In this extended and wide-ranging interview, Charly paints an enthralling picture of the state of impact investment today, talks about the importance of “deep impact investing”-and shares his abiding belief in the potential of changing the financial system to build a better world. Charly talks about his experience at TONIIC and the 100% impact network and highlights the results that have been achieved at the KL Felicitas Foundation (that impact investors can construct a 100% impact portfolio and achieve competitive financial returns in all asset classes while making a big impact). Charly highlights some of the important work the Foundation is doing supporting the impact investment ecosystem. Finally, he discusses how modern portfolio theory should be re-conceptualized to integrate positive impact.  

Prior to co-founding Green Alpha Advisors in 2007, Garvin worked at Forward Management, LLC where he managed the Sierra Club Stock Fund and the Sierra Club Equity Income Fund. Before Forward Management, Garvin served as Vice President of Strategic Services at Morgan Stanley Garvin studied in the Ph.D. program in physical anthropology and archaeology for five years at the University of Utah.

In this interview, Garvin discusses the importance –and attraction — of investing in new areas of the economy that will drive a new sustainable economy. (Green Alpha is focussed on five broad industries within what the firm terms “The Next Economy” including renewable energy, recycling, and resources management.) Garvin contrasts this with the more traditional broad-based investment approach focussing on companies in today’s economy that have in effect given rise to all of these big risks the world is facing. Their strategies seek competitive returns from the growth of these investments as Next Economy firms gain market share from their legacy economy predecessors.

In this interview, Tim gives us an overview of ImpactAssets activities and the role of donor advised funds, philanthropic donations that are responsibly managed to maximise their long-term impact, allowing any individual donor in effect to be like the Gates Foundation. Tim discusses challenges and opportunities for financing small-scale social entrepreneurs and talks about different forms of impact investments, distinguishing between those that are “gap driven” and others that are “opportunity driven.” Tim is optimistic with regard to the millennial generation’s overwhelming support for purpose-driven business models. Given millennials are due to inherit the greatest generational wealth transfer in history this provides substantial opportunities for expanding such financial models. Finally, Tim stresses how impact investments’ rapid growth and proven track-record is changing finance and bringing impact led investing into the mainstream.

In this interview, Rodney gives an overview of the funding landscape for social innovation in the UK and discusses how ClearlySo funds social innovation. He talks about the funding gap for high impact low return organisations and the role of foundations in funding social innovation.(An edited version of this podcast has been posted to Inspiring Social Entrepreneurs.)

 In this interview, Ron talks about how he got started in philanthropy and talks about the work of the Cordes Foundation, highlighting the Foundation’s long-standing focus on providing economic opportunities for women and girls, and its growing interest in ethical fashion. Ron discusses the recent growth in impact investing and shares his views on the importance of generating market related returns within the sector. He discusses the Foundation’s pioneering move toward aligning 100% of assets to mission and some of the big changes taking place in philanthropy today. Finally, he talks about Opportunity Collaboration, an annual global poverty business retreat he co-chairs, and the Cordes Fellowships provided to emerging global social entrepreneurs. (A version of this interview has been posted on the Inspiring Social Entrepreneurs podcast.)

As head of capital deployment at RSF, Susie oversees the firm’s integrated capital strategy, which delivers a tailored mix of financial capital (debt, equity, loan guarantees, and grants) and non-financial capital to social entrepreneurs. Susie has 20 years of cross-sector experience. Prior to joining RSF, Susie was a principal of TBL Capital and director of IGNIA Fund. She has worked at the Skoll Foundation, Stanford, Google and JP Morgan. She also served as an AmeriCorps VISTA Entrepreneur Corps fellow at New Sector Alliance. Susie has lived and worked in Latin America and has experience doing business in Africa, China, and India.

