Beruflich Dokumente
Kultur Dokumente
3
the very values upon which they’d based their how its performance should be assessed and
professional careers. Using different terms and just who should be able to lay claim to the title,
from diverse backgrounds, these individuals “Impact Investor.” We celebrate this diversity and
realized ‘business as usual’ was not going to the rich debates and innovations it promotes! At
be enough. They weren’t quite sure where they the same time, as the field grows exponentially
were heading, but a return to the traditional and we continue to scale the size of the deals
practices and institutions of Wall Street was not being executed and the numbers of mainstream
an option. These folks were looking to join a new institutions now embracing our vision, we look
community and, as events unfolded, found it in forward to keeping our course set toward the
what has come to be the annual family reunion North Star that has always guided our work:
of SOCAP. Mobilizing Capital to Change Both Community
and Capitalism.
In 2008, Kevin Jones, Rosa Lee Harden, Tim
Freundlich, Gary Bolles, Mark Beam, and Heidi As we continue to infiltrate Wall Street and build
Kleinmaus – the founding team – realized that on the financial innovations of past decades, we
there was a unique moment to convene the must never forget that our goal is not simple
tribes. The idea was to bring us all together in capital gathering or making money in a way
a celebration of what was then a still emerging that makes us feel good. It is about community
set of related investors, philanthropists, social change, the integration of justice within markets
entrepreneurs, corporations, NGOs, and and the promotion of finance as a tool to help
academics to explore all we had in common, solve the problems that traditional investing and
debate issues we felt were key to our future, capitalism have created around the world.
and chart a wide-ranging but common course
forward for our field. The vision was less about We are thankful that you are a part of the impact
promoting a single approach or even group of investing parade. We celebrate the many and
funds, as much as creating a collective sense of diverse practices that we all promote. And we
‘We’ – a community of overlapping and shared look forward to working with you over the coming
reality – and then nurturing our shared learning ten years, as we continue to help realize the
process, as well as creating an open, inclusive promise of sustained impact.
on-ramp to the practice for those looking to get
involved. It quickly became, as I said a few years Happy 10th Anniversary!
later, Burning Man meets Wall Street! Let’s keep this party
going!
Today, our community has grown as a result
of our advancing a ‘big tent’ vision of impact JED EMERSON
investing. There are many different voices and Vice-Chair
understandings of what impact investing entails, SOCAP Group
4
SOCAP09 CONFERENCE GUIDE 2010
SOCAP14
SEPT 3 · 4 · 5 · 6
SOCAP13
SOCIAL CAPITAL MARKETS CONFERENCE
ACCELERATING
SOCAP14
THE GOOD
ECONOMY
WELCOME 1
WELCOME / 1
5
POWERS OF TEN
As we reflect on the first 10 years of SOCAP, and
look around at this space we find ourselves in,
we’re amazed at the exponential power of the
community we’re a part of. These are some of the
people from across the globe who have made a
difference in this space, and in the world.
– MARGARET MEAD
6
FIRST MOVERS PEOPLE WHO MOVED THE FIELD FORWARD
Pioneers from 20 Years Ago or More, Who Had an Thought-leaders, Doers, Movers and Shakers
Idea that Created the Platform • Arjan Schütte, of Core Innovation Capital, showed that
• Through Domini Social Investments, Amy Domini showed financial inclusion could blend high return without losing
investing in good public companies could produce competitive impact. • Morgan Stanley’s Audrey Choi moved a big bank
returns. • The BlueOrchard, led by Jean-Philippe de Schrevel, forward to do more. • Brian Trelstad, first at Acumen and
created the investable category of microfinance. • Jed now at Bridges Fund Management, is investing to eliminate
Emerson’s original Blended Value approach made sense to poverty. • Bain Capital’s Deval Patrick left politics to do more
people trying to understand impact investing. • Joel Solomon’s investing for good behind a big firm. • Gloria Nelund, of TriLinc
Renewal Funds was an early, successful investor in organic Global, is a financial system innovator doing big deals. •
foods also moved early into impact investing. • Muhammad Kesha Cash founded Impact America Fund and showed that
Yunus founded the innovative Grameen Bank that made African Americans are a great consumer market for venture
microfinance huge. • ShoreBank was one of the earliest and funds. • Blue Haven Initiative, led by Liesel Pritzker-Simmons,
largest community investment firms, with a holistic approach. catalyzes ultra high net worth family office investing toward
• Penelope Douglas, co-founder of Pacific Community impact. • Maya Chorengel, of Elevar Equity, showed what
Ventures, is a long-time innovator now building an arts bank. scaling impact investing looks like. • Paul Breloff, of Accion
• Wayne Silby was pivotal in creating Calvert, Investors’ Circle, Venture Lab, is an early stage funding innovator. • Encourage
and Social Venture Network. • Woody Tasch, launched Slow Capital’s Ricardo Bayon is a conservation finance innovator
Money, a network of angel investors investing in local organic and leader.
food businesses. • PAX World Fund was one of the earliest
sustainable investment firms letting investors align their PIONEERING INVESTORS
money and their values. Once the Space Was Opened up, These Folks Led
Some of the First Investments that Moved it Forward
VISIONARIES • Bob Pattillo’s Gray Ghost Ventures was earliest and right in
People Who Had the Right Idea Early more sectors than anyone else, from microfinance to education.
• Bert-Ola Bergstrand uses facebook and webinars to create • Ed Dugger III, of Reinventure Capital, has been successful
international networks of changemakers. • 350.org’s Bill multiple times as an African American venture fund investor.
McKibben galvanized people with the need to reduce carbon • Gerhard Pries, of Sarona Asset Management, systematized
emissions. • Speaker and author Dan Pallotta told us it’s time to and scaled the unique Mennonite approach to impact investing.
pay non-profit execs reasonable salaries, and to stop obsessing • Wim van der Beek, of Aavishkaar Goodwell, was successful
about overhead. • Hunter Lovins tells a compelling story about in multiple early microfinance exits. • Gil Crawford’s MicroVest
holistic investing for climate change. • Game designer Jane Capital Management was the first microfinance equity fund;
McGonigal makes games that create meaning and change. it grew from $6m, to $30m, to $60m with the third fund over
• The Runway Project’s Jessica Norwood highlighted the $100m. • Through LeapFrog Investments, Jim Roth showed
friends and family gap as the critical inflection point to start that investing in micro insurance was a huge opportunity. •
eliminating racial wealth discrepancy. • Morgan Simon, of Josh Mailman, of Serious Change, is an intuitive investor who
Transform Finance, established non-extractive investment always gets better terms. • Lisa Hall led Calvert, and now
principles and guidelines for impact investors. • Paul Polak, leads Anthos Asset Management, a large European family
creator of Windhorse International, was an early pioneer and investment platform linked to a foundation. • Nancy Pfund’s
inventor creating low-cost change in the developing world. • DBL Partners is a high performing impact venture fund leader;
Pierre Omidyar, from Omidyar Network, fashioned a vehicle to now in deals like Tesla that started with subsidies from Ford
apply whatever kind of capital is needed to create the outcome and MacArthur. • Aavishkaar – led by Vineet Rai, who also
you are looking for. • Pope Francis linked the gospel and justice owns an event and analysis platform – is the largest Indian
to investing with values. impact investor.
7
GROUNDBREAKING FOUNDATIONS SYSTEM ENTREPRENEURS
Some People and Foundations that Led the Way People Who Are Defining This Important Category
• The Heron Foundation, led by Clara Miller, was the first to • Bryce Butler, of Access Ventures, – who coined the term
have a total portfolio in impact investing. • Debra Schwartz, System Entrepreneur – exemplifies the work in Louisville. •
of the MacArthur Foundation, was an innovator and an Andy Stoll, at the Kauffman Foundation, is validating this key
early subsidizing investor in impact ventures. • Halloran role in the local wealth creation ecosystem. • Cheryl Dahle, of
Philanthropies, with Harry Halloran, was the earliest SOCAP Flip Labs, used a system approach to transform the sustainable
supporter. • Jean Case, of Case Foundation, mapped the fisheries supply chain, and is now teaching her method. • The
space to make sense of it for all. • Jeff Skoll, through his Federal Reserve’s David Erickson outlined how hard it is to get
eponymous foundation, funds major convenings in the space. this role funded, despite it being crucial for community wealth
• The Autodesk Foundation, led by Joe Speicher, is a corporate creation. • Immy Kaur, from Impact Hub Birmingham, is deeply
foundation that’s the real deal. • Rockefeller Foundation, with engaged in listening to transform her city. • Indy Johar, at Dark
Judith Rodin, was a leader in establishing the field of impact Matter Labs, is a deep thinker who puts the pieces together
investing. • Paul Hudnut, through the Bohemian Foundation, for system venturing. • Jane Hatley, at Self-Help Credit Union,
was unique with his creative approach to problem solving. • creates new financial products and mobilizes her community.
Victor Hwang, of Kauffman Foundation, was instrumental • Impact Hub Oakland’s Konda Mason is significant for deep
in validating system entrepreneurs, aka community engagement with the community, and for piloting friends &
quarterbacks. • Luis Duarte, of Gary Community Investments, family funding. • Rodney Foxworth, of Invested Impact, is the
guides an innovative local foundation. consummate code switcher: able to talk to foundations, city,
entrepreneurs, and community in their own language. • Shaun
COLLABORATIVE Paul, at Ejido Verde, is creating transformative wealth with and
Leading Cohorts and Collaboratives to Invest and for indigenous people in Mexico through regenerative forestry.
