A whitepaper making the case for, and suggesting a model for, the creation of an investment bank focused on the social venture space in Canada. Many of the ideas are applicable outside of Canada as well.
Independent Fund Directors - Hedge Fund GovernanceBell Rock Group
This guide provides a summary of the attributes to look for when appointing directors to the board of investment funds. It also raises a number of questions to ask when deciding on board composition for a hedge fund. Hedge fund governance should be an area of focus by investors as it is important that those tasked with overseeing the activities of the fund structure are suitably qualified, experienced and add real value to the board of the investment fund.
Columbia Business School | Columbia Law School Research: Shareholder Activis...Shane Goodwin
Comprehensive research report with respect to shareholder activism that I just completed as a Senior Fellow and Project Director at the Richman Center for Business, Law and Public Policy at Columbia University, a research institute established by Columbia Business School and Columbia Law School. The two-year project, commissioned by The Center for Global Enterprise, resulted in the development of proprietary predictive analytic models and algorithms, including our Stewardship Investor Vulnerability Index™ to predict shareholder activism two (2) years in advance of an intervention.
Institutional Shareholders and
Activist Investors
Professor David F. Larcker
Corporate Governance Research Program
Stanford Graduate School of Business
2011
Independent Fund Directors - Hedge Fund GovernanceBell Rock Group
This guide provides a summary of the attributes to look for when appointing directors to the board of investment funds. It also raises a number of questions to ask when deciding on board composition for a hedge fund. Hedge fund governance should be an area of focus by investors as it is important that those tasked with overseeing the activities of the fund structure are suitably qualified, experienced and add real value to the board of the investment fund.
Columbia Business School | Columbia Law School Research: Shareholder Activis...Shane Goodwin
Comprehensive research report with respect to shareholder activism that I just completed as a Senior Fellow and Project Director at the Richman Center for Business, Law and Public Policy at Columbia University, a research institute established by Columbia Business School and Columbia Law School. The two-year project, commissioned by The Center for Global Enterprise, resulted in the development of proprietary predictive analytic models and algorithms, including our Stewardship Investor Vulnerability Index™ to predict shareholder activism two (2) years in advance of an intervention.
Institutional Shareholders and
Activist Investors
Professor David F. Larcker
Corporate Governance Research Program
Stanford Graduate School of Business
2011
Evaluating an M&A strategy to expand impact and enhance outcomesGrant Thornton LLP
While organizational objectives can be achieved by establishing one-off partnerships and informal collaborations, some not-for-profits have elected
to expand impact by formalizing relationships via an M&A (Mergers & Acquisitions) strategy.
These slides were presented during the webinar on "Managing Partnerships in Microinsurance" conducted by the Facility on 1 March 2012. The webinar highlighted the stages of partnership, key points and strategies that can be used per stage, success factors and pitfalls, as well as real cases in partnership management.
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Shareholder activism is exploding: The number of activists is increasing, their assets under management are growing, and their tactics and strategies are changing. We believe that companies that put themselves in an activist’s shoes will be most able to anticipate, prepare for, and respond to an activist campaign. So what should they know—and do?
Find out in PwC’s report, Shareholder activism: The who, what, when, & how.
The ES&G Accountability Forum (2013) provided participants and panelists with an opportunity to examine the question of how information (both financial and non-financial) can best be provided in a form that is useful to decision makers that are affected by, or have an affect on Canada’s companies.
This document captures key points made by panelists, their answers to questions posed, and the Forum’s participants’ table discussions. It is organized around each panel: investors, companies, evaluation organizations. We hope to encourage all groups to consider the advice and comments discussed at the Forum, and to take action on the outstanding questions and issues to improve the state of ES&G disclosure, analysis and investing that are highlighted on pages 9 & 10.
This year on September 23, 2014 in Calgary, many of these unanswered questions will be addressed at the ES&G Forum 2014: "Non-financial performance... A missed opportunity?"
Building on the last two years' discussions, participants will hear how investors and businesses are implementing innovative methods to manage investor demand for ES&G information. To learn more about & register for this year's ES&G Forum, please visit: http://bit.ly/esg-forum-2014
Organizations that can clearly and accurately articulate their financial story and resource needs are better positioned to make a strong case for support. In both good times and bad, your stakeholders will be more engaged if you can provide a data-driven assessment that links your nonprofit’s financial health to its impact and accomplishments. This can inform strategic planning and guide leadership in making mission driven, financially sound decisions.
We've created a worksheet divided into six core areas of nonprofit finance, described in detail in the document:
Revenue
Expenses
Probability and Savings
Health of the Balance Sheet
Liquidity
Financial Planning
Use the worksheet to capture a snapshot of your nonprofit’s strengths and weaknesses. Together, these areas help you balance the three critical components essential to your organization’s long-term viability: Mission, Capacity, and Capital.
This paper summarizes secondary research on how to develop open collaboration strategies within the enterprise space. It also proposes a specific engagement model.
Evaluating an M&A strategy to expand impact and enhance outcomesGrant Thornton LLP
While organizational objectives can be achieved by establishing one-off partnerships and informal collaborations, some not-for-profits have elected
to expand impact by formalizing relationships via an M&A (Mergers & Acquisitions) strategy.