In this interview, Dr Carson talks about the roots of SVCF’s tremendous growth to become of the largest donors in the United States (in 2015, it gave away $825 million in grants, second only to the Bill and Melinda Gates Foundation). Dr Carson provides a synoptic overview of some of the most important trends and developments in philanthropy, particularly within Silicon Valley: younger philanthropists keen to invest during their lives, making larger investments, with a different attitude to risk from previous generations. Dr Carson discusses SVCF innovative approach and emphasis on partnership and reciprocity, as well as some its distinct areas of focus like lobbying (on payday lending, for example, as well as other education initiatives). He talks about the rare blend of leadership, strategy and execution that the Foundation is looking for in grantee organisations and discusses his aspirations for SVCF in the future.

Debra Schwartz is the Managing Director of Impact Investments at the Foundation and is part of the Executive Leadership Team. A former investment banker, she joined MacArthur in 1995, having also previously been the Chief Financial Officer for a Chicago-based child welfare agency. Debra is a frequent speaker and guest lecturer and has also served on the United States Treasury Department Community Development Advisory Board and the founding board for the Mission Investors Exchange.

MacArthur has dedicated $500 million of its assets to impact investing, to be used as Mission or Program- Related Investments. In this podcast, Debra talks about the Foundation’s impact investment work with a particular focus on preserving affordable housing across the US, and, more recently, climate change mitigation. She explains how the Foundation’s impact investment activities are integrated with its programmatic work as well as its commitment to help build the impact investment ecosystem. Debra also discusses how the Foundation works as a catalytic investor to bridge capital gaps with patient, risk-tolerant and flexible money that activates and “crowds in” other funds.

Prior to assuming the foundation’s presidency, Clara was President and CEO of the Nonprofit Finance Fund, which she founded and ran from 1984 through 2010. In addition to serving on Heron’s board, Clara is on the boards of the Sustainability Accounting Standards Board (SASB), Family Independence Initiative, The R.S. Clark Foundation and StoneCastle Financial Corp. She is a member of the U.S. Advisory Committee to the G8 on Impact investing, named in 2014.  She is a member of the Social Investment Committee of the Kresge Foundation. Clara has won numerous awards for her work–in 2015, Miller and Heron were named Investor of the Year by Institutional Investor Magazine in the category “small foundations.”

Christine and Graham talk about the background to this decision — how this is an outgrowth of the Foundation’s existing work in the area of Program Related Investments– and identify where this fits into the Foundation’s existing programmes. They talk about the specific aims of this impact investment initiative –in both social and financial returns-and how the Foundation hopes to send a signal and provide insights to other foundations and institutional investors that might be interested in considering this kind of impact investing. They also talk about and the important work that the Foundation does helping to build market infrastructure for impact investment.

Christine Looney serves as the senior program investment officer in the Ford Foundation’s Impact Investing program where she manages Ford’s $280 million Program-Related Investment Fund; Christine has been working over the past 18 months as part of a team responsible for developing the Ford Foundation’s Mission Related Investment programme. Graham MacMillan is a Senior Program Officer for Impact Investing and Inclusive Economies at the Ford Foundation where he leads the grant-making strategy that is closely coordinated with the foundation’s work on program-related investments, and has a particular focus on the development of market infrastructure for impact investment.

In this interview, Joel shares his perspective on the evolution of impact investing in the US, after years at the forefront front of social investment, and his experience building the Endswell Foundation. Joel discusses Renewal Funds investment strategy, what they are looking for in investee companies, and how they go about building a portfolio. He also provides advice for entrepreneurs that are looking to raise money for their business. Finally, Joel outlines some of the key ideas in his new book. Clean Money Revolution, and looks to the future of finance where profit & purpose are aligned.

In this interview, Christie provides fascinating insights into a new and growing area of political and media impact investing, which has had a huge wave of interest following the US elections. She talks about the kinds of companies that New Media Ventures are looking to support- and the different ways in which they support them. Talking through the experience of leading media sites like Upworthy, Christie discusses the evolution of progressive new media business models, identifies some of distinct risks these businesses face, and talks about evolving investor expectations.

In this interview Tom talks about the early growth of the StartSomeGood platform, its distinctive approach and some of the reasons why it has been so successful. Tom discusses the appropriateness of crowdfunding for different kinds of projects- and indeed for social entrepreneurs with different skillsets –also provides invaluable tips and advice for social entrepreneurs seeking to raise money through crowdfunding.