Learn
• Abigail Noble, of The ImPact, leads an ultra high net worth ENTREPRENEURS WHO PROVED THEIR POINT
coalition who are using their inherited wealth to make change. • Entrepreneurs Who Have Made Large Fundraises or
Andrea Armeni, at Transform Finance, outlines clear principles Successful Exits
to make sure investors are not extractive but transformative. • • Adam Archer, of GamesThatGive, sold an online card game
Agora’s Ben Powell forged an evolving collaborative in Central linked to charitable giving. • Indiegogo, founded by Danae
America. • Bonny Moellenbrock brought Investors’ Circle back Ringelmann, was an early crowdfunder that built a large and
to life and newfound strength. • Charly Kleissner, at Toniic, thriving platform. • Jay Kimmelman, of Bridge International
created an international angel network of impact investors. Academies, systematized and replicated primary education
• Christie George, of New Media Ventures, is guiding angel in Kenya. • Jeffrey Hollender’s Seventh Generation proved
investors who support new, meaningful, disruptive media. • that people will pay for green toilet paper and detergent. •
Opportunity Finance Network’s Donna Fabiani is guiding CDFIs John Roulac scaled Nutiva, a non-GMO food company that is
into a new era. • Pymwymic’s team, Frank van Beuningen also an activist mover and shaker. • Kim Jordan sold her $1b
and Margaret McGovern, are leaders in the European angel beer company – New Belgium Brewing – to her employees,
investor network. • Randall Kempner, of ANDE (Aspen Network and made it employee owned. • Lee Zimmerman’s Evergreen
of Development Entrepreneurs), leads capacity building Lodge transformed the lives of at-risk youth with 12.5% IRR to
organizations to fund small and medium size businesses. • investors. • Mathieu Senard led the organic, fair trade, carbon
The team behind Social Venture Network (SVN) created the negative chocolate and quinoa company – Alter Eco – to grow
first broad membership network of US businesses doing good, 20x and then sell. • Nicolas Hazard built one of the only $1b
spawned a host of other organizations, and led to early social revenue social enterprise in Groupe SOS. • Xavier Helgesen
enterprises being funded. sold his first startup, Better World Books, at $70m+ and is
now leading his second, an off-grid solar company in Tanzania
that’s growing.
8
PLATFORMS ENTREPRENEUR TRAINING
Online and Event Platforms that Gather Attention and Helping Entrepreneurs Gain the Skills to Become
Investment, and Make Sense of the Field Investable
• Amit Bouri leads the GIIN, the impact industry's trade • Alfa Demmellash, of Rising Tide, has years of experience
association. • B Lab, headed by Andrew Kassoy, is building creating investable entrepreneurs, with an edge in her data.
a global network of businesses that are measuring the • Emory University’s Brian Goebel researches what works
good they do and managing toward those goals. • Aparajita in accelerators and what doesn't. • Daniel Epstein, Teju
Agrawal, of SanKalp Forum, leads a network of the largest Ravilochan, and Tyler Hartung of the Unreasonable Institute
impact investing events in Asia and Africa. • Astrid Scholz, of created a unique immersive experience for investors and
Sphaera, is building a platform to share and reuse solutions entrepreneurs. • Derrick Braziel, co-founder of MORTAR,
for change makers. • Artha Platform, led by Audrey Selian, is offers culturally appropriate technical assistance as a
a collaborative due diligence community for angel investors in key to stellar results. • Jamie Jones, at Kellogg School of
use on two continents. • Change.org, started by Ben Rattray, Management, is teaching business students to launch startups
makes it easy to enlist in activist causes online. • Bill Drayton and use innovative finance for good. • Echoing Green, led by
created Ashoka, the earliest social entrepreneur network. • Cheryl Dorsey, is one of the most prestigious fellowships, in
Liquidnet for Good, headed by Brian Walsh, is a bridge builder non-profit training and now includes for-profit. • Luni Libes,
creating transparent data to share between often siloed non- of Fledge, makes accelerating a cohort lightweight and low
profits. • RSF Social Finance, with Don Shaffer, has guided a cost in several cities. • Rani Langer-Croager founded Uptima
flexible investment platform and community. • Kiva Zip, led by Business Bootcamp, where her cohorts become members of a
Jonny Price, is bringing a global crowdfunding platform to the co-op, and hers was the first to use Runway Project funding.
United States. • Data shows that entrepreneurs trained by Village Capital,
headed by Ross Baird, outperform on business metrics. •
VENTURE PHILANTHROPY & NON-PROFIT Mentor Capital Network, led by Ian Fisk, works with earliest
Using Donor Money to Invest in For-profit Social stage startups and has one of the broadest networks.
Enterprise
• Antony Bugg-Levine, of Nonprofit Finance Fund, led GOOD GOVERNMENT
Rockefeller's impact work and now finances non-profits in Public Sector Leaders Showing the Way to Invest in
new ways. • Carla Javits, of REDF, leads one of the earliest Good
non-profit social enterprise portfolio funders. • Echoing • USAID, with Alexis Bonnell, helps make sense of the
Green’s Cheryl Dorsey guides a top fellowship program for international challenges and competitions for investors. •
entrepreneurs. • Jacqueline Novogratz, of Acumen, told Ben Hecht guides Living Cities on civic engagement in cities
the story of venture philanthropy to the world, and made it across the US. • OPIC’s Elizabeth Littlefield found a way to
happen. • Oliver Karius’ LGT Venture Philanthropy provides make agency money fit the market's need, internationally.
multiple levels of support for African social enterprises. • • Jonathan Greenblatt led Obama's White House Social
NewSchools Venture Fund, headed by Kim Smith, was an early Innovation platform. • Jose Corona went from a strong CDFI to
venture philanthropy funder fueling new ideas in education. the public sector; working with the City of Oakland he knows
• Acumen’s Sasha Dichter fashioned metrics that don't hurt; just which levers to pull. • Mitchell Strauss scouted the field
and created lean data for impact. • Self-Help Federal Credit for OPIC to make it relevant. • Cincinnati City Council member
Union, led by Steve Zuckerman, is investing in housing and P.G. Sittenfeld found funding that enabled MORTAR to get both
credit enhancement for low-income people. • William Draper’s a loan loss reserve and real estate. • Queen Máxima led the
Draper Richards Kaplan Foundation was an early foundation Netherlands in responsible global investment principles. • Rob
with a solid approach. • Root Capital, headed by Willy Foote, Schneider, of USAID, made aid relevant in the impact space
created fair trade coffee as an investable category. early on. • From Google.org, to the White House, to academia,
economist Sonal Shah has a comprehensive view.
9
NON-PROFIT SOCENT AMAZING TALKS
Non-profits Building Businesses to Support Their Some Highlighted Presentations from SOCAP’s
Mission Archives
• Benetech’s Betsy Beaumon successfully guided the large • Thistle Farms’ Becca Stevens showed us that when we come
non-profit socent through her transition from visionary together in love we can hope. • Catherine Hoke, from Defy
founder to an operator. • Darell Hammond built the non-profit Ventures, galvanized the crowd with stories about formerly
KaBOOM! that – through earned income – became no longer incarcerated entrepreneurs. • Craigslist’s Craig Newmark
dependent on donations. • Deborah Alvarez-Rodriguez, of explained the vision behind his online classifieds. • Devita
Goodwill Industries of San Francisco, built a multi-faceted Davison, of FoodLab Detroit, called out cultural appropriation
empire out of a local Goodwill thrift store. • Jim Fruchterman, of African American products. • Matthew Weatherley-White,
of Benetech, successfully transitioned from visionary non- from CAPROCK Group, asked a simple question: if ESG
profit founder to ambassador status. • As head of Social outperforms, why not make it opt-out? • CREDO Mobile’s
Investment Business, Jonathan Jenkins helped catalyze and Michael Kieschnick explained how his platform is the core of
grow impact investing in the UK. • Kristin Peterson leads the his life. • Belgian Prince Emmanuel De Merode brought people
tech non-profit Inveneo, bringing online access to developing to tears telling the story of saving Congolese animals from
world. • Leila Janah created the non-profit Samasource that murderous poachers. • Steve Wright, of Grameen Foundation,
spun off a for-profit. • Through Kiva, Matt Flannery made online explained that it's love that make us do this work. • The marine
investing in microfinance a reality. • Rebecca Masisak guides biologist Sylvia Earle told the story of why it's so important to
the TechSoup platform that enables other non-profits around save the oceans. • Tim o'Shea, CleanFish, showed us how if he
the world. • Tess Reynolds, of New Door Ventures, shepherds doesn't hold to his mission, he doesn't have a business.
a portfolio of earned-income non-profit businesses.
INFRASTRUCTURE BUILDERS
KEEPING IT LOCAL Intermediaries Building Bridges and Filling Gaps to
Investing to Create Thriving Local Economies for Accelerate the Flow of Money to Good
Every Neighborhood • Brendan Martin, of The Working World, created a platform
• Amy Pearl passed one of the best state level crowdfunding to invest in co-ops. • CASE at Duke’s Cathy Clark built a lens
laws in Oregon. • Eva-Lena Skalstad acted as the public voice to help entrepreneurs understand investors. • Jenny Kassan,
of a remarkable collaborative self-sufficient community. • a capital raising coach, built a direct public offering platform,
James Johnson-Piett was pivotal in the movement of bringing and now teaches women how to get investment. • The
good, healthy food to underserved populations in food deserts. Sorenson Impact Center, led by Jim Sorensen, created a think
• Judy Wicks created the BALLE network, and is now creating and do tank using data to equip next generation leaders. • John
new forms of local funding. • Kat Taylor leads an innovative Goldstein, of Imprint Capital, helps guide impact investors to
bank that is investing locally. • Majora Carter is revitalizing put their money where their heart is. • Cutting Edge Capital,
the Bronx and beyond. • Mary Berry is helping educate small led by John Katovich, builds platforms for local investing. •
farmers to keep them viable. • Michelle Long built the BALLE John Kohler, of Miller Center, fashioned non-extractive exits
network of local living economies. • Robin Hacke led Living for entrepreneurs, like revenue rights to investors. • Karen
Cities in funding real change in urban areas across the country. Doyle Grossman’s MicroMentor created an online mentorship
• Vince Siciliano introduced a holistic approach for banks platform that spun out of Mercy Corps. • Laura Callanan is
investing in good local businesses. building an art bank to invest in culture in new ways. • Patricia
Farrar-Rivas, of Veris Wealth Partners advises the Envestnet
Sustainability Platform.
10
BOUNDARY BREAKERS ANYALYSTS AND SYSTEMATIZERS
They Created Disruptive Innovation that’s Working Creating Frameworks to Make Sense of the Space for
• Cynthia Muller, of Kellogg Foundation is a leader in working Entrepreneurs, Investors, and Stakeholders
on racial equity. • Darren Walker made the groundbreaking • Ben Thornley, of Tideline, helped Rockefeller measure
$1b pledge to impact from the corpus of Ford Foundation. • Joy its impact. • Connie Evans’ AEO explains the state of black
Anderson, of Criterion Institute, leads important conversations business to policy makers and investors. • Katherine Fulton,
on church investing and gender lens. • Donna Morton’s of Monitor, wrote the report that made sense of the early days
initial work was with First Nations in Canada and now, with of impact. • Equilibrium, led by David Chen, creates complex
Change Finance, she’s tackling the issue of women on Wall ways to look at real assets, and teaches financial innovation.
