After a rich career in science and fundraising for scientific research, Raissa Espiritu, MBA '21, found a new passion for social impact. However, it wasn't until she entered her Ivey MBA that Raissa realized this was something she could build her career on.
The Path Toward Purpose
Before starting her Ivey MBA, Raissa co-founded a medical devices company focused on women’s health. She recognized the gap in research in women’s healthcare and the need for more targeted efforts. Always looking for ways to change the system, Raissa sought her MBA so she could tackle her next challenge – creating a more inclusive and accessible investment and venture landscape for everyone who wants to participate.
In one of Raissa's MBA classes led by Oana Branzei, she was asked to write a purpose statement. Raissa came up with "I make the change I want to see by using my personal ambition, skillset, and tenacity to solve the most dire challenges in my community, and our world." From that point onward, Raissa has used this statement to attract and partake in projects that truly align with her personal and professional goals. The purpose statement was not only a way to ensure professional alignment but also a personal explanation of why she was motivated to work in the social impact space. It acted as her North Star. Raissa’s level of inspiration and drive throughout her MBA resulted in her being named Valedictorian of her class.
Follow the North Star…
After completing her MBA, Raissa started ReThink Collaborative Labs to fund enterprising ideas that were tackling major social challenges. Aligned to her purpose, ReThink allowed Raissa to explore other ways to deploy capital to fund impactful and sustainable ideas at the intersection of health and civic wealth building. ReThink provided low-interest loans, grants, or investments to support ideas, whether they were led by an individual, community, foundation, non-profit or for-profit social enterprise.
…and be Audacious, Bold, Courageous
Raissa’s current adventure is focused on solving our most pressing climate and health challenges by unlocking and investing in diverse Women & Non-Binary founders. She is joining two long-time peers as a General Partner with The Venture Fund, with a focus on uniting audacious, bold, and courageous founders with investment. This fund will be unique in who and how it invests along the entire journey of a founder, supporting their growing teams. And most significantly, The Venture Fund is women-led. This is important because, within Canada, women represent only 8% of venture fund partners and only receive 15% of Canadian Limited Partner (LP) dollars. That means 85% of Canadian LP dollars are being invested in funds with no women representation at the table.
Raissa and her venture partners are impact-driven and continue to learn how to apply inclusion, diversity, equity and accessibility in all aspects of their financial modelling and investing. Through past experiences, they have realized how much unconscious bias is present in the sector and want to flip that on its head.
Raissa notes that a common theme in her life lately has been that of “decreasing barriers, increasing access.” She recognizes that women are starting ventures at a greater rate than ever before, and yet funding is disproportionate - with women only receiving 2.2% of VC funding (and women of colour receiving even less). The team is demonstrating the changing face of investors, including LPs and institutional partners, who are audacious, bold and courageous in shifting this landscape to focus on important, often overlooked opportunities.
Giving back
To inspire youth and social entrepreneurship, Raissa has served as Chair of the Board for Youth Climate Lab, a non-profit inspiring youth to create climate-resilient and just futures. She encourages students passionate about climate to get involved with this organization.
Raissa is also the first UCeed Executive in Residence for the new Cenovus Diversity, Equity, and Inclusion Accelerator at the University of Calgary. She is working with Innovate Calgary and across all UCeed’s philanthropically backed funds to bring a DEI-lens to early-stage venture support and venture investing. Since moving to Calgary, she has been an active member of the community and served as the interim Director of Growth at Platform Calgary.
Raissa notes that there are endless ways to involve sustainability in your career and usually no clear path – but this is okay. For example, Raissa came up with the idea for her current venture fund back in 2019, wrote it down, and then tucked it away in a drawer. She serendipitously reunited with friends who were acting on the very same idea, and through this interaction, the plan came to life.
To connect with fellow alumni, join Ivey's LinkedIn Sustainability Community.
