Omidyar impact investing fund
Assess the Relevance and Scale Investors should begin by considering the relevance and scale of a product, a service, or a project for evaluation. A manufacturer of home appliances may want to consider investing in energy-saving features in its product lines.
A health clinic provider may want to assess the potential social benefits of expanding into low-income neighborhoods. With regard to scale, ask, How many people will the product or service reach, and how deep will its impact be? The financial and participation data in this article is representative; the actual numbers are confidential. Rise identified three EverFi programs that already had significant reach: AlcoholEdu, an online course designed to deter alcohol abuse among college students, which was given at more than universities; Haven, which educates college students about dating violence and sexual harassment and is used at some universities; and a financial literacy program that introduces students to credit cards, interest rates, taxes, and insurance, and is offered at more than 6, high schools.
On the basis of projected annual student enrollments in these programs, Rise estimated that an investment in EverFi could affect 6. Consider another Rise investment, Dodla Dairy, which procures and processes fresh milk every day from more than , smallholder farmers across rural southern India. The number of farmers affected was known, so what Rise needed to assess was how much milk Dodla was likely to buy from them and at what price. With projected sales of 2.
Smallholder farmers with a reliable buyer for their milk spend less time and money marketing and have the predictability and support needed to make long-term investments, increasing milk yields and, therefore, income. Identify Target Social or Environmental Outcomes The second step in calculating an IMM is identifying the desired social or environmental outcomes and determining whether existing research verifies that they are achievable and measurable. Over the past decade foundations, nonprofits, and some policy makers including the U.
That would amount to some , fewer incidents. According to the National Institutes of Health, alcohol-related deaths account for about 0. Rise estimated that AlcoholEdu would save 36 lives among the approximately 2. Lives saved, arguably the most important impact of less drinking, are relatively straightforward to monetize. But reducing alcohol abuse clearly has additional benefits for individuals and society. For Haven we focused on the prevention of sexual assault. Some Applying this data to 2.
Cellulant, a regional African provider of a mobile payments platform used by banks, major retailers, telecommunications companies, and governments, is a good example. Cellulant worked with the Nigerian Ministry of Agriculture to redesign a corruption-plagued program that provided seed and fertilizer subsidies.
The company developed a cell phone app that allows farmers to pick up their subsidized goods directly from local merchants, reducing the opportunity for graft. Our task was to understand the economic impact on farmers when they received the subsidized seed and fertilizer. To choose an anchor study we look at several key features.
First, its rigor: Does the study systematically evaluate previous research results to derive conclusions about that body of research? Alternatively, does it present findings from a randomized controlled trial—which compares groups with and without a designated intervention? Both types of research are preferable to observational or case studies.
Just as important is relevance: Does the study include people living in similar contexts urban, say, or rural and in the same income bracket? The closer the match, the better. Recent studies are better than older ones. And studies frequently cited in the research literature deserve extra consideration. When uncertainty or a lack of reliable research stalls your work, seek guidance from an expert in the field.
For example, we sought advice from the Center for Financial Services Innovation, in Chicago, when we could not locate appropriate studies demonstrating the impact of helping people establish a regular savings habit—one of three impact pathways we were examining for Acorns, a fintech company for low- and middle-income individuals. That call led us to research showing that even modest savings among the target group can reduce the use of high-cost payday loans.
To translate the outcomes of AlcoholEdu into dollar terms, we turned to the U. In the case of Haven we found that researchers at the National Institutes of Health have done quite a bit of work on the economic impact of sexual assault. Wrestling with Moral Issues At times, monetizing social or environmental benefits and costs raises complex questions. For instance: Does an extra dollar of income have greater impact on someone in an emerging market versus someone in a developed market?
When increased income is the target outcome, should we count that impact no matter how much the family was earning before, or only when it earned below a certain threshold? When saving lives is the desired outcome, can we put a dollar value on each person who benefits? To address such questions, Rise, an impact-investing fund, relies on research to ground decisions in evidence and provide an analytical basis for decision making. For instance, for some IMMs Rise has created a global weighted average value of a life saved rather than using a country-specific metric, to avoid the unintended consequence of tipping investments in favor of developed countries.
For other IMM calculations Rise has looked at how impoverished people actually spend incremental dollars in contrast with those in a higher income bracket. Such difficult issues merit ongoing attention from the investment and research communities. Assuming that 1.
Adjust for Risks Although we have proved to our satisfaction that social science research can be used to monetize social and environmental benefits, we recognize the risk in applying findings from research that is not directly linked to a given investment opportunity. Therefore we adjust the social values derived from applying the anchor study to reflect the quality and relevance of the research.
We assign values to six risk categories and total them to arrive at an impact-probability score on a point scale. Two of the index components relate to the quality of the anchor study and how directly it is linked to the product or service. Large capital deployments from development institutions made possible a number of our other significant commitments this year. We are encouraged by the appetite that many of these development institutions have shown to lean into deeper impact.
Catalytic can mean reasonable While many have come to associate the concept of catalytic capital with blended finance or creatively structured, multi-tranche vehicles, sometimes the most catalytic thing that an impact investor can do is to offer reasonable, low-cost capital where it is most needed. A number of our commitments were made to community development finance institutions , or CDFIs, in the United States working in areas of persistent poverty and deep need. We made low-cost capital available to two CDFIs working specifically on resident-owned mobile home communities.
This sub-debt position allows Root to continue raising senior debt to scale their activities. We will be focusing these bond holdings solely on offerings that are located in persistent poverty zip codes in the United States. Fintech inclusion Emerging market fintech has become a hot category for all investors, whether impact-focused or not.
The potential to enable a leapfrog change in financial services infrastructure has drawn significant interest and venture capital over the past five years. And while technology advancements such as mobile money play a key role in facilitating the rural business models that we fund, we have been more an observer of this market than an active participant.
This changed in as we made a number of investments in the category. As their first, pilot lender, we have watched happily as Lendable, a tech-enabled lending platform for non-bank financial enterprises, has grown their capital under management.
New approaches to income-generation Our focus on rural livelihoods has often meant using our limited PRI program related investment dollars to focus on agricultural initiatives, with a particular emphasis on inputs and direct assistance for smallholders. In , we began to expand our scope of pilot lending however to include a range of interventions, both agricultural in nature, as well as those focused on other income-generating activities for rural individuals.
The Victory Farms model not only provides local employment, but aims to engage small fishers in the area, as well as local fish traders, many of whom are women that are exploited by suppliers. Our line of credit provides the business with cyclical working capital to fulfill a growing queue of purchase orders from major western retailers.
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