Street. • Jackie VanderBrug, of U.S. Trust, is making gender • Doug Jutte’s Build Healthy Places Network linked health
lens investing make sense. • Black Girls Code’s Kimberly and housing into a healthy places framework. • Through
Bryant turned down $150k from Uber and made black girls ImpactAssets, Fran Seegull explained donor advised funds to
coding cool. • Calvert Foundation – under the leadership of wealth managers, and she’s now helping Ford Foundation. •
the late Shari Berenbach and then Jenn Pryce – democratized Gar Alperovitz’s Next System Project outlines a path to the next
investing with community investment notes. • Through First economic system. • Harvey Koh, of Monitor, wrote foundational
Nations Development Institute, Michael Roberts created Native reports that are still cited. • John Fullerton, of Capital Institute,
American CDFIs around the country. • The Cordes Foundation, is building a series of field guides to a regenerative economy.
led by Ron Cordes, helped bridge the conversation from impact • TriplePundit, led by Nick Aster, is a high readership online
to Wall Street. • Suzanne Biegel, catalyst-at-large, was an daily.
early impact angel investing in women.
ENTREPRENEURS ADVANCING
MOVING THE STORY FORWARD SOCAP Scholarshipped Entrepreneurs Whose
They Changed Our Thinking, and Helped Change the Projects Are Moving Forward
Paradigm • Ajaita Shah’s Frontier Markets created a distribution network
• Carol Sanford, through her eponymous Institute, gathers to get solar powered lights into rural India. • Farmerline,
regenerative businesses and tells their story. • David Bank led by Alloysius Attah, enabled rural African farmers to get
has made ImpactAlpha into a daily industry habit. • Eric Nee productivity tips by voicemail in their own indigenous language.
leads Stanford Social Innovation Review. • Katherine Collins, • Debbie Sterling, of GoldieBlox, made it cool for girls to think
of Honeybee Capital, uses wisdom from natural systems and and act like engineers. • Erine Gray founded the website Aunt
spiritual traditions to connect investing with purpose. • Lara Bertha to pick up where Uncle Sam leaves off, and help people
Setrakian leads the next generation media platform News find social services in their area. • Through Embrace, Jane
Deeply that experts rely on for analysis of species level issue. Chen created a low-cost infant warmer for low birthweight and
• Laura Flanders, of GRITtv, is telling hard and true stories on premature babies in the developing world that has reached
television. • Matthew Bishop directs impact investing coverage more than 150k children. • Jason Rosado’s GivKwik built a
for The Economist. • Ann Wizer’s XSProject turns unrecyclable functioning online mobile giving platform. • Lisa Curtis, of Kuli
vinyl from billboards into a money-making business for Kuli, is a food entrepreneur with a knack for good marketing.
Indonesian trash pickers; and also helped set the tone for • Driptech’s Peter Frykman made drip irrigation simple in the
SOCAP09. • Oscar Abello’s Next City is the essential reporting developing world. • Sheikh Turay, of Liberation Cocoa, works
voice on where the market meets justice in the US. • Rob Katz with former child soldiers in Liberia to create livelihoods and
created the still thriving publication NextBillion, targeting reintegrate into society through growing and exporting cacao.
business for good in the developing world. • Tala’s Shivani Siroya is using mobile data to support micro
businesses.
11
12
WHY SOCAP WORKED
When three thoughtful, committed social feel-good approach to philanthropy. At the
entrepreneurs came together to form SOCAP, time, even people who were beginning to ask
they changed the investment world. Kevin whether they could do good while doing well
Jones, Rosa Lee Harden, and Tim Freundlich financially were still largely influenced by
conspired to expose a blind-spot in traditional traditional investment strategies.
investing, and never could have predicted what
their wild ideas and common vision would “There were two small conferences about to
become. be held by groups trying to get this space really
moving. But they weren’t talking to each other,’
It was 2008, Lehman Brothers was on the said Kevin. “I suggested I make a conversation
verge of failing, and yet conventional investors map, of the definitions one group was using
remained deeply committed to doing what and the terms the other group was trying to
they had always done, even in the face of promote. At first the one group thought it was
such dramatic market changes. Kevin calls a great idea, then they said they only had 10
the traditional way of investing “two pocket minutes for the map, and finally they said they
thinking” – you have one pocket for profit and had no time for it. ‘Don’t you want to know
one pocket for philanthropy or aid. In this what the people who are not in the room are
paradigm, the money in those pockets should saying,’ I asked? They said ‘No, we think we
never mingle: you invest and put the proceeds have the right people in the room.’”
in one pocket, then you put some of the excess
in another pocket for giving away. Kevin realized at that moment why nothing
was moving and what needed to be done.
Kevin, Rosa Lee, and Tim thought the money
in those pockets should not just mingle; they “Markets are built on conversations where
thought there should be only one pocket. And you get the Byzantine and the Barbarians in
they set about to prove that social change the room; where you make connections with
could – and indeed would – increase pocket people you would not meet in the normal
change. There is plenty of good data to prove rooms you go to. We knew SOCAP would be
their point now. But a decade ago, big investors different; we would be the place between
could not be convinced. Billionaires sent them the silos where you would meet the valuable
away; loyal as they were, to their two pocket, strangers who could become unlikely allies.
14
consistently filled past capacity. People were just exploration of the where and how of hosting the
so excited to be there in those conversations, event. They knew that designing the hospitality
there was no more space to squeeze anyone in.” was important, so they wanted to emphasize
creating spaces and opportunities for attendees
These Wednesday meetings proved that the to talk. Heidi’s genius found Fort Mason and Acre
community was hungry for more conversation. Gourmet, both of which have been signatures
Rosa Lee and Kevin began to imagine what larger that made SOCAP special since the beginning.
gatherings might look like. They had hosted
conferences before, and they were friends with Since then, SOCAP has grown from the first
Heidi Kleinmaus and Gary Bolles, of Charrette, year’s attendance of 625 registered attendees
LLC, who hosted strategic events for a wide- to an expected 3500 for SOCAP17, the tenth
range of clients, most notably Google’s Zeitgeist. anniversary of the conference.
“I remember Kevin and Rosa Lee telling me they But, there’s more to the inaugural unfolding than
had this crazy idea that we needed a main stage Tim just not saying, ‘no.’ In fact, six weeks before
for all the great companies we were investing in, the first conference, the group had to decide
and for the sector to come together,” said Tim. whether to pull the plug and lose $40,000 or keep
“I wanted to say, ‘no.’ I didn’t understand what moving forward.
convening was all about; but they did. So, my
contribution in the end was to not say, ‘no,’ and “About six weeks out, we had sold less than 100
rather to allow that to happen.” tickets,” Kevin recalled. We had a break-even
goal of around 300. I began to think maybe I
So, Gary and Kevin began a walkabout, to see if had too little social capital to convene. But then
they could get traction with the idea with social Rob Katz wrote a blog for nextbillion.net calling
entrepreneurs, investors, and sponsors. “Not for another way in investing and addressing
many people were listening or thought it was a specifically ‘why I’m going to SOCAP.’” Almost
good idea,” Kevin said. “We were turned down immediately, SOCAP sold 90 more tickets.
a lot or told we were on the wrong track.” The
concept had not even become solid enough to Still under the break-even threshold, they had to
convert our original one page word document make a decision. “Rosa Lee told me to go for it, to
into a pdf. In fact, the header still said “Social get to work. So I asked ten more people to write
Capital Markets, working title” when another about why they were going to SOCAP, and we
original founder, Mark Beam, found the sponsor created a buzz. And, of course, Lehman Brothers
whose support would allow them to put on that went under, so we began to represent a flight to
first conference; Harry Halloran of Halloran hope. To some extent, the crisis of 2008 created
Philanthropies. our event,” Kevin continued.
Meanwhile, Heidi and Rosa Lee began their own “Everybody showed up shell-shocked,” recalled
15
Tim. “It was like a bomb had gone off. People interested in seeing how people’s faith played
were walking around New York looking at their into their thinking, but, because of her frock, she
BlackBerries in disbelief. The market breaks was unsure if it might scare people away.
had kicked in as Lehman Brothers went under.
But, we had a great party anyway. We were onto “I was nervous about putting anything related
something, and it had tapped into a vein.” to faith up on that first program. I was afraid
that somebody wouldn’t like it or would
And the party continued. Ultimately, the event misunderstand what it meant for me. But then,
sold more than 600 tickets. And SOCAP has someone else threw that out as a topic to gather
grown roughly 20% every year of its ten years. around. So, we had faith as an optional theme,
With this growth has come change. Roles have and more than 30% of participants showed up
been defined and redefined. The focus has for that discussion. The meaning side of what we
changed from year to year. Kevin, Rosa Lee, and were up to really drew people it. They wanted us
Tim continue to define and refine what the “it” is to say it explicitly so that it didn’t get lost. But it
of SOCAP, but the mission of bringing together still surprised me that people showed up for it,”
entrepreneurs and investors has resulted in recalls Rosa Lee.
innumerable joint enterprises, strengthening the
position of social investing so much that now big SOCAP has been explicit about influencing the
business is paying big attention. emerging conversation around other important
themes, as well. Always keying in entrepreneurs
The willingness to allow SOCAP to evolve as as the focus of the event, SOCAP has worked hard
social capital investing has evolved is the key to to broaden its connection to entrepreneurs from
its continued growth and success. This is likely various perspectives. From early sessions, they
the result of both the will of Rosa Lee, Kevin, and were conscious to try to diversify discussions;
Tim to try to stay one step ahead of the markets initially focusing on gender equity and inclusion,
and the willingness to rethink, even restart when then moving into serious attention to racial
necessary. equity and inclusion, paying particular attention
to African American and Latinx entrepreneurs.
