Joan Hornig, Philanthropy Is Beautiful Founder And Designer, On Social Entrepreneurship, Philanthropy, And Second Acts

“Do what different individuals gained’t so you possibly can dwell and provides what different individuals can’t” has lengthy been my private motto, and certainly, the motto of each entrepreneur on the market who takes accountable capitalism critically, however for a lot of, philanthropy is usually a difficult world to navigate. 20 years in the past Joan Hornig, then a financier and longtime hobbyist jewellery designer, had the impressed concept that giving can and ought to be easy, and established her personal jewellery model, Philanthropy is Lovely, to each incentivize philanthropic giving and supply a sustainable various to extra established manufacturers with lengthy histories of deeply unethical practices.

22 years later, Hornig’s enterprise has executed precisely what it got down to do. However beginning a enterprise round one thing as private as your personal artwork, even when the end result is so clearly optimistic, is an emotionally troublesome course of. I sat down with Hornig to speak about her expertise, her background, the transition from finance to philanthropy and artwork and the challenges of beginning a enterprise in your second act.

Liz Elting: Hello, Joan, thanks a lot in your time. Are you able to please introduce your self to readers in your personal phrases?

Joan Hornig: My identify is Joan Hornig and I’m among the many most lucky individuals you’ll ever meet. I’ve had in abundance all of the essential issues that make a beautiful life. Over the previous 20 years, I’ve been capable of mix lots of my passions with the creation of Philanthropy is Lovely Jewellery. Via this 22-year-old social enterprise enterprise, I design and produce jewellery that empowers every purchaser to find out the place I direct 100% of my revenue on every sale to the registered charity of the client’s selection as a charitable contribution. Furthermore, my enterprise highlights the facility of the purse, the expansion of acutely aware consumerism, the requirement to be respectful of staff and the planet in all phases of manufacturing. Equally essential, my mannequin entails serving to shoppers contemplating what social subject issues most to them and which group finest helps deal with that want. I’m a passionate advocate for the development of ladies, economically marginalized people and saving the planet, and I’ve demonstrated that vogue is likely one of the only methods to speak and effectuate development in these areas.

I had two different careers previous to founding my firm. I started in tutorial administration as knowledgeable main reward fundraiser for my alma maters, Harvard School and Columbia Enterprise Faculty. I then spent 19 years within the monetary companies business in quite a lot of positions—administration, gross sales and strategic planning. I labored in full-service funding banks, hedge funds and because the sole proprietor of a fundraising consulting enterprise. I by no means left the work world to boost our household, however this was solely attainable due to my husband’s shared and efficient hands-on position in elevating our youngsters.

Elting: That’s a very essential factor to underscore: what turns into attainable for working mother and father when each share equitably in what’s usually referred to as invisible labor—all of the work that goes into elevating youngsters and managing the house—which was historically and infrequently nonetheless is predicted of ladies greater than males. What led you to pivot from Wall Road right into a social enterprise like Philanthropy is Lovely? The place did the concept come from?

Hornig: Within the mid ’90s, our youngest daughter took a beading course, and it was one thing we might take pleasure in doing collectively. I had at all times cherished jewellery, collected it and, from time to time, reworked some vintage and classic items. Sourcing the supplies I used for our tasks despatched me into New York’s diamond district, the place I began provides, uncooked supplies and findings with a brand new appreciation. I additionally seen that the style aesthetic was getting bolder and extra colourful, whereas one of the best boutiques and retailers had been turning to semiprecious stones for runway designs. I used to be additional impressed with the vary of gem stones obtainable and thought of reimagining them with gold creative accents. So, I started enjoying round with the mixtures of concepts, dimension, scale and value factors for my very own enjoyment.

Concurrently, I used to be additionally attending many charity occasions, notably ladies’s luncheons. As we’d collect, numerous our conversations revolved round our vogue decisions, together with jewellery. It was straightforward to take off a hoop, a necklace, a bracelet or earrings and cross them round for others to strive on. I believed that too usually we spent extra time speaking about what we had been carrying or buying reasonably than the non-profit we had been there to assist.

Then I believed: What if when complimented on a vogue merchandise, the wearer was capable of inform one other story that started a distinct sort of dialog, one which was directed on the energy of the purse to make a optimistic change? Wouldn’t it’s nice if our vital purchases at all times had a optimistic societal impression?

