New anti-poverty group launched with $15 million gift

from Boston Business Journal

by Naomi R. Kooker

The Eos Foundation has pledged $15 million to be paid over five years to combat poverty in the Boston area, the Harwich Port-based foundation announced Wednesday.

The money will be used to jumpstart an independent nonprofit, Boston Rising, and will be modeled after Robin Hood -- an innovative New York City-based group that draws significant support from hedge fund, financial, and industry leading professionals. Robin Hood reported distributed more than $130 million last year alone, according to Eos' release.

The Eos Foundation plans to leverage its gift; it is in the process of raising matching funds to increase the impact, according to the release.

Currently, Boston Rising is an initiative established by Eos President Andrea Silbert, the co-founder of the Center for Women & Enterprise and a 2006 candidate for lieutenant governor.

The foundation will serve as an incubator to get Boston Rising off the ground. There is no timeline for it to reach the 501c3 status, said Eos spokeswoman Dorie Clark.

The creation of a new nonprofit comes on the heels of Boston witnessing several nonprofit mergers in a saturated landscape of nonprofits. It is also coming at a time when family homelessness is high and youth crime an issue, citing poverty as a contributor.

"The Eos Foundation believes the clearest path to a better future is through working to alleviate poverty, especially as it affects children," said Silbert, in a statement. "Boston Rising will bring new resources to bear on fighting poverty in our city, and we believe it will make a substantial long-term impact."

Boston Rising will emphasize applying business techniques to help nonprofits make the greatest impact in alleviating poverty. Using more metrics and applying business tools to nonprofit operations, in general, has been an increasing practice in the segment.

Naomi R. Kooker can be reached at nkooker@bizjournals.com.