Jan 29 (Reuters) - University of Utah's school of business has received $13 million from technology entrepreneur James Lee Sorenson to establish a center to advance investment to organizations that demonstrate a benefit to society, the university announced on Tuesday.
The new James Lee Sorenson Center for Global Impact Investing will focus on the very early stages of investments made into companies, organizations, and funds with the intention of generating measurable social and environmental impact alongside a financial return.
Universities such as Michigan, Duke, Oxford, and New York, among others, have centers whose main focus is on social entrepreneurship, while the University of Utah's primary focus is on impact investing, said Lewis Hower, managing director of the Center.
A social entrepreneur is willing to look beyond conventional wisdom and experiment with market-based approaches - such as loans, not charity - to serve the social need, according to a definition by the Stanford Social Innovation Review.
The Center will address social issues such as healthcare, education, housing, sustainable and green energy, agriculture and entrepreneurial livelihood training and development.