These slides were presented during the webinar on "Managing Partnerships in Microinsurance" conducted by the Facility on 1 March 2012. The webinar highlighted the stages of partnership, key points and strategies that can be used per stage, success factors and pitfalls, as well as real cases in partnership management.
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Shareholder activism is exploding: The number of activists is increasing, their assets under management are growing, and their tactics and strategies are changing. We believe that companies that put themselves in an activist’s shoes will be most able to anticipate, prepare for, and respond to an activist campaign. So what should they know—and do?
Find out in PwC’s report, Shareholder activism: The who, what, when, & how.
The ES&G Accountability Forum (2013) provided participants and panelists with an opportunity to examine the question of how information (both financial and non-financial) can best be provided in a form that is useful to decision makers that are affected by, or have an affect on Canada’s companies.
This document captures key points made by panelists, their answers to questions posed, and the Forum’s participants’ table discussions. It is organized around each panel: investors, companies, evaluation organizations. We hope to encourage all groups to consider the advice and comments discussed at the Forum, and to take action on the outstanding questions and issues to improve the state of ES&G disclosure, analysis and investing that are highlighted on pages 9 & 10.
This year on September 23, 2014 in Calgary, many of these unanswered questions will be addressed at the ES&G Forum 2014: "Non-financial performance... A missed opportunity?"
Building on the last two years' discussions, participants will hear how investors and businesses are implementing innovative methods to manage investor demand for ES&G information. To learn more about & register for this year's ES&G Forum, please visit: http://bit.ly/esg-forum-2014
Organizations that can clearly and accurately articulate their financial story and resource needs are better positioned to make a strong case for support. In both good times and bad, your stakeholders will be more engaged if you can provide a data-driven assessment that links your nonprofit’s financial health to its impact and accomplishments. This can inform strategic planning and guide leadership in making mission driven, financially sound decisions.
We've created a worksheet divided into six core areas of nonprofit finance, described in detail in the document:
Revenue
Expenses
Probability and Savings
Health of the Balance Sheet
Liquidity
Financial Planning
Use the worksheet to capture a snapshot of your nonprofit’s strengths and weaknesses. Together, these areas help you balance the three critical components essential to your organization’s long-term viability: Mission, Capacity, and Capital.
This paper summarizes secondary research on how to develop open collaboration strategies within the enterprise space. It also proposes a specific engagement model.
Presentation given by Gavin Wood at the NYC Ethereum meetup on the 21st of November 2014 concerning the concept of relative truth and the need to rethink MMA system architecture with the paradigm of incomplete truth.
A description of the structure and the processes of a community of projects in the Food System. We explored the creation of a co-working space to house some of the projects.
The description of a model for a pooled fund to seed early stage social entrepreneurs. What makes this fund unique is that we propose to finance systems of projects that are already working together; that constitute a part of a network. This is one risk mitigation strategy
ODA for Capacity Building in the Social Enterprise- and the SME-Sector in IndiaMartin Vogelsang PhD
Based on my long-standing experience as impact investor in India I would like to suggest that Official Development Assistance (ODA) coming into the country is disbursed more strongly towards capacity building (training, education) and supporting the incubation of viable social enterprises and inclusive businesses catering to the “Base-of-the-Pyramid”. Investing into this area of the Indian economy would not only help alleviate to poverty and at least partly solve some of the grave environmental problems the country is facing. Such an initiative could also help India’s corporate sector become more engaged in creating and scaling innovative solutions in the areas of technology or financial services that could open up new markets for them.
Russian business incubator program _ prospect development and strategic plan ...Vasily Ryzhonkov
It is the purpose of this report to examine ‘best practices’ of setting up and operating
business incubators. Hence the strategic plan is a form of blueprint for the proposed pilot
project, identifying the parameters, goals, and processes of business incubator
development. The investigation of these components is referred to as PHASE ONE. The
purpose of PHASE ONE is to investigate the prospect development, thus setting the
direction for initiating PHASE TWO – the establishment of a Business Incubator Pilot
Project in Russia.
Finally, long-term and short-term objectives as well as potential stakeholders and funding sources are identified within the proposed three-phased 8-month strategic action plan
What Is Social Return On Investment (SROI) And How Do You Apply It?Rizwan Tayabali
For many of those who are looking to start up a social enterprise, the framework of Social Return on Investment (SROI) could prove to be crucial in both understanding and presenting our social impacts in economic terms. Anything that helps raise funding and support has to be worth taking seriously, so here's a short overview of
SROI.
Role of venture capital in the development of Rajasthan: Entrepreneurs perspe...inventionjournals
: Since independence there is significant improvement in the economic and social development of
Rajasthan for which role of venture capitalist is important. in this paper the researcher indented to highlight
the different industrial sector of Rajasthan which got benefited by different venture capitalist . and Also efforts
are made to determine the entrepreneurs perception regarding the role of venture capital for smooth
functioning of newly established companies. The research design used is exploratory in nature. The data is
being collected from the entrepreneurs of Rajasthan, RVCF and other websites, hence this research is based on
primary and secondary data. Correlation is used to determine the relationship between the role of venture
capital and development of Rajasthan . The results of this study would help venture capitalist to modify their
role and policies according to the changing needs of state’s entrepreneurs which will facilitate it’s adoption by
rural.