In this interview, Jim talks in detail about the different kinds of funding that he provides through various foundations, focussing in particular on his interest in helping social ventures bridge the pioneer gap; and he discusses the work of the Sorenson Global Impact Investing Center. In recent years, Jim has also become a leader in the field of Programme Related Investments (PRIs) –an important and under-utilised source of catalytic capital to support social innovation. Jim talks about the crucial role that PRIs can play supporting social entrepreneurs prove out new ideas and social business models—and the promise of PRIs, particularly within new creative financial structures like social impact bonds and pay per success initiatives. Finally, Jim discusses some of the companies he has supported, talks about what he looks for in a social venture, and provides invaluable advice for social entrepreneurs seeking funding.

In this podcast, Ceniarth directors Diane Isenberg and Greg Neichin talk about the wide-ranging support that Ceniarth can provide to social entrepreneurs and innovators: from leveraging grants and program-related investments to investing return-seeking capital. They emphasize the importance of providing finance that is appropriate to the specific needs of different social ventures.

Diane and Greg also share their views on the state of impact investing today, warn of the dangers of impact investment hyperbole, and investors who want to “have it all.” They talk about Ceniarth’s increasingly focus on assuring capital efficiency of dollars for impact, how Ceniarth uses capital to build ecosystems, and they offer invaluable advice for social entrepreneurs looking for financial support.

 In this podcast, Min talks about Echoing Green’s highly competitive Fellowship programme–and talks in detail about Echoing Green’s new impact investment programme, highlighting Echoing Green’s efforts to help social entrepreneurs become “investment ready,” and to make sure their voices are heard within the investment process. Min provides advice for social entrepreneurs looking for funding and also talks about the important work Echoing Green does to help angel investors understand the needs of social entrepreneurs and innovators.

 In this interview, Cheryl takes us back in time to the foundation of the organisation and highlights the central and on-going importance of its fellowship program, providing grant money for social entrepreneurs, and the strength of this community. She also highlights Echoing Green’s work supporting the evolving social entrepreneurship ecosystem and how it has been responding to the changes taking place in the field of social entrepreneurship. Cheryl gives her views on the key trends she sees in social entrepreneurship and impact investing today, and, looking to the future, shares her vision for the future of this unique organisation.

 In this revealing interview, Kevin talks about the Mulago Foundation’s investment philosophy and the different ways it supports social entrepreneurs. He presents a simple model of sources of finance for social entrepreneurs-and advises as to the appropriateness of each– and he shares his thoughts on how social impact can best be scaled. Kevin gives a frank assessment of the state of impact investing today, warns of the dangers of investors prioritising business models over impact models, and cautions social entrepreneurs about over-reliance on for-profit business models when working on solutions for the very poor.

 This is an in-depth and comprehensive picture of the state of impact investment today by a seasoned investment executive. In this interview, John talks about the origins of Toniic, and its investment activities. He discusses the changing face of impact investing and the growth of new financing vehicles such as structured exits and the demand dividend. John highlights the particular challenges facing social entrepreneurs “crossing the pioneer gap” –the valley of death–trying to raise capital in the $500k -$1 million range. 

 John also provides clear advice for social entrepreneurs and innovators looking to finance a social business. In particular, he explains why social entrepreneurs need to do more to become “investment ready, emphasizes the crucial importance of understanding investors’ perspective, and the “justifiable ask.” 

Scott Wu is a partner at Omidyar Network and leads the firm’s investment, finance, and legal operations.  In this role, he drives the evaluation, selection, and closing of all investments and management of the firm’s overall investment portfolio.  In this interview, Scott talks about Omidyar Network’s distinct approach to investment, the kind of organisations they seek to support, and how they balance considerations of return and impact. 

Scott observes the changing nature of the social investment field and looks at some of the exciting new approaches to finance that are emerging, including repayable debt instruments and social impact bonds. Scott also discusses the three key questions that social entrepreneurs need to answer when looking for funding, and identifies some of the common challenges social entrepreneurs face when seeking to fund their organisations.