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INDEV 308: Introduction to Social
      Entrepreneurship

                   Class 9: Social Entrepreneurship in the
                    International Development Context

                                   Monday, July 4, 2011
Instructors:
Norm Tasevski (norm@socialentrepreneurship.ca)
Karim Harji (karim@socialentrepreneurship.ca)
                                                             1
© Norm Tasevski & Karim Harji
© Norm Tasevski & Karim Harji




Agenda

•   Ashoka
•   Social enterprises in the developing world
•   Impact investing
•   Reviewing the Video Assignment
•   Next Week




                                                                     3
© Norm Tasevski & Karim Harji


There are MANY issues in the
developing world…




                                                   4
© Norm Tasevski & Karim Harji


Traditional approaches have
had relatively limited impact…




                                                     5
© Norm Tasevski & Karim Harji


The principles of social
entrepreneurship have a role to play…




                           Resourcefulness




 Motivation



              Innovation
                                                  Risk Taking




                                                                 6
© Norm Tasevski & Karim Harji




… in education




Source: http://www.enterprisingschools.com/markets/global




                                                                                7
© Norm Tasevski & Karim Harji


Crowdsourcing educational innovation:
OpenIdeo + Grey Matters Capital




http://www.openideo.com/open/how-might-we-increase-the-availability-of-
affordable-learning-tools-educational-for-children-in-the-developing-world/

                                                                                          8
© Norm Tasevski & Karim Harji




                    9
© Norm Tasevski & Karim Harji




… in health




Source: http://www.visionspring.org/what-we-do/why-eyeglasses.php



                                                                                      10
© Norm Tasevski & Karim Harji




Video: Aravind
http://www.youtube.com/watch?v=3cjnNPua7Ag




                                                       11
© Norm Tasevski & Karim Harji




… in agriculture




                                     12
© Norm Tasevski & Karim Harji




… in communication




                                       13
© Norm Tasevski & Karim Harji




Video: Ushahidi
http://vimeo.com/7838030

http://www.ted.com/talks/erik_hersman_on_reporting
   _crisis_via_texting.html




                                                            14
© Norm Tasevski & Karim Harji




An untapped (local) market




Images: http://bottom-of-pyramid.blogspot.com/2008/10/fortune-at-bottom-of-pyramid-2.html
http://www.thehindubusinessline.in/life/2004/11/26/stories/2004112600140300.htm



                                                                                                              15
© Norm Tasevski & Karim Harji


   Capital is often (perceived as) the key constraint to
   growth… but… perhaps misalignment is the issue




Source: Alex Nicholls and Cathy Pharoah (2008) The Landscape of Social Investment,
http://www.sbs.ox.ac.uk/centres/skoll/research/Pages/landscapeofsocialinvestment.aspx                     16
© Norm Tasevski & Karim Harji




 The potential of impact investing

“ Impact investing could expand to a $500
  billion industry in the next decade.”
-- Monitor Institute


“… a potential investment opportunity
 between $400 billion and $1 trillion with
 potential profits between $183 billion and
 $667 billion in the next decade…”
-- JP Morgan


                                                       17
© Norm Tasevski & Karim Harji


There is an emerging class of
impact/social investors…




                                                  18
© Norm Tasevski & Karim Harji


… that is providing flexible capital
(+ more) to these social enterprises




                                                         19
© Norm Tasevski & Karim Harji




Acumen Fund
• http://www.youtube.com/watch?v=g-uhz0J3JTE




                                                         20
© Norm Tasevski & Karim Harji




Patient Capital(ism)
 Jacqueline Novogratz (founder of Acumen Fund) –
 TED talk on “a third way to think about aid”
 http://www.ted.com/talks/jacqueline_novogratz_a
 _third_way_to_think_about_aid.html




                                                          21
© Norm Tasevski & Karim Harji




Market-Minded Development
• What did you find most interesting about the
  Acumen Fund’s approach?

• What challenges or opportunities mentioned in the
  article do you think will be most critical?