Key
Study is all about finding the factor which affects the private equity investment in india and prefer sector for it along with the process of investment
Russian business incubator program - The functioning of business incubator o...Vasily Ryzhonkov
The purpose of this document is:
TO ASSESS THE STRUCTURE AND PROCESS AND IDENTIFY THE PARAMETERS
THAT WOULD ENSURE THE SUCCESSFUL IMPLEMENTABILITY OF A NATION WIDE
BUSINESS INCUBATOR (BI)PROJECT IN RUSSIA
• INVESTIGATE THE PROSPECT DEVELOPMENT INCLUDING:
1) COMPETITIVE ANALYSIS OF BIMODELS AND PROCESSES - (SWOT);
2) SITUATION ANALYSIS OF BIIN CANADA,AND EU (CASE STUDIES);
3) EVALUATION OF ‘BI GRADUATES’ –PROCESSES AND FINDINGS AND;
4)ASSESSMENT OF SETTING UP AND OPERATING BI
• SUGGEST OBJECTIVES,DATES,CONSULTATION AND COLABORATION BETWEEN
RUSSIAN AND CANADIAN TEAM S IN AN EIGHT MONTHS STRATEGIC PLANNING
PROCESS
Getting Ready For Upcoming Act on CSR in Indiaanuptiwari
The Companies Bill 2012 has thrown up several opportunities and challenges. This analysis promotes understanding on the provisions and recommends next steps.
A model, pioneered by Chris Cook, that aligns the interests of financiers with users and managers of an asset. One might think of this as a vision for a Collaborative Capital Structure!
A vision for a model that marries the benefits of incubation space with a systemic view of resource allocation with a view to solving the chronic underfunding of early stage social ventures.
On thestructureandprocessesofrevolution2.0 discussiondocumentSuresh Fernando
Considerations, learned both from experience and through the review of theoretical work, on the challenges and complexity of bringing different movements together 'across boundaries;
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
1. ON THE FORMATION OF A SOCIAL
VENTURE INVESTMENT (SVIB) BANK IN
CANADA
(Discussion Document)
Suresh Fernando
March 11, 2009
suresh@strat-insight.com
2. OBJECTIVES .................................................................................................................................. 3
WHAT IS THE PROBLEM THAT IS BEING SOLVED? .................................................................. 4
WHAT IS A SVIB INVESTMENT BANK?........................................................................................ 5
WHY THE TIMING IS RIGHT FOR AN SVIB.................................................................................. 6
ASSESSING SOCIAL VENTURES: quantitative and qualitative assessments required ................ 6
WHAT IS SROI? – the challenges and opportunity ........................................................................ 7
THE ROLE OF QUANTIFICATION OF SROI: Is it necessary ........................................................ 8
THE GLOBAL SOCIAL VENTURE MARKET: poised for rapid growth!.......................................... 9
THE CANADIAN SOCIAL VENTURE MARKET ........................................................................... 10
INCUBATION AND ENGAGEMENT ............................................................................................. 11
INNOVATIVE FINANCING MECHANISMS: Equity Like Investment Structures........................... 11
CHALLENGES AND OPPORTUNITIES ....................................................................................... 17
STRATEGIC CONSIDERATIONS ................................................................................................ 21
MARKETING ................................................................................................................................. 22
COMPETITION (A Detailed Competitive Analysis Needs To Be Developed ................................ 22
EXECUTION ................................................................................................................................. 23
POTENTIAL REVENUE STREAMS.............................................................................................. 24
REFERENCES (and associated organizations)............................................................................ 26
2
3. OBJECTIVES
My objective in presenting the following is to:
1. Describe a vision for what a Social Venture Investment Bank (henceforth SVIB) might
look like. Note that this is not a business plan.
2. Provide an initial framework and set of discussion points to engage those that are
interested in the possibility of creating a SVIB in Canada.
3. Provide supporting evidence that larger social and macroeconomic changes/trends are
aligned with the formation of a SVIB – the timing is right to do this now!
4. Provide supporting evidence for the need to develop a SVIB in Canada
5. Provide some indication how the integration of a technology strategy that aims to develop
a collaborative network between organizations within the SVIB Ecosystem will serve as a
differentiator from other competing institutions.
6. Suggest that the opportunities that we are immediately presented with are:
a. Active Deal Generation: The institutions currently operating within this space do
not bring the proactive approach to opportunity generation that is found at
traditional investment banks. There is an opportunity to carve out a market
position as an aggressive and innovative boutique in this space.
b. Proprietary Research: Develop a proprietary research process that targets social
ventures (and possibly charities). This methodology will allow SVIB to:
i. Identify quality investment opportunities
ii. Assess the viability of existing investments (for foundations etc.)
iii. Source financing for social ventures
c. Incubation/Engagement: Develop methodologies to assist not-for-profits to
develop social venture business units.
d. Develop Creative Financing Structures: Identify unique funding structures that
provide ‘equity-like’ characteristics.
1
e. Rollout Ecosystem Collaboration Framework: An investment bank that is
focused on the social service space needs to develop processes that are
uniquely relevant in the social service/venture space. There are certain principled
1
An Organizational Ecosystem consists of the set of relationships that a particular organization
naturally works within. This includes, for example, its clients, partners, service providers,
volunteers, funding sources etc.