“We have just been trying to define as we go,” said SOCAP has always included international
Rosa Lee. “There was never a ‘this is it’ moment participants as well, and some SOCAP events
when we defined SOCAP. There was more of a have convened at international sites as an
‘people are beginning to think more seriously experiment in both broadening perspectives and
about this, so we should create the space for that being more internally inclusive.
thinking.’”
Although each SOCAP conference has been
In fact, the first year was mostly about getting different thematically, there are a number
people together and giving them a chance of things that remain consistent about the
to think together. Rosa Lee was particularly gathering. One of the most important through
16
lines for all SOCAP conferences is the quality of work you are doing,” explained Kevin.
the experience for participants.
The attention to both quality and quality time has
“SOCAP is very intentional about being inclusive, obviously worked. SOCAP is ten years old this
about welcoming everyone. It operates very year, and by all measures it is still going strong.
differently from other conferences because, So what should you expect in its next decade?
rather than looking for and deferring to the
power, SOCAP says, ‘if you think you should be in “Those of us on the inside think we’ve been seeing
here, come in,’” says Lindsay Smalling, currently the conversation about social capital investing
serving as the curator for SOCAP. “Some of that mature for a long time. But the truth is that it has
is just a big dose of Southern Hospitality and barely started,” said Tim. “What we measure in
good hosting that comes from Rosa Lee. At the hundreds and thousands is snowballing to tens
first conference I attended, I saw that there was of thousands and millions. It is exponential.”
real attention to quality. It mattered. On stage
production. On copy editing. On food. It all feels “In five years, I suspect that the movement will
like quality. That’s a defining characteristic for mature enough that it becomes a lens rather
SOCAP.” than an event, but we will always need to gather
the tribe” he went on. “That’s why the conference
Another through line has been the awareness that will continue to grow. I suspect it will flourish
the people are the point, so SOCAP is designed across regions and grow and grow. SOCAP is the
to bring the often-fringe hallway and parking Vanguard of the future. It’s just the beginning.”
lot conversations to the table.
The conference is intentional
in creating open, unplanned
opportunities.
17
IMPACT INVESTING THROUGH THE YEARS
Catholic Nuns and the Mennonites are among the earliest to accelerate the flow of capital to good and to set the stage
for the Impact Investing movement
1976 Prudential creates a team dedicated to investments in community revitalization
Ben & Jerry’s launches with a great sense of humor, and brings national attention to a company that’s intentionally using
1978
quality products and doing good things
1980 Ashoka launches by Bill Drayton
1983 Monitor Institute is founded
1984 Ashoka receives a MacArthur Genius Award
1985 Ben & Jerry’s launches a foundation to invest 7.5% of their annual pre-tax profits in community oriented projects
Historical Divestment Campaign; persuading investors to divest from companies supporting any sort of harm, starting
1986
with companies investing in South Africa during apartheid
1987 Ashoka officially registers as an organization
1987 Echoing Green is launched by General Atlantic, and selects first fellow
1987 Wayne Silby and Josh Mailman launch Social Venture Network
1989 SRI (The Conference on Sustainable, Responsible, Impact Investing) hosts its first conference
1992 Investors’ Circle launches in Chicago
1995 Calvert Foundation launches the Community Investment Note
1995 Key Report; “Report on US Sustainable, Responsible, and Impact Investing Trends” is the first SRI trends report
1996 Moskowitz Prize honors first winner
Late 1990s Historical Divestment Campaign; from companies with ties to weapons being used in Sudan and Vietnam
2000 Exits that Matter; Ben & Jerry’s is bought by Unilever
2001 Jacqueline Novogratz launches Acumen, which helps define the Venture Philanthropy sector
2001 BALLE (Business Alliance for Local Living Economies) launches
2003 BALLE hosts its first conference
2003 Jed Emerson produces Blended Value Map, funded by Hewlett Foundation
2003 Skoll Centre for Social Entrepreneurship at Saïd Business School, University of Oxford is created
2004 Omidyar Network is founded
2005 Skoll World Forum launches, along with first Skoll Awards
April 2006 UN Principles for Responsible Investment launches at NYSE
2006 B Lab – creator of B Corps – is founded
2007 B Lab issues its first certifications
2007 IPO for Compartamos, the largest microfinance bank in Latin America
2007 Accion gets $50m 10,000x return from Compartamos
2007 The term “Impact Investing” is coined by Rockefeller Foundation’s Bellagio Center
2007 Social Enterprise Expansion Fund is launched, and becomes an incubator for SOCAP and Impact Hub SF
September 2008 Lehman Brothers goes bankrupt as world markets meltdown
As markets meltdown, the first SOCAP conference launches and becomes a flight to hope for investors experiencing the
October 2008
systemic risk of traditional capital markets
18
Rockefeller Foundation launches an impact investing initiative with $10m for three years, funding infrastructure and
2008
putting the terminology on the map
January 2009 Key Report; “Investing for Social and Environmental Impact” by Monitor Institute
2009 Obama administration creates the Office of Social Innovation & Civic Participation; Sonal Shah selected to lead initiative
2009 Creation of the GIIN, and launch of IRIS
2009 Corporation for National and Community Service launches their Social Innovation Fund
2009 The Gates Foundation launches a $400m PRI initiative
2009 The first Sankalp Forum is held in Mumbai
2010 ImpactAssets spins out of Calvert Foundation and quickly becomes largest Impact Investing Donor Advised Fund
2010 Toniic is founded, a network of angel investors interested in impact
2010 South Shore Bank goes under, but Impact Investing continues to grow
2010 Maryland is the first state to sign benefit corporation legislation into law
May 2010 SOCAP/Europe is produced in Amsterdam in collaboration with Pymwymic
Key Report; “Impact Investments: An Emerging Asset Class” by JPMorgan, Rockefeller Foundation, and the GIIN;
November 2010
includes first Impact Investor Survey, which becomes an annual series
2011 Heron Foundation rewrites investment policy statement to commit 100% of assets to impact
2011 Exits that Matter; Honest Tea sells to Coca-Cola
Historical Divestment Campaign; 350.org urges carbon divestment, and this time followed by an investment campaign to
2011
move money to companies and funds that have divested
April 2012 Key Report; “From Blueprint to Scale,” Acumen Fund and Monitor Group
August 2012 First US Social Impact Bond; Juvenile Justice, Rikers Island; funded by Goldman Sachs and Bloomberg Philanthropies
2013 Exits that Matter; Danone acquires Happy Family
2013 Monitor Institute is bought by Deloitte
June 2013 G8 Social Impact Investment Taskforce is announced by UK Prime Minister David Cameron
September 2013 Key Report “From the Margins to the Mainstream,” by World Economic Forum and Deloitte Touche Tohmatsu Foundation
June 2014 The first Vatican Impact Investing Conference: Investing for the Poor
September 2014 The Rockefeller Brothers Fund commits to divest from fossil fuels
2015 Bain Double Impact Fund launches, and hires Deval Patrick, former Governor of Massachusetts
2015 BlackRock starts an Impact Investing practice, and hires Deborah Winshel, President of the Robin Hood Foundation
July 2015 Goldman Sachs acquires Imprint Capital
The Department of Labor issues new guidance: fiduciaries can proactively consider environmental, social, and
October 2015
governance (ESG) factors in investment analysis
2016 Exits that Matter; Unilever buys Seventh Generation
IRS issues new guidance on Program Related Investments to reassure foundations and provide examples that illustrate
April 2016
how a foundation can use PRIs to advance its charitable purpose
November 2016 Calvert Investments is bought by Eaton Vance mutual fund complex
December 2016 TPG launches $2B Rise Fund
February 2017 US Alliance on Impact Investing launches
April 2017 Ford commits $1B of endowment to Mission Related Investments
June 2017 Good Capital Project is launched to help catalyze the field and coordinate & connect between siloed initiatives
October 2017 10th Annual SOCAP conference is held in San Francisco with 3000+ in attendance from around the globe
19
IT’S REAL, IT’S BIG
AND IT’S GROWING
20
SOCAP08
21
“What I want to
do is talk about
the philanthropy
of all of us: the
democratization of “I was fascinated by how clear our speakers were about
why they did what they did, and why it was so important
philanthropy. This is toward their bottom line,” said Rosa Lee. “During the
first session that I attended, somebody asked if the
a moment in history speaker focused more on doing good or making money.
The speaker said that if the business stopped doing
when the average good it would stop making money. Finally, I started
really believing this idea that if you are doing it right, it
person has more is good for your bottom line. I was a convert at my own
event.”
power than at any
Another surprise about the first year was how hungry
time.” people were for this conversation. “They were hungry
for community. They found out they weren’t alone. They
found their people, and so did we,” Rosa Lee added.
- K AT H E R I N E F U LTO N “We just kept looking for who was not in the room,” said
Kevin. “We listened intently to figure out what people
were talking about and then to create a space for that
conversation. We really proved that that was our goal in
the first year.”
22
“We also managed to merge two groups of “SOCAP grew up as a small village between all
people. Some people had said that they could not of the tents. It was like a meeting of caravans.
gather around the word ‘Social,’ and other people We would go look for a particular sector that
said that they couldn’t around the word ‘Market.’ we wanted to bring in. We kept staving off the
With this first conference, even just that success limited thinking that we wanted ‘the right people
would have been enough,” Kevin added. in the room.’ We kept encouraging participants
to pay attention to the people that they didn’t
Perhaps the most significant surprise for know so that new conversations could happen.
participants in the first SOCAP was simply the At the end of the first conference, we had earned
structure. Presenters from other conferences the reputation that this was more about the
were invited to talk, and tracks and themes were people in the room than the people at the front of
created to make it easy for participants to follow the room. People realized that we were serious
conversations about what precisely they were about being different, that we were serious
most interested in. about changing the paradigm, and changing
conversation.”
“We found track leaders from other conferences,
somebody who had a portfolio on a particular
area. So, sometimes it was somebody who was
trying to build her own topic. The first SOCAP
v
worked because the people who came needed
there to be a market to sell their own products.
Or they were experts and consultants who
wanted an area to grow in order to make their
expertise work, too,” Kevin explained.
23
IT’S IN THE BAG
24
SOCAP09
25
“For too long,
we have drawn a
sharp line between
grant funding and
more traditional
investments. Why One day, Ann trudged down the hill, determined
to find out what kinds of trash couldn’t be
not use both, grants recycled, looking for refuse that had no value
even to a savvy trash picker.
and investments,
It turns out that the biggest rejects – the junk
as well as hybrid that nobody will buy – is the vinyl from billboards.
