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1KONFERENCE OM SYSTEM—INNOVATION
Play the game – change the rules – change the game
Lars Jannick Johansen, Den Sociale Kapitalfond
31 JANUARY 2019
2KONFERENCE OM SYSTEM—INNOVATION
1. The challenge: Inclusive growth
2. The inspiration: Specialisterne
3. The idea: Using financial mechanisms ”for good”
4. The answer: Den Sociale Kapitalfond
5. The journey: From pilot to first commercial fund
6. The fund: Den Sociale Kapitalfond Invest
7. The next frontier: Payment by Results in meaningful ways
8. The impact: Innovation model & Theory of Change
9. The analysis: System innovation outline & lessons learned
Indhold
3KONFERENCE OM SYSTEM—INNOVATION
The challenge: Inclusive growth
0
50.000
100.000
150.000
200.000
250.000
300.000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Marginalization on the Danish labour market (Danmarks Statistik, 2007-17)
4KONFERENCE OM SYSTEM—INNOVATION
The inspiration: Specialisterne
5KONFERENCE OM SYSTEM—INNOVATION
The idea: Using financial mechanisms ”for good”
What if we, instead of making money
through investments and then donating it
to employment projects for marginalized
people, could invest in companies that
empower & employ marginalized persons,
grow these companies to increase their
impact, and return the money with
interest…
NB! We have not invented impact
investment. We are merely trying to use it
in a genuinely beneficial, contextual way…
6KONFERENCE OM SYSTEM—INNOVATION
The answer: Den Sociale Kapitalfond
2011 Helping companies combine commercial & social success
Creating new opportunities for marginalized people
Developing, testing & scaling social impact investing
• Experience: 1500+ companies screened, ~100
investment and accelerator portfolio companies
• Growth: Average annual revenue growth of 13 % in
pilot fund (12 companies, 2012-2017)
• Impact: Net growth of 829 jobs and training positions
across pilot fund and accelerators (first 69 companies,
Q1 2012 – Q2 2018)
7KONFERENCE OM SYSTEM—INNOVATION
The journey: From pilot to first commercial fund
Since&2011&
•  Social&impact&&&market&
explora4on&
•  Deal&structuring&
•  360o&risk&assessment&&&
•  Models&and&tools&
Since&2013&
•  Efficient&value&crea4on&
•  Track&&&experience&with&
“extreme&cases”&
•  Data&and&analy4cs&
•  Ecosystem&&&network&
From&2017&
•  Social&impact&market&
development&
•  Financial&scalability&
•  Larger&deals&and&impact&
•  SeJng&a&new&agenda&
Social'Impact'Investment''
Pilot'Program&
Accelerator'Programs&
Social'Impact'Investment'Fund&
8KONFERENCE OM SYSTEM—INNOVATION
The fund: Den Sociale Kapitalfond Invest
• Creating a risk-adjusted financial return + measurable positive impact by
empowering marginalized persons and areas
• Investing in 15-20 social SMEs in Denmark and Southern Sweden with
growth & impact potential
• Typical revenue range from DKK 30m-200m
• Minority investor with 10 – 49 % equity share possibly supplemented with
subordinated loans
• Closed-end fund (2017-27)
• Fund size DKK 289m
• Dual hurdle rate
• Investors among others include the European Investment Fund,
Vækstfonden, TryghedsGruppen, The Novo Nordisk Foundation, Ferd Social
Entrepreneurs, Færchfonden, The Hempel Foundation, Sparekassen
Sjælland-Fyn, Østifterne, Færch og Døtre, and management team
9KONFERENCE OM SYSTEM—INNOVATION
The next frontier: Payment by Results in meaningful ways
Employment program loan: Pilot for
investable social impact bond fund
Accelerator program: Pilot for social
business infrastructure project
The new frontier: Payment by Results & Social Impact Bonds
Den Sociale Kapitalfond Invest Management ApS 9
Social
business
intervention
Social
impact
Public
savings
10KONFERENCE OM SYSTEM—INNOVATION
The impact: Innovation model & theory of change
• Play the game:
ü Work with existing infrastructure (foundations, government, etc.)