• What do you think success looks like for the Acumen
  Fund? How would you measure it?




                                                              22
© Norm Tasevski & Karim Harji




Acumen Fund: Student Leaders Workshop

• http://www.acumenfund.org/investment-
  story/acumen-fund-student-leaders-workshop.html




                                                            23
© Norm Tasevski & Karim Harji




The Impact Investing Marketplace




  Source: Monitor Institute (2008) “Investing for Social & Environmental Impact, A Design for Catalyzing an
  Emerging Industry”, http://www.monitorinstitute.com/impactinvesting/
                                                                                                                        24
Break




        25
© Norm Tasevski & Karim Harji




Microfinance

Microfinance as a subset of impact investing…with a 40 year track record




Images:
http://southeastasia.foreignpolicyblogs.com/2011/05/27/the-poverty-of-microfinance/
http://simran.crownpac.net/blog/2007/05/04/microfinance-%E2%80%93-a-zero-sum-game/



                                                                                                        26
© Norm Tasevski & Karim Harji




“The promise of microfinance”
The (previously) unbankable now have…
• Access to credit
• Understand how to use credit

And have demonstrated…
• An ability to repay in full, and on time
• Through peer pressure, no collateral required

So that…
• Money can be recycled for further lending
• Create businesses and economic growth
• Empower people and improve social conditions

                                                               27
© Norm Tasevski & Karim Harji




The growth of the microfinance industry




Source: http://blogs.cgdev.org/open_book/2010/02/charting-growth.php



                                                                                         28
© Norm Tasevski & Karim Harji




An industry in crisis?




                                           29
© Norm Tasevski & Karim Harji




Let’s revisit these assumptions…
The (previously) unbankable now have…
• Access to credit
• Understand how to use credit

And have demonstrated…
• An ability to repay in full, and on time
• Through peer pressure, no collateral required

So that…
• Money can be recycled for further lending
• Create businesses and economic growth
• Empower people and improve social conditions

                                                               30
© Norm Tasevski & Karim Harji




State of the industry




Source: “Microfinance Banana Skins 2011: Losing Its Fairy Dust”, http://www.cmef.com



                                                                                                         31
© Norm Tasevski & Karim Harji




Assessing the impact of microfinance




Source: http://blogs.cgdev.org/open_book/2009/06/roodman-morduch-2009.php


                                                                                              32
© Norm Tasevski & Karim Harji




Investing in microenterprises vs SMEs
• Which is “better”? Why?

• Under what conditions?

• How do (or would) we know?



  ** Draw on the reading by Aneel Karnani, and Serge’s talk earlier in the semester




                                                                                             33
© Norm Tasevski & Karim Harji




So what does this add up to?
• Market-based approaches can (and must) have a role
  to play alongside traditional approaches to aid. But
  there will sometimes be tensions between them…
• There will always be a need for traditional grant-making
  because you can simply not expect a financial return for
  all situations e.g. humanitarian disasters
• Impact investing and microfinance are approaches that
  are challenge traditional notions of risk and return by
  adding a 3rd dimension: (social) impact
• The principles of social entrepreneurship can be applied
  to traditional approaches in order to help them scale
  even more successfully. This depends on balancing the
  financial and social tensions, and taking into account
  the local context…
                                                                  34
© Norm Tasevski & Karim Harji


Smart or Right? Thinking like a Philanthropist
and Investing in Social Impact
• http://nextgencharity.com/talks/sasha_dichter_sma
  rt_or_right




                                                            35
© Norm Tasevski & Karim Harji




The 2nd Online Video Assignment
Expectations
  – 2-5 minutes
  – Explain your business model:
     • How the customer “experiences” your product/service
        (“here’s how it works…”)
     • Why the customer will be willing to pay for your
        product/service (instead of the alternative – e.g. a
        competitor’s product or some other substitute product)
     • How you make money
     • How your model achieves social/environmental goals
  – Think of this video as a “practice run” for your final pitch
  – Use of visual aides is a bonus, but not necessary