3
4. reasons why organizations that are not motivated strictly by financial returns can
2
collaborate effectively.
i. Furthermore driving collaborative processes will serve to support
transactional M&A/integration processes (discussed in due course)
7. Suggest that the long-term success of SVIB is contingent on developing a coordinated
strategy that involves all of the above processes. That said, from an execution
perspective it will not be possible to start the business process by tackling all of the
above simultaneously.
WHAT IS THE PROBLEM THAT IS BEING SOLVED?
3
Lack of Intermediaries to Stimulate the Social Investment Sector
Lack of Capital for Social Ventures: Traditional funding mechanisms for existing organizations in
4
the social service space are not adequate.
5
Structural Inefficiencies In Social Purpose Capital Markets:
Inappropriate Funding Structures/Processes: For example, grant funding that is shorter term -
does not fund longer term projects
2
For a more detailed explanation of why this is so, see the Strategic Insight presentation entitled,
Ecosystem Collaboration Platform and the document entitled Organizational
Ecosystem_02_06_09 (http://docs.google.com/Doc?id=dc4gbgsj_135dqcpp4dv)
3
The Social Purpose Capital Marketplace, Coro Strandberg, January 2007, prepared for the
Tides Foundation, p. 8
4
See, for example, Creating a Supportive Environment for BC Social Enterprise, January 2009,
Enterprising Non-Profits, http://www.enterprisingnonprofits.ca/summit
5
The Social Purpose Capital Marketplace, Coro Strandberg, January 2007, prepared for the
Tides Foundation, p.10
4
5. Access to Capital is Difficult for Social Service Organizations: Most social service organizations
lack resources and expertise to know all of their funding options.
The common element in all of these cases is the facts that, in contrast to private sector markets,
capital markets players don’t exist that are trying to create transparency and liquidity in the
market. There is little attempt being made to actively create this market.
6
Absence of Knowledge/Entrepreneurship Skills
• Risk Aversion: Social enterprises and non-profits are not used to taking risks and acting
entrepreneurially.
• Absence of Technical Skills: business planning, marketing, financial planning etc.
WHAT IS A SOCIAL VENTURE INVESTMENT BANK (SVIB)?
In many ways, one can think of an SVIB as a traditional investment bank except that the focus is
on SROI investments. Due to differences in the dynamics between the social service and for-
profit spaces, I will suggest that an SVIB should offer the following services:
1. Investment Banking: connecting investors with investment opportunities.
2. Mergers and Acquisitions: drive collaboration and integration strategies within particular
7
market sectors (Ecosystems) - see BridgeSpan Group report.
3. Research: provide intelligence and investment advice on SROI investments. This would
8
include research on:
a. Social Ventures
b. Charities
c. Not-for-Profits
d. SROI projects undertaken by for-profit organizations
4. Origination of Funding Structures: Conceptualize and structure innovative funding
mechanisms that will increase the availability of funding options for SROI organizations
and projects.
5. Incubation of New Entrants into SROI market space.
9
a. Education
10
b. Best Practices
6
The Non Profit Capital Market in Canada, July 2008, Rebecca Pearson
7
Non Profit M&A: More Than a Tool for Tough Times, February 2009, http://www.bridgespan.org/
8
The rationale for extending the coverage universe to be widely inclusive is because SVIB wants
to focus on actively creating this market. This will involve developing social ventures within
organizations that have an existing social, but not financial, focus. This makes it essential that we
identify and develop relationships with many socially focused organizations.
9
See Eight Basic Principles for Non-Profit Entrepreneurs, Jerr Boschee
5
6. 6. SROI Compliance Branding: there is a movement to make visible those organizations
11
that operate socially consciously by implementing a standardized branding strategy.
7. Aggressive Approach to Market Development: One difference between an SVIB and
existing market participants will be reflected within the culture that will be created as well
as the way that business is practiced. The emphasis will not simply be to fulfill existing
needs but to actively create new markets in a highly proactive fashion.
The commitment to incubate new entrants makes the specific mandate of an SVIB investment
bank different from traditional investment banks in that it makes explicit the commitment to build
an Ecosystem.
WHY THE TIMING IS RIGHT FOR AN SVIB
Social Venture Stock Exchange: In process of creating a Social Venture Stock Exchange in
Canada. Other markets are in the process of being developed in countries around the world. This
signals the emergence of this market.
The Environmental Crisis: There is no ambiguity amongst even the most committed to unfettered
market processes that we need to address the problem of climate change etc. There is a
necessity to formalize processes, within the institutional structures that govern the capital
markets, so as to account for social and environmental impacts.
Market Meltdown: The recent market meltdown makes it clearer that increased social
responsibility through better (and different) corporate governance mechanisms is necessary.
ASSESSING SOCIAL VENTURES: quantitative and qualitative assessments required
Social Ventures need to assessed on the basis of both financial and social return. Furthermore,
social return on investment can be assessed both quantitatively and qualitatively. Quantitative
assessments can be done utilizing what are called Social Return on Investment Methodologies,
whereas qualitative assessments are typically based upon milestones, benchmarks and
monitoring along predetermined timelines.