Looked at with an entrepreneur’s eye, Ann saw
models, to address an opportunity. The sheets of vinyl are a large,
readily available, and colorful source of material.
our most urgent They’re incredibly durable – that’s what makes
them hard to recycle.
challenges?”
She realized that the vinyl sheets would be
great for bags – shoulder bags, handbags,
clutch purses – that have to hold up under the
punishment of daily use.
26
XSProject into a real business. The attendees
loved the bags, and they loved the way that the
bags and the conversation around them made
the whole point of SOCAP so tangible. “We were
working against the abstract, so we asked people
to help solve a problem,” said Kevin, describing
the significance of the bags.
27
FINDING THE
RIGHT BALANCE
28
SOCAP10
29
SOCAP10 offered nearly 100 scholarships to
social entrepreneurs, keeping all of these
entrepreneurs and their needs in focus as
conversations developed. The scholarship
“This is the essence recipients were given their own space, The
Clubhouse, where they could meet with peers
of understanding to share strategies, even tricks of the trade, as
they shared a common spirit of new and exciting
that our work stands enterprise.
30
of the conference – SOCAP10 brought this
transparency conversation to the forefront,
asking intentionally whether participants were
spending their money in ways consistent with
their values.
By foregrounding the role of entrepreneurs in In the end, all of these aspects created the space
the conference, participants were reminded to at SOCAP10 for new energy and excitement.
keep their focus on the meaning, and that focus On the one hand, endorsement by mainstream
worked. Participants began to talk more about investing gave participants the assurance that the
the products that attendees were offering for conversations at SOCAP were increasingly valid.
purchase by other attendees, and the organizers On the other hand, SOCAP’s intentional focus
realized that there were few things “pure” on entrepreneurs, its insistence on revisiting
enough for a SOCAP endorsement. values, and its refusal to veer away from its own
production values reminded participants that,
“I always thought it would become a marketplace, although this was potentially big business, it
but it didn’t,” Kevin explained. “It’s really hard certainly would not be business as usual.
to find pure purchasing whose whole chain of
production holds the mission. We couldn’t find
a lot we could put a SOCAP sticker on. And
everybody has their own pet issue that want to
promote and support. So we left people to figure
it out for themselves.”
31
SOCAP GOES
GLOBAL
32
SOCAP/EUROPE
33
“We had talked with Frank and Margaret
often about the ways our respective cultures
“We are
influenced the way we thought about money,”
recalls Rosa Lee. “Kevin and I wondered how
so many things – like medicine, for example –
worked so profoundly differently in our cultures.
more
Especially when we also noted how similar basic
values were across our cultures.”
unalike.” and Eastern Europe and more. All along the way,
they listened.
34
Sure, they shared what they knew and what they And the Conveners were sincere in their intention
were learning, but they mostly listened to the that key concepts and core values had to be
people from all over in order to understand what accessible to all participants. To ensure that all
was alike or what was unalike in social capital participants, regardless of nation of origin, were
investing in various settings. They were getting a welcome at the table, they established clear,
sense of the broader ecosystem. welcoming ways of encouraging cross-cultural
dialogue.
What they discovered on their journey was
that the goal of understanding money as an “Whether you are struggling to understand
extension of one’s self, one’s values, translated insider lingo or looking for help translating a
into any language they’d come across and found specific phrase to your language, Hub hosts
a home in any culture. Thus, they resolved to will be able to assist you or point you in the
make SOCAP/Europe open and accessible to right direction. Don’t be shy: ask a host to help
traditional investors, to people just beginning explain any terms that are unfamiliar to you,” the
to think about investing, and also to the leading program warmly explained.
thinkers in connecting money and meaning.
The travel and the translations were worth it. By
SOCAP/Europe made fifty work trade the time SOCAP/Europe drew to a close, it was
scholarships available to individuals who would clear that this new kind of market – the social
volunteer in various ways, helping out where capital market – fit well within the walls of the
needed throughout the conference, people who old market, even as it worked to redefine the way
could not otherwise attend. that old market did business.
35
TWO STEPS FORWARD
36
SOCAP11
In some ways, SOCAP11 was the hardest conference
to pull-off. Two international SOCAPS took place
between SOCAP10 and SOCAP11, so there was the
simple fact that a great deal had been said and done
during the year. That meant that SOCAP11 needed to
appeal to people who were new to the conversation,
sustain people who were coming regularly but had
not been to the European SOCAPS, and it had to give
the producers a chance to consolidate and reflect.
37
With the 100 entrepreneurs, there were more real
pitches, real innovation participants could learn from.
insure that outcome In the end, this year provided an opportunity to return
to the core mission of SOCAP and to understand further
is to invite inquiry how impact investing could and would change the world.
Although it caught the producers in a flurry of activity
and dialogue.” after producing two European conferences, it also
required them to slow down, to regroup, and to figure out
where this work might go next.
- JEFF LEIFER
38
39
CROSSING
BOUNDARIES:
INTERNATIONAL AND
I N T E R D I S C I P L I N A RY
40
SOCAP/DESIGNING THE FUTURE
41
“Sometimes one
+ one is greater
than two.”
“I saw Kevin’s picture, and it happened to have “I had a transformative experience on the shores
his email address. So I just wrote to him. I told of Lake Vänern, which is the largest lake in
him that I wanted to have a conference that was the EU,” Kevin said. “Our guides told me that
part academic and part practical. And I basically 20 years ago the lake was too dirty to swim in
asked, ‘What’s this? What is this SOCAP?’” Bert- due to industrial pollution. Now it was not only
Ola was surprised that Kevin wrote him back drinkable, communities on the west and east
right away, and they started a conversation about side of the lake were competing for the most
how social capital investing worked in the US and value added fishery products: a local caviar,
how it worked in Sweden. fish meal for animal food, etc. I asked what the
struggle was like to get the lake clean; how the
“We agreed that sometimes one plus one is environmentalists had beat the industrialists.
greater than two, that having a conversation They answered that there were no fights. That
across cultures would be rewarding,” Bert-Ola they realized the problem and they solved it.
said.
“It wasn’t sinking in, so, I asked what the factions
Soon thereafter, folks in the southern region of were, what the political fights were like. Again,
Sweden got interested in the same topic. The I got the same answer. They had realized the
next logical step, then, was for the SOCAP team problem and they solved it. Government, the
to visit; which they did in the summer of 2010. people, industry all worked to stop the pollution
Bert-Ola set up tours for them, and soon they and remediate the impact. I realized then that I
all agreed that holding SOCAP in Malmö made had a lot to learn from the Swedes.”
sense.
42
“My biggest passion
is to try to build a
better future.”
- BERT-OLA
BERGSTRAND
Another thing he learned from their time there information into knowledge across the cultural
was that the Swedish people saw that their differences. What everyone learned, was that,
assurance of a well-functioning government even though the context was different, much of
to solve state problems meant that they felt a the practical work and knowledge transferred
responsibility towards entrepreneurial solutions, easily into a Swedish model.
solving problems the state hadn’t figured out.
Even now, years later – because immigrants Fast forward to now, and it is easy to see the
often don’t get hired by Swedish companies – lasting connections that the conference has had
there is ongoing work in the area of helping to on social capital investing in Sweden. Most of the
start immigrant-owned businesses. important actors in the Nordic space for social
capital investing have now attended SOCAP in the
“SOCAP has served as a catalyst for so much States 1 to 3 times each, to continue the share of
social capital innovation in Sweden,” Bert- knowledge and inspiration. And Bert-Ola is one
Ola explained. “Sweden was a little late to this of the leaders of the annual pilgrimage called
conversation compared to Europe. But after Nordic Innovation Week.
SOCAP, that national conversation, the main
thinking about business in Sweden, changed. “It’s important to realize too, that for those of us
SOCAP, and the SOCAP team, were definitely from the cold Nordic lands, starting this work in
here at the right time.” San Francisco puts you halfway there already. It’s
easy to believe new things will work and it feels
His own interest in the space became focused harder to fail with San Francisco as a starting
on knowledge transfer, about how to turn point.”
43
LETTING GO AND
LEANING IN
44
SOCAP12
45
This realization, just as SOCAP12 got underway,
relieved the conveners of planning for 2013
while 2012 was going on. Instead, the conveners
got to lean into the conference itself, into the
conversations and into the meaning.
-AUDREY CHOI
46
understand that if women were on the board of a community selected 5 projects that they believe
venture, it would succeed. We saw the evidence. are ideas for a future worth investing in. Your
We learned to see how many women were on a wooden token represents $5 that you can
board before we invested. This was one of the choose to invest on the Indiegogo crowdfunding
main conversations of SOCAP12, in both the platform toward one of these five projects by
sessions and in the hallways.” dropping it one of five jars at the entrepreneur
table in the HUB@SOCAP. Likewise, we invite
Beyond the newness of the gender lens, there you to think beyond the token about additional
was renewed commitment at SOCAP12 to resources (both financial and otherwise, tangible
foregrounding the work of entrepreneurs. or intangible) that might bring these ideas to life.
To showcase ventures by participating
entrepreneurs, and to remind attendees to think Last minute prayer flags, the emerging gender
of their own money as extensions of themselves, lens, and the wooden tokens, were hallmarks of
small tokens were given at the beginning of the SOCAP12: year five, the halfway point to where
conference, tucked neatly into name badges. we are today.
47
KEEPING MEANING AT THE CENTER
SOCAP: THE CONFERENCE AT THE conversations, and somehow the topic of
INTERSECTION OF MONEY + MEANING spirituality and heart-based motivations would
always be close at hand.
It would be easy to keep the focus on what comes
before that colon – SOCAP, or Social Capital Creating more formalized conversations
Markets. But, it’s what comes after the colon – about meaning – about faith, or the church, or
the conference at the intersection of money and spirituality, or values – was called for once more
meaning – that has and will continue to have a than 30% of attendees were participating in these
way of focusing and clarifying the work at hand. discussions. Alongside these new established
conversations, the open space conversations still
From the beginning, it has seemed that perhaps happened in the Impact Hub.
