The Global Good Fund supports young social entrepreneurs to solve complex social problems in the United States and abroad. One important domestic economic development challenge is underemployment and unemployment of Americans over age 50.
Professional opportunities for Americans age 50+ dwindled over the last decade, compromising the livelihoods of thousands of people during a vulnerable life stage. We believe this issue has failed to draw enough attention in the policy, corporate, and social entrepreneurship spaces.
According to an Urban Institute study published last year, workers in their fifties are increasingly unemployable, which is detrimental to the United States economy. Workers in their fifties are about 20% less likely than workers ages 25-34 to become re-employed. Furthermore, nearly two-thirds of unemployed workers age 55 and older say they have been actively searching for a job for more than one year (compared to just one-third of younger workers), according to a recent survey by the Heldrich Center for Workforce Development at Rutgers University.
Although disconcerting, The Global Good Fund has embraced these findings as an opportunity to address the important question:
How can we support, help, and enable professionals over age 50 to a find sustainable and gainful employment?
What We Are Doing
In search of viable and lasting solutions, The Global Good Fund is partnering with the Diana Davis Spencer Foundation to implement a specialized fellowship program for social entrepreneurs (of all ages) focused on creating jobs for people in the United States over age 50. Our flagship Fellowship is both industry and geographically agnostic, historically geared toward millennial entrepreneurs. We are applying the same Fellowship model for leadership development with the Diana Davis Spencer Foundation to specifically focus on job creation for under- and unemployed Americans over age 50.
Applications to this groundbreaking Fellowship are due Monday, September 26th, 2016 at Noon EDT and can be accessed here.
The Global Good Fund is ideally positioned to expand upon our existing work to create this specialized fellowship program, consisting of 20 United States based entrepreneurs. These entrepreneurs may be over age 50 themselves, or there may be younger entrepreneurs who are creating job opportunities explicitly targeted at workers age 50 and older in the United States.
The Global Good Fund will help these entrepreneurs scale their companies through leadership development, proven proprietary tools, targeted funding, and mentorship. The goal is to accelerate our Fellows’ ability to lead, enhance their business expansion, and scale social impact.
Ultimately, The Global Good Fund’s impact will be a measured by the increase in the sustainable employment of American workers over the age of 50.
Why This Fellowship Matters
The Diana Davis Spencer Fellowship aims to:
1. Address an unresolved issue.
Unemployment of people over 50 years old is a problem for the United States economy. In the United States, 36.4% of job seekers over age 55 have been looking for jobs for 27 weeks or more, compared to 29.9% of job seekers age 25-54 (not considering discouraged workers who have ended their job search before the 27 week mark).
The challenge of alleviating unemployment in people over 50 years old provides a meaningful space for growth and entrepreneurship in which social entrepreneurs can make a difference.
2. Mobilize leaders for the greater good.
At the core of our philosophy, we believe that leaders of all ages are not only capable of mobilizing for the greater good, but that they are optimally positioned to do so. Successful leaders have the knowledge, skills, and influence to make a difference.
Facilitating and championing change is dependent on encouraging a sense of purpose, inclusion, and collective ownership among those we lead. Through the Diana Davis Spencer Fellowship, we plan to harness this energy, spirit, and innovation to advance social justice for the for under- and unemployed American men and women over 50 years old.
3. Fix the issues facing people near to our hearts.
Think of an individual you know over age 50 — a family member, friend, mentor, or colleague. Do this individual appears to be at a turning point in his or her life, eager to try something new, or perhaps considering to extend his or her career beyond traditional retirement?
Even if this person is not facing under- or unemployment, it can be discouraging to think that other people are experiencing this issue just because they share a trait—their age group—with older people you know.
Thinking of family, friends, or co-workers over 50 who are susceptible to unemployment and thereby financial insecurity has motivated our team at The Global Good Fund to get involved.
What can you do to help?
How Can You Get Involved?
If you are interested in joining our movement, The Global Good Fund is now actively seeking 20 social entrepreneurs to become Diana Davis Spencer Foundation Fellows. Applications to this groundbreaking Fellowship are Monday, September 26th, 2016 at Noon EDT and can be accessed here.