Jacqueline Novogratz has been working with the poor in Africa and Asia for over 20 years, and that experience has shown her that patient capital is more effective than markets or charity alone.  In this audio interview with host Sheela Sethuraman, Novogratz shares some of her experiences and lessons learned for the field of international development.

From founding the Acumen Fund to authoring a recent book, Novogratz exemplifies a dedication and passion for helping some of the world's poorest people. As she mentions in her recently published book, "The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World," Novogratz speaks of the need to listen, often relating that the best advice she has ever received was to listen to what the people wanted instead of to assume to know what the problems and solutions are.

One key insight is that business models are more sustainable than charity, because they can run in perpetuity whereas charity money runs out or moves on.  Business and responsible investment also provides a sense of ownership and pride, and running a business teaches valuable skills.  Another key lesson is to let people make their own decisions within a framework that leads to success.  Give them options that pay back quickly, can be incrementally expanded, and provide immediate benefit, and people will choose to drastically improve their lives.