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July 26, 2024 • 2hr 31min
#758: Jamie Foxx and Jacqueline Novogratz
The Tim Ferriss Show
This episode features two separate interviews combined into one "super combo" episode to celebrate the podcast's 10th anniversary and passing 1 billion downloads. The first guest is Jamie Foxx, an Oscar-winning actor, Grammy-winning musician, and comedian. The second guest is Jacqueline Novogratz, founder and CEO of Acumen, a global nonprofit that uses entrepreneurial approaches to solve poverty.
Tim Ferriss curated these interviews to showcase both a household name (Foxx) and a lesser-known but highly impactful leader (Novogratz) who has transformed his life. The goal is to provide listeners with insights from diverse, world-class performers.
#758: Jamie Foxx and Jacqueline Novogratz
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Key Takeaways
- Jamie Foxx on developing confidence and overcoming fear: Foxx teaches his kids to ask "What's on the other side of fear?" to realize there's nothing to be afraid of. He says "People are nervous for no reason, because there's nothing. No one's gonna come out and slap you or beat you up, and then you're just nervous. So why even have that?"
- The power of speaking truth and asking questions: Jacqueline Novogratz attributes much of her success to having the courage to speak truth and ask "dumb questions" even when it was uncomfortable. This allowed her to uncover important issues others missed.
- Importance of apprenticeship and gaining real-world experience: Both guests emphasized the value of apprenticeship and hands-on experience before trying to change the world. Novogratz says she "apprenticed for 15 years" before starting Acumen.
- Using business tools to solve social problems: Acumen uses patient capital, entrepreneurship, and business principles to tackle poverty and other social issues in innovative ways.
- Moral imagination and immersion: Novogratz stresses the importance of moral imagination - putting yourself in others' shoes and designing solutions from their perspective. This requires deep immersion to truly understand complex problems.
- Measuring impact through "lean data": Acumen developed a "lean data" approach to measure social impact by directly surveying customers and beneficiaries, rather than just looking at financial metrics.
- Advice for aspiring world-changers: Start by asking what problems need to be solved, take one step at a time, build skills, and commit to something bigger than yourself. Don't just "follow your passion" without direction.
Introduction
This episode features two separate interviews combined into one "super combo" episode to celebrate the podcast's 10th anniversary and passing 1 billion downloads. The first guest is Jamie Foxx, an Oscar-winning actor, Grammy-winning musician, and comedian. The second guest is Jacqueline Novogratz, founder and CEO of Acumen, a global nonprofit that uses entrepreneurial approaches to solve poverty.
Tim Ferriss curated these interviews to showcase both a household name (Foxx) and a lesser-known but highly impactful leader (Novogratz) who has transformed his life. The goal is to provide listeners with insights from diverse, world-class performers.
Topics Discussed
Jamie Foxx on Confidence and Overcoming Fear (15:00)
Foxx discusses how he teaches confidence to his kids by asking them "What's on the other side of fear?" He explains:
- There's nothing on the other side of fear - people are nervous for no reason
- This mindset applies beyond entertainment to any field
- It's about realizing there's no real penalty for putting yourself out there
"People are nervous for no reason, because there's nothing. No one's gonna come out and slap you or beat you up, and then you're just nervous. So why even have that?" - Jamie Foxx
Foxx's Early Comedy Career (22:15)
Foxx shares stories from the start of his stand-up comedy career:
- Changed his name from Eric Bishop to Jamie Foxx to get called up more at open mics
- Wasn't afraid of bombing because he didn't see comedy as his main career goal initially
- Learned to tailor his material for different audiences through trial and error
"When you can sort of listen to that voice in your head or what's in your heart and you get a chance to do something that you really feel like you're supposed to do, that alleviates a lot of the fear." - Jamie Foxx
Jacqueline Novogratz's Early Career (42:06)
Novogratz discusses her journey from banking to social impact:
- Started at Chase Manhattan Bank, traveling to 40 countries in 3 years
- Became frustrated seeing loans that shouldn't have been made while vibrant local economies were ignored
- Left banking to explore using business tools to serve low-income communities
"I would sit inside the bank looking at loans that should never have been made, often money that was actually never even put into what it said it would be put into. Meanwhile, on the weekends, I would just be drawn to the favelas and into the slums and into these parts of the cities that were so full of life and vibrancy and work and diligent people." - Jacqueline Novogratz
