Smith talks about how a series of experiences prepare an entrepreneur to found a new venture. Entrepreneurship is about solving a problem in a better way and finding a way to make it happen, despite everyone telling you it cannot be done, she says. People did not believe Teach for America would work, but Smith and founder Wendy Kopp realized people weren't becoming teachers because they weren't being recruited and the process to get certified was too bureaucratic. They created a model in Teach for America that solved these problems, and were successful, she adds.
Kim Smith lectures on Entrepreneurship for Stanford University students, October 19, 2003. Kim Smith is co-founder and CEO of NewSchools Venture Fund, which she established in 1998 to transform public education by supporting education entrepreneurs. In NewSchools, Kim created a new "hybrid" approach to investing in social entrepreneurs. NewSchools uses grants, loans and equity investments to support a portfolio that includes nonprofit and for-profit entrepreneurs who are building sustainable, scalable education ventures. In this Stanford lecture, she talks about venture philanthropy, fixing problems in K-12 education and how entrepreneurs must lead people from radically different sectors.