Kevin was working on the money side and Rosa
Lee was working on the meaning side. And, Many participants have contributed to the
to some extent this is true. But the reality has “meaning” content along the way. One such
always been that the true work emerges at the contributor is Jeff Leifer, who brought the session
intersection. And that’s the place where so much on how the deeply personal dream-life impacts
continues to evolve, as one focus informs the who you are. Likewise, Todd Johnson has been
other. present for these meaning conversations from
day one, and has openly advocated for bringing
In the first years of SOCAP, most of the meaning one’s faith and spirituality into the room when you
conversations happened on the last day – make a deal. Todd has recently put his meaning
when Jerry Michalski would convene an Open where his mouth is by leaving Jones Day – where
Space session in Herbst Pavilion. This full day he was a senior partner and did great work
session would provide a place for free-ranging helping shape for-benefit legislation – to take on
the leadership of the startup iPAR Impact.
48
Jarrod Shappell, and later Tim Soerens, have many faith traditions have made connections
curated Meaning sessions; hosting warm, between the work of investing and the work
thought-provoking conversations to bring of the church. Romal Tune, for example, has
participants back to an understanding of brought attendees from faith communities,
their motivations as central to their impact evangelizing about SOCAP and the importance
work. Tim has also been the leader of the within those faith communities of challenging
Neighborhood Economics track, and – with status quo attitudes towards money. At this
Kevin, Rosa Lee, and Derrick Braziel – has point, hundreds of pastors, priests, and rabbis
continued that work in a spin-off conference. have attended through a curated experience in
order to learn more about connecting money
One year, Kathleen Paylor led a session on how and meaning back home. Scholarships for
love is the reason impact investing exists. Many faith leaders have made attendance accessible
people reported that it was the best session to those in broadening traditions and contexts.
that year. Another year, Ashara Ekundayo
powerfully evoked her African spirituality on Even as successful as all of the meaning
the main stage. And, with Jarrod, she helped work has been, it is still surprising to look
focus the first of two events called SOCAP Soul around and see big movers in the space –
– that brought more than 500 people to the like Penelope Douglas and Jed Emerson –
San Francisco Impact Hub, and then Boston, taking a break from their focus on measuring
to focus specifically on meaning. And Sr. impact or return on investment just to breathe
Lillian Murphy – former CEO of Mercy Housing into the moment. In truth, that breath is the
– has told her story on the SOCAP stage of how whole point of SOCAP. As much as SOCAP has
and why nuns recognized early on that impact challenged the two-pocket theory of money,
investing was a powerful way to do the works urging investors to think of their money as one
of mercy they are called to do. undivided pocket capable of doing both well and
good, it has further challenged conventional
Never was the conversation on meaning as wisdom that neither money nor meaning are
central to the entire conference as it was fit conversations for polite company. Indeed, at
when, on the mainstage, musician Chuck SOCAP, the two cannot be separated and are
Cannon played his halting lyrics to “Money always the topic of conversation.
Don’t Matter” that poignantly
capture the heart of the SOCAP
message. “We’re all gonna
end up where the money don’t
matter no more.”
49
B E Y O N D
R AT I O N A L
50
SOCAP13
51
Checkered Man, the Hobo King, Mr. Nobody and many
others will be coming along as well!
our arms, Join us as The Midway asks: If the world is made of stories,
then what meaningful chapters are we adding? The Mystic
Midway invites everyone to be heard.
expand our It was one of the riskier steps in the history of SOCAP,
besides, of course, that whole bit about taking on established
horizons, and investment mindsets and changing the world for the better.
But the Midway was a rousing success. Participants loved
it. The surprise. The excitement. The spectacle. They loved
Big problems For the first time in SOCAP’s history, the conference
addressed head-on the unspoken motivation for many
impact investors: “there’s a little-mentioned fact that
solutions.”
- VA N J O N E S
52
most often linked to their faith tradition – for having on communities, one on oceans, and one on health.
the courage to go against the grain and start putting Communities evolved first into place-based investing,
their real money where their heart is,” admitted the and then became Neighborhood Economics. Health
program for 2013. – which was led by Doug Jutte and David Erickson
– evolved into its own conference on the social
“As we endeavor to make a world that is good for all, determinants of health (like the fact that your
we notice what works and what doesn’t. Faith seems zip code is a greater predictor of your health and
to work here,” they proclaimed. mortality than your DNA code). Oceans – sponsored
by the Packard Foundation and designed by Jeff
SOCAP13, therefore, made a concerted effort to Leifer – began SOCAP’s focus on the environment
include faith leaders in the dialogue. Preachers, and its link to poverty alleviation.
priests, rabbis – clerics of every stripe – were invited
and given scholarships to attend. The many faith
leaders who participated met with other participants, SOCAP13 THINK BIG. THINK LONG TERM. DON’T BE EXTRACTIVE.
mHealth meets
COMPASSION
DESIGNED BY
used IDEO’s user centric design principles turtle species. This cooperative venture led Sankalp, the largest and most influential food deserts. SOCAP provides a chance to
to build a mobile app that helps the mostly to unique opportunities that helped farmers entrepreneurship gathering in India, and break out of the siloed communities within
53
GROWING BUT ALSO
M AT U R I N G
54
SOCAP14
55
said they didn’t have women with the experience,
but with a gender balance as the new rule, they
were forced to realize that there were women in
their organizations fully ready to be on stage. A
new advocacy group arose that year called Gender
Avenger to get more women’s participation on
stage at events, and we were their first Gender
“You can’t sprinkle Avenger hero.”
in women and color But these commitments were not only a social
statement. They were about the financial impact,
later... We’re talking as well. Identifying the impact of gender on
investing, the conveners noted, “Female-run
about partnership early stage social enterprises are out performing
male-run enterprises by 15%, but are 40% less
with people who likely to get funding. The conference was able to
demonstrate that prejudice along gender, race,
are different and or class lines was not just bad for people, it was
bad for business. SOCAP14 became the year in
doing that at the which the gender lens gave way to the racial lens,
to the class lens. It focused on financial inclusion.
beginning: having
all voices at the
table.”
- KO N DA M A S O N
56
Identifying the impact of race and ethnicity on selecting entrepreneurs, and their blind spots.
investing, the conveners noted, “If you are able to We built the platform to include the outsider, and
sell the matriarch of the first-generation Filipino we are finding there is always a new outsider we
immigrants who come to the Sixth and Mission neglected to see, another valuable stranger who
neighborhood in San Francisco, you’ve probably could become an unlikely ally.”
sold everybody in her apartment building. If
you try to sell your financial inclusion solution
without realizing that, you have no idea why they
are not buying. … If you want to make a positive
impact on the lives of people whose lives you
don’t yet understand, you first have to learn to
listen respectfully.”
57
GLOBAL GOES
L O C A L
58
SOCAP15
Notable announcements in early 2015 – that Bain
Capital was launching a Double Impact Fund led
by former Massachusetts Governor Deval Patrick,
BlackRock was also launching an impact strategy,
and Goldman Sachs had acquired the early impact
advisory firm Imprint Capital – set the stage for an
interesting conversation at SOCAP15. Mainstage
conversations prioritized celebrating high impact
entrepreneurs and long-committed field builders
from BALLE, Echoing Green, and Ashoka, while
also creating space for new institutional players
to share their vision for impact at scale with the
SOCAP community.
60
Part of the inspiration for Rosa Lee and Kevin’s and the focus on the localist movement provides a
commitment to the values of Neighborhood clear example of the intentionality that continued
Economics actually came one night as they through SOCAP15 as it had every SOCAP prior.
walked their own neighborhood. They walked
past a live music venue and heard these lyrics: SOCAP15 also marked a changing of the guard
organizationally, as Lindsay Smalling took
“We’re all underpaid and we’re all overwhelmed the helm as Producer and Curator, Jamie
Oh how I wish love was the coin of the realm McGonnigal joined the team as Director of
Where everyone’s rich and nobody’s poor Business Development, Liz Maxwell launched
Do you ever wish money don’t matter no more …” year-round SOCAP 365 events, and JB Media
took over the marketing efforts for SOCAP. This
They explained that the words stopped them in team continues to work on SOCAP year-round,
their tracks, so they sat down and listened more. as operating like a “pop-up Halloween store” is
They decided then and there that they wanted the replaced by dedicated stewards of the SOCAP
musician, Chuck Cannon, to come to SOCAP. community.
61
BALANCING THE WHY
AND HOW OF IMPACT
62
SOCAP16
63
wealth in the US cleanly falls along racial lines.
“Under current On average, African American families have
$11,000 in net worth, while white families have
economic $141,900. As a result, the great ideas of many
African American entrepreneurs never leave
the napkin, because their networks simply can’t
conditions, it provide the $20,000 to $30,000 that the SBA says
is needed to launch a business.
would take 228 A new investment tool – “The Runway Project
Friends and Family CD” – was introduced at
years for the SOCAP16 as an innovative approach to funding
for entrepreneurs without family money.
average white
family today.”
- J E S S I CA N O R WO O D
64
the plan had five million dollars in inbound
demand – money investors wanted to put toward
African American led neighborhood scale
startups. There was more money coming in than
there were opportunities to invest. This was a
win for entrepreneurs and, more importantly, for
the neighborhoods and people their businesses
would reach.
65
LOUDER VOLUME,
LARGER ENGINE
66
SOCAP17
67
“If we’re
going to be
part of the
solution,
we’ve got to
engage the
problems.”
- M A J O R A CA R T E R
68
as consumers, employees, investors, creators, and
leaders. Lindsay added, “the Spotlight series at
SOCAP17 was inspired by our commitment to invite
voices from aligned but often separate communities
– people who may not consider themselves impact
investors or social entrepreneurs but who are
actively pursuing real impact with the tools that they
have, on the issues they care about.”
69
A YEAR IN THE
LIFE OF SOCAP
In 2012, Lindsay Smalling began working for SOCAP. She
had finished business school at Columbia and was working
for Tim Freundlich at ImpactAssets.
70
Even with the surprises that each year brings, there is in the conference world. But, because the field changes
still a relatively predictable cycle for the work of SOCAP: so quickly, if we decide more than a month out, we would
get it wrong. It’s nerve-wracking. I’ve really had to get
STEP ONE: SURVIVE THE CONFERENCE used to the chaos of it. But I’ve seen why it works this
way, and how it is right. We just have to wait. We know
STEP TWO: PASS OUT FOR A MONTH there are going to be announcements, news headlines
STEP THREE: LISTEN that will affect our work. So we hold space for some of
those big emerging elements.”
