The First 1-for-1 Model in Education
For every degree fully funded on the company's platform, CommonBond funds the education of a student in need abroad for a full year. As the first company to bring the 1-for-1 model to education, we are proud to partner with education non-profit, Pencils of Promise, to fulfill our Social Promise. As part of the partnership, CommonBond covers the full cost of sending a Pencils of Promise student to school for a full year, which includes tuition, school uniforms, school supplies, and other needs including transportation vouchers.
At CommonBond, we believe that business can and should be a positive force for change. We also believe in the power of education to transform lives and lift people out of poverty by giving them the necessary skills to succeed. From day one, our Social Promise has provided benefit far beyond graduate students in the U.S., and we are excited to continue helping students around the world gain access to high-quality education.
In 2010, CommonBond CEO, David Klein, was visiting a friend at INSEAD, the global business school just outside of Paris, when he noticed something peculiar -- there was a student in the classroom whose placard read "Kloppenberg" and his first name was Jay - the same name as one of David's favorite college professors. Indeed, Jay was the professor's son. They got to talking and discovered a shared passion for education. Jay shared his vision for the African School for Excellence (ASE). A year later, David was developing the business model for CommonBond. Companies like TOMS Shoes and Warby Parker, that used the "one-for-one" model to channel the for-profit motive toward social good, were inspirations. David contacted Jay to see if he ever built the African School for Excellence, and indeed, Jay had just finished a successful pilot program in South Africa. The rest as they say is history. CommonBond has since funded dozens of students at ASE through the company's annual MBA Summer Gala in New York City over the past two years.
Financial literacy has proven to be one of the most effective ways to help people climb up the economic ladder. At CommonBond, we highly value access to high quality education in under-served communities both abroad as well as at home here in the US. That's why we've been committed to funding financial literacy education around the country, one city at a time. Our first program launched in partnership with KIPP West Philadelphia, where we funded an 11-week course taught by Wharton MBA students. Our second program launched in partnership with the GLOW Foundation and together, we are running a financial literacy program in the San Francisco Bay Area for high school students at Lighthouse Charter School. CommonBond has since funded dozens and dozens of students' financial literacy education from coast to coast.