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Introduction- Bono

Introduction- Bono | Philanthropic Entrepreneurs | Scoop.it

http://en.wikipedia.org/wiki/Bono

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Paul David Hewson, aka Bono, is an singer, musician, humanitarian, and entrepreneur from Ireland. Born in Dublin on May 10th, 1960, he was raised catholic and attended private school. Bono is the lead vocalist and song-writer for the band U2. He married Allison Hewson in 1982 and they have four children, Jordan, Memphis, Elijah, and John. Bono attended Mount Temple Comprehensive School. In 1992, Bono, along with his band mate, the Edge, bought and refurbished Dublin's two-star 70-bedroom Clarence Hotel, and converted it into a five-star 49-bedroom hotel. Since then, he has started several other entrepreneurial endeavors, such as ONE, a campaigning group that fights poverty and disease in Africa, and Elevation Partners, a private equity firm focusing on helping media projects get started. He and his wife also started EDUN, a contemporary fashion brand that aims to raise awareness of the possibilities in Africa. 

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Similarities

Similarities | Philanthropic Entrepreneurs | Scoop.it

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LaurieAnne Wickens's insight:

Jason and Bono have many similarities in their personalities, businesses, and focuses. For one, they both have a lot of media coverage. Both entrepreneurs have much experience being interviewed and being on television. It's good that they both come from performing backgrounds then! Bono obviously has seen his fair share of the stage life, but so has Russell. He grew up performing in plays and musicals. Even through he went to college for filmmaking, he definitely knows both sides of the camera. 

 

These men also greatly focus on not just being humanitarians, but creators of lasting impact. They love being able to donate money, but it is more important for each of them to create jobs, schools, etc. That said, each of them has shown a great deal of support promoting entrepreneurship in these developing countries. 

 

*Fun Fact- Bono actually supports Invisible Children and the MEND project. December of 2011 he made a surprise visit to Invisible Children Headquarters in California and became an Invisible Children advocate.

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Societal Benefits

Societal Benefits | Philanthropic Entrepreneurs | Scoop.it

http://www.hangtogetherblog.com/2012/11/01/bono-embraces-capitalism-entrepreneurship-for-developing-nations/

LaurieAnne Wickens's insight:

Both Bono and Jason Russell strive to make the world around them a better place. They both focus on third world countries, especially in Africa, and have created companies with the soul purpose of helping people. Invisible Children is a non-profit charity that created MEND. This program directly gives back. It gives women in Uganda jobs, a salary, and a way to tell their story. Bono's various programs give back directly as well. His method is slightly different however. Although he began by running non-profit programs, he soon realized that just giving them money was not enough. Bono now focuses on promoting capitalism and entrepreneurship for developing nations. This is why his clothing line, EDUN, is a for-profit organization. They use the money from the sales to create jobs and help people learn about and start their own businesses. Both men realize the importance of helping others, and each has found a unique way to help the world outside of the US.

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Bono Today

Bono Today | Philanthropic Entrepreneurs | Scoop.it

http://en.wikipedia.org/wiki/Elevation_Partners

LaurieAnne Wickens's insight:

Today Bono's networth is $600 Million. His media company, Elevation Partners, is worth $1.9 Billion in assets. EDUN is now run by Bono's wife, Ali, and Elevation Partners is run by Bono and The Edge publicly, and Roger McNamee and Marc Bodnick more behind the scenes. Bono's first business, The Carence Hotel, is now a five-star hotel and resturant in Dublin.

 

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Introduction- Jason Russell

Introduction- Jason Russell | Philanthropic Entrepreneurs | Scoop.it

http://en.wikipedia.org/wiki/Jason_Russell

LaurieAnne Wickens's insight:

Jason Russell, born October 12th, 1978 in California, is a filmmaker, activist, and charity founder. His parents, Sheryl and Paul, founded the Christian Youth Theater. This gave Jason a rich background in theater, eventually leading him to the USC School of Cinema Arts. For a college project, he and his two college friends, Bobby Bailey and Laren Poole, traveled to Sudan. From there they heard about the Invisible War taking place in Uganda. They filmed their first documentary called "Invisible Children, The Rough Cut." After the success of the movie, they started the Invisible Children Charity to help child soldiers in this Invisible War. Through Invisible Children, Russell made several other documentaries, as well as created merchandise and MEND, a social enterprise geared toward improving the quality of life for women in Gulu, Uganda who were directly affected by the Lord’s Resistance Army (LRA) conflict. These women produce high-quality bags designed to seam a personal connection between products, their makers and consumers. 

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Differences

Differences | Philanthropic Entrepreneurs | Scoop.it

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LaurieAnne Wickens's insight:

Bono and Jason Russell have differences too. How they got started, for example, is very different. Bono had his career as a musician first, and then started his own businesses and programs. Russell got started right out of college with his nonprofit organization which grew to include his creation of MEND as well. How they reach their target market is very different too. Russell uses a lot of social media sources such as Youtube and Facebook to get his ideas across. His latest video, Kony 2012, broke records on Youtube receiving over 70 million in less than a week. With such a focus on social media, his target market is the younger, more technological generation. Bono focuses more on letting his fan base support his businesses. He is a pretty big name in the music industry, and he allows networking to work for him.

 

While both men are philanthropic, Bono is has more corporate responsibility. He takes his profit and does something with it, while Russell's Invisible Children takes their money straight to the cause and is more philanthropy-based.

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Factors of Starting a Business

Factors of Starting a Business | Philanthropic Entrepreneurs | Scoop.it

http://www.brighthub.com/office/entrepreneurs/articles/38870.aspx

LaurieAnne Wickens's insight:

Both Bono and Jason Russell started their businesses fairly recently, so most of the factors of starting a business are the same as today. 

 

Experience in your field is important. When Russell began, he had a lot of experience in theater and film, which helped him create his first video. Knowing your market is key too. Bono and Russell have different target markets, so the way they advertise and promote their companies is very different. Having a social media presence online is very important these days as well. The state of the economy can have a drastic effect on creating a business too. When these two men started their businesses, it was before the recession. They would have had an easier time getting a loan if they needed one and getting people to make donations to their causes would have been easier too. Today, although we are on the upswing of the recession, it is much harder to get something started, especially financially. Lastly, you need personality and specific characteristics to create your own business today. These men display the core traits that it takes to start a business. For example, when Kony 2012 came out, Russell had a public meltdown and Invisible Children got a lot of negative publicity for it. He was not turned away by failure, however, and he as well as Invisible Children bounced back and learned from the experience.

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Jason Russell Today

Jason Russell Today | Philanthropic Entrepreneurs | Scoop.it

http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=12429

LaurieAnne Wickens's insight:

Today Jason Russell is worth 5 Million dollars. Invisible Children is now worth $6,584,811. (MEND falls under the broad umbrella of Invisible Children.) Invisible Children is still run by Russell as head coordinator of events, but the CEO is Ben Keesey. 

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