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A Frontier Market Scouts Certificate provides participants with the knowledge and foundational network to launch a career in the field of impact investing and social enterprise management.

The Frontier Market Scouts program selects and trains compassionate and capable young professionals to become talent scouts and investment managers serving local entrepreneurs and social-minded investors in low-income and weak-capital regions of the world.


The next FMS training takes place January 7-18, 2019 in Monterey, California. 

The award-winning Frontier Market Scouts (FMS) program provides intensive two-week certificate training that prepare participants for careers in the fields of social enterprise and impact investing. Through a combination of lectures and actionable projects, participants gain a comprehensive understanding of the key players in the impact sector, how to design an innovative impact-focused business model, and what it takes to implement and scale a social venture.

After the training, participants have the opportunity to become candidates for a competitive two- to 12-month fellowship in key global areas for social enterprise. The fellowship option is an essential part of a self-sustaining ecosystem for social enterprise development and investment, designed to enable entrepreneurs whose ventures are either too large to receive microfinance funds or too small to attract traditional venture funding. There is no additional cost to enroll in the fellowship program.

Since 2011, FMS Fellows have worked to grow and improve processes for over 100 social enterprises around the world during field assignments based in countries such as Brazil, India, the Netherlands, Ecuador, Vietnam, Tanzania, South Africa, and Lebanon.


The Frontier Market Scouts program collaborates with a network of social enterprises, impact investment funds, and incubators in around the world. Our recent partner organizations include the following:

  • African Entrepreneur Collective

  • Burn Manufacturing

  • Eco Fuels Kenya

  • Moving Worlds

  • Unreasonable Institute

  • Village Capital

  • Waste Capital Partners

Recent Curriculum

The training curriculum combines lectures, co-creative projects, and experiential learning facilitated by leading social entrepreneurs and investors. Our most recent training in January 2018 included the following courses:

  • An Overview of Social Enterprise and Impact Investing Management (Ross Baird, Village Capital)

  • Global Venture Ecosystems (Ross Baird)

  • Impact Capital Stacks and Management (Eric Maltzer, Medora Ventures)

  • Social Enterprise Business Model Design (Yuwei Shi, FMS Founder and Middlebury Institute Professor

  • The Challenges and Methods to Scaling a Social Enterprise (Alex Lazarow, Omidyar Network)

  • Building Cross-Sector Impact Metrics (Amit Sharma, Empowerment Capital, Finclusive)

  • Getting Real About Impact (Morgan Simon, Candide Group)

Faculty and Staff

The two-week professional certificate training is designed and delivered by experienced professionals in the social and commercial venture investment industries. They are leading practitioners in the impact space and work with organizations that include Omidyar Network, Accion Venture Lab, and Unreasonable Group.

Past faculty:

  • Paul Breloff, Shortlist

  • Sara Leedom, African Entrepreneur Collective

  • Ron Cordes, Cordes Foundation

  • Kesha Cash, Impact America Fund

  • Jason Spindler, I-Dev

  • Steve Ellis, Colorado Capital Management

Tuition and Fees

Nondegree students: $4,000; Middlebury students: $1,000. Fee includes tuition, career advising, networking events, and light breakfast/snacks served during the training.

  • A nonrefundable deposit of $500 is due upon acceptance.

  • Full and partial merit scholarship rates for the training are available.

  • There is no additional cost to enroll in the fellowship program.


  • Participants can choose to apply for the training program or both the training and field programs.

    • Early admission : July 1, 2018

    • Final admission: October 1, 2018

  • Upon successful completion, participants receive a professional certificate in Social Enterprise Management and Impact Investing. Successfully completion is required to become a fellowship candidate. There is no additional cost to enroll in the fellowship program.