Lindsay explained Step Three: “I take advantage of the
down time from November through March to be out STEP SEVEN: REPEAT
there in the field: listening, digesting, thinking through,
Even with the chaos, the last-minute planning, and the
going to other conferences, taking meetings, etc. We get
need for month-long recovery afterwards, Lindsay said
feedback on both content and format, so I begin to listen
the meaning behind the work continues to draw her
and to think about what’s emerging, what’s next.”
back. “The genius insight that Tim, Rosa Lee, and Kevin
STEP FOUR: BIG PICTURE PLANNING had in 2008 was that there was this space in between
that nobody was filling and how powerful that was. They
“In the second quarter, it is a steady build. We focus just created that space.”
on getting the big production pieces in place. We start
putting out applications, entrepreneur scholarship She continued, “That founding story is sort of my North
applications, open proposals start being accepted, etc.” Star in everything I’ve done here. How can we create the
space in between, and facilitate the connections that
STEP FIVE: REFINING aren’t happening elsewhere?”
“Around June and July, we start to really refine things. We Because of commitment like Lindsay’s, those
select the entrepreneurs, we read all the open proposals, connections keep happening at SOCAP.
send out notifications, synthesize, make
decisions about what this year’s conference
will look like.”
71
FREQUENT
FLYERS
JEFF TULLER,
TODD JOHNSON, &
PENELOPE DOUGLAS
Over the last ten years, SOCAP has provided “But as a sponsor the first couple of years,
support, direction, and inspiration to scads of and as a scholarship sponsor for several years
participants and followers, and for some it’s thereafter, I’ve believed in the mission of SOCAP
an annually recurring engagement on their for bringing together varied voices in a big
calendar. tent, with an alignment simply to create and
encourage human flourishing. SOCAP seemed to
This year, three SOCAP super users – Todd me like an event where I want my ticket purchase
Johnson, Jeff Tuller, and Penelope Douglas – will to be right at the front of the line.”
have attended all ten conferences. Although they
have done so for different reasons, they all agree In truth, Todd was in the conversation even
annual attendance has reshaped their own work before SOCAP officially began. When serving
and formed lasting relationships that keep them on the Board of Advisors for Good Capital, he
coming back year after year. was having lunch with Tim and Kevin one day.
During the lunch, they talked about the need for
Todd Johnson holds the distinction of always a “big tent” gathering of those in the emerging
buying the very first ticket to SOCAP. space – social entrepreneurs, impact investors,
high net worth individuals, funds, foundations,
Although he won’t reveal his strategy for government representatives, philanthropies,
always snatching up the first one, he excitedly service providers, and others – to share best
explains what keep him coming back. “I’m a practices on how to scale doing business for
procrastinator, by birth. If I don’t do something good. That idea morphed into SOCAP08.
as soon as I see it, it might take days, weeks, or
even years before I get it done. Just ask my wife,” Fast forward, and it’s easy to see the impact of
Todd explained. the SOCAP space on Todd’s life. Last year, he
72
left a 29-year career at Jones Day, one of the top SOCAP changes lives.
law firms in the world, to found iPar, an impact
data and transparency platform facilitating “In the early years, I came to find the fuel I needed
capital deployed to create and encourage human to keep my vision alive for my work in community
flourishing. development investment. In the middle period, I was
engaged to help grow the space. We used to commit
For Jeff Tuller, it’s clear that – after attending all over and over to set the table for the broadest, perhaps
ten years – he wouldn’t miss it for the world. even unexpected participant to feel welcome at SOCAP,”
Penelope recalls.
Jeff also has experience in both the for-profit and
the non-profit sectors. It happens that the first During that time, Penelope encountered so many
SOCAP came about as he was trying to decide on people who talked about how SOCAP had changed their
his next step. He heard about the conference and work, changed their minds about impact investing and
decided to attend, especially when he learned social capital ideals. And now, Penelope has changed
that it meant a trip to San Francisco. And he her work as well and is doing big, new things because
knew almost immediately that he had made the of the knowledge she gained at SOCAP.
right decision. “You know how you have those
moments when you know you are in the right “I am acting, collaborating, and birthing a new idea,” she
place, you know you are where you need to be?” says. “The total of all these years at SOCAP gives me the
knowledge, yes, but more importantly the confidence in
Although Jeff can’t quite explain how SOCAP values I hold dearly, so I can take new risks and create
does what it does, he’s a firm believer in its new work.”
importance. “I don’t even know
if it is by design or by accident. It
is art and science. There is some
kind of unicorn magic going on.
Somehow Rosa Lee and Kevin can
get big business like JPMorgan or
the Gates Foundation talking to the
crunchy people, the tree-huggers,
and to partner in order to make
something different. I have no idea
how they pull that off.”
73
MY PATH
TO SOCAP
FOUR EPIPHANIES THAT LED ME TO SEE THE NEED
FOR SOCAP, TO CREATE IT, AND HELP IT EVOLVE.
BY KEVIN D. JONES
76
the product. And we wanted the participation of
others who got the vision.
We’re happy to report three successes: $7 done when they’re no longer working, reliably
million on $2 million invested in the literacy creating new stuff that hasn’t been done before,
focused online bookseller Better World Books; working relentlessly, and simply refusing to fail.
$3.1 million on $1.1 invested in Alter Eco that we
are exiting now, which grew from $1.5 million to To solve the larger problem of funds like ours
more than $20 million in profitable revenue on – and a lot more were cropping up – we had to
fair trade, organic, carbon-neutral chocolate change investor mindset. As we witnessed in
and quinoa with biodegradable packaging; and others, sometimes change can be frightening.
15% return on an investment in Root Capital, the And sometimes it can free us up to discover the
non-profit that created the category of fair trade next level of service we can offer. In this case, we
coffee. knew we didn’t need to change our product; we
needed to change the mindset of the customer.
A couple of years ago when it became clear we
were going to succeed, I suggested to Tim that That awareness led to -
we scale the concept. Microvest – which was the
first fund doing equity in microfinance – had a EPIPHANY NUMBER THREE:
first fund of our size, about $6 million; and they’d WE NEEDED TO CREATE A
gone on to do funds of $30 million, $60 million,
and more than $100 million. MARKET AT THE INTERSECTION
OF MONEY AND MEANING.
Tim, who knows me so well, explained that scaling
means repetition. “Okay,” I said. “Kevin,” he said, This insight, surprisingly, came from experience
“that’s doing the same thing again.” “Oh,” I said. in the farm-raised catfish industry.
“I hate that.” Thanks for the reminder, Tim.
In the ‘80s, Rosa Lee launched a trade publication
Yeah, we do boutique, artisanal, and new. We can in Mississippi called the Catfish Journal. When
be part of things that scale eventually. But our catfish live wild in the river, they’re bottom
expertise is in questioning the way things are feeders. Farm-raised, they feed on a nutritious
77
grain pellet that floats in an aerated pond. Eating EPIPHANY NUMBER FOUR:
those two types of catfish are very different EVOLVING THE MODEL; ADJUST
experiences. River fish is associated with the
traditional country-style recipe of breaded and FOR BLIND SPOTS ALONG THE
fried. Farm-raised fish could be substituted in WAY.
white tablecloth restaurants for a dover sole.
Those farms had the potential to be a big new Fast forward a few years. SOCAP was doing well
market for poor Mississippi farmers, if people and growing: enabling startups to get funded,
could get over the idea that catfish was a low- and funds to raise investment; broadening its
class fish. The technology had changed the reach and partnership to include international
product, but the image was stuck in the past. development agencies and big foundations;
and expanding internationally. The number of
To change the perception of the consumer, we countries represented at the conferences had
hired Willard Scott – the weatherman on the grown to more than 50.
Today Show – to do a series of tours in the nation’s
heartland; New Orleans to Chicago and Detroit. And then, Konda Mason pointed out a way
He would go to a small or medium-sized town that the SOCAP paradigm was still only half-
with an NBC affiliate that had a morning show; baked; it only worked for some people. College
and we’d recruit a local chef who would come on graduates, mostly white or Asian, were getting
with a recipe we’d prepared, amaze the morning funded. African startups were getting funded:
show hosts, and explain to people that catfish was like Farmerline in Ghana, and an education tablet
not what they’d thought; it was a fine fish that the company from Kenya that we’d highlighted had
best places were serving. People’s perception of gone on to become dominant in its market. But
the fish changed, one trusted morning show at a it was not working for African Americans. Konda,
time; and sales grew to $300 million. the founder of Impact Hub Oakland – which
Good Capital had invested in – pointed out to me
I knew from the Catfish Journal that if you that there were more scholarshipped African
incarnate a new idea, and let people see and entrepreneurs on a path to funding at SOCAP
experience the possibilities for themselves, they than there were African Americans. She made us
are more inclined to be swayed. In the face of aware of that blind spot.
these “two pocket” thinkers, I knew we had to
do the same thing with impact investing. We had So, for a couple of years, we hosted panel
to show them. The new, liminal space between sessions led by experienced African American
giving and investing had to arise to show what investors – like Ben Jealous, Ed Dugger, Kesha
was possible. Cash, Stephen DeBerry, and others – who pointed
us to companies led by African Americans they
And that leads me to - had invested in. But nothing was really changing.
78
I thought about it, a lot. SOCAP was built on order to address systemic injustice, it’s clear we
including the outsider, and finding a way they need to go far beyond the current models.
could become unlikely allies, and yet we still
had outsiders. We, the Runway team – working with several
experienced collaborators from Cincinnati to
I was learning – from Connie Evans of AEO – that Oakland to Seattle – have come up with some
marginalized communities often don’t get hired meaningful and actionable solutions, that are
because they don’t look like the people doing both locally and culturally appropriate, and also
the hiring. So, Connie said, entrepreneurship scalable past the pilot stage. We’re working
would be the path to wealth. But, how do we get together to hopefully create a network that
these startups noticed, respected, and funded? spreads the model. Our big dream, and my
What was the path to change this systemic blind current passion, is seeing that model spread
spot, leftover ripples from generations of racial – to be something well-known, accepted, and
injustice? powerful like Habitat for Humanity – across the
country, from city to city. (See the section on
And then I met Jessica Norwood; a Cummings SOCAP16 for more on the Runway Project.)
