“Professor Yunus was right,” Mr. Akula said, referring to Muhammad Yunus, the Grameen Bank founder, economist and a frequent critic of Mr. Akula and others who tried to turn microfinance into a for-profit industry. “Bringing private capital into social enterprise was much harder than I anticipated,” he said.
Mr. Akula also told conference attendees that “he had focused on scaling SKS’s model and had not fully anticipated the potential downside of accessing the public market for social enterprise,” a statement from conference organizers said.
This is true for most entrepreneurs. It doesn’t make Yunus wrong, or SKS foolish, but it does mean that trendy, cool-sounding ideas for improving the world are subject to the same rules as everyone else.