tag:blogger.com,1999:blog-48550722860230565182024-03-22T04:31:46.777+08:00Conscious CapitalismCapitalism with a Heart and MindDurreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-4855072286023056518.post-88769852768921142912015-04-07T17:34:00.003+08:002015-04-07T17:34:34.513+08:00Bangladesh's Entry Into Impact Investing<div dir="ltr" style="text-align: left;" trbidi="on">
This article was published in Daily Star on February 22, 2015<br />
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Growing up as a daughter of a high ranking civil servant in
Bangladesh, I have distinct memories of my father's trip to Paris every
year in the 1980s. To me it was exciting -- Papa was seeing Paris -- the
most romantic city in the world. To him it was a dreaded trip because
it was Donor Consortium that brought him to France to beg for donor
money for Bangladesh.<br />
<br />
I remember my father sadly referring to himself as the 'official
beggar of the country'. His begging would put in place the much needed
public sector goods and services such as food, health care, medicine and
education for millions. No matter how good the ultimate goal of the
'begging' was, the process was demeaning and unsustainable. It went on
the same way year after year.<br />
<br />
Fast forward 30 years later, some of the good that did come out of
the donor money is the creation of multiple infrastructures by the
government and non-government bodies in Bangladesh that gave rise to
parallel economies along with the traditional private/export sector such
as microcredit, village health programme, education and healthcare for
the poor.<br />
<br />
Bangladesh's enabling regulatory environment has resulted in a
vibrant development landscape with development giants like BRAC, Grameen
Bank, ASA as well as over 26,000 smaller NGOs and 600 microfinance
institutions. The unprecedented efforts of these institutions to
galvanise the country's development agenda have put Bangladesh on track
to achieve five of the eight Millennium Development Goals.<br />
<br />
According to the 2013 report by the Social Progress Imperative (SPI),
Bangladesh produced another 'development surprise' in the Saarc region,
ranking 99 among 132 countries -- a relatively strong performance when
compared with Nepal (101), India (102) and Pakistan (124).<br />
The efforts, launched by the NGOs and microfinance institutions, may
have had their birth with the assistance of donor funding but there is
an increasing awareness that there is, without doubt, more to be
achieved in terms of responsible, equitable growth and sustainable
impact for Bangladesh by Bangladeshis.<br />
Disturbingly, Bangladesh's economic progress has been uncorrelated
with equitable social progress so far. The World Bank measured
Bangladesh's GINI Coefficient at 32 percent (higher than less
industrialised countries such as Albania, Niger, and Serbia) and the
country was ranked 111 out of 148 countries on the Gender Inequality
Index in 2012. This is exemplified by Bangladesh's readymade garment
sector, which employed over 4.4 million workers in 2013, of which an
estimated 85 percent were women. Although this 'feminisation' of the
industry was interpreted as an indicator of female emancipation, it
occurred under an extremely exploitative context. Weak labour laws
resulted in most RMG factories falling short on social compliance,
demonstrating the failure to provide the female workforce with basic
human rights.<br />
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Incidents like the collapse of Rana Plaza magnify the need to have
holistic approach to growth where financial gains accompany creation of
social good and where social and development goals can be achieved in a
financially sustainable manner (i.e. not relying on grant funding). This
means we can no longer ignore the fact that there has to be more of a
connection between the private sector and the development sector, and
growth has to be achieved by both sectors working together.<br />
<br />
If Bangladesh is to achieve its goal to become a middle income
country by its 50th anniversary of Independence, is it possible for us
to say the country will be a leader in sustainable development where
lasting economic growth is accompanied by sustainable social and
environmental returns?<br />
By embracing the world of impact investing, Bangladesh can access to
substantial private capital to address the issue of inequitable growth
and drive forward the development agenda.<br />
<br />
Impact investing refers to investments that are intended to create
positive social impact beyond financial return, advocating that the two
are not necessarily mutually-exclusive. The practice of grant making and
donor funding has traditionally been considered separate from investing
in both objective and approach, but the emerging field of impact
investing creates the opportunity for a productive collaboration between
these two disciplines.<br />
<br />
The goal of impact investing is not to substitute these mechanisms,
instead to tap into a much larger pool of commercial capital, endowments
and fiduciary investments that can augment the impact of traditional
sources of mission-oriented capital. Estimated by the World Economic
Forum to reach $1 trillion by 2020, impact investing has the potential
to introduce a whole new spectrum of private sector investors into
Bangladesh and massively redirect private capital towards magnifying
development efforts across the country.<br />
However, providing a supply of impact-oriented capital solves only
one side of the problem. Aligning the capital with demand would involve
identifying and supporting, among others, social enterprises (defined as
mission-driven for profit companies or market-driven not-for-profit
companies), which use business methods to achieve a social or
environmental mission.<br />
<br />
Nobel Peace Prize winner Muhammad Yunus has set the stage by
launching Yunus Social Business, which uses an incubate and finance
methodology to bridge the gap between social enterprises and
philanthropic lenders and donors. However, social business has its
limitations as it dictates how much the private sector can make in
financial returns. If we want effective private sector involvement we
can not dictate how much businesses should or should not make in profit
and what should be done with the proceeds. The focus has to be on
achieving and measuring the social and environmental outcomes and
allowing financial returns to go hand in hand with it. This approach
works, and this is an effective way in making everyone from investors
and entrepreneurs to beneficiaries a part of the process. We are seeing
incredible results of impact investing across Asia, and now we need to
allow the impact investing to take off in Bangladesh.<br />
Innovative models such as Hathay Bunano, which focuses on rural
livelihood creation, Waste Concern which promotes waste recycling and
sustainable development and the social enterprise arm of Kazi & Kazi
Tea are redefining the dominant narrative of pure business and pure
philanthropy, recognising the increasingly blurring lines between the
two.<br />
<br />
However, sustainable social entrepreneurship remains a nascent
concept in Bangladesh as there are few investment-ready social
enterprises that have the capacity to effectively infuse capital and
achieve tangible impact, and existing high-impact organisations rarely
self-identifying as social enterprises. This indicates a need not only
to nurture the space, but also to educate these organisations on the
benefits of attracting private capital to expand their operations and
deepen their impact.<br />
<br />
The role of field-builders in the space is to catalyse both sides of
the equation to ensure Bangladesh is truly ready to embrace impact
investing. The supply side involves designing inclusive 'on-ramps' for
investors with varying risk-return appetites and designing innovative
financial products that re-endogenize social considerations into
investment decisions. Nurturing the demand side of the equation entails
the development of a pipeline of high-impact business models that are
investment-ready and can effectively deploy this capital. This will
enable impact investors to scale innovative new models that can drive,
support and accelerate positive change in a sustainable way, taking
Bangladesh to the next level in its development story.<br />
<br />
Catalysing the impact investing space could help Bangladesh not only
harness the potential of private capital to advance the development
agenda, but also serve as a voice for progress in the region and beyond.
While the donor funding is still essential in catering to many basic
needs of the country, the time is right for some of these funds, coupled
with constructive public policy, to be diverted to create the
infrastructure for impact investing and creating the path for equitable
and sustainable growth where the private sector and the development
sector can effectively and efficiently come together.<br />
<br />
British Council is bringing together a policy gathering around the
social enterprise space this week. I hope this will be the beginning of
many discussions on how we make Bangladesh be known as the country of
26,000 NGOs as well as 100,000 social enterprises. Let's begin the
work.<br />
<br />
<strong>The writer is founder of Impact Investment Exchange Asia and
Shujog -- two Singapore-based organisations leading the impact investing
work and movement in Asia.</strong><br />
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Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com1tag:blogger.com,1999:blog-4855072286023056518.post-45253103576425311052015-01-12T16:58:00.002+08:002015-01-12T16:58:40.199+08:00Joseph Wharton Award Acceptance Speech<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "Times","serif"; font-size: 13.0pt; line-height: 150%;">Joseph Wharton Award Acceptance
Speech</span></u></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 13.0pt; line-height: 150%;">Thank you,
Katherine, for the kind words. I want to thank the Wharton Club of New York, the
Wharton administration, past Joseph Wharton Awardees and my fellow alums and
friends who nominated me and selected me for this award.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 13.0pt; line-height: 150%;">I humbly accept
this award not only for the work that I am doing but also for the work that many
other Wharton alums are also tirelessly doing to make finance into a force for
good, including pioneers like Wayne Selby, who received this honor before me,
and others doing equally important work today, such as Lisa Hall, Nick Donohoe,
Suzanne Biegel, Jean-Philippe de Schrevel<span style="mso-spacerun: yes;">
</span>to name a few. </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 13.0pt; line-height: 150%; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">I am from Bangladesh. I was the first Bangladeshi
woman to work on Wall Street and also the first Bangladeshi woman to attend
Wharton. I have spent a life-time breaking down barriers and constraints and at
the same time building </span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 13.0pt; line-height: 150%;">bridges between
cultures</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 13.0pt; line-height: 150%; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">.<span style="mso-spacerun: yes;"> </span>Looking back
I can see that I have been able to accomplish what I have in part because I
could effectively take the ‘best practices’ of each culture and create an
effective<b style="mso-bidi-font-weight: normal;"> third </b>way for myself.<span style="mso-spacerun: yes;"> </span>The pursuit of an effective third way is what
brings me in front of you today. </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt;">We live in a prosperous world
today.<span style="mso-spacerun: yes;"> </span><span style="color: black; mso-themecolor: text1;">Gross World Product has increased nearly 70 times in the
last century alone from $ 1 trillion in 1900 to over $70 trillion today. With
continuing improvements in modern science and medicine, people are healthier
and living longer.<span style="mso-spacerun: yes;"> </span></span></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">Despite this wonderful economic report card, if one scratches the
surface a large gap between the haves and the have-nots is apparent. Globally,
over 2 billion people still suffer from multidimensional poverty. <span style="mso-spacerun: yes;"> </span>Billions of people still go hungry and don’t have
access to clean water and electricity. The United States is not immune to this,
with increasing inequality and persistent areas of need.</span><span lang="EN-US" style="font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt;"></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">It is a reality that the economic system as it is today is not conducive
to equitable, sustainable growth. If we want the world to be a more equitable
place, we have to focus not only on implementing the efficiency measures we
learned at Wharton but also on changing the paradigm so that the market more
effectively delivers prosperity to all. It is not enough to focus on maximizing
output; we also need to ensure that the outcomes achieved match with our
fundamental goals.</span><span lang="EN-US" style="font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">Traditional capital markets are good at maximizing output, but lack the
“heart” required to achieve our higher aims. At the same time, there are not
enough dollars devoted to philanthropy to fully meet that need. To solve the
world’s most pressing problems and deliver on the dream of prosperity for all,
we need to harness the power and scale of the capital markets together with the
social consciousness of the philanthropic sector.<span style="mso-spacerun: yes;"> </span>Thus, A <b style="mso-bidi-font-weight: normal;">third
way</b> is necessary.<span style="mso-spacerun: yes;"> </span></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">I believe that this <b style="mso-bidi-font-weight: normal;">third way</b>
is the social capital markets which will enable socially conscious investors to
combine the efficiency of the free market with the higher mission of
philanthropy and to invest for impact. </span><span lang="EN-US" style="font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">This third way requires the creation of a
vibrant marketplace which harnesses the power of the capital markets to bring
together investors, entrepreneurs and the entire financial ecosystem who value
social and environmental returns as well as financial returns. This impact
investing phenomenon is now a movement.</span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">My contribution to this movement has been the two companies I created – Impact
Investment Exchange, in short IIX and Shujog – which are now leading the impact
investing movement in Asia and effectively working towards expanding this movement
from niche to mass. </span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">IIX has become a market leader in impact investing in Asia. IIX runs successful
accelerators for impact enterprises, operates a private placement platform for
direct investment and has recently launched the world’s first social stock
exchange. Through its work, IIX channels investment capital from investors like
yourselves to impact enterprises that are working in the field to serve millions
of disadvantaged people in Asia, giving them access to credit, clean water, electricity,
vocational training and low cost housing and education. IIX is also structuring
innovative financial securities to float on our exchange, such as a Women’s
Impact Bond that I announced at the Clinton Global Initiative last week.