Early Failures and Lessons (1:00:04)
Novogratz shares some of her early failures and key lessons:
- Initial attempt to work in West Africa was a "crushing failure" due to lack of cultural understanding
- Learned the importance of partnership and humility rather than trying to parachute in as a savior
- First real success came in Rwanda, working closely with local women to start a microfinance bank
"I had learned from my own lack of humility that it would have been really easy to go in there and be like I, I, I, I, but that if we were going to build an enduring institution...I had to be a minor role, even if I was doing a lot of the legwork." - Jacqueline Novogratz
Founding of Acumen (1:26:25)
Novogratz explains the founding and mission of Acumen:
- Founded in 2001 to use business approaches to solve poverty
- Uses "patient capital" - long-term investments backed by philanthropy
- Focuses on sectors like healthcare, education, energy, agriculture
- Name "Acumen" chosen to convey bringing business acumen to philanthropy
"Acumen was born in 2001 with that idea in mind - we're going to take the power of business and capital, but rather than let it control us, control it in service of creating a world where we can actually solve our problems." - Jacqueline Novogratz
Measuring Social Impact (1:29:12)
Novogratz discusses Acumen's approach to measuring impact:
- Developed "lean data" approach to quickly gather feedback from customers/beneficiaries
- Uses mobile surveys to understand what matters most to people they serve
- Allows comparison across companies and sectors to guide investment decisions
- Spun off as separate company (60 Decibels) to serve other impact investors
"We decided that we had to hold ourselves accountable to a higher standard. That at the end of the day, what really matters when it comes to dignity is to record and understand the voices of those you are there to serve - the poor." - Jacqueline Novogratz
Advice for Aspiring World-Changers (1:50:43)
Novogratz offers advice for young people wanting to create positive change:
- Don't just "follow your passion" - start by asking what problems need solving
- Take one step at a time - the work will teach you where to go next
- Build skills and tools through apprenticeship if needed
- Commit to something bigger than yourself - it will set you free
"Start by asking, what are the problems that need to be solved? Which ones attract me and take a step toward that. Take one step and the work will teach you where you need to take the next step." - Jacqueline Novogratz
Book Recommendations (1:59:36)
Novogratz recommends Viktor Frankl's "Man's Search for Meaning" as essential reading:
- Explores how some people stayed resilient in concentration camps while others gave up
- Argues that no one can take away our dignity and ability to choose our response
- Particularly relevant in times of despair and darkness
"We have to be reminded right now that between stimulus and response, there is a choice. And we're in that moment. And I have seen myself personally so often that in the darkest times, we can find our best selves, and that's our opportunity right now." - Jacqueline Novogratz
Advice for Impact Investors (2:02:48)
Novogratz offers guidance for investors wanting to create more impact:
- Think holistically about impact across all investments, not just philanthropy
- Look for entrepreneurs reimagining capitalism to solve big problems
- Consider non-traditional business models that create opportunities for marginalized groups
- For institutions, move beyond "do no harm" to actively investing for good
"If I were, and I am a individual investor that really cares about impact, I would urge myself and urge everyone else to think more expansively about themselves as investors, using all the tools at our disposal." - Jacqueline Novogratz
Conclusion
This episode offers insights from two very different but equally inspiring guests. Jamie Foxx provides practical advice on building confidence and overcoming fear, drawn from his experiences in entertainment. Jacqueline Novogratz offers a compelling vision for using business tools to tackle global poverty and social issues, along with hard-earned wisdom on what it really takes to create positive change in the world.
Key themes that emerge across both interviews include the importance of courage, asking questions, gaining real-world experience, and committing to something larger than oneself. Both guests emphasize that creating meaningful change - whether in one's own life or on a global scale - requires moving past fear, being willing to fail, and persevering through challenges.
The combination of Foxx's entertaining stories and Novogratz's thought-provoking ideas makes for a rich, multifaceted exploration of high performance and social impact. Listeners are left with both practical tips and inspiration to pursue their own paths to making a difference in the world.