                                                                       36
© Norm Tasevski & Karim Harji




Next week
• Lecture on the Enabling Environment for Social
  Entrepreneurship
• Guest lecture by Jennifer King, Executive Director of
  Social Venture Partners Waterloo Region




                                                                37

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INDEV308 Class 9 - Social Entrepreneurship in the International Development Context

  • 1. INDEV 308: Introduction to Social Entrepreneurship Class 9: Social Entrepreneurship in the International Development Context Monday, July 4, 2011 Instructors: Norm Tasevski (norm@socialentrepreneurship.ca) Karim Harji (karim@socialentrepreneurship.ca) 1
  • 2. © Norm Tasevski & Karim Harji
  • 3. © Norm Tasevski & Karim Harji Agenda • Ashoka • Social enterprises in the developing world • Impact investing • Reviewing the Video Assignment • Next Week 3
  • 4. © Norm Tasevski & Karim Harji There are MANY issues in the developing world… 4
  • 5. © Norm Tasevski & Karim Harji Traditional approaches have had relatively limited impact… 5
  • 6. © Norm Tasevski & Karim Harji The principles of social entrepreneurship have a role to play… Resourcefulness Motivation Innovation Risk Taking 6
  • 7. © Norm Tasevski & Karim Harji … in education Source: http://www.enterprisingschools.com/markets/global 7
  • 8. © Norm Tasevski & Karim Harji Crowdsourcing educational innovation: OpenIdeo + Grey Matters Capital http://www.openideo.com/open/how-might-we-increase-the-availability-of- affordable-learning-tools-educational-for-children-in-the-developing-world/ 8
  • 9. © Norm Tasevski & Karim Harji 9
  • 10. © Norm Tasevski & Karim Harji … in health Source: http://www.visionspring.org/what-we-do/why-eyeglasses.php 10
  • 11. © Norm Tasevski & Karim Harji Video: Aravind http://www.youtube.com/watch?v=3cjnNPua7Ag 11
  • 12. © Norm Tasevski & Karim Harji … in agriculture 12
  • 13. © Norm Tasevski & Karim Harji … in communication 13
  • 14. © Norm Tasevski & Karim Harji Video: Ushahidi http://vimeo.com/7838030 http://www.ted.com/talks/erik_hersman_on_reporting _crisis_via_texting.html 14
  • 15. © Norm Tasevski & Karim Harji An untapped (local) market Images: http://bottom-of-pyramid.blogspot.com/2008/10/fortune-at-bottom-of-pyramid-2.html http://www.thehindubusinessline.in/life/2004/11/26/stories/2004112600140300.htm 15
  • 16. © Norm Tasevski & Karim Harji Capital is often (perceived as) the key constraint to growth… but… perhaps misalignment is the issue Source: Alex Nicholls and Cathy Pharoah (2008) The Landscape of Social Investment, http://www.sbs.ox.ac.uk/centres/skoll/research/Pages/landscapeofsocialinvestment.aspx 16
  • 17. © Norm Tasevski & Karim Harji The potential of impact investing “ Impact investing could expand to a $500 billion industry in the next decade.” -- Monitor Institute “… a potential investment opportunity between $400 billion and $1 trillion with potential profits between $183 billion and $667 billion in the next decade…” -- JP Morgan 17
  • 18. © Norm Tasevski & Karim Harji There is an emerging class of impact/social investors… 18
  • 19. © Norm Tasevski & Karim Harji … that is providing flexible capital (+ more) to these social enterprises 19
  • 20. © Norm Tasevski & Karim Harji Acumen Fund • http://www.youtube.com/watch?v=g-uhz0J3JTE 20
  • 21. © Norm Tasevski & Karim Harji Patient Capital(ism) Jacqueline Novogratz (founder of Acumen Fund) – TED talk on “a third way to think about aid” http://www.ted.com/talks/jacqueline_novogratz_a _third_way_to_think_about_aid.html 21
  • 22. © Norm Tasevski & Karim Harji Market-Minded Development • What did you find most interesting about the Acumen Fund’s approach? • What challenges or opportunities mentioned in the article do you think will be most critical? • What do you think success looks like for the Acumen Fund? How would you measure it? 22