Women’s Impact Bond will impact the lives of millions at a go and also provide financial
returns to investors. We are also now launching a private equity fund that will
make growth investments in Impact Enterprises in South and Southeast Asia,
catalyzing greater impact throughout the region.</span><span style="font-size: 13.0pt; line-height: 150%;"></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">While IIX is playing a role in raising investment capital for Impact
Enterprises, my other company, Shujog, focuses on quantifying, strengthening
and deepening the impact of these organizations to their communities. <span style="mso-spacerun: yes;"> </span></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span lang="EN-US" style="color: black; font-size: 13.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-themecolor: text1;">The work of the two organizations has already impacted the lives of more
than 10 million people while delivering on the promise of financial returns for
investors and helping to support sustainable, equitable development in the
region.</span><span style="font-size: 13.0pt; line-height: 150%;"></span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span style="font-size: 13.0pt; line-height: 150%;">Fellow
alums, I urge you to join me in this journey of the ‘third way’ not only as a
moral imperative but also to be a part of history in the making. If we believe Wharton
is the best business school in the world, then let’s show the world that it is
a leader in sustainable business. Use your skills and resources to immortalize
Wharton not only on Wall Street, but also on all the Main Streets and dirt paths
of this world. </span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span style="font-size: 13.0pt; line-height: 150%;">Each one
of you have made incredible contributions to society through your professional
work and, in many cases, your philanthropic giving. Now is the time to combine
these two facets of your life to support investing for impact. There are many
ways to do so. As individuals or organizations, you can direct a portion of
your investment portfolios into investing in impact enterprises and impact funds
and supporting innovative financial mechanisms for impact -- all of which will
enable you to make an impact through investing in myriad ways.</span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span style="font-size: 13.0pt; line-height: 150%;">Ladies
and Gentleman, I would like to take this moment to thank my life partner Robert
Kraybill who has tirelessly supported me on this journey of doing good for the
last 25 years. Thank you, Rob. </span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span style="font-size: 13.0pt; line-height: 150%;">I leave
you with the words of Martin Luther King, "The time is always right to do
what is right".</span></div>
<div style="line-height: 150%; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;">
<span style="font-size: 13.0pt; line-height: 150%;">Thank you
again for your support and belief in my work. Let’s do the right thing and
let’s invest in impact.<span style="color: #1a1a1a;"><span style="mso-spacerun: yes;"> </span>Thank you.</span></span></div>
</div>
Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-20284988283133697812015-01-12T16:57:00.000+08:002015-01-12T16:57:10.040+08:00Press Release on Joseph Wharton Award<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">Professor Durreen Shahnaz receives the 2014 Joseph Wharton Award for
Social Impact</span></b></div>
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<span lang="EN-US" style="background: yellow; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-highlight: yellow;">3 October 2014</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;"> - Impact Investment Exchange Asia (IIX) and Impact
Investment Shujog (Shujog) are pleased to congratulate our Founder and
Chairperson, Professor Durreen Shahnaz, on receiving the 2014 Joseph Wharton
Award for Social Impact. The award is presented annually to the alumnus who has
made a significant impact in public services, social enterprise or
philanthropy. The Joseph Wharton Award is one of the highest honor that Wharton
Business School confers on its alumni. </span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">This award effectively recognizes Professor Shahnaz’s
efforts in bringing impact investing to the masses through her work at IIX and
Shujog. IIX and Shujog, both Singapore-based organizations, have been at the
forefront of driving impact investing, particularly across the Asia Pacific
region. </span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-font-kerning: 12.0pt;">In her acceptance speech,
Professor Shahnaz explained, “Equitable and sustainable growth cannot be
reached within our current systems. There has to be a middle ground between
profit maximizing businesses and charitable organizations that rely on donations.
This middle ground, or third way, is impact investing, a vibrant marketplace
where social, environmental and financial returns come together." She
added, “IIX and Shujog have created a vibrant ecosystem for impact investing
with thousands of companies and individuals working together to create a
financial system that works for all and where everyone can be a participant. The
work of the two organizations have impacted the lives of more than 10 million
people positively while bringing an average return of over 10% for the investors.”</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;"></span><br />
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">Professor Shahnaz accepted the award on Thursday, 2nd
October 2014, at the Metropolitan Club, New York City. Other recipients of the
2014 Joseph Wharton Awards include Robert Crandall, Former Chairman of American
Airlines, Alex Gorsky, Chairman of Johnson & Johnson and Neil Blumenthal
and Dave Gilboa, Co-founders and Co-CEOs of Warby Parker. </span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">In concluding her speech, she noted that the Wharton
alumni "have </span><span lang="EN-AU" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">made incredible contributions to society by your
professional work and philanthropic giving", and urged</span><span lang="EN-AU" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;"> </span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">her fellow alums to
“...</span><span lang="EN-AU" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">join
me in this journey of the ‘third way’, not only as a moral obligation, but to
be a part of history in the making</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">."</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;"><span style="mso-spacerun: yes;"> </span></span></div>
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<div class="NoteLevel11CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">About Impact Investment
Exchange Asia (IIX)</span></b></div>
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<span lang="EN-US" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;">IIX
is a Singapore-based organization with a mission to provide Social Enterprises
(<b>SEs</b>) in Asia greater access to investment capital, allowing them to
expand the impact of their activities more rapidly. IIX now offers three
investment platforms – Impact Accelerator™, Impact Partners™ and Impact
Exchange™. Impact Accelerator™ provides seed-stage SEs with mentorship and
private capital through a structured and customized process. Impact Partners™
connects accredited impact investors to selected growth-stage SEs who are
looking to raise investment capital. Impact Exchange™, the world’s first
social stock exchange operated by the Stock Exchange of Mauritius in
collaboration with IIX, is a regulated stock exchange dedicated to listing and
trading securities issued by mature SEs and other socially-driven
organizations. To date, IIX has facilitated $8.5 million of investments <span style="mso-spacerun: yes;"> </span>impacting more than 8 million people across
Asia with $13.4 million in social value created.<br />
<br />
IIX is based in Singapore. </span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">For
more information, visit </span><span lang="EN-AU"><a href="http://www.asiaiix.com/"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">asiaiix.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">
and follow us on Twitter </span><span lang="EN-AU"><a href="http://www.twitter.com/asiaiix"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">@asiaiix</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;"> and
Facebook at </span><span lang="EN-AU"><a href="http://www.facebook.com/asiaiix"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">facebook.com/asiaiix</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">.</span></div>
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<b><span lang="EN-US" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">About Impact Investment Shujog
(Shujog):<span class="apple-converted-space"> </span></span></b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
<span style="background: white;"></span></span></div>
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<span lang="EN-US" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Shujog is a not-for-profit
organization based in Singapore. Its mission is to strengthen, deepen, and
expand the impact Social Enterprises (SEs) deliver in poor and vulnerable
communities. To date, more than 1 million underserved people have benefited from
the increased efficiency and effectiveness of Shujog’s social value creation;
over 3,700 impact investing professionals have been introduced to the social
finance space through education and training; and more than 234,000 people have
been engaged and exposed to the field of social enterprises and impact
investing. </span><span lang="EN-US" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">As Shujog
diversifies its impact-driven activities across countries and sectors, its
footprint in Asia Pacific has become both broad and deep, allowing it to
effectively play the intermediary role, be a thought leader, and build bridges
among stakeholders.</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br />
<br />
<span style="background: white;">Shujog is based in Singapore. </span></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">For more information, visit
</span><span lang="EN-AU"><a href="http://www.shujog.org/"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">shujog.org</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;"> and follow us on Twitter </span><span lang="EN-AU"><a href="http://www.twitter.com/shujog"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">@shujog</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;"> and
Facebook at </span><span lang="EN-AU"><a href="http://www.facebook.com/shujog"><span lang="EN-US" style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">facebook.com/Shujog</span></a></span><u><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">.</span></u></div>
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<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-right: 7.5pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">About the Joseph Wharton
Awards </span></b></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-right: 7.5pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;">The Wharton Club of New
York's Joseph Wharton Awards Dinner has long been considered the premiere
business school alumni event in New York City. The Joseph Wharton Awards
recognize exceptional leaders within the alumni community in four distinct
categories: Young Leadership, Social Impact, Leadership and Lifetime
Achievement. The event began in the mid 1970's, and in 2006 the Wharton Club of
New York revived the club tradition of hosting this prestigious event,
strengthening the notion that the Wharton Alumni Association is one of the most
exclusive and powerful communities in the world.</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US;"> </span><span lang="EN-AU" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">Notable
past recipients of the Joseph Wharton Awards include Rajiv Shah (currently the
Administrator of USAID) and legendary investors Peter Lynch and Charles Schwab.</span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ZH-CN;"></span></div>
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<b><span lang="EN-US" style="background: white; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">For media queries, please
contact:</span></b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br />
<span style="background: white;">Li Kah Yan, Advocacy</span><br />
<b style="mso-bidi-font-weight: normal;"><span style="background: white;">Email:<span class="apple-converted-space"> </span></span></b></span><span lang="EN-AU"><a href="mailto:kli@asiaiix.com" target="_blank"><span lang="EN-US" style="background: white; color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">kli@asiaiix.com</span></a></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br />
<span style="background: white;">Telephone: (65) 6221 7051</span></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"></span></div>
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Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-78491132850694813142015-01-12T16:29:00.002+08:002015-01-12T16:29:44.641+08:00Asia's Social Stock Exchange Poised to List First Retail Impact Bond<div dir="ltr" style="text-align: left;" trbidi="on">
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<h1 itemprop="name headline ">
<span style="font-size: small;"><span style="font-weight: normal;">This article was published in the Guardian Newspaper on June 26, 2014 </span></span></h1>
<h1 itemprop="name headline ">
Asia's social stock exchange poised to list first Retail Impact Bond</h1>
<div class="stand-first-alone" data-component="Article:standfirst_cta" id="stand-first" itemprop="description">
The time is ripe to launch a retail impact bond in Asia, says former Wall Street investment banker Durreen Shahnaz<br /><br />• <a href="http://www.theguardian.com/social-enterprise-network/2013/oct/24/canadian-social-stock-exchange" title="">Social Stock Exchange – the rise of international competitors</a><br /><br />• <a href="http://www.theguardian.com/social-enterprise-network/small-business-blog/2013/jun/06/social-business-stock-exchange" title="">What a social stock exchange could do for social business</a></div>
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<img alt="Durreen Shahnaz" data-pin-description="Former Wall Street investment banker Durreen Shahnaz. Photograph: Impact Investment Exchange Asia" height="276" itemprop="contentUrl representativeOfPage" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/6/26/1403778389826/Durreen-Shahnaz-009.jpg" width="460" />
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Former Wall Street investment banker Durreen Shahnaz. Photograph: Impact Investment Exchange Asia</div>
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In my first TED talk <a href="http://www.youtube.com/watch?v=OtjlMaeubt4" title="">Defiant Optimism for Development</a>,
I had four minutes to convince the world about the benefits of a social
stock exchange. Four minutes and four years later, I have created an
exchange in Asia which will host a revolutionary financial product to
change lives.<br />
In its report <a href="http://www.thegiin.org/cgi-bin/iowa/resources/research/151.html" title=""><em>Impact Investing: An emerging Asset Class, Global Research, 2010</em></a>,
JP Morgan estimated that the impact investment market has the potential
to absorb between $400bn and $1trn by 2020. This is a large number to
achieve and it would require participation from all investors –
especially retail investors.<br />
I am now creating what I believe is the first Retail Impact Bond (RIB) to tap into this new investment base.<br />
The
bond, which we aim to launch in the next year, will be between $5m-$10m
and will float on the Impact Exchange, which I created last July. It
will focus on key areas such as clean energy access, sustainable food
sources, urban planning, healthcare and education.<br />
Why did I choose Asia? With approximately <a href="http://www.adb.org/themes/poverty/overview" title="">700 million people in Asia and the Pacific living on less than $1 a day</a>, <a href="http://www.theguardian.com/society/socialenterprises" title="More from the Guardian on Social enterprises">social enterprises</a> are uniquely positioned to bring about equitable growth in the region.<br />
The
RIB creates a liquid market for public investments that generate social
and environmental value. It's a bit like large scale "crowdfunding" as
an investment and not a donation and can catalyse the democratisation of
social capital markets, shifting its impact from niche to mass.<br />
While Asia remains the birthplace of several large, now sustainable NGOs such as <a href="http://www.theguardian.com/social-enterprise-network/2012/sep/12/muhammad-yunus-social-enterprise-leader" title="">Grameen Bank</a>
– where I previously worked – and BRAC, these entities are the
exception rather than the norm and receive much government and donor
support.<br />
But days of unlimited philanthropy and donor funding are
going. The social enterprises emerging in Asia are not in the same
position as the first generation of NGOs were in most of the Asian
countries. Most of these social ventures are mid-sized with limited
access to grant or investable capital. However, they are positioned to
take advantage of unique opportunities for growth and support.<br />
The
