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PHOTOGRAPHY BY JIMMY FISHBEIN TALENT PATROL Liam Krehbiel in the offices of A Better Chicago at West Merchandise Mart Plaza both funding and management support. "Think about what successful venture-capital firms do," says Krehbiel. "They look for high-potential, early-stage companies and provide the financial and intellectual capital to help them grow. We do the same thing." which includes Like true venture capitalists, Krehbiel and his staff, some of Chicago's brightest business minds, spend months conducting due diligence on orga- nizations before deciding to invest. Ideal candidates are already successful but resources lack the financial or to realize their INSIGHT Empowering Nonprofits: Krehbiel believes the venture- capital model "is the smartest way to give back." Loftiest Goal: "I want Chicagoans to feel like we can make a difference here in town." For information: abetterchicago. org/take-action tactical larger visions. Once a charity is added to the roster, A Better Chicago provides annual six-figure grants (funded by the board and local phi- lanthropists) and guidance in areas in which the organizations need support—such as branding, communications, technology, business planning, and infrastructure devel- opment—and Krehbiel will seek assistance from one of his corporate partners. (Bain & Company and law firm Latham & Watkins offer their services pro bono.) a group of college-prep elementary schools liam krehbiel B 66 MICHIGANAVEMAG.COM But to whom much is given, much is expected. "At the beginning of each grant period, we set goals with [recipients] and then we hold the organization account- able," Krehbiel says. The model may be outcome-oriented, but it's already garner- ing results. Learn Charter School Network, in low- PHILANTHROPY GETS A VENTURE-CAPITAL TWIST AT THE NONPROFIT A BETTER CHICAGO. BY KAITLIN MADDEN ringing new meaning to the term "angel investor," Liam Krehbiel was working as a consultant at Bain & Company in 2010 when he decided to forgo the for-profit sector to follow a dream. Later that year, the Hinsdale native and Kellogg graduate founded A Better Chicago, a nonprofit organization that fuses good business sense with charitable giving. Krehbiel likens his philanthropy to venture capitalism—a combination of income neighborhoods of Chicago, was one of three initial investments made by A Better Chicago. Schools in this network have become highly successful, with a 99 percent high school graduation rate despite operating in areas where dropout rates approach 50 percent. With the help of A Better Chicago, the network will open its sixth school in North Chicago this September. In the future Krehbiel hopes to have a clearer picture of exactly how A Better Chicago impacts each organiza- tion it supports. "Four or five years out, I want to see how we've really helped transform the organizations that we're funding," he says. "I want to see that they're on a stronger, better path than they were before we got involved." He's also holding A Better Chicago to the same high growth standards he sets for all the organizations he supports. His annual goal is to add at least three additional nonprofits to his portfolio over the next five years. MA