ENTREPRENEURS OF PURPOSE When Betsy Bassan describes herself as a “reluctant capitalist,” she says it with a smile. Yet behind the phrase lies a lifetime of challenging conventional assumptions about business, wealth, and leadership. As CEO of Panagora Group, a womanowned international development and social impact company, Bassan has spent her career helping governments, nonprofits, and institutions tackle some of the world’s most pressing challenges. But her most enduring legacy may not be found in a contract, a client engagement, or a balance sheet. It may be found in her passionate advocacy for employee ownership and her belief that business can be a powerful force for social good. For Bassan, the roots of that conviction run deep. Raised with a strong commitment to social justice and the Jewish principle of tikkun olam, the responsibility to help repair a broken world, she developed an early belief that leadership should serve a purpose greater than profit. The loss of her mother at a young age only strengthened her desire to leave the world better than she found it. Those values became the foundation of Panagora Group, a company whose mission is to “make our world better for good.” The etymology of Pangora reveals this mission; “Pan” means “all, every, encompassing” and “Agora” is “gathering.” Betsy studied and learned ancient and modern Greek, so “Panagora” refers to her vision for the company as an inclusive space for people to come together and work collaboratively, as in the ancient agora, or city center. It’s a space where ideas can bubble up and the best thrive and spread and where out of the box thinking is encouraged. Under Bassan’s leadership, Panagora has become a respected partner in international development, helping organizations create sustainable solutions in health, education, governance, and economic growth. Yet she has never viewed success solely through the lens of revenue or growth. Instead, she asks a larger question: How can business create opportunity, dignity, and shared prosperity? Her answer is Employee Stock Ownership Plans, commonly known as ESOPs. Bassan describes ESOPs as “the better side of capitalism.” Through employee ownership, workers gain a meaningful stake in the company’s success, creating wealth, engagement, and a stronger sense of purpose. At Panagora, employee ownership is not a symbolic gesture; it is woven into the company’s culture and operating philosophy. Employees understand how their work contributes to organizational success and, ultimately, to their own financial future. “Build it, own it, live it,” is both Bassan’s guiding principles and her lasting legacy. It reflects her belief that people are more innovative, collaborative, and committed when they have ownership in the outcomes they help create. She has witnessed firsthand how employee ownership encourages people to speak up, share ideas, and contribute in ways they never would as passive employees. Despite the proven benefits of ESOPs, Bassan believes misconceptions continue to slow adoption. Many business owners mistakenly assume employee ownership is too complex or too expensive. In reality the financial and cultural benefits can be transformative. Through speaking engagements, workshops, and her recent book, The ESOP Edge, she has become one of the most visible advocates for employee ownership among women entrepreneurs. Her commitment extends beyond Panagora. Bassan co-founded the NCEOX Inclusivity Fund, an initiative designed to increase awareness of employee ownership among women-owned and minority-owned businesses. She sees the current era, marked by the largest intergenerational wealth transfer in history as a pivotal opportunity for entrepreneurs to think differently about succession planning and legacy. As a member of Entrepreneurs of Purpose, Bassan embodies the organization’s belief that business leaders can create impact that extends far beyond themselves. While many entrepreneurs think about legacy in terms of philanthropy, Bassan’s vision is more structural. She is building systems that distribute opportunity, strengthen communities, and allow businesses to thrive long after their founders have stepped aside. That may be why her description as a reluctant capitalist feels incomplete. Betsy Bassan is not reluctant about business at all. She is simply determined to prove that capitalism can be more inclusive, more humane, and more purposeful. And through Panagora and her advocacy for employee ownership, she is doing exactly that. EOP Member Legacy Spotlight Betsy Bassan The reluctant capitalist building a more equitable future 68 enterprising Women
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