rise of wealth in Asia, for one, means there is a growing appetite and
awareness for impact investing. NGOs are preparing to graduate from
donor dependency by changing their legal status and becoming for-profit
social enterprises.<br />
We believe this is the only full-scale social
stock exchange with an ability to issue and trade shares and bonds of
social enterprises from across the globe. It enables trading in
securities (including shares and bonds) issued by social enterprises and
funds that invest in them. Each entity intending to list will be
required to appoint an Authorised Impact Representative (AIR) – an
accredited social adviser – who will provide support through the listing
process and ensure that the issuer complies with impact requirements.<br />
In my <a href="https://www.ted.com/watch/ted-institute/ted-bcg/durreen-shahnaz-how-capitalism-and-philanthropy-can-collaborate-to-solve-big-problems" title="">recent TED talk</a>
I spoke about combining the best of philanthropy and capital markets to
create "social capital markets" that work for all. Issuing an RIB on
the Impact Exchange is the best demonstration of this – a much-needed
task for creating sources of equitable growth in the world.<br />
<em>Durreen Shahnaz is founder and chair of Impact Exchange and parent company the </em><a href="http://www.asiaiix.com/team/" title=""><em>Investment Exchange Asia (IIX)</em></a><em>.</em><br />
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Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-36355546338369802022015-01-12T16:26:00.004+08:002015-01-12T16:26:52.050+08:00Raising Impact Investing from Niche to Mass Market<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 class="entry-title">
<span style="font-weight: normal;"><span style="font-size: small;">This article was published in online Wharton Magazine on June 6, 2014</span> </span></h1>
<h1 class="entry-title">
</h1>
<h1 class="entry-title">
Raising Impact Investing From Niche to Mass Market </h1>
<div class="entry-info clearfix">
<ul class="list-unstyled">
<li><div class="title-date">
<time>June 6, 2014</time></div>
</li>
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I
started my company, Impact Investment Exchange (IIX), in 2010 a few
months before I gave my first TED talk titled “Defiant Optimism.” I had
four minutes to convince the world about the benefits of creating a
social stock exchange. Four minutes and four years later, I have not
only created an exchange but am now taking on the new challenge of
issuing a financial product which can change the way we look at finance.<br />
Since its birth in 2008 impact investing has gained momentum, but it
is still the field of a few. To participate directly often requires a
sophisticated investor, given the potential illiquidity of the
investments. Platforms such as Kiva and Kickstarter (which are based on
donations) make it clear that the potential for involving retail
investors in impact investing is immense.<br />
<br />
One solution to unlocking this supply of capital is issuing a retail
impact bond (RIB) on a social stock exchange. RIBs create a liquid
market for private investments that generate social and environmental
value and shift impact from a niche to a mass market vehicle. This can
catalyze the democratization of capital markets and hopefully bring
about equitable and sustainable growth in our lifetime.<br />
<br />
<h3>
Watch: Durreen Shahnaz presents on “Defiant Optimism for Social Development” during a TED Fellow Talk.</h3>
<br />
Launched in July 2013, Impact Exchange, a collaboration between IIX
and the Stock Exchange of Mauritius , is the only full-scale social
stock exchange with an ability to issue and trade shares and bonds of
social enterprises from across the globe. The proposed RIB, to be issued
on the Impact Exchange, allows social enterprises to tap into the large
retail investor base to raise funds immediately, offering a different
approach to their existing funding channels.<br />
The social impact bonds create value for all stakeholders within the
ecosystem. Retail investors gain access to financial and social returns
with liquidity options, social enterprises gain flexibility in their
funding options, and most importantly, beneficiaries gain from immediate
access to life-changing services. The proposition of the retail impact
bond is simple: to provide social enterprises with funds up front, which
allows the enterprises to act now and save more lives.<br />
Issued on the Impact Exchange, RIBs will not only unlock mainstream
capital for social investment, but also set the stage for democratizing
capital markets—a much needed task for creating sources of equitable
growth.<br />
The first RIB is in the works. IIX will seek out suitable social
sector organizations as potential issuers for the bond, focusing on key
areas such as clean energy access, sustainable food sources, urban
planning, health care and education.<br />
As for TED, the nonprofit dedicated to spreading ideas (famously through short, inspiring talks), my latest talk, “<a href="https://www.ted.com/watch/ted-institute/ted-bcg/durreen-shahnaz-how-capitalism-and-philanthropy-can-collaborate-to-solve-big-problems">The Third Way</a>,”
was about combining the best of philanthropy and capital markets to
create social capital markets that work for all. That talk is being
debated on TED groups online.<br />
You can choose to agree or disagree in the virtual world, but if you
want to be a part of the real world, join the movement today and be a
part of this amazing change.<br />
<em>Editor’s note: Durreen invites you to find out more about RIBs and other innovations at the <a href="http://www.impactforum.asia/">Impact Forum</a>, the largest gathering for impact investing in Asia, June 12 to 13 in Singapore and Paris. Learn more here: <a href="http://www.impactforum.asia/">http://www.impactforum.asia/</a></em><br />
</div>
Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-38112352326508129782015-01-12T15:31:00.001+08:002015-01-12T15:31:14.685+08:00Social Stock Exchanges: Democratizing Impact Investing<div dir="ltr" style="text-align: left;" trbidi="on">
This article appeared in World Economic Forum's Report, 'From Ideas to Practice: Pilots to Strategy' in March, 2014<br />
<br />
<div style="background-color: #2c94d0; color: white; font-size: 14px; line-height: 130%; padding: 15px 20px 15px 20px;">
<h2>
Key Insights</h2>
<ul>
<li>Social
stock exchanges, which provide liquidity, transparency and efficiency,
are mechanisms that can open up impact investment to retail investors,
and make it more attractive to mainstream investors.</li>
<li>Strict
entry and reporting requirements for listing will help standardize
impact measurement and highlight social investments as legitimate
investment opportunities.</li>
<li>Much work needs to be done to build a
vibrant public impact investing market; the article provides a roadmap
on how to develop enabling environment which includes issuers,
investors, and an ecosystem within which they can interact.</li>
</ul>
</div>
<br />
Today, impact investing is still the field of a few; to participate directly often requires a “sophisticated investor”<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-24" id="link-fn-24"><sup>24</sup></a>, given the potential illiquidity of the investments<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-25" id="link-fn-25"><sup>25</sup></a>. There are few retail investment opportunities available on a broader basis<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-26" id="link-fn-26"><sup>26</sup></a> for several reasons.<br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-24">
<div class="att" style="top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-24" style="top: 0px;">
<span class="num">24</span>
</a>
</div>
<div class="details" id="content-fn-24">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">24</b>
Sophisticated investors are eligible to participate in private
placements under the relevant laws of their jurisdiction of residence.
In Singapore, an accredited investor is an individual whose net personal
assets exceed SGD 2 million or whose income was at least SGD 300,000 in
the preceding 12 months, or a corporation with net assets in excess of
SGD 10 million as per its most recently audited balance sheet.
</div>
</div>
</div>
</div>
</div>
<div class="supp fn" data-in="ribbon" id="fn-25">
<div class="att adj" style="left: 35px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-25" style="top: 0px;">
<span class="num">25</span>
</a>
</div>
<div class="details" id="content-fn-25">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">25</b>
Perspectives on Progress: The Impact Investor Survey, 2013. J.P. Morgan and the Global Impact Investing Network (GIIN).
</div>
</div>
</div>
</div>
</div>
<div class="supp fn" data-in="ribbon" id="fn-26">
<div class="att adj" style="left: 68px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-26" style="top: 0px;">
<span class="num">26</span>
</a>
</div>
<div class="details" id="content-fn-26">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">26</b>
Several mutual funds exist, such as Calvert Funds (US), responsAbility (Switzerland) or Ethex (UK).
</div>
</div>
</div>
</div>
</div>
</div>
First, too few social enterprises (SEs) are truly
investment-ready. Major impact investing funds invest in only 1% of the
thousands of socially conscious companies that they evaluate.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-27" id="link-fn-27"><sup>27</sup></a> The
low volume of deals results in high transaction and operational costs
for all stakeholders, curbing the sustainability of trading platforms,
impact investors and investees. <br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-27">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-27" style="top: 0px;">
<span class="num">27</span>
</a>
</div>
<div class="details" id="content-fn-27">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">27</b>
Triolo, P. “Are Social Stock Exchanges the Great Equalizer to Democratize Development Finance?” Devex, 15 July 2013.
</div>
</div>
</div>
</div>
</div>
</div>
Second, measuring impact is more of an art than a
science, as it is still the early days of creating quantifiable and
comparable metrics. Tools such as the Global Impact Investing Rating
System (GIIRS) and Impact Reporting and Investment Standards (IRIS) are
steadily advancing standardized measurement and reporting.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-28" id="link-fn-28"><sup>28</sup></a><sup><br /> </sup><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-28">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-28" style="top: 0px;">
<span class="num">28</span>
</a>
</div>
<div class="details" id="content-fn-28">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">28</b>
Ibid.
</div>
</div>
</div>
</div>
</div>
</div>
Third, legal concerns related to tax structures and
uncertainties around exit strategies prevent impact investors from
making investment decisions.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-29" id="link-fn-29"><sup>29</sup></a> Tax
issues become considerations in investment decisions because impact
investments can be made into both for-profit and not-for-profit
entities. As not-for-profit entities can benefit from special tax
treatment in their local jurisdictions, such as 501(c)3 status in the
US, tax implications of impact investments will need to be considered.
On the flip side, if a 501(c)3 is investing in a for-profit SE, it will
still have to pay capital gains tax. And, to retain its status, the
organization will need to ensure that investments fit under its bylaw
requirements and tax-exempt status.<br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-29">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-29" style="top: 0px;">
<span class="num">29</span>
</a>
</div>
<div class="details" id="content-fn-29">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">29</b>
Lee, A. “Impact Exchange: How It Will Change Investing”. International Financial Law Review, June 27, 2013.
</div>
</div>
</div>
</div>
</div>
</div>
While impact investing is still far from being an
accessible opportunity for the general population, investor demand for
greater liquidity (see Figure 12) and platforms such as Kiva and
Kickstarter make it clear that the potential for involving retail
investors in the sector is immense.<br />
<strong>Figure 12: Degree of
Interest for Impact Investment Structures and Structural Features:
Investor Demand for Liquidity in Impact Investments</strong><br /> <span style="color: #9b9d9f; font-size: 10px; line-height: 80%;">Source: Global Impact Investing Network (GIIN), J.P. Morgan</span><br />
<img alt="Fig12" class="aligncenter size-full wp-image-60" height="207" src="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/files/2013/12/Fig12.png" width="526" /><br />
<br />
A
social stock exchange, which can create a liquid market for private
investments that generate social and environmental value, is one
approach to unlocking a greater supply of impact investment capital.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-30" id="link-fn-30"><sup>30</sup></a> From
a demand side, social stock exchanges can enable SEs to access global
mission-aligned investment from diverse investors. Moreover, a social
stock exchange platform can accelerate the transition towards consistent
and widely accepted social and environmental impact reporting.<br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-30">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-30" style="top: 0px;">
<span class="num">30</span>
</a>
</div>
<div class="details" id="content-fn-30">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">30</b>
Triolo, P. “Are Social Stock Exchanges the Great Equalizer to Democratize Development Finance?” Devex, 15 July 2013.
</div>
</div>
</div>
</div>
</div>
</div>
<h2>
Democratizing Capital Markets</h2>
Similar to regular
stock exchanges, social stock exchanges operate by facilitating the
listing, trading and settlements of shares, bonds and other financial
instruments. However, alongside traditional financial reporting, impact
issuers must comply with social and environmental impact criteria.
Listing on a social stock exchange enables financially sustainable
entities that address social and environmental issues, including SEs,
non-governmental organizations, impact funds and inclusive businesses,
to raise capital and expand their operations.<br />
Social stock
exchanges provide a mechanism for listed companies to raise capital
through primary placements of securities, and liquidity to investors
through secondary trading of securities. Moreover, for all those looking
to make a difference, they provide the opportunity to purchase a
security. Thus, these exchanges open up impact investment to retail
investors, and make the field more attractive to institutional
investors.<br />
<h2>
Evolution of Social Stock Exchanges</h2>
The notion
of a social stock exchange has been developing for some time. In Brazil,
the Bolsa de Valores de Sao Paulo (BOVESPA) was the first philanthropic
donation arm of the Brazilian stock exchange. The South African Social
Investment Exchange (SASIX) was a similar philanthropic initiative with
the Johannesburg Stock Exchange.<br />
A more recent initiative is
London’s Social Stock Exchange (SSE). Launched in June 2013, SSE
exhibits information on socially responsible companies already listed on
regulated stock exchanges. While shares cannot be bought or sold on
SSE, impact information is available on the currently listed 11
companies.<br />
In North America, Social Venture Connection (SVX), a
Canadian platform endorsed by the Government of Ontario in 2008 and
approved by the Ontario Securities Commission in June 2013, recently had
a public launch at the Toronto Stock Exchange and is now gearing up for
issuances for small- and medium-sized social enterprises in Toronto.
However, shares cannot be traded on SVX. It is a direct investment
platform into not-for-profit entities.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-31" id="link-fn-31"><sup>31</sup></a><sup><br /> </sup><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-31">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-31" style="top: 0px;">
<span class="num">31</span>
</a>
</div>
<div class="details" id="content-fn-31">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">31</b>
Anwar, T. “Social Stock Exchanges: A Global Perspective”. Social Enterprise Buzz, 10 September 2013.
</div>
</div>
</div>
</div>
</div>
</div>
Launched in July 2013, Impact Exchange, a collaboration
between Impact Investment Exchange (IIX) and the Stock Exchange of
Mauritius (SEM), is the only full-scale social stock exchange with an
ability to issue and trade shares and bonds of social enterprises from
across the globe. Impact Exchange is the third market of the SEM and the
only dedicated exchange board in the world for social impact
investments.<br />
<h2>
The Mechanics of Impact Exchange</h2>
Impact
Exchange works as a public trading platform, providing liquidity,
transparency and efficiency while also ensuring that the social and
environmental mission of the issuers is safeguarded and showcased.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-32" id="link-fn-32"><sup>32</sup></a><sup><br /> </sup><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-32">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-32" style="top: 0px;">
<span class="num">32</span>
</a>
</div>
<div class="details" id="content-fn-32">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">32</b>
See: <a href="http://impactexchange.asiaiix.com/" target="_blank">http://impactexchange.asiaiix.com/</a>.