ü Innovate and test within “rules of the game” (venture
philanthropy)
• Change the rules:
ü Make new products “bridging” sectors and logics (commercial
impact fund)
• Demonstrate it works (solid impact & returns)
• Create new narrative (a “good” investment / investor)
• Change the game:
• New norms (“comply or explain” for companies, investors)
• New framework conditions (new institutions, incentives, demands)
11KONFERENCE OM SYSTEM—INNOVATION
The analysis: System innovation outline & lessons learned
• Purpose =>
combining social and
financial success
• Distribution of power =>
including social impact
potential (“deep” incentives)
• Relationships =>
making investments more
stakeholder dependent
• Resources =>
more stakeholder-resources
available
Potential challenges:
• Challenges build into the “model”: More power to the “Davos Man” – or improving opportunities in a
systemic, Scandinavian way?
• Challenges related to “success”: Complacency, mission drift or “locked” by structures and bureaucracy
– vs continuous development and goal orientation
• Challenges related to ”doing & talking”: How much time should we spend talking about the work that
we don’t have time enough to do?
Important enablers:
• The right “backing”: TrygFonden has been – and is – absolute key (and outstanding!)
• The benefit of being an “outsider”: No “pet” solutions but “radical pragmatism” in goal orientation
• The values & “manifesto”: Clear guiding principles on a day-to-day basis
12KONFERENCE OM SYSTEM—INNOVATION
Thank you for your attention!
Lars Jannick Johansen
Founder, Managing Partner
Den Sociale Kapitalfond
Invest Management
ljj@socialkapitalfond.dk
Claus Bjørn Billehøj
CEO, Partner
Den Sociale Kapitalfond
Management
cbb@socialkapitalfond.dkwww.socialkapitalfond.dk
Contact:

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Play the game change the rules - change the game

  • 1. 1KONFERENCE OM SYSTEM—INNOVATION Play the game – change the rules – change the game Lars Jannick Johansen, Den Sociale Kapitalfond 31 JANUARY 2019
  • 2. 2KONFERENCE OM SYSTEM—INNOVATION 1. The challenge: Inclusive growth 2. The inspiration: Specialisterne 3. The idea: Using financial mechanisms ”for good” 4. The answer: Den Sociale Kapitalfond 5. The journey: From pilot to first commercial fund 6. The fund: Den Sociale Kapitalfond Invest 7. The next frontier: Payment by Results in meaningful ways 8. The impact: Innovation model & Theory of Change 9. The analysis: System innovation outline & lessons learned Indhold
  • 3. 3KONFERENCE OM SYSTEM—INNOVATION The challenge: Inclusive growth 0 50.000 100.000 150.000 200.000 250.000 300.000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Marginalization on the Danish labour market (Danmarks Statistik, 2007-17)
  • 4. 4KONFERENCE OM SYSTEM—INNOVATION The inspiration: Specialisterne
  • 5. 5KONFERENCE OM SYSTEM—INNOVATION The idea: Using financial mechanisms ”for good” What if we, instead of making money through investments and then donating it to employment projects for marginalized people, could invest in companies that empower & employ marginalized persons, grow these companies to increase their impact, and return the money with interest… NB! We have not invented impact investment. We are merely trying to use it in a genuinely beneficial, contextual way…
  • 6. 6KONFERENCE OM SYSTEM—INNOVATION The answer: Den Sociale Kapitalfond 2011 Helping companies combine commercial & social success Creating new opportunities for marginalized people Developing, testing & scaling social impact investing • Experience: 1500+ companies screened, ~100 investment and accelerator portfolio companies • Growth: Average annual revenue growth of 13 % in pilot fund (12 companies, 2012-2017) • Impact: Net growth of 829 jobs and training positions across pilot fund and accelerators (first 69 companies, Q1 2012 – Q2 2018)