September 11 was additionally a contributing think about my resolution. I needed to be house extra with our youngsters. I modified my focus to work extra with native asset managers. Because it occurred, my predominant shoppers weren’t removed from New York Metropolis’s diamond district, and it was straightforward to include getting provides for what began out as a interest however later morphed into Joan Hornig Jewellery.

For quite a few years, I truly pursued each a monetary companies consulting enterprise and the social enterprise jewellery enterprise concurrently. As a result of Bergdorf Goodman was my retailer for the jewellery, there was a inbuilt gross sales power so I might concentrate on designing—earlier than work, after work and on the weekends—with out having to promote the items myself to particular person clients.

Lastly, as my fame as a designer with a social enterprise enterprise gained notoriety and accolades, I noticed that I needed to commit myself to constructing it full time and get more and more extra concerned in philanthropy.

Elting: How did your background in Wall Road inform your resolution to start out your personal enterprise? What was that transition like; was it laborious to stroll away after 20 years in finance?

Hornig: My background as a extremely regarded, effectively compensated monetary companies skilled definitely contributed to my capability to start out a enterprise as did the total assist of my husband. I didn’t have monetary pressures. I additionally understood pricing, area of interest markets, stock prices and commodities. As a result of I solely used treasured metals and gems, and since jewellery takes little actual property and space for storing, it was a viable enterprise for me to contemplate. What I didn’t promote I might soften to reuse, and I usually made cash on my stock as gold costs rose. Gem stones is also repurposed as effectively.

The transition to doing one thing creative with a pay it ahead mannequin was straightforward. What was laborious was adjusting to the retail sector. There have been occasions when my ego was wounded. It’s simpler to promote or promote one thing that isn’t as private as one’s artwork. I needed to toughen up, which was a shock after my expertise within the Wall Road world the place simply being a senior girl with too few position fashions was difficult sufficient!

Elting: That’s undoubtedly one of many challenges in making a enterprise out of a ardour, particularly one as private as artwork. What would you say to others contemplating a profession change, particularly one which entails leaving a gentle profession with a great deal of safety with a view to strike out on one’s personal, which after all carries extra threat?

Hornig: Making modifications isn’t straightforward or pure for many individuals. It’s a really particular person factor. Each time I needed to make a change, my husband advised me that the danger was solely one in all disappointment if it didn’t work out as I had hoped. He and I by no means characterised it as a possible failure. I’d additionally remind anybody who has been profitable of their previous careers that there’s a superb probability of discovering success once more in new endeavors. Success breeds success, as they are saying.

Elting: What challenges did you face within the early days of beginning what you are promoting? What classes did you be taught alongside the best way?

Hornig: There’s at all times a steep studying curve initially of any new endeavor. I had little leverage as a small startup enterprise with the crucial artisans, suppliers and retail companions. Belief is earned and paid for on a well timed foundation!

Proof of idea for a social enterprise enterprise was additionally troublesome for a number of causes. First, I had created one thing that had not been executed earlier than by asking the purchaser to pick out the charity to obtain the earnings, not selecting one myself (to not point out that I used to be freely giving 100% of the earnings not 10%). It was a sophisticated story to make easy and plausible, which was additional difficult by my need to instill sure basic model foundations. I needed my enterprise to raise the consciousness of the patron to their very own particular person energy to impression the longer term and on the similar time reveal my dedication to utilizing clear gold, moral diamonds, sustainable supplies and work with individuals of all completely different backgrounds—making range a core worth of the enterprise. There was additionally quite a lot of administrative work to coach the non-profit chosen for a donation to grasp that the client directed that donation and that the purchaser wanted to be notified that the donation had been made of their honor. This transparency was and stays a crucial hallmark of my model.

Second, manufacturing was and stays a problem, together with managing supply time, high quality expectations and the fluctuation of gold, silver and gemstone costs. Making the selection to not be vertically built-in to contain extra artisans from creation to completion meant extra hands-on involvement and time from me and my crew. That needed to be constructed into real looking planning on my finish.

I additionally discovered early on that it’s key to have individuals on the crew who share the corporate’s imaginative and prescient and care concerning the firm’s mission.

Elting: The central thought behind Philanthropy is Lovely is that 100% of the earnings go to a consumer-selected charitable associate. Why did you select this method? Was it a troublesome thought to implement?