Foundation fellow, BALLE fellow, activist,
and experienced social entrepreneur from As we continue into the future, to work towards
Mobile, Alabama. At our second Neighborhood greater positive impact for people in every
Economics conference, she explained the neighborhood, my instinctive focus will continue
critical inflection point to intervene in the to look for the people that our solutions don’t
system. It was the lack of friends and family uplift. Scouting for the valuable strangers on
funding for African Americans, due to the racial the edge, outside the big tent, who can become
wealth gap. unlikely allies, while acknowledging that a lot of
times other people will need to point them out
In affluent communities that first funding is to me.
usually a social thing; you
reach out to family, people
you went to college with,
do business with, and they
support the idea with an on
ramp (or runway) of initial
seed fund capital. In this
case, Jessica and I wanted
to create a virtual rich aunt
to financially support the
ideas of those whose friends
and family weren’t able to. In
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TOWARD THE FUTURE
OF IMPACT INVESTING
SOCAP GOING FORWARD
You may have noticed a few changes for this year’s event. Bob went on, “It’s really a remarkable brand that they’ve
Then again, maybe you haven’t. “We are in the midst of built.”
exciting transitions for SOCAP, and we also have been
careful to remain true to the mission and values that we In the midst of transitions, much of the feel of SOCAP will
began with,” Rosa Lee explained. remain the same because the most visible and central
team members are still actively involved and will still
What you may not know is that – since SOCAP16 – be doing the work you’ve come to know them for. Kevin
the conference has been acquired by a group of new will remain out on the edge, looking for what is new in
investors. Most of the group have been regular SOCAP the field, and scouting to bring that work back to SOCAP.
attendees, and all of them want to see the impact Rosa Lee’s keen eye for what participants want, and for
investing space continue to grow and evolve, and make how the event needs to feel will continue to define the
an even bigger difference in how people invest and SOCAP standard. And Lindsay, SOCAP’s brilliant curator,
spend their money. will continue to weave all of the content together and
present it in ways that make it accessible for people with
WHAT ISN’T CHANGING? different interests and backgrounds.
Rosa Lee and Kevin are at the center of SOCAP, the WHAT IS CHANGING, THEN?
vision keepers. As the space shifts and SOCAP continues
to mature you will still see and hear from them as you “The primary change is that SOCAP is now made up of a
have at prior SOCAP events. much larger team,” Bob said. “We have restructured it
in a way that has allowed us to bring more people to the
Bob Caruso – Chair of the new SOCAP Group – explained, table as we move forward.”
“Rosa Lee and Kevin have three key ingredients that are
essential to SOCAP. 1) Their authenticity to the space is Some of you may have noticed – in reading the
undeniable. They are in this because it is the right thing introduction to this book – that Jed Emerson is now
to do, and that rings true at every level. 2) Their desire an official part of SOCAP: serving as Vice-Chair of the
to make sure that every voice and every background SOCAP Group. “New resources for SOCAP have allowed
is participating is so unlike many other events in this us to have a much broader group of people who are all
larger conversation. They’re not afraid to put the difficult working for the same purpose,” said Rosa Lee. “We
conversations on the stage, and that matters. And 3) believe that impact investing is genuinely ready for the
they can get almost anyone to show up and participate.” amazing entrepreneurs – who have been working in
80
their own lanes – to pull together, to work bigger and values and has the tools to take action. Then, we have
faster, to have more impact. We expect to invite even to be sure that there are enough opportunities so that
more future collaborations as we move forward. These people can invest in ways consistent with their values.
changes allow SOCAP to have a bigger voice, a bigger That is the work ahead of us.”
engine, but the heart of the work will remain the same.”
WHY CHANGE?
There is increasing demand and competition on every
single continent as people are trying to figure out how to “We are doing this because it’s what the world needs,” Bob
align their wallets with their values. How does this apply explained. “We want to keep leveraging and maximizing
in all different parts of the world? all the amazing efforts happening in the field today. As
a community, we have to ask ourselves: how do we best
“To address that need, going forward you may see collaborate and execute these ideas to drive more capital
that SOCAP is turning up the volume on media and to impactful and sustainable investments? This is an
storytelling, making our content available in many ambition that only collaboration can help realize. We will
different venues and platforms, getting our message out continue to promote and incorporate all the great work
everywhere possible,” Bob said. being done by the many amazing organizations in the
field. This is about our collective potential to change the
“The goal moving forward is to make Main Street aware world for the better.
that the market can be used as a tool for positive social
impact,” he continued. “It really is about taking this “As the world catches on to the significant role that capital
industry to Main Street. We may use traditional finance can play in changing the world for good, our hope is that
because that’s where the money is. But how does this SOCAP will not only be known as one of the places where
entire idea become much more ubiquitous? We must this movement got started, but will also continue to play
create a common, shared understanding so everyone is a pivotal role in creating the world where we all want to
aware of the opportunity to align their capital with their live.”
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THE POWER OF 1000S
When we first started working on the idea of a 10th Of course the founding team was so essential, and made
anniversary book, it was daunting to imagine presenting the work easy. Gary Bolles and Heidi Kleinmaus were
a story about SOCAP that was inclusive of all, without not only amazing partners but also became good friends
leaving out someone important. And as we’re wrapping in the early years while we worked together on SOCAP.
this up to go to print, it’s astonishing looking at how much And Mark Beam was a huge encourager who brought
is said and yet thinking about all of the people who have the first major sponsor, Halloran Philanthropies, to the
played a part who we failed to mention! What a collective table. Thank you to Mark, Tony Carr and Harry Halloran
labor of love this all is! for your tremendous support.
So, when it came to say thank you to the team that has The early team of Jon Axtell and Amy Benziger, along with
moved SOCAP forward, no ‘Power of 10’ would suffice. dozens of other part-time staffers and interns brought
All of this really is about the power of thousands. And SOCAP to life out of what seemed like nothing for years.
there is no doubt that’s the magnitude of people to be Jon’s best friend, Casey Terrazas, showed up to help
acknowledged and grateful toward. out with technical details in the third year and has been
a mainstay ever since! A year later Megan McFadden
Over the 10 years of SOCAP, more than 20,000 people turned from volunteer into our media and marketing
have registered for SOCAP events. There have been guru and helped the conference continue to grow to the
the ten main SOCAP events, plus 2 in Europe, 1 edition point that we outgrew an all-volunteer registration team.
of SOCAP Health, and 1 of SOCAP Share, 2 SOCAP Soul After Fabienne Blanc started managing registration we
events, plus 4 Neighborhood Economics events and couldn’t imagine how we had managed without her.
dozens of SOCAP365s.
Bert-Ola Bergstrand has been a consistent advocate
With all those events, my guess is that we have had close from ‘sunny Sweden,’ and Frank van Beuningen and
to 2,000 people volunteer and pitch in. SOCAP would not Margaret McGovern believed in SOCAP so much that they
exist without them; and as a gesture of thanks to them wanted to bring it to their hometown of Amsterdam, and
all, I want to highlight Anne Peskoe who, almost every we are deeply grateful for that. Our two European events
year, has volunteered many hours ahead of conference were formative for the impact investing space and for
registration. Anne is now so regular that she doesn’t our work.
even register, she just shows up for work a week before
SOCAP. Many of our volunteers have approached working A few years back, Diana Connolly and her team at
at SOCAP as seriously as Anne and for that we are very Groundswell Marketing – in particular Nicolette Oliaro
grateful. One has even flown from Europe to help out, – brought tremendous order to all things to do with the
and while we did find some paying work for him to justify facility and operations. But one thing they didn’t change,
his trip, Bert Meijers is another volunteer who can stand because attendees would have rebelled if they had, is
in as an example of what folks have done to help us out, the consistently amazing, sustainable, organic food from
and to get to attend SOCAP. Britt Galler and her team at Acre Gourmet.
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Both Liz Krueger and Ben Metz helped in the transitional personal gofer during SOCAP, our son Bradley and our
years by managing content for a couple of critical years. grandson Logan. And thanks to our daughter BJ, who
Liz also produced both the SOCAP Share and SOCAP has read and edited every single word written in every
Health mini-events. single SOCAP program book. A labor of love to be sure.
BJ’s son Asher was on stage as a baby at SOCAP08 and
For the first six or seven years SOCAP had to be helped close the show in SOCAP13.
reinvented every time, many times with new people
filling critical spots. Most of them have gone unnamed With us from the beginning, and to this day, has been
here but without them we could not have done this. our son-in-law, designer extraordinaire, (and Asher’s
But, the last three years have brought together a solid father), Aaron Maret, who has held the design vision for
team of professionals who are committed to this project the look and feel of every single event we have done.
year round. That team, led by the amazing Lindsay
Smalling, includes Jamie McGonnigal who works with Kevin insists that I not end this litany of thank you’s
our sponsors and partners to make sure they have the without a special call out to Lehman Brothers. Their
very best experience, Liz Maxwell who keeps SOCAP bankruptcy just weeks before the first SOCAP was a
alive year round by curating dozens of SOCAP365 events real marker to the world, showing that something in
around the country, and Justin Belleme and his team at our system of capitalism was deeply flawed. I think that
JB Media in Asheville keep growing the online SOCAP systemic failure allowed people not to be passive any
community. longer, and take action to form this community that longs
for a better way to understand, and be in relationship
Tim Soerens is another one of those amazing people who with their money. As Kevin says, SOCAP08 presented a
deserves major kudos, not only for holding the “Meaning” flight to hope in that crisis.
side of the equation at SOCAP but also helping launch
our sister mini-conference, Neighborhood Economics, And thank YOU ALL for showing up! SOCAP is a great
that is a big part of what we’re up to. community of folks all around the world. We are so glad
to have been midwives giving birth to this community and
From the beginning, Fred Fassett of Minuteman Press are looking forward to witness how it continues to grow!
has been one of our top cheerleaders. His work and
support with our program book, and his encouragement Much love,
as a friend has been deeply appreciated.
Rosa Lee
And a big thank you to Paula Garrett for this major piece
of work, interviewing, chronicling these ten years, and
putting pen to paper for almost every word in this book.