Breaking the Cycle of Poverty

Babson alumnus Richelieu Dennis ’91 is an entrepreneur, investor, and social innovator changing the way we think about access and capital in business.

In November 2017, Dennis constructed a first-of-its-kind deal in the beauty and personal-care industry with the landmark acquisition of Sundial Brands by Unilever, marking the largest natural personal-care deal ever in the United States and the largest consumer products deal by a majority-black-owned company. As part of this purpose-driven agreement, he and Unilever created a groundbreaking $100 million New Voices Fund to invest in and empower entrepreneurs who are women of color. As Dennis once told the Wall Street Journal, “This was never about building a business. This was about taking care of and investing back in our community.”

He has also championed community reinvestment for nearly three decades. He created Sundial’s purpose-driven business model called SheaMoisture Community Commerce, which seeks to alleviate poverty in underserved communities through investments in entrepreneurship and education, primarily focused on women.

Since 2016, Dennis’s Sofi Tucker Foundation and SheaMoisture Community Commerce have invested in Babson College’s Summer Study program to support 10 high-school women from around the world. The scholarship seeks to empower the next generation of women to drive change in themselves and their communities. Representing countries such as the United States, Rwanda, Pakistan, Cambodia, Costa Rica, and Slovakia, recent scholars applied to Summer Study to learn how business and entrepreneurship can help them address the social issues they care about, including sustainability, gender equality, and access to education. Passionate to create the change they want to see now, 70 percent of these scholars had already started a business or founded a club before arriving on campus.

Akoua Orsot (pictured above, far left, with the 2016 scholars), from South Africa, is now a Babson undergraduate. She shared how prior to attending Summer Study, she conducted entrepreneurial projects in her community, such as creating a space for young primary- and middle-school students to access books and tutoring for free. “Though the project was running well and had good results, the model failed in being financially sustainable because no income-generating activities were incorporated,” she said. “Through Summer Study, I had some exposure to the Babson concept of Entrepreneurial Thought & Action®, which inspired me to create both economic and social value. In only four weeks, I came out with a new mindset and key skills, helping me to implement initiatives back home for increasing the effectiveness of the library project. I am thankful for Babson’s help in fostering my entrepreneurial spirit and giving me a new lens where problems are actually opportunities to be seized.” She’s currently working with our youth-curriculum designer, Janai Mungalsingh ’08, to prepare for the 2019 Summer Study program and inspire another generation of social-minded entrepreneurs.

Learn more: www.babson.edu/summerstudy