10
See, for example, What Value Social Enterprise: Understanding the Value of Atira Property
Management, Janice Abbott, as well as Success Without Succession, Reflections on the Building
& Sustaining of Social Enterprise, Marty Donkervoort. Further case studies produced by BALTA
can be found at: http://library.athabascau.ca/drr/view.php?course=sshrc&id=641. It will be
necessary to conduct further research to identify specific best practices that can be utilized to
develop a methodology to transform not-for-profits into social enterprises,
11
See, for example, the work of BCorporation http://www.bcorporation.net//
6
7. WHAT IS SROI? – the challenges and opportunity
Social Return On Investment (SROI) calculations represent the non-financial return on investment
offered by a project. SROI estimation or measurement, although inherently difficult quantify are
important for evolution of Social Venture markets for several reasons:
Support Investment Process: If effective markets are going to be developed, it will be necessary
for investors to make decisions about potential investment opportunities. There needs to be some
mechanism whereby investors can discern whether investment A is better than investment B.
Support Investee Accountability: Organizations that receive funding need to be held accountable
to their investors, and SROI can play a role in this process.
SROI Methodologies: SROI calculations were initially introduced in the late 1990’s by REDF (The
12
Roberts Enterprise Development Fund). Since that time much work has been done in trying to
determine what SROI methodologies should look like. The New Economy Foundation, for
13
example, has extended the work done by REDF to address some of the potential shortcomings.
It should be noted that much needs to be sorted out in this area and it is an area of active
research. Melinda Tuan, in her report to the Gates Foundation, analyzes eight different SROI
14
calculation methods, and comes to the following conclusions:
12
http://www.redf.org/.
13
Valuing Social Investment: Valuing What Matters, The New Economics Foundation
http://www.neweconomics.org
14
Measuring and/or Estimating Social Value Creation: Insights into Eight Integrated Cost
Approaches, prepared for the Bill and Melinda Gates Foundation, Melinda Tuan, December 2008.
7
8. THE ROLE OF QUANTIFICATION OF SROI: Is it necessary
That quantifying social returns is complex should be no surprise, as what is necessary is the
synthesis of a number of variables which themselves don’t seem possible to quantify. How, for
example, are we to quantify the benefit to humanity of increasing the self-esteem of a volunteer,
or increased safety of a child that is placed in a foster home.
The question that immediately arises is: is quantification a necessary condition for the
development of an effective SROI methodology? Or, to phrase the question differently, how are
we to understand what the SROI number represents? In shedding light on what I mean, lets
consider the function that traditional accountants and analysts play within the capital markets.
Accountants provide us with a snapshot of the business at a particular time. This snapshot is then
used by analysts, in conjunction with their analysis tools, forecasting tools and the like in order to
produce a view of what the business is likely to look like at some point in the future. If we have
learned anything at all over the last year it is that forecasting the financial performance of a
company with accuracy is virtually impossible.
There are no financial analysts who can provide guarantees about the accuracy of their
predictions. All that financial analysts can do is provide reasoned conclusions based upon
transparent methodologies. The investor, upon understanding the basis for the calculations as
well as trusting the integrity of the advisor makes a decision as to whether or not to invest.
Investors rely, therefore, on the rationale and the transparency that underlies the analyst’s
process. Investors do not expect analysts to be correct all of the time, only to have a well thought
out process that attempts to be correct.
I believe that an SVIB can provide this service to its clients using a well-developed SROI
methodology, and working in close conjunction with investee organizations.
The key to success will be to gain the trust of investors by:
1. Developing a clear SROI methodology that they understand
2. Developing a clear Qualitative Assessment strategy that they understand
3. Implementing the strategies and following up consistently to ensure organizations are
compliant with the strategies.
4. Conducting annual reviews to assess the strengths/weaknesses of the methodologies
5. Modifying the methodologies to ensure that they are continually improved.
6. Closely engaging with investee organizations to assist them to grow their enterprises.
8
9. SROI Research Questions: Questions that need to be answered include:
1. Do different methodologies need to be developed for specific industries/types of
organizations?
2. If so, will the infrastructure costs be prohibitive?
THE GLOBAL SOCIAL VENTURE MARKET: poised for rapid growth!
The Monitor Institute estimates that the overall global market could reach 1% of total managed
15
assets. The also cite the following interesting facts;
• As of 2007 there were roughly $3 trillion in assets globally that are invested in SRI
16
businesses
• Community investing in the US has a total market value of roughly 26 billion with a
compound annual growth rate of 22% between 2001 and 2007.
• The global microfinance market is roughly $25 billion and has grown at a compounded
annual rate of 44%/year between 2001 and 2006.
• Clean technology investments in 2007 alone were $148 billion, up 60% from the previous
year.
They pose the question: ‘How much larger could (social venture investing) be if leaders join
together to build the marketplace infrastructure we outline in this report?’
15
Investing for Social and Environmental Impact, The Monitor Institute, January 2009,
http://www.monitorinstitute.com/impactinvesting/index.html, p. 9
16
The Social Purpose Capital Marketplace, Coro Strandberg, January 2007, prepared for the
Tides Foundation
9
10. They also go on to point out that this industry is poised for rapid growth!
17
THE CANADIAN SOCIAL VENTURE MARKET
• The Canadian Social Investment Review reports that as of 2004, there were $65.46
billion invested in SRI investments, up 31% from 2000.
