 Thank you all for that and I got so Excited thanking John who's moved. I forgot to do something very important and that is John is the one who kind of keeps things together But there's a staff of a couple of dozen folks or so. I've asked to come into this room. Would you all stand up? They're the ones who did this come on. Let's give it up for them Who's name didn't even get in the program book because he came on fairly late But whose work you're about to see is a young man named Logan Schilling law I think I got that right Logan Schilling law the fourth who's been videoing for us and we want to look for just a second at The video that he has made showing us your great faces faces and hearing your great words and after that Kevin's gonna come up and Tell us what's next. I am very optimistic and and hopeful about this space I see a lot of innovators who are coming up with game-changing ideas and applying Really new entrepreneurial approaches to old problems. I just see terrific new ideas. I see Inspired and inspiring entrepreneurs And I see you know many investors who want to help make their ideas happen One of the things that's going well is that this concept of how you drive systems change is getting more traction There's more conversation about what it means to make a difference not just by investing in one company or even 10 companies that are in a Particular area, but how do they relate to each other? How do you know that you're driving systems change? So now I think we're kind of going beyond just sort of Ideas and really getting things in the market that have scalability And real impact on a very large level. So that's been very exciting There's also been much more capital freed up in this space as there have been more and more proof points in the market So I think that's really encouraging. So it's been exciting to see the increasing trend towards effective layering of capital Really applying binoculars to the valley of death and making sure we understand the growth path of social enterprises And even as tonic and early-stage network of being able to be really thoughtful about how we can work with other partners Up and down to support those enterprises over time There's quite a lot of adoption that's taken place and the curve has been really steep in a really positive way things are happening And people are getting it and buying in with it It demonstrates that the real market is developing that social capital markets aren't just a concept But actually becoming a reality. You're seeing the deployment of not just thousands of dollars or even hundreds of thousands But literally millions of dollars of capital. So we're seeing a lot of connection I think that's really what the positive thing is and that has been really invaluable to me in So many ways because I work in my loft in my home and so many times you're like, how do I fix this problem? But when you have the community that says I've tried and talked to tackle that this way have you thought about this? So that's been the positive trend that I see. I think we're doing a great job being a big tent sector We're bringing in community development organizations in appalachia and tech investors in Ahmedabad, India who wouldn't have previously thought of themselves as impact investors I think that the thousands of people here who either want to work in the sector or have a venture or Just trying to figure out what's going on. It gives me a ton of hope I see a lot of new really interesting and exciting ideas coming up into this space New approaches for doing things and really just a paradigm shift in how we're approaching Some of these old problems and I think it's going to take that kind of energy innovation and passion to To to change the world. Yeah, Kevin. We know we turn it off I mean, we've been watching it for three days now and I mean, I was speaking to Logan the videographer early And he told Chris you can turn back Kevin's mic now. Okay So we were we were talking to I was talking to Logan. Yeah, he kind of told me there was a different story There's a different story. Yeah Another side show me the other side. When exactly movie. Okay. You want to see the movie? I want to see the movie Yeah, all right Peter could you load the other movie? Do you want the other movie? Yeah, I'm okay. Yeah, sure You tell me when it's ready Yeah, yeah, it's ready. Yeah, okay. Okay So I have an odd fear And thought about the challenges and it is that people will not Fully grasp the possibility they have to get where we need to go requires a major acceleration And it means taking this much more seriously and moving the ball in a much more Intent filled way The other concern is Um, I don't believe there's proper mechanisms for people to understand how deep their investments are going And so there's not that the feedback channels haven't really been perfected So that we actually know where the money's going and why the thing is how do you monetize a lot of this stuff? A lot of times I don't even know Monetization of these impacts is even possible So then what are you gonna do are you gonna accept qualitative measures? What makes me fearful is a lot of entrepreneurs say there's no money out there A lot of people who want to work in the sector say there are no jobs out there And a lot of investors say there are no deals out there And what we need to do is figure out you you know, you've you've got this potential to do something in this sector And here's here's where it is And I think that that we're not particularly good at making the most of the Unbelievable human capital that wants to get involved in the sector. I think one of the biggest challenges There's still in my opinion too much talking and not enough action I think it's really important that we're setting the right culture As leaders in this space a culture is of doers and a culture that's of getting stuff done And we need to be thinking beyond ourselves There really is a need for more local funding to support our local partners in the market So that's something that we're hoping that as there's more more more and more proof points of these kinds of companies Scaling we're hoping there's more Access to local capital for our partners on the ground My concerns are that scale and investment and the scale of investment In things that happen internationally are very different than they need to be domestically and vice versa And that sometimes, you know, and we've got an apple and orange situation And we're trying to talk about these apples and oranges as if they are one of the same And perhaps they're not I think one of the greatest challenges is getting to scale We have now countless accelerators and incubators Literally hundreds if not thousands of startups and These startups will now truly