A native of Kalamazoo in Western Michigan. Bo Parfet is co-founder and CEO of Denali Venture Philanthropy, an impact investment organization he founded with his wife and business partner, Meredith Parfet, in an effort to fuse their business expertise with their desire to promote positive social change around the globe.
Parfet is a seasoned investment banker, philanthropist, mountaineer, naturalist, and author. He has successfully conquered the Seven Summits, scaling to the top of the highest peaks on each of the seven continents. Through this adventurous journey, he has experienced a diverse array of cultures, connected with entrepreneurs around the world, and has developed a strong sense of what it truly means to improve the lives of others through meaningful work.
What is Denali Venture Philanthropy all about?
Denali Venture Philanthropy (Denali) is an impact investment organization that supports advocacy and education, helping fund entrepreneurs who are committed to driving social change. Denali was founded on the principle that all people are connected. We use well-established portfolio fundamentals to make debt and equity investments in for-profit companies, non-profit organizations, and social impact funds that work to address significant global issues in education, poverty reduction, and environmental protection.
Please tell us a little bit about your background and how you started your company?
I come from a long line of entrepreneurs and philanthropists. My great-great grandfather, William Erastus Upjohn, founded The Upjohn Company, a pharmaceuticals company that is now a subsidiary of Pfizer. My great grandfather, Donald Gilmore, became president of The Upjohn Company and transitioned it to a publicly traded entity on the New York Stock Exchange in January 1959.
Both William and Donald believed in the positive effects of investing in their community. They were active volunteers and provided funding to ensure local businesses and educational organizations had the resources they needed to make their small town thrive.
Both of my parents instilled in me the importance of hard work and sacrifice. I learned the value of a dollar while working throughout college to pay for my own housing, courses and materials. On Wall Street, I quickly understood the significance of building relationships and leading with a client-focused mentality. I have been successful in my career because of the dedication I have for my clients and my team, and my compassionate intent to motivate and inspire others to achieve greatness.
I started Denali for a couple of reasons. Firstly, the traditional stock and bond markets are becoming oversaturated. Investors aren’t realizing their true profit potential when they opt to simply “play the market.” Secondly, investors have a tremendous ability to affect positive change in their environment, both locally and globally. Denali sources great investment opportunities by identifying entrepreneurs who are committed to social change. We pair them with well-stocked portfolios and the partnerships are beneficial for everyone involved.
What are some of the projects you are working on right now?
We are focused on a large number of projects, with some primary focus areas in:
- Managing and monitoring our current portfolio of clients. At Denali, we are fortunate to be able to help the leaders of some really amazing companies grow as leaders. The results of their growth are not one-sided. As these leaders grow, their companies find success, and their surrounding communities benefit. It is an incredibly rewarding experience overall.
- Continuing our research on affordable housing and social bonds. One of the major issues we set out to tackle on a global and local scale is the issue of financial inequality. Being able to reduce poverty levels is just one piece of the puzzle in making a positive impact on our global economy. I encourage anyone who is aware of such opportunities to please contact me or someone on my team.
- Denali is a family business. My wife and I are co-founders and we are planning ways to involve our two children when the time is right. They are still too young to learn day-to-day operations, but we use every moment we can to educate them on the mission behind our business so they can develop a passion for helping others in a way that works for them.
Quickly describe what an average working day is like for you?
As a business leader, every day is different and brings a diversity of challenges that I enjoy. Meeting with individuals and entrepreneurs from all walks of life is inspiring and gives me a unique perspective on ways to grow my business and help other people grow their own.
I make sure to start and end each day with some form of self-care, whether it be exercise, meditation, or quality time with my family; it is incredibly important for me to take time out for myself. I also spend a majority of my day reading and learning about new projects, the business landscape, and global news.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
Being an entrepreneur is hard work. It requires constant dedication and, even still, you will stumble and fail. Importantly though, you must persist if you want to succeed. Three skills that I believe are most important for success in any business:
- Be authentic. Leaders are successful in developing a team and a trustworthy platform if they themselves are trusted. The most inspiring and successful leaders are truthful, open, and honest.
- Lead with confidence, but stay humble. Growing a business requires dedication and a confident mindset. The belief that you will succeed is powerful. Yet, humility is an important factor to balance with confidence, and the best leaders should always be willing to own up to their own mistakes.
- Build your team and encourage their growth. No one ever got to the top of Mount Everest or Denali without the help of their team. Build the team you know will help you achieve your goals, and encourage your teammates’ professional growth along the way.
What are your plans for the future, how do you plan to grow this company?
No one can predict the future. However, I know that I will continue to work hard and give all I can for Denali to be sustainable. The growth of Denali means the growth of many other businesses and communities around the world, so I can only work as hard as possible to make that happen.