• There are over 3000 organizations involved in community economic development that
18
incorporate both economic and social activities.
• Canada has the second larger volunteer sector in the world on a proportionate basis:
(12%)
• There are over 161,000 volunteer and non-profit organizations of which over 83,000 are
registered charities.
• The volunteer sector employees nearly as many full time equivalents (2.073 million) as
the entire manufacturing sector (2.094 million).
• In 2003 Canadian charities took in revenues of $70 billion
• Quebec is the national leader in social enterprises with over 6200 social economy
enterprises employing over 65,000 people, and generating over 4 billion in revenue.
• There are over 3000 community economic development organizations in Canada
17
The following data (unless other wise specificed) is taken from The Non Profit Capital Market in
Canada, July 2008, Rebecca Pearson
18
The Social Purpose Capital Marketplace, Coro Strandberg, January 2007, prepared for the
Tides Foundation, p.10
10
11. • In 2005 there was 503.61 billion in socially responsible investing of which $809 million
was invested in the social sector.
• As of December 2005, there were 8852 charities registered with CRA of which 2397 were
active grantmaking foundations.
• Foundation assets in 2004 totaled $13.9 billion. Grants totaled $1.2 billion.
• Federal government funding to the social service sector has decreased over the last
several decades.
• In 2006, socially responsible lending totaled $1.939 billion. Venture funds with a
sustainability focus invested $449 million.
INCUBATION AND ENGAGEMENT
A critical element in the success of a SVIB will be its capacity to develop the social venture
market in Canada. This is necessary because of the lack of experience and expertise that socially
focused organizations have in the area of entrepreneurship. It will not be sufficient for SVIB
simply to review business plans and allow organizations to operate on their own. A more hands
on approach will be needed.
It will be necessary to conduct further research in order to determine with more precision what the
best engagement model is. Examples of organizations that work closely with clients include:
19
• Adventure Capital Fund
20
• FutureBuilders
21
• Good Capital
INNOVATIVE FINANCING MECHANISMS: Equity Like Investment Structures
Part of what will be necessary in order to develop this market is to develop innovative financial
structures that can satisfy the needs of both investors as well as social enterprises. Furthermore,
development of this market may be able to attract investors that would not otherwise invest in
social enterprises.
The following is an analysis of the landscape in the UK conducted by Bridges Community
22
Ventures . It is likely that the picture in Canada is similar and that there is a gap in the
marketplace for ‘equity-like’ capital.
19
http://www.adventurecapitalfund.org.uk/
20
http://www.futurebuilders-england.org.uk/
21
http://www.goodcap.net/
11
12. The following slides should be self explanatory:
22
http://www.bridgesventures.com/
12
14. 23
A very intriguing structure has been proposed by Arthur Wood of Ashoka. Rather than try to
summarize the features of this structure I present the explanation in full.
In short, this structure provides returns that will be acceptable purely to market driven investors
and hence could contribute to attracting a class of investors that heretofore avoided the social
investment marketplace entirely!
23
Scaling Up The Canadian Social Finance Sector, October 2006, Coro Strandberg for the Tides
Foundation
14
16. As of 2004, Bridges reports that they had only managed to find roughly ten funds in the US that
24
aim to achieve both financial and social returns. This reflects a huge market opportunity.
24
Equity Like Capital For Social Ventures, Bridges Community Ventures, September 2004, p. 29
16
17. CHALLENGES AND OPPORTUNITIES
Although the opportunities are tremendous, there are a number of challenges that will need to be
25
overcome if an SVIB is to be developed. Coro Strandberg cites the following challenges:
Addressing the Lack of Awareness and Poor Information: Develop Research Universe and
Proprietary Methodology. We believe that the development of a comprehensive research
universe as well a proprietary methodology that is effectively communicated to the investment
community will substantially increase their information about prospective investments. Further it
will provide them with a defined methodology, which will serve to educate them about the risks
and rewards associated with the investments.
Addressing the Risk and Return Issues: At this stage in the evolution of the industry there likely is
not sufficient information to make precise the relationship between risk and return. Furthermore, it
is likely the case that even if that information were present, it would act detrimentally to
prospective investors as it is unlikely that social investments have performed as well as would be
26
hoped.
The strategy moving forward must:
1. Mitigate risk through incubation and engagement with organization with which
investments have been made.
2. Mitigate risk through the development of innovative financing structures; ‘equity-like’
investments as profiled previously.
25
Scaling Up The Canadian Social Finance Sector, October 2006, Coro Strandberg for the Tides
Foundation, p.13
26
I am assuming this to be the case, but don’t have data to substantiate this hypothesis.
17
18. Addressing the Issue of High Transaction Costs: Transaction costs are likely high for various
reasons:
1. The absence of longer term funding commitments by investors: grant funding for example
requires that Executive Directors reapply every year for grants. This is inefficient and
resource intensive.
2. Lack of Visibility of Funding Options: Due to the lack of a centralized marketplace or
intermediaries that know the investment landscape, organizations seeking capital must
expend substantial resources in seek of funds. Not only is this tedious, it increases the
operational risk of organizations as it utilizes resources that could be deployed
elsewhere.
Addressing the Issue of Financial Incentive: Once again, this can be mitigated through the
development of innovative financial structures. Initiatives also need to be developed to lobby the
government on behalf of the sector.
