Marianne Bertrand
Chris P. Dialynas Distinguished Service Professor of Economics; Faculty Director, Rustandy Center for Social Sector Innovation
Marianne Bertrand
Rustandy Center Year in Review 2022-23 Social Impact at Chicago Booth
Dear friends,
As Chicago Booth celebrated its 125th year in 2023, the Rustandy Center for Social Sector Innovation marked its 10th anniversary. This spring, more than 300 people—students, alumni, faculty, and members of the community—gathered to toast the center’s 10 years of impact. The center is now a thriving hub for social impact and innovation in the classroom and within our communities.
2022–23 had plenty of its own highlights.
Students managing the Steven Tarrson Impact Investment Fund invested $100,000 in two early-stage social ventures. More than 200 alumni gathered to discuss nonprofit governance in new virtual On Board sessions. We launched the inaugural cohort of IGNITE, our leadership program that supports nonprofits serving the Black community in Chicago. Thought leaders from business, academia, and other sectors joined us to discuss sustainability, equity, and governance. You will find these and other highlights in the following report.
As we look ahead to the next 10 years, we know that much needs to be done. We also know that we cannot do it without your support.
Warm regards,
Rob Gertner
Joel F. Gemunder Professor of Strategy and Finance; John Edwardson Faculty Director, Rustandy Center for Social Sector Innovation
Rob Gertner
Caroline Grossman, ’03
Executive Director, Rustandy Center for Social Sector Innovation; Adjunct Associate Professor of Strategy
Caroline Grossman, ’03Tenth Anniversary of the Rustandy Center
From a single class on social impact strategy, the Rustandy Center has evolved into a dynamic hub for social sector innovation for Chicago Booth and for the university, supporting current and future leaders dedicated to tackling some of the world’s most pressing challenges.
2012–13
The Social Enterprise Initiative (SEI) launches, with foundational support from John Edwardson, ’72. Professor Robert H. Gertner and Professor Marianne Bertrand lead as faculty directors. Christina Hachikian, AB ’02, MBA ’07, joins as the first executive director.
2013–14
The first Alumni Board Connect (ABC) debuts, matching Chicagoland nonprofits with alumni. Since then, more than 200 alumni have been placed on nonprofit boards; more than 450 students have served as Net Impact Board fellows.
2014–15
BallotReady, an online and mobile app providing information about local candidates, wins first place in the John Edwardson, ’72, Social New Venture Challenge (SNVC). Today, SNVC has helped jump-start more than 150 ventures, which have collectively raised more than $165 million.
2015–16
Booth students work on social enterprise solutions to intractable challenges and travel to India as a part of the Global Social Impact Practicum course.
The inaugural Economics of Social Sector Organizations conference, co-hosted with the Marshall Fund for Philanthropy and Social Enterprise at the London School of Economics, brings together scholars analyzing a broad range of organizations that address social issues.
2016–17
SEI is renamed the Rustandy Center for Social Sector Innovation, honoring the generosity of Tandean Rustandy, ’07, to create a permanent home for social impact at Chicago Booth.
The first Tarrson Social Venture Fellowships are awarded, providing funding and mentorship to graduating students and recent alumni committed to growing a startup that helps solve a social or environmental problem.
2017–18
The Hong Kong Jockey Club Programme on Social Innovation, an integral part of the university’s activity in Hong Kong, launches to build capacity among NGOs, social entrepreneurs, and impact investors.
2018–19
The first Neubauer Civic Scholars graduate. The Chicago Booth Civic Scholars Program has awarded more than 35 scholarships to rising nonprofit and government leaders.
2019–20
COVID-19 research, supported by the Rustandy Center, gives policymakers rapid insights into the impact of the pandemic on Americans.
The Innovating for Social Equity series debuts, exploring efforts to tackle the barriers to a society and economy that works for all.
The Rustandy Center’s new CSR database fills a market gap by making corporate social responsibility metrics readily available.
2020–21
An impact investing case study dives deep into Chicago’s historic Pullman District, highlighting often overlooked place-based community investing. The case study, made possible with support from Chicago Neighborhood Initiatives, the U.S. Bancorp Community Development Corporation, U.S. Bank, and members of the Pullman community, becomes part of Booth’s impact investing curriculum.
2021–22
The student-run Steven Tarrson Impact Investment Fund makes its first investment in Harvest Thermal, a startup reinventing home heating and hot water while slashing carbon emissions.