  • 7. 7KONFERENCE OM SYSTEM—INNOVATION The journey: From pilot to first commercial fund Since&2011& •  Social&impact&&&market& explora4on& •  Deal&structuring& •  360o&risk&assessment&&& •  Models&and&tools& Since&2013& •  Efficient&value&crea4on& •  Track&&&experience&with& “extreme&cases”& •  Data&and&analy4cs& •  Ecosystem&&&network& From&2017& •  Social&impact&market& development& •  Financial&scalability& •  Larger&deals&and&impact& •  SeJng&a&new&agenda& Social'Impact'Investment'' Pilot'Program& Accelerator'Programs& Social'Impact'Investment'Fund&
  • 8. 8KONFERENCE OM SYSTEM—INNOVATION The fund: Den Sociale Kapitalfond Invest • Creating a risk-adjusted financial return + measurable positive impact by empowering marginalized persons and areas • Investing in 15-20 social SMEs in Denmark and Southern Sweden with growth & impact potential • Typical revenue range from DKK 30m-200m • Minority investor with 10 – 49 % equity share possibly supplemented with subordinated loans • Closed-end fund (2017-27) • Fund size DKK 289m • Dual hurdle rate • Investors among others include the European Investment Fund, Vækstfonden, TryghedsGruppen, The Novo Nordisk Foundation, Ferd Social Entrepreneurs, Færchfonden, The Hempel Foundation, Sparekassen Sjælland-Fyn, Østifterne, Færch og Døtre, and management team
  • 9. 9KONFERENCE OM SYSTEM—INNOVATION The next frontier: Payment by Results in meaningful ways Employment program loan: Pilot for investable social impact bond fund Accelerator program: Pilot for social business infrastructure project The new frontier: Payment by Results & Social Impact Bonds Den Sociale Kapitalfond Invest Management ApS 9 Social business intervention Social impact Public savings
  • 10. 10KONFERENCE OM SYSTEM—INNOVATION The impact: Innovation model & theory of change • Play the game: ü Work with existing infrastructure (foundations, government, etc.) ü Innovate and test within “rules of the game” (venture philanthropy) • Change the rules: ü Make new products “bridging” sectors and logics (commercial impact fund) • Demonstrate it works (solid impact & returns) • Create new narrative (a “good” investment / investor) • Change the game: • New norms (“comply or explain” for companies, investors) • New framework conditions (new institutions, incentives, demands)
  • 11. 11KONFERENCE OM SYSTEM—INNOVATION The analysis: System innovation outline & lessons learned • Purpose => combining social and financial success • Distribution of power => including social impact potential (“deep” incentives) • Relationships => making investments more stakeholder dependent • Resources => more stakeholder-resources available Potential challenges: • Challenges build into the “model”: More power to the “Davos Man” – or improving opportunities in a systemic, Scandinavian way? • Challenges related to “success”: Complacency, mission drift or “locked” by structures and bureaucracy – vs continuous development and goal orientation • Challenges related to ”doing & talking”: How much time should we spend talking about the work that we don’t have time enough to do? Important enablers: • The right “backing”: TrygFonden has been – and is – absolute key (and outstanding!) • The benefit of being an “outsider”: No “pet” solutions but “radical pragmatism” in goal orientation • The values & “manifesto”: Clear guiding principles on a day-to-day basis
  • 12. 12KONFERENCE OM SYSTEM—INNOVATION Thank you for your attention! Lars Jannick Johansen Founder, Managing Partner Den Sociale Kapitalfond Invest Management ljj@socialkapitalfond.dk Claus Bjørn Billehøj CEO, Partner Den Sociale Kapitalfond Management cbb@socialkapitalfond.dkwww.socialkapitalfond.dk Contact: