High-tech pioneer finds philanthropy

BOULDER ? In several rooms above the Boulder Book Store on the Pearl Street Mall, Matt McConnell is establishing a foundation to help people in developing countries.

The Left Hand Foundation will distribute McConnell’s own funds to agencies that loan money to individuals and small businesses in those countries.

He established the foundation with money he earned from the sale of a technology company he helped start in the 1980s. Compatible Systems was sold to Cisco Systems for $215 million last year, with McConnell receiving an undisclosed portion of that amount.

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?I feel pretty fortunate at the way things turned out, and I wanted to figure out a way to help,? McConnell said. ?It was enough that I felt I could give a little back.?

How much that little is, McConnell isn’t saying, but he expects the foundation to continue disbursing funds for at least five years before it runs dry. He is more forthcoming about what he plans to use the money for. ?The foundation will be making grants to help build capacity in the micro-finance industry,? he said.

A micro-loan agency in a developing country might loan $100 to a business to buy equipment or $50 to an individual to buy a cow. McConnell prefers granting money to lending agencies rather than just giving the money directly to recipients because he feels it will lead to better financial accountability and self-sufficiency among the people ultimately receiving the capital.

His target area is outside the United States, but he wasn’t specific about what countries he was considering. ?I’ve seen what the world’s idea of poor is compared to our own,? he said. ?The poorest people here are way better off than the poorest people elsewhere.?

The Bosomtwe Rural Bank in the African country of Ghana is typical of the kind of agency the Left Hand Foundation might target for a grant. The bank’s general manager, Johnny Achibrah, is currently doing a four-month internship with Colorado Microcredit in Denver, an organization that makes small loans to those without credit histories or collateral.

?I am looking for those who have money to invest abroad,? Achibrah said. ?We are using it to help the rural people, to help expand their credit level.?

He said the 155 rural banks like his in Ghana make individual loans, usually in the amount of $100 to $2,000 U.S. dollars, with the aim of improving the lives of impoverished Ghanians. Money is often targeted at women in the agricultural, fishing and small business sectors, helping them produce fruit juices, woven artifacts and foodstuffs, he said.

McConnell plans to eventually hire a couple of folks to help run Left Hand. In the meantime, he has joined Social Venture Partners – Boulder County, a group that invites business professionals to contribute expertise, time and money to help non-profit enterprises in the county. It’s a three-year, $15,000 commitment for McConnell.

Lindsey Eklund, vice president of programs and administration at The Community Foundation, a grant-making organization in Boulder County that oversees Social Venture Partners, is glad McConnell has become a philanthropist. ?I’m thrilled that Matt is doing it, and it’s a wonderful leadership role he’s taking,? she said. Contact John Aguilar at (303) 440-4950 or e-mail jaguilar@bcbr.com.