</div>
</div>
</div>
</div>
</div>
</div>
Impact Exchange is operated by the SEM and regulated by
the Financial Services Commission, Mauritius. The SEM provides
infrastructure and regulatory oversight while IIX prescreens potential
issuers on the impact eligibility criteria and provides recommendations
based on this assessment to the SEM. IIX also monitors ongoing social
and environmental listing obligations of issuers listed on Impact
Exchange. All issuers must demonstrate positive social and environmental
impact to be listed on Impact Exchange.<br />
Impact Exchange will
allow trading in securities (including shares and bonds) issued by
social enterprises and by funds that invest in social enterprises.
Social enterprises will be required to meet strict standards for
disclosing information about their businesses (see Figures 13 and 14),
their financial results and their social and environmental performance
in accordance with the standards laid out in the listing rules for the
Impact Exchange Board. The rules set out the minimum standards of
behaviour to protect investors and ensure the market is fair, orderly
and transparent.<br />
Impact Exchange-listed companies have a general
obligation to disclose material information on a continuous basis and to
release specific information periodically.<br />
<strong>Figure 13: Overview of Impact Exchange Entry Requirements as per the Listing Rules</strong><a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-33" id="link-fn-33"><sup>33</sup></a><br /> <span style="color: #9b9d9f; font-size: 10px; line-height: 80%;">Source: IIX</span><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-33">
<div class="att" style="left: 0px; top: -20px;">
<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-33" style="top: 0px;">
<span class="num">33</span>
</a>
</div>
<div class="details" id="content-fn-33">
<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">33</b>
Impact Exchange Board Listing Guide.
</div>
</div>
</div>
</div>
</div>
</div>
<img alt="Fig13a" class="aligncenter size-full wp-image-64" height="264" src="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/files/2013/12/Fig13a.png" width="526" /><br />
<br />
<strong>Figure 14: Ongoing Listing Obligations</strong><br /> <span style="color: #9b9d9f; font-size: 10px; line-height: 80%;">Source: IIX</span><br />
<img alt="Fig14" class="aligncenter size-full wp-image-62" height="171" src="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/files/2013/12/Fig14.png" width="526" /> <br /><span style="color: #9b9d9f; font-size: 10px; line-height: 80%;">Impact-Exchange-listed
companies have a general obligation to disclose material information on
a continuous basis and to release specific information periodically.</span><br />
<br />
Each
entity intending to list on Impact Exchange will be required to appoint
an authorized impact representative (AIR). AIR is an accredited social
adviser who will provide support through the listing process and ensure
that the issuer complies with impact requirements. The assistance of the
AIRs will boost investor confidence through independent verification of
the social and environmental impact of the issuer, and increased
transparency. Figure 15 shows the issuer’s steps to listing on the
exchange.<br />
<strong>Figure 15: Issuer’s Steps to Listing on Impact Exchange</strong><a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-34" id="link-fn-34"><sup>34</sup></a><br /> <span style="color: #9b9d9f; font-size: 10px; line-height: 80%;">Source: IIX</span><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-34">
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<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-34" style="top: 0px;">
<span class="num">34</span>
</a>
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<div class="border">
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<b class="num">34</b>
Step 7 applies only to companies seeking to raise capital through listing.
</div>
</div>
</div>
</div>
</div>
</div>
<img alt="Fig15" class="aligncenter size-full wp-image-63" height="398" src="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/files/2013/12/Fig15.png" width="526" /><br />
<br />
AIRs
include nominated impact advisers (NIA) and impact verification agents
(IVA). Entities are required to appoint an accredited NIA for providing
assistance and verifying the impact nature of the applicant prior to
listing. NIAs assist prospective issuers in preparing for listing,
meeting the market transparency requirements and fulfilling other
listing obligations. An accredited IVA must also be appointed to verify
impact reports at the end of each financial year. Only organizations
accredited by and recorded on the SEM Register may act as NIAs and IVAs
for the Impact Exchange Board.<br />
<h2>
Impact Exchange Ecosystem</h2>
As
with any regular listing process, professional advisers assist in legal
matters, accounting, valuation and due diligence. While a vibrant
impact investing ecosystem has started to emerge on a global and
regional level, this ecosystem will need to be developed, and advisers
will need to build expertise for (public) social capital markets.<br />
AIRs
are key players in this ecosystem; they work directly with the issuers
to meet entry requirements and verify impact once an issuer is listed.
As the market develops, more traditional capital market players will
enter.<a class="fn" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#view/fn-35" id="link-fn-35"><sup>35</sup></a><sup><br /> </sup><br />
<div class="block-footnotes">
<div class="supp fn" data-in="ribbon" id="fn-35">
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<a class="att-thumb" href="http://reports.weforum.org/impact-investing-from-ideas-to-practice-pilots-to-strategy/5-1-social-stock-exchanges-democratizing-impact-investing/#content-fn-35" style="top: 0px;">
<span class="num">35</span>
</a>
</div>
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<div class="border">
<div class="body" style="min-height: 0px;">
<div class="info">
<b class="num">35</b>
There have been early movers, such as Daiwa Securities Group, which has
raised over US$ 5 billion to date for SRI funds and social bonds.
</div>
</div>
</div>
</div>
</div>
</div>
Investment banks, brokers and financial advisers will be
key to moving capital to scale, providing the market information to
attract and connect institutional and retail investors to SEs listed on
the social stock exchange. Only with these market linkages in place can
capital markets democratize, and individuals as well as institutional
investors use their investment funds to contribute to larger social
impact.<br />
<h2>
The Path to Developing a Vibrant Public Impact Investing Market</h2>
The
development of the public impact investing market is poised for a quick
take-off if concerted effort is made among intermediaries (investment
bankers, advisers and investment platform operators), the ecosystem
(lawyers, accountants and AIRs), policy-makers, issuers and investors.
These stakeholders should use the road map of the following actions: <br />
<h2>
Develop strong investment opportunities</h2>
<ul>
<li>Intermediaries
need to work with potential issuers as well as investment and social
advisers to develop a strong pipeline of investment opportunities.</li>
<li>Advisers
may also look to create innovative financial instruments that pool
together the financial needs of a group of SEs in a certain sector, and
structure a bond around that, such as the Water Bond or Health Bond. </li>
<li>Policy-makers
and foundations may seek to coordinate support for the first issuers
and develop the templates for further issuances.</li>
</ul>
<h2>
Develop an enabling environment for impact investing</h2>
An
enabling environment encompasses a fluid ecosystem, a ready and able
issuer, and willing and informed investors. For this to happen, much
advocacy and education is needed as well as alignment of incentives
among all the players. The list of priorities to initiate this virtuous
cycle would be as follows:<br />
<ul>
<li>Educate the ecosystem on the
specific characteristics of the public impact investment market and its
potential to build early engagement</li>
<li>Provide incentives for the ecosystem to engage with first listings <br /> <br />
These incentives can be driven by DFIs, policy-makers or foundations
that would like this space to get off the ground to help relieve their
burden of developmental support over time.</li>
<li>Educate and provide
incentives (e.g. tax incentives) to retail and institutional investors
to build awareness and steer investor behaviour</li>
<li>Enable ease of access to impact investment opportunities for retail investors by engaging a broad range of global brokers</li>
<li>Provide
easier regulatory hurdles for issuances to be marketed in large retail
and institutional markets such as the US and Europe</li>
<li>Encourage institutional investors to play a role in moving the market for the issuances on the exchange</li>
<li>Encourage consistent social and financial reporting based on listing requirements </li>
<li>Work
with information providers to establish information flows on investment
opportunities and trading information between the market, ecosystem and
investors</li>
<li>Create the next generation of Impact Exchange participants by exposing them to simulation of the exchange academic institutions</li>
</ul>
<h2>
Develop best practices and path to scale</h2>
<ul>
<li>Evaluate and develop best-in-class reporting standards based on ecosystem, issuer and investor feedback</li>
<li>Collaborate with intermediaries, ecosystem, service providers and policy-makers to share best practice </li>
<li>Set
up a task force, after demonstration effect of the first issuers, to
develop and implement the roadmap to scale social stock exchanges –
focused on replication of the Impact Exchange model</li>
<li>Document the
trials and successes in creating fully-functional social markets, and
disseminate them to the public via media and academic institutions</li>
<li>Encourage similar exchanges to be set up at the local level across the globe</li>
</ul>
<h2>
Conclusion: Unlocking Mainstream Capital </h2>
Social
stock exchanges ensure alignment of a company’s social mission with the
interest of its board and investors, making mission sacrifices that
give way to higher profit margins a concept of the past. The first
potential issuers – from mature SEs to international non-governmental
organizations – are currently preparing issuances ranging from US$10
million to US$30 million for listing. These securities will unlock
mainstream capital sources and give everyone a chance to invest in
social good.<br />
When floated on Impact Exchange in the next few
months, the first issue will not only unlock mainstream capital for
social investment, but also set the stage for democratizing capital
markets – a much needed task for creating sources of equitable growth in
the world. </div>
Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-4346194887223129522015-01-12T15:26:00.002+08:002015-01-12T15:26:48.960+08:00Don't Break Up With Your Bank, Change It<div dir="ltr" style="text-align: left;" trbidi="on">
This article was published in Wharton Magazine online on April 24, 2012<br />
<br />
The revolutionary slogans on <a href="http://whartonmagazine.com/Users/mbrod/3.Ready%20for%20Matt/occupywallst.org">Occupy Wall Street’s website</a>
reminded me of my college days and a Valentine’s Day campaign to “break
up with your bank and fall in love with the 99 percent.”<br />
<img alt="" class="alignleft size-medium wp-image-16158" height="300" src="http://whartonmagazine.com/wp-content/uploads/2012/04/121008580-e1335288772695-425x300.jpg" width="425" />This
sounded so romantic, and I was tempted. But as a middle-aged woman, I
was a little skeptical. What kind of settlement would I get if I break
up with my bank? Who will take care of my banking and investment needs?
How can I show my love for the 99 percent, and will they love me back?<br />
Why hasn’t capitalism worked for all? Is it too late for this to
change? Can the system be tweaked so that the 99 percent will fall in
love with it again?<br />
More than a century ago, Henry Ford asserted that “a business that makes nothing but money is a poor business.”<br />
Sadly, the world is now overrun by “poor businesses,” where the
headless pursuit of financial returns may produce happy management teams
and shareholders but result in an unhappy planet for the businesses to
operate in.<br />
Yet companies that are building their organizations around the DNA of
doing social good exist all over the globe (a majority in Asia). These
social enterprises are either mission-driven, for-profit organizations
or market-driven, non-profit groups. They all share the common goal of
creating a positive social and environmental impact.<br />
One may ask: Why not just give money to charity to show love for the
99 percent? Because philanthropic capital alone cannot meet all the
needs of the world, and charities that depend on philanthropic giving
and government funding are vulnerable to changes in the economic
climate.<br />
The 99 percent need sustainable love that can be achieved through
impact investing. There are many ways to invest in this sustainable way:
directly in the aforementioned social organizations; in a fund that
invests in a social enterprise; or by buying shares in an exchange
dedicated to social enterprises—through such intermediaries as <a href="http://www.blueorchard.com/">BlueOrchard</a>, one of the world’s largest microfinance investment managers, and the <a href="http://www.avpn.asia/">Asian Venture Philanthropy Network</a>, which promotes investment-minded approaches to creating social good.<br />
Through impact investing, perhaps we don’t have to break up with our
bankers; instead, we can give them another chance to redeem themselves.