Hornig: The thought of asking the client to pick out the charity to obtain all of my revenue on a bit of knickknack was novel once I began my enterprise. Customers had been used to the Paul Newman’s Personal mannequin and Oprah elevating consciousness for a spread of wants by means of her publications, however—to my information—shoppers had by no means been requested earlier than to decide on any group, from your complete universe of registered charities, to obtain 100% of the revenue from their buy. I’m indebted to the media and the various writers who, from the start, took the time to essentially perceive and clearly convey the enterprise’ twin objective of delivering high-quality, tremendous jewellery with a singular philanthropic part.

Elting: Are you able to discuss concerning the resolution to have clients choose the charities of their selection? Did you face any challenges in making that work? And would you say it has been efficient in encouraging clients to offer to a wider vary of smaller charities?

Hornig: As a result of Philanthropy Is Lovely Jewellery and Pave the Approach Jewellery clients at all times direct the donations, the corporate and I stay agnostic concerning the dimension, overhead bills, nature and sector of the companies offered by the non-profits chosen. I imagine we now have been capable of have a higher impression on fledgling service suppliers and native organizations—most of which we had not heard of earlier than our clients launched us. Our clients turn out to be efficient ambassadors for the non-profits they choose. We checklist all charities alphabetically on our web site with a hyperlink to additional assist construct the neighborhood of caring and carrying people.

Elting: What recommendation do you’ve gotten for entrepreneurs seeking to incorporate giving into their enterprise mannequin?

Hornig: By no means underestimate the patron. They’ll spot performative advertising immediately. They’ll settle for trigger advertising, however you should be absolutely clear about it. I’m a significant proponent of elevating cash by means of acutely aware consumerism. However don’t make the error of pondering that somebody will make a purchase order just because there’s a charity part. Individuals solely purchase what they need and put on what they like. If the product’s design, magnificence and high quality don’t get up by itself, it merely gained’t promote, and subsequently, the charities gained’t profit.

Elting: Earlier than turning it right into a profession, jewellery making was a longtime interest of yours. And whereas I’ve at all times thought it key to have a real ardour for one thing if you wish to make a enterprise out of it, it may be troublesome to maintain that zeal alive when it is also your job. Are you able to discuss concerning the challenges of turning one thing you like right into a enterprise? What recommendation would you give to others who need to do the identical?

Hornig: It’s good to get up day-after-day and like what you do. However they name it work for a purpose. There are tedious and boring components of constructing something a viable enterprise—even designing jewellery! My enterprise has two key issues that amplify my pleasure—the creativity of designing and the intersection I’ve with the non-profits and the devoted people who run them. They encourage me and assist push by means of the operational challenges and anticipated enterprise frustrations. While you personal a enterprise, it’s like being a dad or mum—because it’s at all times in your thoughts to some extent. It’s laborious to take a break from it, however after 20 plus years, I proceed to search out designing very gratifying and don’t thoughts getting misplaced in it as a result of I really do like it.

Elting: Are you able to discuss your method to sustainability and use of conflict-free supplies? How have you ever been capable of weave these values into what you are promoting? What recommendation would you give to different entrepreneurs occupied with integrating their values into their enterprise practices?

Hornig: Our objective is to construct a world the place each buy has a optimistic impression. We work diligently to make use of ethically sourced, battle free and sustainable supplies that are meticulously sourced to respect staff and our planet. We use producers which are members of the Accountable Jewelry Council. Our packaging is all biodegradable and compostable, and our pouches are constituted of scraps of cloth and sewn with love by political refugees who’re being paid pretty and are constructing companies in addition to independence by means of this type of work.

I’d advise entrepreneurs to be very clear on the outset concerning the values they need their companies to symbolize. They need to think about that there shall be added prices related to incorporating supplies produced in sustainable and moral methods. They have to enable for that in budgeting and pricing their items. I additionally imagine that anybody who places their core values into their enterprise ought to acknowledge that issues are altering quickly within the sustainability area, which suggests state-of-the-art finest practices have to be invested in to maintain up with improvements over the lifetime of the corporate. When you’ve established your values, you possibly can’t merely sit again; you should proceed enhancing on them and incorporating them into new practices as what you are promoting grows.

The dialog has been edited and condensed for readability.