18
19. Institutional Systems: The very function of the SVIB is to commence the process of developing
the necessary institutional systems; to parallel the institutional systems existent in traditional
marketplaces.
Information Exchange and Technology Platforms: A market for social ventures is being developed
and the formation of an Ecosystem Collaboration Platform will be the first steps in developing the
necessary technology infrastructure.
Standardization: This problem is not explicitly addressed in this discussion document.
Intermediary Capacity: It is the function of the SVIB to fill this gap.
Lack of Financial Instruments: It is an explicit part of the SVIB mandate to actively and
aggressively pursue the development of innovative funding mechanisms.
19
20. It seems to me that the above barriers all flow from the nature of the capital sources that are
available to social ventures.
In virtue of the fact that long term financing is not available, longer term strategies cannot be
developed. The constant need to raise money prevents organizations from developing more
holistic and sustainable fundraising strategies.
Weak balance sheets are not the fault of the organizations; it is function of systemic constraints
that make it impossible for them to develop healthy balance sheets.
The absence of an entrepreneurial culture is also a function of the constraints within which they
have had to operate. To the extent to which it is impossible for organizations to act
entrepreneurially, it would be irrational to expect them to invest the resources to hire
entrepreneurs or to develop entrepreneurial strategies. If we expect social organizations to
develop social ventures, the capital sources and the infrastructure must be in place to support
their transition to this way of operating.
The antiquated nature of the charity regime is something must be addressed immediately at the
policy level, but is beyond the immediate scope of this proposal.
20
21. STRATEGIC CONSIDERATIONS
The Importance of Investment Assessment/Expertise as the Basis for the Formation of Trust With
Clients: Since the development of SROI methodologies, and SROI investing in general, is at the
inception stage, investors will be heavily reliant on the research and advice of SVIB to make
investment decisions. It will be imperative SVIB develop strong relationships of trust with the
client. This is especially important since investments decisions will be driven by qualitative factors
to a greater extent than they are in traditional markets. This will require that SVIB research be:
1. Based on well researched and well defined SROI metrics
2. SVIB maintains as close contact as possible with investee organizations to ensure that
reports accurately reflect the state of affairs of organizations
1. Note that the strategic value of building an incubation component that helps
organizations to grow supports the fostering of relationships with these
organizations that will support our transparency and risk mitigation efforts on
behalf of investors.
Community Engagement: This is the sort of initiative that will generate substantial interest from
the general population. A strategy will need to be developed to generate grassroots momentum
for this idea.
Building the Social Venture Ecosystem: The social venture ecosystem can be understood as the
various subcategories of the social service space as well as those that they have relationships
with. This could include partners, funding sources, volunteer groups etc. that they are also
engaged with. For example a search of the Canada Revenue Agency database reveals that there
27
are 180 registered in Toronto that provide services to children.
SVIB will differentiate itself from other organizations offering services to social entrepreneurs by
actively building the Social Venture Ecosystem. This will be accomplished by fostering and
stimulating collaboration amongst ecosystem participants by offering a hosted technology
infrastructure that organizations can engage with. There is increasing interest in strategies such
28
as this. Organizations such as Blueprint Research are actively promoting this sort of strategy.
SVIB Needs To Be A Social Responsible Organization: SVIB should be structured as a
corporation, but the SROI commitment is crystallized by formalizing a commitment to invest a
material percentage (say 20%) of net earnings to an investment pool that is utilized to incubate
new entrants into the marketplace.
27
http://www.cra-arc.gc.ca/ebci/haip/srch/sec/SrchLogin-e?login=true&searchType=/
28
See Grantmaker 2.0: Using Technology to Enhance Grantmaker Practices, August 2007,
Blueprint Research, Amy Luckey, http://www.blueprintrd.com
21
22. MARKETING
The following represents a few considerations…
Crowdsourcing: Since SVIB is a principle driven organization, the objective of which is to advance
the cause of social service organizations, it will be able to garner support from a broad
constituency that normally would feel no affiliation with an organization that is associated with the
financial sector. This would include environmental activists, students etc.
SVIB will actively engage with all constituencies in order to build a broad coalition. The function of
building this coalition is to support SVIB by actively engaging the community to assist it with
identifying potential investment opportunities, volunteering on SVIB client projects etc.
Collaborative Technology and Web 2.0 Tools: Central to the marketing strategy will be to actively
leverage the utilization of web 2.0 tools to engage the broader public, to mobilize volunteers and
to differentiate SVIB from mainstream financial institutions.
These sorts of next generation marketing methods are highly cost effective and viral in nature. In
relatively short order this sort of strategy should garner media interest which will serve to fuel the
overall strategy.
Volunteer Engagement: Due to the unique nature of the SVIB project, we will be able to actively
recruit volunteers to support the activities of the project. Volunteers will be actively supported by
SVIB as we will provide them with visibility within our community (in particular within the
29
technology platform).
This could include:
• Corporate Governance: leveraging the interests of the public to scrutinize the behaviour
of corporations that either follow/don’t follow SVIB principles. Those organizations that
support our vision should be noted for this and praised.
30
• Research: Following the lead of CharityIntelligence , it is clear that we will be able to
identify volunteers in this area.