It’s time to not just occupy Wall Street but to recreate it by adapting
capitalism so that it benefits millions, not just the millionaires.<br />
<br />
<em>(Editor’s note: Durreen Shahnaz is founder of <a href="http://www.asiaiix.com/">Impact Investment Exchange Asia</a>,</em><em> </em><em>an exchange</em><em> </em><em>dedicated to social enterprises with more than $68 million in investment</em><em> </em><em>opportunities.)</em><br />
</div>
Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-83534161556502443712012-02-26T15:53:00.002+08:002012-02-26T15:58:55.263+08:00Falling in Love with 99%<p>I saw in the papers a few days ago that Occupy Wall Street was getting ready to begin a new wave of 'occupations'. I was curious and went to their website. I thought the occupation spirit had fizzled out. But I was wrong. </p><p>Occupy Wall Street's website welcomed me with revolutionary slogans that reminded me of my college days and a Valentine's Day campaign to 'Break up with your bank and fall in love with 99%'. It sounded so romantic and passionate! Yes, I was tempted but as a middle aged woman, questions started pouring into my mind -- what kind of a settlement will I get if I break up with my bank, who will take care of my banking needs/investments and most importantly, will the 99 percent really respond to my love? Then again, how do I show my love for the 99 percent? Can my actions, purchasing habits, and investments make my love more genuine for the 99 percent? Can I bring my bank into this communal love? I snapped out of my dizzy state and realised, 'Yes, I can. Yes, I am…'</p><p>Last autumn, the world watched in horror and awe as the young and old took on Wall Street -- the bastion of capitalism -- demanding a new type of capitalism that works for all. These pockets of protests across the globe may not have been well directed, but what they lacked in direction they more than made up for in focus. The mere presence of the tents and protest placards pointed in unison to the sad dearth of a moral compass in the financial sector today. Why has capitalism not worked for all? Is it too late to change it? It is worth exploring the system that has made us more into takers than givers, dependent rather than independent, richer in goods but woefully poor in spirituality? Can the system be tweaked and have the 99 percent fall in love with it again? </p><p>The world has experienced unprecedented growth since World War II. In parallel, the growth gave rise to inequitable societies where the majority of the population did not always benefit from the country's growth or the rise of millionaires. In Asia, we are very much in the middle of this. While 'Occupy Wall Street' did not happen in a significant way in Asia, we feel the crisis in other ways -- in our polluted cities and waterways, rapidly decreasing forests, lack of jobs for the young and care for the old, lack of food, medicine, habitats and most pressingly, lack of opportunity. It is not that 99 percent of our global population is not willing to partake in the glories of capital markets. They certainly are, but they are not given the opportunity. Perhaps it is not the 99 percent that needs direction in their protests, but rather the practice of capitalism that needs a reassessment -- a nudge and perhaps even a push to shape up and start working on what it meant to do: not only create growth but create social good as well. </p><p>More than a century ago, Henry Ford famously asserted that “a business that makes nothing but money is a poor business.” The world is now over run by 'poor businesses'. Headless pursuit of financial returns may produce happy management teams and shareholders, but also results in an unhappy planet for the businesses to operate on. The solution is not to give some money on the side to charity, or get your employees to go and play 'builder' or 'teacher' for a day somewhere as a so called CSR initiative. The solution is much more complex than that. It requires a paradigm shift of our business practices.</p><p>While traditional businesses will take time to change their mindset in bringing in social and environmental objectives as their core, there are companies all over the globe (a majority of them in Asia) that are creating their organisation around the basic DNA of doing social good. These organisations are from either a for-profit or not-for-profit legal structure. However, they share the common goal of creating positive social and environmental impact. Companies that have these social and/or environmental missions at their core are known as social enterprises. </p><p>Social enterprises can be one of two things: they are either mission-driven for-profit or market-driven not-for-profit organisations. Examples of social enterprises include a for-profit sustainable fishery in Indonesia that is alleviating poverty by paying fishers a premium for sustainable fishing practices, sparking more local development, and helping conserve the environment; a for-profit renewable energy organisation in India that is creating sustainable economic growth, conserving the environment, and creating jobs; and a non-profit microfinance organisation in India that creating economic empowerment/poverty alleviation, empowering women, increasing access to education for children, and job creation.</p><p>People are now slowly but surely waking up and creating, helping create or investing in social enterprises across the globe. The world has finally seen the need for, not bridges, but highways to connect capitalism with social good in order to acknowledge and act on the economic, social and environmental disparities that are plaguing us today. The infrastructure of this new form of capitalism is taking shape and is called impact investing -- a form of investment that generates a social and environmental impact along with the financial returns. This form of investment has been around in one shape or the other for centuries, but it is only now that the ripples of early efforts are shaping into a tsunami of social change. It is now ready to take on a world desperately seeking 'holistic' and a blended value of the inputs. </p><p>Perhaps getting involved with impact investing is a great way to show our love to the 99 percent. If one were to look beyond the heart, The Monitor Institute listed the following reasons as possible motivations to get involved with impact investing -- wanting to diversify portfolios, disenchantment with mainstream investment products and in general, as a response to consumers seeking to incorporate value-driven considerations into their purchasing and investment decisions. Regardless of the motivation, the result is the same: more money to address the world's problems, but with a difference. Unlike philanthropy, which is dependent on the constant generosity of governments and foundations, impact investing is sustainable.</p><p>JP Morgan has estimated potential invested capital over the next 10 years in the range of $400 billion - $1 trillion, with profits in between $183 billion and $667 billion even when only considering five sectors -- housing, rural water delivery, maternal health, primary education, and financial services -- for the portion of the global population earning less than $3,000 a year. These numbers illustrate the huge potential for impact investing to become a significant source of sustainable funding for solutions to the world's problems.</p><p>One may ask, why can I not just give money to charity to show my love to the 99 percent? That is the whole point: the 99 percent wants your sustainable love and that cannot be shown with a one time charitable giving. You have to give a gift that keeps on giving, and that is impact investing. Furthermore, without a social investment tool, charities that depend on philanthropic giving and government funding are vulnerable to changes in the economic climate. As companies and governments alike tighten their belts during the economic crises, charities are forced to do likewise, somewhat ironically, since economic crises coincide with an increase in social challenges worldwide. Charities Aid Foundation UK, a network of charities and donors, found that nearly half of the charities they surveyed reported dipping into their reserves during the recent recession. With the world facing the looming prospect of a significant recession, the need for a sustainable source of funding for development efforts is greater than ever.</p><p>Moreover, philanthropic capital on its own is unable to meet all the needs of the world. There is simply not enough philanthropic money around. To see this we need to look no further than the statistics released by Asian Development Bank (ADB). ADB reports that in 2008, around 63 percent of the world's poor were living in Asia and the Pacific Region. Almost half, 47.4 percent to be precise, of the region's 1.63 billion people live on less than $2 a day. Almost as well-documented as Asia's stellar growth for the last quarter-of-a-century is the uneven distribution of its growth. Ten of ADB's 25 Developing Member Countries saw an increase, not decrease, in poverty between 2008 and 2009. </p><p>A recent UBS-INSEAD report concludes that philanthropic capital in Asia is insufficient as poverty alleviation requires large amounts of sustained funding, which is beyond the scope of single family foundations and usually even groups of such foundations. Instead of being engines of change, philanthropists need to recognise their roles as catalysts for change, and incubators for innovative solutions that are self-sustaining. </p><p>Philanthropists across Asia are beginning to realise this. The families interviewed in the UBS-INSEAD report highlighted social entrepreneurship as the most important trend for the future. Indeed, interest in and the importance of social entrepreneurship will only continue to grow as the younger, more innovative generation takes over the running of their family offices. </p><p>How do I give this gift of impact investing to the 99 percent you may ask? The answer is, in many ways -- you can invest directly in an organisation, you can put money in a fund that will invest in a social enterprise or soon, you can even buy shares in an exchange dedicated to social enterprises. If I may boldly showcase my own love for the 99 percent, it is through an intermediary that I created -- Impact Investment Exchange Asia (IIX). </p><p>IIX is creating Asia's first social stock exchange: Impact Exchange. Impact Exchange will facilitate capital flow from impact investors to social enterprises, which seek to raise capital through offerings of shares, bonds, or other financial instruments. While the Impact Exchange will be a public platform, IIX has already launched a private platform called Impact Partners. Impact Partners connects impact investors with relatively small social enterprises (those with less than $10 million capital raise) on an individualised basis. Impact Exchange has over 100 social enterprises in its pipeline and over $68 million in investment opportunities, and it continues to expand its impact across Asia. There are also of course other intermediaries, such as BlueOrchard, which is one of the world's largest microfinance investment managers, and the Asian Venture Philanthropy Network, which promotes investment-minded approaches to creating social good. </p><p>With impact investing, perhaps we do not have to break up with our bankers, but rather need to give our bankers another chance to redeem themselves. As for falling in love with the 99 percent, I was always in love with them, and now I am ecstatic that I can demonstrate that love by repurposing capitalism not only for the millionaires but for the millions. I am not only occupying Wall Street, but am also recreating it.</p><h5>The writer is the founder of Impact Investment Exchange Asia and Impact Investment Shujog -- two social enterprises passionately creating social capital markets in Asia for 99%+1%.</h5>This article appeared on Daily Star on Feb 19, 2012. It also appeared under the title 'Don't Break up With Your Banker' on Feb 25 in South China Morning Post<br /><br /><ins style="display: inline-table; border: medium none; height: 240px; margin: 0pt; padding: 0pt; position: relative; visibility: visible; width: 120px;"><br /></ins><div id="mainright"><dl class="addarea"><dd><img src="http://www.thedailystar.net/newDesign/images/add5.gif" alt=" " /></dd></dl> <div class="stocktab"> <p> </p> </div> </div>Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-18437116152609043132010-11-13T17:59:00.000+08:002010-11-13T18:00:38.874+08:00TED Talk<div style="font-size: 12px; line-height: 18px;"> <h1><a href="http://r.posterous.com/track/?redirect=http%3A%2F%2Ftedfellows.posterous.com%2Fthis-weeks-ted-fellows-talk-durreen-shahnaz&data=eyJldmVudCI6ICJtcF9jbGlja2VkIiwgInByb3BlcnRpZXMiOiB7Im1wX3BsdWdpbl90eXBlIjogImVtYWlsIiwgInVybCI6ICJodHRwOi8vdGVkZmVsbG93cy5wb3N0ZXJvdXMuY29tL3RoaXMtd2Vla3MtdGVkLWZlbGxvd3MtdGFsay1kdXJyZWVuLXNoYWhuYXoiLCAidG9rZW4iOiAiOWEzMDI1MTAzMTE4ZDBjZmIzZjc3ODMyOGYxNDBjY2IiLCAiZGlzdGluY3RfaWQiOiAiZHNoYWhuYXpAYXNpYWlpeC5jb20iLCAiYnVja2V0IjogIkVtYWlsOiBwb3N0X2NvbnRyaWJ1dG9yX2VtYWlsIn19" style="color: rgb(34, 34, 34); font-size: 20px; line-height: 20px; text-decoration: none;" target="_blank">This Week's TED Fellows Talk | Durreen Shahnaz</a></h1> <div style="font-size: 10px; color: rgb(153, 153, 153); margin-top: 5px; margin-bottom: 15px;"><p>Posted by Karim</p></div> <div style="margin-bottom: 40px;"> <div style="font-family: monospace,Helvetica,sans-serif; font-size: 12px;"><div><div style="font-family: Arial,Helvetica,sans-serif;">TED Fellow 2010 Durreen Shahnaz calls herself a defiant optimist. In this talk, Durreen details the creation of the very first stock exchange for social enterprises and how her defiant optimism has gotten her to where she is today.</div></div> <p><a href="http://r.posterous.com/track/?redirect=http%3A%2F%2Ftedfellows.posterous.com%2Fthis-weeks-ted-fellows-talk-durreen-shahnaz&data=eyJldmVudCI6ICJtcF9jbGlja2VkIiwgInByb3BlcnRpZXMiOiB7Im1wX3BsdWdpbl90eXBlIjogImVtYWlsIiwgInVybCI6ICJodHRwOi8vdGVkZmVsbG93cy5wb3N0ZXJvdXMuY29tL3RoaXMtd2Vla3MtdGVkLWZlbGxvd3MtdGFsay1kdXJyZWVuLXNoYWhuYXoiLCAidG9rZW4iOiAiOWEzMDI1MTAzMTE4ZDBjZmIzZjc3ODMyOGYxNDBjY2IiLCAiZGlzdGluY3RfaWQiOiAiZHNoYWhuYXpAYXNpYWlpeC5jb20iLCAiYnVja2V0IjogIkVtYWlsOiBwb3N0X2NvbnRyaWJ1dG9yX2VtYWlsIn19" target="_blank">Embedded media -- click here to see it.</a></p></div><div><span><span style="font-family: Helvetica,Helvetica,sans-serif; font-size: 10px; border-collapse: collapse;"><a href="http://r.posterous.com/track/?redirect=http%3A%2F%2Fwww.youtube.com%2Ftedfellowstalks&data=eyJldmVudCI6ICJtcF9jbGlja2VkIiwgInByb3BlcnRpZXMiOiB7Im1wX3BsdWdpbl90eXBlIjogImVtYWlsIiwgInVybCI6ICJodHRwOi8vd3d3LnlvdXR1YmUuY29tL3RlZGZlbGxvd3N0YWxrcyIsICJ0b2tlbiI6ICI5YTMwMjUxMDMxMThkMGNmYjNmNzc4MzI4ZjE0MGNjYiIsICJkaXN0aW5jdF9pZCI6ICJkc2hhaG5hekBhc2lhaWl4LmNvbSIsICJidWNrZXQiOiAiRW1haWw6IHBvc3RfY29udHJpYnV0b3JfZW1haWwifX0%3D" style="color: rgb(42, 93, 176);" target="_blank">Watch more talks here >></a></span></span></div> </div> </div>Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-81866248524289805352010-10-26T22:35:00.001+08:002010-10-26T22:35:49.982+08:00Path to Sustainability – from Fair Trade to Fair DevelopmentLast week I came back to Dhaka as the key note speaker for the World Fair Trade Organization meetings. And, there I was, face to face with some of the organizations I worked with ten years ago at my first company oneNest. It was a wonderful reunion with old friends and well wishers. It was also another new beginning with them in getting them ready to enter the world of social capital markets. Today I will share with you excerpts of my speech to the group of Fair Trade Organizations (FTO) from all over Asia and beyond who I believe will play a crucial role in the journey of sustainable development in the world.<br /><br />“Distinguished guests from far and near, heroes of the fair trade movement and friends, Greetings!<br /><br />I am honored to be with you today, as a Bangladeshi woman, speaking on behalf of my country and countries like mine across the globe which have benefitted from all of your hard work to promote and practice ‘trade not aid’. I would like to express my gratitude to World Fair Trade Organization and all of you here today for coming together to recognize the role and importance FTO in sustainable development of a country.<br /><br />As a Social Entrepreneur, I have been asked to share with you my thoughts on what role FTO can play in changing and impacting the social and environmental canvass of Asia and the rest of the world. If we are going to talk about the role of FTO in social and environmental sphere, then we need to talk about the sustainability of FTO themselves in its own operations. In other words, before you go and expand your impact in a country or community we need to take a close look at the health of your organization and what you need to make yourself grow and thus expand your impact.