  • 23. © Norm Tasevski & Karim Harji Acumen Fund: Student Leaders Workshop • http://www.acumenfund.org/investment- story/acumen-fund-student-leaders-workshop.html 23
  • 24. © Norm Tasevski & Karim Harji The Impact Investing Marketplace Source: Monitor Institute (2008) “Investing for Social & Environmental Impact, A Design for Catalyzing an Emerging Industry”, http://www.monitorinstitute.com/impactinvesting/ 24
  • 25. Break 25
  • 26. © Norm Tasevski & Karim Harji Microfinance Microfinance as a subset of impact investing…with a 40 year track record Images: http://southeastasia.foreignpolicyblogs.com/2011/05/27/the-poverty-of-microfinance/ http://simran.crownpac.net/blog/2007/05/04/microfinance-%E2%80%93-a-zero-sum-game/ 26
  • 27. © Norm Tasevski & Karim Harji “The promise of microfinance” The (previously) unbankable now have… • Access to credit • Understand how to use credit And have demonstrated… • An ability to repay in full, and on time • Through peer pressure, no collateral required So that… • Money can be recycled for further lending • Create businesses and economic growth • Empower people and improve social conditions 27
  • 28. © Norm Tasevski & Karim Harji The growth of the microfinance industry Source: http://blogs.cgdev.org/open_book/2010/02/charting-growth.php 28
  • 29. © Norm Tasevski & Karim Harji An industry in crisis? 29
  • 30. © Norm Tasevski & Karim Harji Let’s revisit these assumptions… The (previously) unbankable now have… • Access to credit • Understand how to use credit And have demonstrated… • An ability to repay in full, and on time • Through peer pressure, no collateral required So that… • Money can be recycled for further lending • Create businesses and economic growth • Empower people and improve social conditions 30
  • 31. © Norm Tasevski & Karim Harji State of the industry Source: “Microfinance Banana Skins 2011: Losing Its Fairy Dust”, http://www.cmef.com 31
  • 32. © Norm Tasevski & Karim Harji Assessing the impact of microfinance Source: http://blogs.cgdev.org/open_book/2009/06/roodman-morduch-2009.php 32
  • 33. © Norm Tasevski & Karim Harji Investing in microenterprises vs SMEs • Which is “better”? Why? • Under what conditions? • How do (or would) we know? ** Draw on the reading by Aneel Karnani, and Serge’s talk earlier in the semester 33
  • 34. © Norm Tasevski & Karim Harji So what does this add up to? • Market-based approaches can (and must) have a role to play alongside traditional approaches to aid. But there will sometimes be tensions between them… • There will always be a need for traditional grant-making because you can simply not expect a financial return for all situations e.g. humanitarian disasters • Impact investing and microfinance are approaches that are challenge traditional notions of risk and return by adding a 3rd dimension: (social) impact • The principles of social entrepreneurship can be applied to traditional approaches in order to help them scale even more successfully. This depends on balancing the financial and social tensions, and taking into account the local context… 34
  • 35. © Norm Tasevski & Karim Harji Smart or Right? Thinking like a Philanthropist and Investing in Social Impact • http://nextgencharity.com/talks/sasha_dichter_sma rt_or_right 35
  • 36. © Norm Tasevski & Karim Harji The 2nd Online Video Assignment Expectations – 2-5 minutes – Explain your business model: • How the customer “experiences” your product/service (“here’s how it works…”) • Why the customer will be willing to pay for your product/service (instead of the alternative – e.g. a competitor’s product or some other substitute product) • How you make money • How your model achieves social/environmental goals – Think of this video as a “practice run” for your final pitch – Use of visual aides is a bonus, but not necessary 36
  • 37. © Norm Tasevski & Karim Harji Next week • Lecture on the Enabling Environment for Social Entrepreneurship • Guest lecture by Jennifer King, Executive Director of Social Venture Partners Waterloo Region 37