
believes deeply in the power of information. We
don’t think there’s another organization that
combines these two things in a more compelling
way than Ashoka.
- Sheryl Sandberg
Former VP, Google
COO, Facebook, Inc.
It’s one of the most hopeful and helpful trends
around. These folks aren’t famous, but they are
showing that what it really takes to change the
world isn’t so much wealth or power as creativity,
determination, and passion.
- Nicholas Kristof,
New York Times
Columnist
Ashoka is well placed to create a partnership of
the future between business and society. It’s a
good idea for all of us to support Ashoka.
- NR Narayana Murthy,
Founder, Infosys
Ashoka has quietly given Philanthropy a new
dimension: it has shown how to invest successfully
in pattern-breaking, powerful ideas and the
people behind them and how to do so early when
a little makes an enormous difference - when
hope can overcome cynicism, when tenacity can
prevail over inertia. It has given us all lessons in
how to harness the most powerful energy in the
world - human talent - to the task of adapting to
the demands of the 21st century.
- Peter Goldmark,
Former CEO, International Herald
Tribune and Former President,
Rockefeller Foundation

“Ashoka is a great global organization, built on a brilliant idea.
it picks up social innovators when they themselves don’t know
what great changes they can bring. That’s the stage when
budding innovators need the support most. Ashoka helps pool
local innovations into global solutions.”
-Muhammad Yunus
Founder, Grameen Bank
2006 Nobel peace prize Winner
1700 north moore street | suite 2000 | arlington, virginia 22209-1929 usa
703.527.8300 (phone) | 703.527.8383 (fax) | www.ashoka.org