<br /><br />Therefore, what I hope to do this morning is to briefly discuss sustainability of Social Enterprises (SEs) in Asia, to explore the role of Fair Trade organizations in this movement and lastly, lastly what role I can play in assisting FTO/you to expand and extend your work.<br />Social Enterprises in Asia<br />As we are seeing every day, Asia is uniquely positioned to suffer the great global challenges of the 21st century. Containing 60% of the world’s population, its dense populations are vulnerable to economic downturns, social upheaval and environmental degradation.<br /><br />In response, Asia’s SEs (defined as mission driven for-profit or market driven not for profit entities) sector has grown to be as vast and diverse as the individual countries and challenges it spans. Asia has become the incubator of some of the most innovative approaches to these challenges. Asia’s SEs sector has grown to be as vast and diverse as the individual countries and challenges it spans. Existing SEs address food security, housing shortages, environmental degradation, failing health care and educational systems, and poor sanitation – within and beyond respective national boundaries. In increasing numbers, SEs in both the for-profit and not-for-profit sectors are helping to achieve the region’s socio-economic goals. <br /><br />However, a large volume of individual activity by itself is not enough. As The Monitor Group states in its recent report: “A great product idea married to a noble mission is rarely enough to make meaningful progress in the face of massive social challenges like improving the lives and livelihoods of billions worldwide living in impoverished conditions.”<br /><br />This is particularly true in Asia, where there are countless innovative social enterprises making significant impact in their individual communities – but receiving little attention from Asian financial institutions. Investigations in Bangladesh, India, Thailand, and the Philippines – as well as in South Africa, Brazil, Kenya, and other countries – reveal no shortage of market-based approaches that claim to be profitable or financially self-sustaining. On closer inspection, however, many are struggling financially and at most serve a few thousand people – a drop in the ocean given the millions living in extreme poverty. Only a tiny fraction of market-based initiatives reach populations commensurate with the scale of the problems they aim to address.<br /><br />While media frequently covers the achievements of successful and large SEs such as Grameen Bank or BRAC, these entities are the exception rather than the norm. Over the years, a small handful of very large SEs in Asia (of which Grameen Bank and BRAC are a part) was lucky to receive substantial government and donor support. Not all the SEs in Asia are in the same position. Unfortunately most of the SEs neither have the same unlimited access to capital nor have they attracted the same recognition of their impactful work. <br />In the universe of Asian SEs, currently there is only a relatively small number of SEs who are able to raise capital in the open market and thus utilize the capital for growth. The remaining SEs need to make improvements in a wide variety of financial, social, sustainability and governance issues before they can raise and utilize capital effectively.<br />Fair Trade Organizations – the initial SEs<br />Fair Trade movement has its roots in the 1960s social political movement. This movement is all effect the initial torch bearers of Social Enterprise movement that brought to global attention the need and ability to marry best operational practices with trade activities. Thus, all of you are the SEs that people are talking about now.<br /><br />As you well know, being a SE yourselves, when market-oriented approaches to social problems were first mooted, there was no capital available for SEs. Entrepreneurs (social or otherwise) either used their own funds or applied for bank loans (requiring collaterals) to start SEs (or in your case FTO). The only other option (one that continues to play a large role) was to receive grants. Grants came from two main sources: foundations and religious organizations. This was not a sustainable source of funding and this funding was limited to not-for-profit organizations..<br />Even with these limitations, the Fair trade movement flourished and you made it happen. You as a group have creating opportunities for the economically disadvantaged producers , transparency and accountability of your work, paid fair price, worked on capacity building of the producers, improved working conditions, took into environmental issues in production practices and forbade child and forced labor.<br /><br />Through your Faritrade practices, you have made significant contribution to developing second level organizations and increasing opportunity for growth and product diversification. You have also set the standards for such practices as improved food consumption, child mortality and schooling in the production areas. You have also improved social well being through education and skills training.<br /><br />Fair trade as a movement has also experienced significant sales growth from 2004 to 2009 showing a four fold increase in certified sales to consumers from 832m Euros to 3,400m Euros. This is an average year on year growth of over 30 percent for five years running. All this is fantastic but you could do more, much more if you had the proper support and access to capital.<br />Rise of Impact Investors<br />While you were busy saving the world in your own way a silent movement has been taking shape in the investor community. Over the last five years or so, a group of investors globally have come together who are embracing the concept of investing their wealth for more than just financial return. They are interested in triple bottom line return – financial, social and environmental return. The market for this group of investors is estimated to be USD $500 billion. These Impact Investors initially were just focusing on the western market but now they are casting a global net to be involved with the best SEs who are changing the social and environmental landscape of the globe in a sustainable way.<br />Currently, for Impact Investors interested in Asian SEs, the potential field is vast but daunting. Each investor must carry out his or her own due diligence studies on each potential investee – a lengthy, labor-intensive, and inefficient process. Investors need credible external monitoring, commonly understood standards of quality, access to comparative data and rates of return, and an ability to invest in partnership with others. There does not yet exist a transparent, accountable and efficient transactional platform that reliably facilitates investments that generate real financial and social returns. Further, there is no efficient method by which investors can gauge whether simple injection of their capital will actually ensure sustainability of an enterprise. This need is exacerbated because most SEs have never raised capital from funding sources other than from donor agencies and thus lack the know-how or ability to make their enterprises market ready to raise commercial capital in a structured way from private or public sources.<br />In a recent round table of Socially Responsible fund managers in the UK, it was noted that SEs are missing out on tens of millions of dollars because they do not have the proper structures in place to receive investment. According to meeting reports, fund managers wanted to put more money into high-impact investments, but were often unable to do so because potential investees lacked corporate governance and legal structures that facilitated investment, and effective mechanisms to measure the value they created. Even though UK social enterprises have gained momentum with the establishment of the UK Third Sector ministry, a ministry dedicated to building the social enterprise sector, these systemic challenges endure. Elsewhere in the world, and especially in Asia, where social enterprises are burgeoning without government support, the need for sector-wide capacity building is even more pronounced.<br />In order to capitalize on the growing interest and supply of impact investment capital, SEs urgently need to strengthen their operational, managerial, fiscal, and strategic processes – spanning the wide spectrum of internal financial systems, human resources, leadership, governance, social outcomes measurement and accountability, strategic planning, decision-making, and communications. The sector as a whole needs to adapt and apply contemporary private sector and organizational development practices to build up accountability which will enable SEs to access these new funding sources and grow to scale.<br />My Story<br /><br />Why am I telling you all this and what makes me an authority in this field of Social Capital Market? Well, allow me to tell you my story --<br /><br />I was fortunate to have a career that spanned the full spectrum of private to public sector. I began my career as an investment banker at Morgan Stanley in New York. I was young and excited about being at the heart of the capital markets that made the financial system of this world work. However, when I arrived what struck me was what a small developing world played in influencing and defining the capital markets of the world.<br /><br />During my time at Morgan Stanley I was not only one of the 30 or so women bankers (out of more than couple thousand employees) but I also the only one from Bangladesh. I was often asked if Bangladesh was an island in the Caribbean next to Barbados or something like that. During my time at Morgan Stanley, the hubris of Wall Street amazed me. People (mostly men) playing with financial market that affected lives of millions around the world and yet they were unaware or perhaps wanted to be unaware of it. The potential impact of their single minded pursuit to just make money baffled me. Yet, like a sponge I observed and diligently learned. Back of my mind I knew I would use this knowledge some to do my part to help the world.<br /><br />I left Wall Street to go the dirt paths of Bangladesh. I left Morgan Stanley to join Grameen Bank. At Grameen I used my financial skills to assist the bank in the first large financing round for the firm. I also spent a large part of my time Grameen in the field where I was inspired on a daily basis by women entrepreneurs who without any education or social support were making a living for their families. It was a humbling experience and I made a promise to myself to assist these incredible women oneday.<br /><br />Upon completing my graduate degree, I entered the second most power sector in the world – media (the first being financial institutions). I learned the role of media in shaping and influencing the social landscape. I did my part in promoting social causes to readers who knew nothing more than their little world.<br /><br />Then the entrepreneurial bug bit me and like many of you I decided to create a company to assist those women I spend hundreds of hours with in the field. I created oneNest, a market place to connect the artisans and ethical products from the developing world to the western market. The company was based in New York City. The journey of oneNest was not an easy one. As a minority women in the US creating a business with social purpose did not go well with the investor community. However, I persevered and managed to gather enough investment to grow the business. Sadly, my investors never understood the mission of the business and monthly board meetings became an ordeal to convince them over and over again that the point was not for me to make the products in a factory in China.<br /><br />As I was growing the company (and fighting with the board to keep the mission of oneNest alive) I had the good fortune to work with many of you. You helped me make my dream to work with the ethical products and bring them to market. After all these years. I have to thank you for that.<br /><br />However, all the time I was growing oneNest I also saw the incredible need for capital for the social sector and as well as the companies such as yours who were working directly in the field. I remember using portions of my investment capital to trade finance many of you – something I was suppose to do.<br /><br />After 5 years of growing and running oneNest, I sold it. I hate to admit it but in some ways it a relief for me as I saw my biggest contribution in not creating a market place for artisanal products but in a bigger scale where I could connect potential and investors to the right SEs.<br /><br />Creating a Social Stock Exchange<br /><br />The opportunity for me to do something in a larger scale with more impact came to me when I moved to Asia, started teaching at the National University of Singapore. On the side, I also began writing about the need for a social capital market space. My words stroke a cord with many and I received endorsement and support for my work initially from the Rockefeller Foundation and then the Singapore Government and Asian Development Bank.<br /><br />So, what exactly did I do? In response to the need to connect the growing number of Impact Investors to support the work of Social Enterprises and assist them in growing their impact, I founded Impact Investment Exchange (IIX), a social stock exchange for SEs in Asia. I was audacious enough to think that we can make investors care about more than just a financial return for their investment. And we did. I have been receiving resounding support from the financial sector and the public in creating this exchange, which will in essence assist SEs to increase their social impact and in effect assist millions of women and disadvantaged across the globe.<br /><br />So, what exactly is IIX? IIX will be Asia’s first social stock exchange, providing a trading platform and an efficient capital raising mechanism for Asian Social Enterprises (SEs), including both for-profit and not-for-profit entities with a social mission. IIX will connect these SEs with Impact Investors seeking to achieve both a social return and an economic return on their investment while providing capital to fund innovative social businesses.<br /><br />As I started putting the building blocks of IIX, I quickly realized the need to get SEs ready for the investors. Thus, I created a sister entity of IIX called Impact Investment Shujog. Shujog is a Bengali word for opportunity. Shujog was created to give opportunity to the SEs to join the capital markets to raise capital.<br /><br />Shujog fosters growth, maturity, innovation and market readiness in the SEs and impact investment sectors in Asia which have the potential to address urgent social needs and environmental problems in the region. Through research, training, workshops, advocacy, strategic consulting and third party technical expertise, Shujog fosters the social enterprise ecosystem and provides SEs with the knowledge and systems required to raise commercial capital in order to magnify their social and environmental impact.<br /><br />Your role in Social Capital Markets<br /><br />Now why is all this relevant to you? It is because you each have an important role to play in continuing to bring about this positive social change to Asia and more importantly, it is about time capital markets worked with you, provided you with capital to expand your work. After years of keeping the SE torch blazing through all the pains of operating companies with anemic capital infusion, you deserve to have your work be recognized and rewarded.<br /><br />Social Entrepreneurs in the audience: you have the power to change the world for the better…each in your own way – as a business owner; as a change maker; as one who influences government policy; as a leader and as an example. Everyone in the audience: we each need to support the entrepreneurs in our society; and, we need to support the entities that support these entrepreneurs…entrepreneurship is the key to the future of our nations.<br /><br />Fair Trade Heros, thank you for supporting a just society, with opportunities for all –<br /><br />I am proud to working with all you again –<br /><br />Thank you for giving me this opportunity to try to bring about sustainable development through fair trade –“<br /><br />Prof Durreen Shahnaz is the Founder of Impact Investment Exchange and Impact Investment Shujog. She is also Adj Associate Professor at Lee Kuan Yew School of Public Policy at National University of Singapore.