A Predestined Path to Impact in Education Equity as CEO of NewSchools Venture Fund

By: Day Rankin

Frances Messano sits in her Bay Area office reflecting on a journey that began in Coney Island, Brooklyn and has been anything but linear. "Looking back over the last 23 years, I realize it’s been a winding path," she says with feelings of both nostalgia and pride. "I didn’t know that the job I have now existed."

As the CEO of NewSchools Venture Fund, Frances stands at the intersection of education and equity, investing in initiatives that empower underrepresented communities. Her life and career thus far have been driven by the guiding principle: "It's not just about you; it's about the people who came before you and those who come after you." It’s a motto that brings to mind memories of her mother, an immigrant from Colombia, who instilled the importance of making an impact beyond oneself. Accepting this ethos has shaped Messano’s vision and career, driving her to pursue a life dedicated to improving educational outcomes and opportunities.

Growing up, Frances witnessed her mother navigate the complexities of immigrant life in America while in pursuit of education and opportunity. “Watching my mother work hard to improve her life by going to college at night and on weekends, all while managing a full-time job and raising my sister and me, was profound,” Frances reflects. 

These experiences illuminated a stark reality for Frances: In America, the pathways to opportunity are often limited for those without a college education. This early insight into the inequities of the education system would later inspire Frances to build a career fostering equity and access.   

At just ten years old, Frances was presented with an opportunity to join Prep for Prep, a nonprofit program that prepared students of color for success in private schools. The achievement, she asserts, was a result of surrounding support; she did not navigate the path alone. Frances’s 5th-grade teacher led her to the program, while her mother took the initiative to apply, even as many other parents in the neighborhood deemed the effort too daunting. Frances confesses, she was also reluctant about the commitment. Yet, this emerging network of support and exposure to diverse opportunities became a solid foundation for her future. 

After graduating from Harvard University, Frances entered the finance world at Morgan Stanley, where she excelled in a fast-paced, male-dominated environment. Despite her success, a lingering question kept gnawing at her: "Is there something more for me to do?" This introspection led her to the Management Leadership for Tomorrow (MLT) MBA Prep program, where she connected with other professionals of color who were navigating similar crossroads.

The power of the MLT community was incredible. We were all at a critical inflection point, investing in ourselves in deeper ways." - Frances Messano

(Frances posed with a few members of her MLT MBA Prep Cohort)

Frances’ journey continued at Harvard Business School (HBS), where a course on Entrepreneurship in Education Reform ignited her passion for aligning her business acumen and interest in strategy with social impact. Under the mentorship of HBS Lecturer Stacey Childress, she began to immerse herself in education opportunities.

Through internships and volunteer work with organizations like Achievement First, Frances found herself drawn back to her roots. "Education had fundamentally changed the trajectory of my life," she says. This realization propelled her into a career dedicated to advancing equitable education opportunities for all young people and increasing access to capital for social innovators of color. 

Joining NewSchools Venture Fund marked a significant milestone in her career journey. NewSchools is a venture philanthropy that bridges the gap between those with capital and those with the courage to put that capital to work on the frontlines of education. They find, fund and support education entrepreneurs who are reimagining K-12 education. Under her leadership, the organization has become a powerful advocate for diversity, equity, and inclusion in education. "My journey has been about aligning my purpose with my passion," Frances explains. As CEO, she has spearheaded initiatives to expand access to capital for diverse leaders in education, reinforcing the notion that diversity is not just a moral imperative but a vital lever for change.

In her early days at NewSchools, Frances led the Diverse Leaders strategy, a fund dedicated to recruiting, retaining, and supporting diverse educators and leaders, with the goal of transforming the educational landscape. Recognizing the skepticism surrounding diversity, equity, and inclusion (DEI) in education, Frances and her team undertook research to address the persistent roadblocks to funding they encountered. Titled, Unrealized Impact, the research was designed to uncover hard truths and opportunities for change. Among its findings were statistics regarding the ratio of students to staff of color. This study underscored the importance of the mission at NewSchools. "Organizations are stronger when they have diverse perspectives," Frances argues, emphasizing the positive impact that diverse educators have on student outcomes.

Making impact beyond the research, Frances is focused on expanding access to capital, ensuring education entrepreneurs from all backgrounds receive opportunities to flourish. "Over the last three years, 70% of the entrepreneurs we've funded identify as people of color," she notes, highlighting the organization’s dedication to diversity. The commitment is also reflected in the composition of its staff and board, with significant representation of Black and Brown professionals.

In fact, 71% of staff members identify as people of color, with 60% of the executive leadership team and half of the board members also identifying as Black or Latino. This diverse makeup brings a wealth of expertise and lived experience to the organization, allowing it to connect with the students and innovators it serves on a deeper level. Approximately one-third of team members are former teachers or school leaders, 42% were the first in their families to attend college, and 39% qualified for free or reduced lunch at some point in their K-12 education. 

Since its inception in 1998, the organization has invested more than $425 million in 750 schools and educational organizations, impacting an astounding 28 million public school students and over 200,000 educators nationwide. These schools are not just places of learning; they are driving forces in the fight against educational disparities, while their leaders are committed to scaling impactful solutions.

NewSchools has also allocated $37 million to its diverse leaders fund, which focuses on recruiting, retaining and supporting diverse teachers and leaders in education. This fund has nurtured 124 ventures, which have collectively served 3,000 organizations and supported 97,000 educators, impacting 20 million students annually. By prioritizing DEI, Frances and her team are not only changing the narrative around education leadership but are also paving the way for a more equitable future for all students.

Amid her accomplishments, there is one key lesson Frances learned that has shaped her approach to impactful leadership:

I have more power and agency than I realize. In moments of frustration, I have learned to convert that into a different lens. Now, when I'm in situations that aren't working for me or others in my community, my first thought is, 'How can I make it better?' It's essential to recognize that we have the power to advocate for change." - Frances Messano

She encourages others to remember their agency, especially when they find themselves in environments where they may feel isolated. "We can make a difference," she insists.

Despite some of the challenges she faces, including imposter syndrome and the quest for work-life balance, Messano remains purpose-driven and positive in her pursuits. She credits executive coaching for helping her navigate career complexities, allowing her to focus on her successes rather than the doubts that can often creep in. "It's important to recognize your capabilities and revisit the receipts that prove you can do this," she advises, another lesson she embodies in her leadership.

With a foundation rooted in her culture and education, a journey marked by moments of self-discovery, and a dedication to driving change, Frances Messano is leaving her mark on communities and future generations. Through her leadership at NewSchools Venture Fund, Frances continues to illuminate pathways to equity and empowerment in education. Her story is a reminder that even a winding path can transcend boundaries and transform lives, one step at a time.

MLT Leaders of Impact

MLT exists to advance racial equity by elevating the career and economic trajectory of people of color and changing employer practices to improve outcomes for all. This series highlights Leaders of Impact, MLTers who maximize their impact by cultivating social capital access, institutional change, civic leadership, and DEI philanthropy. All with the purpose of advancing racial equity and closing the racial wealth gap. Stay tuned for more of their inspiring stories.