COMPETITION (A Detailed Competitive Analysis Needs To Be Developed
Banks: This includes other traditional credit granting institutions
Traditional Investment Banks
29
For a few thoughts on what underlies the motivations of volunteers, see Open System
Mobilization Platform, http://docs.google.com/Doc?docid=dc4gbgsj_25hqc96xt3&hl=en, pages 10
– 14.
30
http://www.charityintelligence.ca/
22
23. Foundations:
EXECUTION
The following represents some thoughts on how to move forward with this strategy:
The assumption will be that we have secured some initial seed capital that will allow us to have
two people dedicated on a full time basis to the project.
The most important first step will be to understand the landscape within which we are operating.
PHASE I: Understanding the Landscape (Approximately 2 months)
1. Mapping Existing Market Participants
• Identifying existing investors and mapping investor profiles
• Identifying existing investment opportunities and developing research (Developing a
Coverage Universe)
2. Commencing with SVIB Research:
• SROI Methodologies
• Innovative Financing Structures
This will require engaging the leading individuals and organizations from around the world that
are working in these area to garner intelligence on best practices etc.
PHASE II: Develop Relationships With Ecosystem Partners
1. Revise Documentation: reflect results of Phase I research
2. Engage with Funding Sources, partners, potential investments etc.
Develop Open SVIB Collaboration Framework: We will immediately set up an Open Collaboration
Process to engage thought leaders that are interested in contributing to the formation of this
model.
Explore Possibility of an M&A/Integration Strategy within a particular market Ecosystem: As
detailed in the BridgeSpan Group paper, Non-Profit M&A, More Than Just a Tool for Tough
31
Times, one strategy that is consistent with the SVIB mission of creating collaborative
frameworks between organizations is to explore the possibility of integrating organizations that
have similar missions; child services for example.
• Potential Drivers: due to the current economic climate, there may be many smaller
organizations that will be willing to entertain discussions regarding integration with other
organizations.
31
http://www.bridgespan.org/
23
24. POTENTIAL REVENUE STREAMS
Potential Revenue Streams include:
1. Research
a. Prospective candidates
b. Portfolio evaluation:
2. ‘Buy-Side’ M&A Mandates: assisting larger organizations to consolidate a market
segment.
3. Business and Strategic Planning
a. Preparation for investment
b. Charities and Not-for-profits seeking to develop social ventures
4. Transaction Fees
5. Ecosystem Platform Subscription
6. SROI Compliance Assessments
24
25. APPENDICES
32
Appendix A: The Basics of the REDF SROI Methodology:
32
Social Return on Investment: Valuing What Matters, New Economics Foundation
http://www.neweconomics.org/gen/, p. 8
25
26. REFERENCES (and associated organizations)
Advancing Social Entrepreneurship: Recommendations for Policy Makers and Government
Agencies, Andrew Wolk, RootCause
http://www.rootcause.org/
Blended Value Investing, Harold, Spitzer and Emerson
Creating Capital Pools to Support Social Enterprise Development in Manitoba, August, 2008,
Alex Chernoff
Creating a Supportive Environment for BC Social Enterprise, January 2009, Enterprising Non-
Profits, http://www.enterprisingnonprofits.ca/summit/
Developing a Social Equity Capital Market 2006, New Economics Foundation,
http://www.neweconomics.org
Eight Basic Principles of Non-Profit Entrepreneurs, Boschee, Jerr,
http://www.socialent.org/
Equity Like Capital For Social Ventures, Bridges Community Ventures, September 2004
Grantmaker 2.0: Using Technology to Enhance Grantmaker Practices, August 2007, Blueprint
Research, Amy Luckey
http://www.blueprintrd.com
Investing for Social and Environmental Impact, January 2009,
http://www.monitorinstitute.com/impactinvesting/index.html
Measuring and/or Estimating Social Value Creation: Insights into Eight Integrated Cost
Approaches, prepared for the Bill and Melinda Gates Foundation, Melinda Tuan, December 2008.
Non Profit M&A: More Than a Tool for Tough Times, February 2009
http://www.bridgespan.org/
Organizational Ecosystem, February 2009, Suresh Fernando
http://docs.google.com/Doc?id=dc4gbgsj_135dqcpp4dv
Preliminary Proposal of the Size and Scope of the Social Economy in British Columbia, July
2008, Jorge Sousa, and Evelyn Hamdon
REDF’s Current Approach to SROI
http://redf.org
REDF Social Impact Report, 2005,
http://redf.org
Scaling Up The Canadian Social Finance Sector, October 2006, Coro Strandberg for the Tides
Foundation
Scan of Social Enterprise Financial Support In BC: Background for Social Enterprise Summit
Discussions
Social Capital and Capacity Building, Discussion Paper prepared for ZCAM, ODP Retreat
Social Return on Investment: Valuing What Matters, New Economics Foundation
26
27. http://www.neweconomics.org/gen/
Success Without Succession, Reflections on the Building & Sustaining of Social Enterprise, Marty
Donkervoort
The Non Profit Capital Market in Canada, July 2008, Rebecca Pearson
The Social Purpose Capital Marketplace, Coro Strandberg, January 2007, prepared for the Tides
Foundation
What Value Social Enterprise: Understanding the Value of Atira Property Management, Janice
Abbott
27