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-74469104993068429502010-09-13T21:06:00.002+08:002010-09-13T21:07:07.345+08:00Another Radio InterviewHere is another more personal interview of mine on Singapore radio station --<br /><br /><p class="MsoNormal"><span style="font-family:Arial;font-size:85%;"><span style="font-size: 10pt; font-family: Arial;"> <a href="http://entertainment.xin.msn.com/en/radio/podcast/938live.aspx?cp-documentid=3973402" target="_blank">http://entertainment.xin.msn.<wbr>com/en/radio/podcast/938live.<wbr>aspx?cp-documentid=3973402</a></span></span></p>Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-90677224667487586202010-09-13T19:45:00.001+08:002010-09-13T19:47:28.269+08:00Interview on Singapore RadioHere is a podcast of an interview on IIX -- what it is doing and what it aims to do.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-27206204530562682502010-08-02T13:05:00.001+08:002010-08-02T13:06:30.803+08:00TED InterviewHere is a TED interview of mine that just came out --<br /><br />http://blog.ted.com/2010/07/30/fellows-friday-with-durreen-shahnaz/<br /><br />I always so strange reading about myself on the press -- makes me sound so special which I am not at all...Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-60968059485719046542010-06-16T12:41:00.002+08:002010-06-16T13:03:46.312+08:00Asian Case StudiesWhen I started teaching it was disheartening to find out how few teaching cases there were on Asian Social Enterprises. Thus, when I received funding for my research work from Rockefeller Foundation, I jumped on the opportunity to write a couple of teaching cases. I do hope these cases are widely read and used. We need to show the world we have just Grameen Bank, BRAC or PDA in Asia....<br /><br />http://www.lkyspp.nus.edu.sg/Case_Studies.aspx.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-80371414363497928562010-05-08T14:58:00.004+08:002010-05-09T00:29:51.034+08:00Meeting with George SorosFor those of you who are just had a small heart attack reading the subject heading, yes, Rob and I had a one on one meeting with George Soros today for almost an hour.<br /><br />The meeting went fabulously. The team prepared us very well with notes, pointers -- everything. (Thank you SJ! Also a big thank you to Natalia, Susie, Natalie and Mona who all pulled together for this meeting with research, powerpoints etc.)<br /><br />My opening line was from Shijie's notes -- 'IIX is an evolution in capital markets that will help us pursue social justice and public interest more efficiently' -- we had Soros right there.<br /><br />It was then 45 minutes of great discussion with a brilliant mind. No power points, no paper -- just back and forth -- simulating, exciting discussion.<br /><br />He liked our approach -- holistic and focused on wrapping stock exchange with social justice. We talked about the various details of IIX and he wants us to talk more with his colleagues.<br /><br />He is a very kind man with the most intelligent eyes. He is sharp, curious and to the point. I really liked him. <br /><br />What an amazing experience it was. I can't wait to get him more involved in creating this next revolution with the stock market but this time for social good...Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com1tag:blogger.com,1999:blog-4855072286023056518.post-47572604206413441682010-03-23T22:57:00.002+08:002010-03-23T23:14:36.584+08:00Power to ImpactThis article by Lauren Tan came out on Prestige Magazine, March 2010 issue<br /><br />FOUNDER OF ASIA’S ONLY SOCIALSTOCK EXCHANGE DURREEN SHAHNAZ SHARES WITH LAUREN TAN THE INSPIRATION BEHIND HER BRAND OF CONSCIOUS CAPITALISM<br /><br /><br />PRESTIGE 96 MARCH 2010 <br /><br /> <br />We expected the usual power suit, but Durreen Shahnaz, the founder and chairperson of what is to be a new stock exchange come 2011, is wearing a vegetable dyed sari instead. <br /><br />Its material so light and supple, it flutters in the breeze. The image is powerful. The ex-investment banker and high flying media exec turned entrepreneur is, indeed, the face of a kinder and more conscious form of capitalism. Her Singapore-based Impact Investment Exchange (IIX). Asia’s first social stock exchange will be a capital market for social good. It is a lofty goal, but Shahnaz has never <br />known how to aim for anything less. <br /><br />The idea to create IIX didn’t come in an aha-moment. Whenever I talk about IIX, I really have to go back to almost the beginning of my career as I feel that with this, everything has sort of come together,” the 41-year-old explains from behind her desk at the Lee Kuan Yew (LKY) School of Public Policy, where she wears a second hat as adjunct associate professor and head of the school’s social innovation programme. <br /><br />Her career began as an investment banker at Morgan Stanley in New York. Two years of hundred-hour work weeks later, she traded in Wall Street for the dirt roads of <br />her native Bangladesh where she went to work for microcredit financier Grameen Bank. It was the first time she put her financial knowledge to use in a social setting. Grameen’s borrowers, most of them women, were the rural poor and illiterate. Many were her age, too she was then 24 but they were a universe apart. <br /><br />Returning to the United States, she turned to the other industry with far-reaching in!uence $the media. It would allow her a chance to see how one could strike a balance between giving the public what they wanted and what they should want. She rose through the ranks, and by age 30 made VP at Hearst Magazines (then the youngest to do so in the history of the company which counts Harper’s Bazaar, Cosmopolitan and Marie Claire in its stable of titles). In 1999, she turned in notice and set up oneNest. <br /><br />Earlier at Grameen, she had seen women default on loans because there were no venues to sell their wares. OneNest, a New York-based cyber marketplace, would connect them as well as the village artisans and co-operatives from around the world to the western market. But oneNest’s mission wasn’t a high placed priority for many of its financiers. “For them it was all about the returns they were going to get by selling the company. That was a major disappointment for me,” she says candidly. In 2004, <br />she sold the company to Novica, the catalogue division of National Geographic. “By this point, I had very little say in the company. And what stayed with me even after that was that it was so difficult raising capital when it should really be the opposite when you are bringing both financial and social returns,” she says. <br /><br />Shahnaz took a job running Reader’s Digest’s Asian operations out of Singapore, and on the side, wrote op-ed pieces about creating capital market infrastructure <br />around social businesses. In 2008, the LKY School offered her a position to teach a class on social innovation. It was an attractive proposition. The students there <br />would go back to their government positions where they could influence policies that would make or break a social entrepreneur. <br /><br />About the same time, the Rockefeller Foundation also came knocking. They wanted to help set the wheels in motion for IIX. “For me, the fact that I had this idea, <br />and I had this amazing partner that actually believed in what I was saying, was a little surreal. And it all came together so quickly,” she shares. “It’s like all the experiences I had, and all the things I’d done, was really about me trying to reach this point. In childhood, in the evolution of my career, and even in graduate school where I did an MBA [at Wharton] and a public policy degree [at Johns Hopkins], I was always sort of straddling [the private and public sectors]. Now, I feel the exchange has pulled these together.” <br /><br />#e timing was right, too. Not only was there an emerging group of social investors <br />in the financial market, Singapore was increasingly cast as a hub for social enterprise. Marrying what Singapore was good at, which is financial institutions and financial markets, with social enterprises, seemed a natural fit. “Coincidentally, that can now happen through the exchange!” the self-described optimist pronounces. <br /><br />IIX plans to operate as a trading platform for social enterprises to raise growth capital. All entities that list on the exchange will undergo third party validation and report regularly on their financial and social results. The investor purchasing shares and bonds will be attracted to transparent disclosure. In essence, an investor will enable social good while seeking to maximise financial returns. <br /><br />It’s been a fantastic ride, thus far at least (she’s known to say that the romance of starting a company always goes out the window in the %rst week). In December, she <br />learnt &within a span of an hour . that she had been selected to the 2010 class <br />of fellows of both the Asia Society and TED in recognition of her work at IIX. A <br />month later, the exchange received its first grant of US$495,000 from the Rockefeller Foundation. The money would help take IIX from business plan into reality come 2011, and marked only the second time in the foundation’s 97-year history that a grant was awarded to a for-pro%t entity. <br /><br />Shahnaz was born the fourth daughter of a Muslim family in patriarchal Bangladesh. <br />While her parents embraced her arrival, humiliation was cast on the family. “I think <br />I somehow absorbed it. And at the back of mind always felt that I had to prove that I’m worthy of being of this planet,” she shares. “As I always say, some of the things that happen in life, which you don’t have any control over are <br />the ones that sort of define you.” <br /><br />Having no desire to play into gender discrimination, her parents channelled their <br />energy into their daughters’ education. Another focus was in imparting a strong of sense of social service. One memory Shahnaz keeps to this day is handing out rice by the gate of their home to the poor on Fridays, the holy day for Muslims. “My parents always said that whatever you do, you have to give back to society because we are from a poor country, and we are lucky, you are lucky, to be getting all this opportunity,” she recalls. <br /><br />Her teenage years were spent in the Philippines, where her government official father represented the Indian sub-continent on the Asian Development Bank’s board of governors. When it came time for university, it was expected that she, like her sisters, would study in India. But Shahnaz exhibited her characteristic independent streak. It had go"en into her mind that the US, although she had never been, was <br />where she could truly be herself. <br /><br />Her parents consented on condition she enrolled in an all women’s university. #eir pick was Wellesley College, where they knew Madam Chiang Kai-Shek to be an alumna. “I said to them, ‘I’ll only go to Wellesley if you know her actual name, not her husband’s’,” she recalls. Shahnaz ended up, instead, at Smith College, the <br />bastion of the American feminist movement, which counts activists Gloria Steinem and Betty Friedan among its alumnae. Gi(ed and resolute, Shahnaz, was active in social causes throughout college, but le(Smith with the realisation that if she wanted to e!ectively bring about change, she couldn’t veer too far to the le(. “I’m the type <br />who wants to change the system from within,” she explains. <br /><br />For love and marriage, she de%ed her parent’s wishes again. While at Morgan Stanley, she had met Robert Kraybill, an investment banker from New Jersey. Kraybill was until recently enjoying early retirement, but has now been roped in as managing director of IIX. #ey have two daughters, an eight-year-old and a four-year-old. <br /><br />“I’m supremely lucky. I have wonderful little kids. My grandmothers were both married at 11 or 12 and they barely knew how to read and write. And then my mum, she went to college and got a degree, so that was a leap. And with my sisters [a doctor, a teacher and a development worker] and I, it’s been another leap. I always tell <br />my daughters that they come from generations of women who have done so many things. And it’s nice for me to be able to share that with them,” she says. <br /><br />PRESTIGE 98 MARCH 2010Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-14277085976413328462010-03-23T22:47:00.002+08:002010-03-23T22:57:06.594+08:00Life coming in a full circle..I was at Global Social Venture Conference last week. It was a great event where one could feel the spirit of social entrepreneurship in the air. I was excited about the potential about seeing 'red shirts' taking over Bangkok but that did not happen (too much of a bangladeshi -- love that political action..). However, what did happen was in a strange way my life came in a full circle --<br /><br />For those of you who don't know, the birth of IIX is very linked to the birth and sale of OneNest. OneNest was my first baby and I gave my heart and soul to help hundreds of artisan groups, cooperatives, microfianance groups around the globe. <br /><br />One the entities that we helped was Trade Craft. We really nurtured them and worked with them closely. Well, Friday morning I met Rosalind, the daughter of the founders of the company. She told me how we worked with at a crucial point when they were turning their entity from an association to a for profit entity and how her parents remembers oneNest fondly. And, now she was coming to me to help her get her entity market ready and how she wants Trade Craft to list on IIX . We both were blown away with the gravity of the moment (she said she was getting goose bumps and I just wanted to cry...). At that moment I realized how my life's mission never changed -- it always was and always will be to bring social change/justice and sustainable development to this world. In a very small way perhaps I did do something for this world...I hope I can do much more.<br /><br />Life indeed comes in a full circle. <br /><br />Sharon Neo at IIX (a web search guru) found my speech online here it is --<br /><br />http://www.fringer.org/wp-content/uploads/audio/GSVC-Durreen.WMA , http://fringer.org/?page_id=410.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com1tag:blogger.com,1999:blog-4855072286023056518.post-75521812162568096872010-02-10T15:31:00.002+08:002010-02-10T15:36:59.705+08:00TEDAt TED. I was skeptical at first but my skepticism when out the window when i heard my fellow TED Fellows talk today. My god -- so much brilliance and innovation from such a small group of people. TED officially began today and basically everyone 'who is who' is showing up. Had a chance to talk to several financiers, TV producers etc.<br /><br />The line of the day from one of the financiers -- 'Davos is so yesterday....TED is now -- today..where true mover and shakers of the world come to be inspired. If you are a TED Fellow, you really will save the world.'...Hummm, if only it were that easy...Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com1tag:blogger.com,1999:blog-4855072286023056518.post-42865155745122899912009-12-16T16:42:00.001+08:002009-12-16T16:44:35.436+08:00Key Note SpeechWomen’s Role in Social Enterprise<br /><br />Honorable Minister Kumari Selja, Founder Trustee of WIC and Union Minister for Tourism and Housing and Urban Poverty Alleviation, Government of India, The Leaders of Sree Shakti, Ladies and Gentlemen –<br /><br />Assalamulaikum, Namaste and Good Morning!<br /><br />I am honored to be with you today, as a Bangladeshi woman, speaking on behalf of over 700 million of my South Asian sisters. I would like to express my gratitude to Sree Shakti and all of you here today for coming together to recognize women’s role in nation building. <br /><br />As a woman Social Entrepreneur, I have been asked to share with you my thoughts on Women’s role in Social Enterprises – entities that are changing and impacting the social and environmental canvass of South Asia and the rest of the world. If we are going to talk about Women’s role in Social Enterprise, we then need to talk about Women’s position in a society and about the role of social enterprises and entrepreneurship in that society. <br /><br />Therefore, what I hope to do this morning is to briefly discuss the role of women in social enterprise, to touch on the role and importance of women’s entrepreneurship and to put it all in perspective with my own story. <br /><br />I am in a unique position to be standing in front of you today to discuss today’s topic. I am the youngest of four daughters of a Muslim family. After I was born, my mother had to bear the shame of giving birth to a fourth daughter. My father was encouraged to marry again. My mother eventually recovered from the depression of giving birth to me, and my father did not remarry. Instead, they put their parental energy into our education. Although we had our social boundaries, nevertheless, we four girls became a doctor, a teacher, a development worker, and an entrepreneur. <br /><br />My entrepreneurial spirit has never been based on a desire to make lots of money but on a desire to fight social injustice. Whatever the source of ones entrepreneurial spirit, it propels a person – especially a woman – to new heights of innovation and opportunity. Thus, I hope you will all go away from the talk today and do your part – whether nurturing your own entrepreneurial spirit or encouraging another woman entrepreneur in your own way – both because they truly hold the key to the success of the next generation and to make each of our countries a better place.