I do hope that my two boys get involved as they grow up. My wife and I work hard to instill in them the value of hard work and show them that compassion for others is the true meaning of life. It is fun to see their interests already developing, and while we are very much the same, they are also growing into their own unique individuals, a very exciting process to behold.
How are you funded? What is your best advice to entrepreneurs when it comes to raising funds?
We have funded Denali through our own blood, sweat and tears. When it comes to raising funds, I will share the following “kernels” of wisdom:
- Be passionate about what you are doing. Passionate people have an energy that is hard to explain and gets people excited.
- Have a “darn good idea or track record.” Ideally you would be solving a big problem in a unique way.
- Share your ideas with anyone who will listen, but be humble!
How many users or clients do you currently have, and when do you consider your company a success?
At Denali, we currently have four family members (my wife and two boys). I can’t say success is about the number of people in my family, but in how we are providing service and support to our portfolio businesses working toward social change. There are a great deal of small startups doing amazing work in and for their communities that simply need a kickstart with funding.
One organization to mention is Tugende. Tugende is a for-profit social enterprise in Uganda that provides informal entrepreneurs, specifically motorcycle taxi drivers, an opportunity to purchase their own motorcycle(s), thus allowing them to realize their true business potential and help lift their families out of poverty. Tugende’s mission is to “help people help themselves” and the organization currently employs more than 460 individuals throughout Uganda and Kenya.
What were the top 3 mistakes you made starting your business and what did you learn from it?
- One of the biggest lessons I learned early on is that you can’t be everything to everybody. We all need to find our niche, something that we are passionate about and something that makes us yearn to keep working.
- Another mistake I made was not taking time out for myself. Before I started climbing mountains, I would work upwards of 18 hours a day, which put a tremendous strain on my body, both physically and mentally. It is important to take necessary breaks, eat healthy, and exercise.
- Finally, to be successful in any business that is focused on the “greater good,” you must listen to what others want. It is simply not enough to be a market expert. Sometimes, what is best for someone is not necessarily what your experience would lead you to think.
How do you go about marketing your business and what has been the most successful form of marketing for you?
We don’t market, Denali as it is private entity. In other businesses, I keep all lines of communication open. I am passionate about finding new and innovative organizations to help, and I do that by staying connected and getting involved. I am a passionate volunteer and world explorer. In all of my travels, I focus on connecting with the community in which I land. I sit on various advisory boards and committees where I become connected to all kinds of stakeholders, both business owners and entrepreneurs, who either have knowledge about new social ventures or who are looking to invest in a mission-driven company themselves.
What was the best business advice you have ever received and who gave you this advice?
My father always told me, “you can be an agent of change or a victim of change.” Whether in business or in my personal life, I have kept this advice close to my heart. It is much easier to give up in the face of adversity, but it is much more rewarding to dig deep and keep climbing to the top to succeed.
Say I was starting my own version of Denali Venture Philanthropy what advice do you have for me?
Remember that our success is dependent on the success of so many others. Lead your company with a passion for something bigger than yourself, and positive impact will inevitably find you.
What are the top 3 online tools and resources you are currently using to grow your company?
There are, of course, so many resources and amazing features available via the internet. My top three include:
- Member networks, like YPO (Young Presidents’ Organization), that bring together young leaders to foster their personal and professional growth side-by-side.
- I am big into Ted Talks. They are so inspirational and encouraging and can produce some of the most innovative ideas in business and life.
- Google. I mean, what can’t you find on Google?
What is your definition of success?
There isn’t a simple definition of success. I said previously that success is working hard for something bigger than yourself. Ultimately, improving the lives of others through Denali and the other organizations I am a part of is what gets me going every day. To see that we can put resources to work to improve the world, while also investing in companies that provide hundreds of jobs in their local communities is something that gives me great satisfaction.
What are three books or business courses you recommend for entrepreneurs?
A few of my favorites include:
- Blue Ocean Strategy, by W. Chan Kim and Renée A. Mauborgne
- The Obstacles is the Way by Ryan Holiday
- The Richest Man in Babylon by George S. Clason
If you had the chance to start your career over again what would you do differently?
To be very honest, I can’t say that I would change a thing. Sure, I have made my fair share of mistakes, but without mistakes, we can never improve ourselves and who we strive to become. All each of us can ever do is learn from our mistakes and better prepare for our next attempt to climb to the top.
What is your favorite entrepreneurship quote?
I lead my life and everything I do based on the following quote by Theodore Roosevelt:
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows, in the end, the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Theodore Roosevelt
How can our community get in touch with you?
You can connect with me via LinkedIn or Twitter, or send me an email at info@denaliventurephilanthropy.com
Random Interview: Scott Rummler Founder of ESPforMe: A New Search Engine Technology Based on ESP