Edwardson SNVC ’18 winner AIM Clinics merges with HopeBridge. Edwardson SNVC ’12 winner LuminAID is acquired by Adventure Ready Brands.
2022–23
Eight nonprofits uplifting Chicago’s Black community join the first cohort of IGNITE, the signature program of the Golub Capital Social Impact Lab.
Virtual Alumni Nonprofit Leadership Circles launch, building on the success of other board service resources and programs including the First 90 Days Nonprofit Board Toolkit and On Board programs.
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2022–23 Highlights
100+
UChicago researchers working on social issues and organizational practices in ESG utilized the center’s Data Hub to access robust, high-cost datasets.
UChicago researchers working on social issues and organizational practices in ESG utilized the center’s Data Hub to access robust, high-cost datasets.
$100,000
Total investment by the student-managed Steven Tarrson Impact Investment Fund in two pioneering social ventures, Kadeya and
Harmon Care.
19 Courses
focused on social impact at Booth combine business fundamentals with experiential learning and research. A new course, Navigating the ESG Landscape: Information, Sustainability Reporting, and Analysis, reflects the emphasis on equipping students to meet emerging needs. Taught from an accounting perspective, the course discusses what CSR, ESG, and sustainability mean, and how they relate to corporate objectives and the purpose of the firm.
14 Years
is the average amount of time an innocent person will spend in prison while waiting for appeals to make their way through the justice system. Period, the winner of the 2023 John Edwardson, ’72, Social New Venture Challenge, helps connect prisoners with lawyers and advocates, substantially reducing delays in the appeals process. Seven ventures competed for more than $150,000 in funding in the Edwardson SNVC finals.
8 Nonprofits
participated in the inaugural cohort of IGNITE, a unique leadership program for leadership teams of organizations serving the Black community in Chicago, developed by Chicago Booth in partnership with Golub Capital and the Chicago Urban League.
“IGNITE provided space to zoom out and make sure we were thinking about the big picture, the strategic overview, and how everything fits together.”
—Aisha Edwards, Executive Director, Cabrini Green Legal Aid
3 CEOs
Roger Hochschild, then CEO of Discover; Gil Quiniones, CEO of ComEd; and E. Scott Santi, CEO of Illinois Tool Works, discussed what Chicago-area companies can do to address the racial and economic disparities in the city at the Innovating for Social Equity: Anchoring Economic Growth in Chicago event.
“I had been thinking of how corporate site selection perpetuates systemic bias. Only large companies bring jobs at scale. We were convinced that it would work out.”
—Roger Hochschild on locating a new call center in Chatham, a historically underinvested neighborhood on Chicago’s South Side
1st Place
A team of four second-year Chicago Booth MBA students won the top prize of $20,000 at the NAPE/TCU Energy Innovation Case Competition for their recommendations on whether publicly traded US oil and gas companies should prioritize energy transition projects or double down on legacy businesses.
“When you participate in energy case competitions, you learn about new perspectives, you see new projections, you hear about new technologies that will transform the future of energy. It’s very eye-opening.”
—Zoe Wang, ’23
2 Days
were filled with research presentations and discussions at the Conference on Discrimination in the 21st Century, co-hosted by the Rustandy Center and the Becker Friedman Institute. Researchers examined discrimination from early childhood onward, including topics such as affirmative action, standardized testing, and corporate diversity, equity, and inclusion.
“Discrimination is one of the most prominent features of our society today, and it is our duty as academics to generate insights that will help promote equal opportunities for everyone.”
—Pietro Veronesi, Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
33 Alumni
participated in the inaugural Nonprofit Leadership Circles, which bring together small cohorts of Booth alumni who are experienced nonprofit board members. Meeting over six months, participants shared challenges and opportunities at their organizations, identified and committed to key actions that will make a difference for their board, and contributed to a collaborative learning experience.
200+ Attendees
from across the United States joined quarterly virtual On Board sessions to explore nonprofit board governance and strategy. The sessions included a debate on the value of a chief governance officer on nonprofit boards, a discussion on how to boost board engagement, and workshops on finding the “right fit” board.
1,000+
people tuned in for a three-part, virtual Unpacking ESG series; 70 attendees heard Professor Christian Leuz speak on mandatory disclosures at the Robert Rothman, ’77, Campus in London.
10
social ventures participated in the three-month Global Launchpad, offered by The Hong Kong Jockey Club Programme on Social Innovation.