Credit Suisse Hails First Book's Innovative Work in New Report Released at Davos

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Feb 01, 2012, 11:42 ET

WASHINGTON, Feb. 1, 2012 /PRNewswire-USNewswire/ -- In a new report released at the World Economic Forum in Davos last week, Credit Suisse highlighted First Book's ground-breaking work as a prime example of a successful social enterprise.

The report, "Investing for Impact: How social entrepreneurship is redefining the meaning of return", from Credit Suisse Research in collaboration with the Schwab Foundation for Social Entrepreneurship, provides the global financial community with insight into the major trends shaping impact investing around the world. First Book is included as one of five organizations providing "innovative yet pragmatic approaches to solving social problems".

First Book is a nonprofit that provides new books to schools and local programs serving children from low-income families. Founded twenty years ago, First Book reaches a network of 27,000 schools and programs in the United States, plus 500 more in Canada, and has distributed over 85 million books to kids in need.

"We're pleased that the global investment community is paying attention to First Book and our impact," said Kyle Zimmer, First Book's president and CEO. "Along with other organizations around the world, we're charting the way to civil societies, and the support from these institutions will ensure that we have the resources to scale upwards to meet the considerable need."

The report highlights First Book's history of "transforming conventional practice" in the publishing industry to ensure better results for everyone: quality books at affordable prices for children in need and access to a new, untapped market for publishers.

Over its 20-year history, First Book has continued to develop new models, including the First Book Marketplace, where members of the First Book network can get new, award-winning books at affordable prices, and the National Book Bank, where they can receive donated books from publishers free of charge.

The report also features First Book's plans for international expansion – a two-year pilot project bringing books to tens of thousands of children living in poverty in Mumbai. First Book is currently seeking funding for its pilot project in India.

About First Book
First Book has distributed more than 90 million books and educational resources to programs and schools serving children from low-income families throughout the United States and Canada. By making new, high-quality books available on an ongoing basis, First Book is transforming the lives of children in need and the elevating the quality of education. For more information, please visit us online or follow our latest news on Facebook and Twitter.

SOURCE First Book