<br /><br />I was fortunate to have a career that spanned the full spectrum of private to public sector. I began my career as an investment banker at Morgan Stanley in New York. I was young and excited about being at the heart of the capital markets that made the financial system of this world work. However, when I arrived what struck me was what a small role women played in influencing and defining the capital markets of the world. During those days, in the entire staff of Morgan Stanley (which was then several thousand), there were less than 30 women bankers. And I have to say, from my Wall Street experience, I have to agree with the recent observations that some have made that the financial meltdown of the last 12 months could have been avoided if the large financial institutions were run by women.<br /><br />I left Morgan Stanley to join Grameen Bank in Bangladesh. Similar to Morgan Stanley, Grameen offices in both the city and the villages were staffed largely with men. The difference was that almost all of the clients (at that point, around 2 lakh) were women. The women were clients not because anyone was doing them a favor but because they were better clients – they had better repayment rates than their male counterparts and they shared their income with their families. During that time, I was fortunate to meet thousands of these incredible women entrepreneurs who were fueling the engine of the rural economy and at the same time building Grameen into one of the most incredible success stories of social enterprise. <br /><br />I was humbled and impressed by the women entrepreneurs I met in the villages. Because the system did not work for them, they were forced to innovate to survive in the system. More than 80% of the women I met while at Grameen were illiterate, and yet they were smart enough to figure out complicated concepts such as interest rate arbitrage (where at time some were becoming lenders themselves) and innovative management practices – like the woman who had her husband marry three more times and then hired those other wives into her growing weaving business. <br /><br />These women neither saw themselves as heroines nor as hand-out cases – but simply as human beings who at last had the opportunity to stand on their own feet. And, every single woman I met, as soon as they saved some money they sent their children to school. And, every single one of these women told me that they did not want their daughters to have the same life as theirs. <br /><br />Today, microfinance all over the world is one of the sexiest ‘asset classes’ and has become an essential fuel of the economy in many developing countries. I meet investment bankers who talk about the high financial returns of the MFIs and are creating sophisticated financial instruments around the MFIs. Sadly, I have not met a single banker who for a second talks about these millions of women across the globe who are fueling the MFIs and playing their role in nation building. <br /><br />What are we doing for these women other than giving them small loans? Sadly, the answer is “not much.” And yet, we are creating and fueling fancy financial institutions on their back.<br /><br />A recent article in the The Economist magazine said, ‘forget China, India and the Internet. Economic growth is driven by women.’ The article goes on to say that an increase in women’s employment, in both the developing and developed world, has been the biggest engine of global growth in recent decades. <br /><br />And, as I have seen with my own eyes, experts are also pointing to the clear evidence that helping women to develop their skills and join the labor market boosts incomes and the well-being of society as a whole. It is now an established fact that educating girls boosts prosperity. The multiplier effect of that is – more productivity, income generation, healthier and better educated children – thus raising the welfare of the entire family and in turn nation. <br /><br />Sadly, despite all this evidence, women remain perhaps the world’s most underutilized and under-recognized resource. Equal opportunity in the economic sphere is not a reality, and its absence is a drag on growth, development and poverty alleviation. <br /><br />Globally, women are most heavily represented in micro and small businesses. That is not a surprise. This is due to legal, social and cultural forces which guide and in some way constrain their business decisions. <br /><br />What do the women themselves perceive as their biggest obstacle? In Bangladeshi villages when I asked this question, the answer was access to capital, education, culture and support system. When this question was asked in the US, the answers were very similar, and to the list above the American women added trade, affordable health care, taxes, government policies, and media exposure.<br /><br />Interestingly, if you look at these issues, they are concerns about accessing the capital and markets needed to grow profitable and sustainable business. And, they are about securing essential social protection. These concerns are common to all entrepreneurs in many countries, whether men or women. These are small business issues, not particularly women’s issues. However, because most representation in these small and micro businesses is from women, they become women’s issue. And women’s entrepreneurship needs special recognition because it constitutes an important untapped source of economic growth and societal wellbeing. <br /><br />One group of entities which is trying to assist, among others, the disadvantaged, women and small businesses are Social Enterprises. Thousands of Social Enterprises (which can be defined as Social mission-oriented for-profit companies OR business-oriented non-profit entities) across the globe are working relentlessly to bring better livelihood, education, healthcare, sanitation and income opportunities to the poor and make this world a more equitable place. However, many of these entities struggle themselves to get sufficient capital and recognition for the work they are doing. <br /><br />In response to this need, and to support these Social Enterprises and assist them in growing their impact, I founded Impact Investment Exchange, a social stock exchange for social enterprises in Asia. I was audacious enough to think that we can make investors care about more than just a financial return for their investment. And we did. I have been receiving resounding support from the financial sector and the public in creating this exchange, which will in essence assist social enterprises to increase their social impact and in effect assist millions of women and disadvantaged across the globe.<br /><br />So, what is IIX? IIX will be Asia’s first social stock exchange, providing a trading platform and an efficient capital raising mechanism for Asian Social Enterprises (SEs), including both for-profit and not-for-profit entities with a social mission. IIX will connect these SEs with Impact Investors seeking to achieve both a social return and an economic return on their investment while providing capital to fund innovative social businesses. <br /><br />In Asia (especially in South Asia) we face the gravest of the world’s challenges covering a whole spectrum of issues, including women’s empowerment, poverty alleviation, and environmental protection. It is SEs like Grameen Bank, BRAC, SEWA, BWDA, and Selco that are playing a leading role in confronting these challenges.<br /><br />What can we do to assist them? What can we do to help them expand their impact? The answer is simple: to provide access to capital. Just as microcredit has given access to millions of individuals and given them an opportunity to create a new life, IIX will give access to capital to the SEs that assist millions. These SEs will be judged for the social and financial sustainability that they attain and they will help us broaden the definition of a ‘successful enterprise’. <br /><br />We need many social enterprises, impact investment exchanges, private sector initiatives and public sector support to listen to the voices of women entrepreneurs. Gender specific constraints to entrepreneurship require well-supported specific policy responses. <br /><br />These responses need to be financial, political and most importantly practical. Women need targeted training in how to start, manage, and grow businesses. Just as they need the entities like social enterprises to give them the structure to grow and sustain their businesses. Women and these social enterprises must lend their voices to efforts to identify and address laws and policies that do not adequately address their needs. <br /><br />Now why is all this relevant to you? It is because you each have an important role to play in bringing about this positive social change. <br /><br />As Ghandiji said, "We must be the change we wish to see”. If we want our nations to develop, if we want our children to be educated, if we want our environment to be clean, we will need to leverage the vast capabilities of the women in our society. Women in the audience: you have the power to change the world for the better…each in your own way -- as an entrepreneur, or a social entrepreneur; as a government policy maker, or one who influences government policy; as a leader and as an example. Everyone in the audience: we each need to support the women in our society; and, we need to support the entities that support these women…Women are the key to the future. <br /><br />There is a saying that women must do twice as well as men to be thought half as good. Luckily, that is not so difficult. Just give us the chance, and we will show you what an incredible force we are. <br /><br />Thank you for your attention, and thank you for supporting a just society, with opportunities for all men and all women.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-71536392332000137552009-12-16T16:38:00.003+08:002009-12-16T16:45:45.510+08:00InvitationInternational Women's Centre<br />&<br />Stree Shakti-The Parallel Force<br /><br />Invite you to the Luncheon Reception <br />&<br />Annual Stree Shakti Awards<br /><br />Guest of Honour<br />Prof Durreen Shahnaz<br />Head, Social Innovation Programme, Lee Kuan Yew School of Public Policy, Singapore<br />Founder and Chairman, Impact Investment Exchange Asia (IIX)<br /><br />Winner of Dayawati Modi Stree Shakti Samman<br />Madhavi Mudgal <br />Eminent Dancer<br /><br />Winner of Stree Shakti Science Samman<br />Prof Rupamanjari Ghosh<br />Eminent Scientist<br /><br />Book Release II Edition of A Quest for Roots By<br /><br />Hon’ble Minister of Tourism Kumari Selja <br /><br />on December 12, 2009<br /><br />Time: 12 Noon <br /><br />at<br /><br />3 Suneheri Bagh Road <br />New Delhi 110011 <br /><br /><br /><br /><br /><br /><br /><br /><br />streeshaktik@gmail.com<br /><br />intwomencentre@gmail.comDurreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-28399538366942207762009-12-16T14:54:00.003+08:002009-12-16T16:44:55.908+08:00Recognition of IIX workI had quite a surreal evening last night. I found out that I was nominated for 2 prestigious fellow positions:<br /><br />1. Asia Society Asia 21 Fellow (the next step to young leader recognition I received couple of months ago) where 25 fellows are chosen from Asia and the US as lifelong policy makers for Asia Society. <br /><br />2. TED 2010 Fellow: http://www.prnewswire.com/news-releases/ted-announces-recipients-of-next-25-ted-fellowships-79216142.html<br /> <br />This is truly humbling and overwhelming. I hope I can use these opportunities to further expand the work of incredible Social Enterprises and Impact Investment Exchange.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-24346418197014318982009-10-11T14:55:00.001+08:002009-10-11T14:56:15.369+08:00News Clipping on IIXHere is first media exposure for Impact Investment Exchange -- first of many hopefully -- http://www.youtube.com/watch?v=Pi40Ky9IOQwDurreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-50839846772505435572009-09-22T14:06:00.002+08:002009-09-22T14:08:52.212+08:00My BioI have been asked by many about my bio and my website (?). Given that I already have so many communication points, I think having my own website is overkill. So, here is my bio on my blog --<br /><br />Durreen Shahnaz is Head of the Programme on Social Innovation and Change and Adjunct Associate Professor at the Lee Kuan Yew School of Public Policy (LKY School) at the National University of Singapore. <br /><br />Prof Shahnaz has been a change maker throughout her career which has spanned both the social and private sector. As a successful social entrepreneur, Prof Shahnaz founded, ran and sold oneNest, a New York-based social purpose business which operated a marketplace for products produced by microfinance, micro enterprises and artisan groups from all over the world. Recently Prof Shahnaz founded Impact Investment Exchange Asia, a social stock exchange which will allow Asian social enterprises to raise growth capital. <br /><br />Prof Shahnaz began her career in the social sector at Grameen Bank (Bangladesh) where she played a critical role in the bank’s first major capital raising exercise. At World Bank (Washington, D.C.) Prof Shahnaz evaluated non performing loan portfolios for the East Africa Department and at International Finance Corporation she assisted in selling Ashanti, the largest gold mine in the world for the Ghanian government.<br /><br />In the private sector, Prof Shahnaz worked as an investment banker at Morgan Stanley (New York) before moving to the media sector. As the head of three regional media companies (Asia City Publishing Group, Hearst Magazines International and Reader’s Digest Asia), Prof Shahnaz worked vigorously to incorporate social responsibility in these companies’ work. <br /><br />Prof Shahnaz holds a BA from Smith College (double major in Economics and Government); and a joint graduate degree -- MBA from Wharton School, University of Pennsylvania (Finance) and MA from School for Advanced International Studies at Johns Hopkins University (International Economics and International Relations). Recently Prof Shahnaz was nominated as one of the Young Leaders of Asia by Asia Society.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-24839989325022953722009-09-22T14:04:00.001+08:002009-09-22T14:06:04.180+08:00Impact Investment ExchangeImpact Investment Exchange Asia (IIX) website is up -- www.asiaiix.com<br /><br />This is the beginning of a movement in social capital markets. This is indeed an exciting moment in history --Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0tag:blogger.com,1999:blog-4855072286023056518.post-40852864660357834632009-08-10T14:16:00.000+08:002009-08-10T14:24:47.452+08:00Asia Society Young LeaderJust found out that I got nominated as a 'Asia Society Young Leader'. At the ripe age of 41 to be called 'young' is flattering but really nothing more than that. I am really more curious than anything else about the whole thing. I stayed out the range of the 'world media' all these years and wonder if that helped or hurt me. Case in point, could Yunus have received the global adulation if he was not a constant on the media circuit? Interesting debating point. However, there is an issue of legitimacy. With information coming out from every direction, people need 'filters' or legitmization more than before that is why high profile entities (e.g. Asia Society, Skoll, Ashoka) have become even more important in 'vetting' ideas and people. So, a lot of 'real people' and 'real work' are being ignored -- sad.Durreen Shahnazhttp://www.blogger.com/profile/18134040423410139779noreply@blogger.com0