be tested They've gotten out of the starting block, but now they have to cross the finish line Right now we need to scale that marketplace. So whether that be through Attracting new investment opportunities and new investors into the space I think it's important to build a community that's honest about what's working and what's not working So we can build a Culture that it thrives on lessons learned and on moving forward rather than In being quiet about things that aren't working as well as we'd hoped In order to learn from failure, we need yes to be telling stories But also stories about failure which are not that common in this space But we need to collect data in order to know The next step is told in order to get to that success And I'm very happy to see in this conference that there is some Reflection going on as to whether equity and venture Are the best model to really support entrepreneurs Okay. Well, there are multiple sides to the story. Um, I need some help responding to this and talking about where we go next rosalie Helping here. What what do you think we should do? Well, you don't have the answers to I know I think I know I just produced conferences I don't know. Why don't you get somebody up on the stage? The answers are in the room I think I'm going to call some people up to help me answer these questions And respond to what's happening I go off. I'm trying to from one degree solar when you come up here And keely stevenson bamboo finance come up here Alex Sloan from Skoll foundation. Okay, tim forlton From the hub et cetera Peter frickman. Come on up Major carter. Okay, you're right there. Yeah, right and jackie van der broek So we're bringing down the house Okay, so Here we are This is a real place and yet there's a whole lot of challenges What do we do now? What do we do next with all that we've done and all that's in front of us? Jack let's start with you So, um, I think kevin we actually all work together and that's it's some of what you have here You really have created but I'll say The thing that gave me the most hope for the last Three days was that The message that I wanted to give here that that gender Equality and valuing the skills of women and men and the participation of women and men Which actually responded to equally by women and men So Yeah Is to me the room was ready for this and the world is ready The world is ready for this question of how is it that? Valuing the participation the Experiences the realities of different genders and the differences of those Gets us to more impact and more return We need the whole population not half the population working on these challenges. Yeah, that's great. That's great Keely, let me ask you next. What do you do now? What are the proof points and what really resonated with you this week? I think I'm excited. I think there's been a lot of progress I can resonate with a lot of the challenges the last five years have been extremely challenging But the the progress points is the nice thing is this week I haven't heard anyone talking about sort of definitions of what we're doing and and you know Which is you know, not as useful, but you know, there's metrics There's standards in place and there's really great examples of value being created and in And what we're doing in bamboo, you know, there's we've raised 250 million dollars Some of those are from institutional investors like pension funds that never really looked at this kind of thing before There's there's doors opening, you know around the world And you know, we're almost placed all of that money in good social enterprises around the world With there's exits happening one exit and you know, I mentioned earlier when we had a conversation with You know student loan business that we've invested in we're seeing that there's the default rates for student loans are no different With low-income students in Latin America than they are with middle-income students or higher-income students And so some of those perceptions of risk that are keeping money from coming into this space and Powerful ways and keeping change from happening or are melting away I think and it's slow and it's you know, you've got to just roll up your sleeves and And and have that patience to do it Yeah, that's great. So the risk is is The idea of the risk is passing away. Alex Sloan from the Skull Foundation. Tell me what you think So I think we should trust the people in the room here If we can't get it done with these folks then we're doomed, but I have a lot of sense of optimism about it My suggestion is that we each find our place That we measure what we're doing that we share our knowledge and then we manage expectations I have been through other cycles of investing before as many of us have and to over promise Is a very bad thing as an entrepreneur also as an investor I have told more than a few of my limited partners or investors things that I didn't deliver on And so I think managing expectations of how much time it will take what the risk is What the actual return is going to be is a very important thing for us to be rigorous with and honest about So we don't blow this in one cycle, right? So perceptions are risk capacity away, but we know that it takes a long time We know that it takes a long time. Peter, you're an entrepreneur. Tell me about what you're doing and why it matters Sure. So, um My company drip tech makes affordable drip irrigation for small plot farmers in developing countries We've been making progress over the last couple years. I think, you know, look listening to that video, you know, one of the concerns That was that it was issued resonates with me about, you know, local capital for our Distribution partners, but at the same time, it's one of the topics that we've actually made the most progress on at this conference You know talking about how to leverage At this particular conference, so, you know, you know, there will always be problems in these challenges that That are identified are real challenges, but I mean, that's why we're here, right? Right at convening to make that progress. Okay, great Major, tell me what hope you have and what you see is the road ahead For me, it was really helpful to be here and And get a chance to talk to a bunch of folks and realize that folks were kind of on the same page that a lot of things Really weren't working and that there was time for a change or just that acknowledgement that maybe there are different ways That we could apply capital to really support people You know, I think in particular domestically was something that you know, it really speaks volumes to me And I was really excited to hear that there was an opportunity for people to recognize that so that we can create models to move forward on it Yeah, great. Thank you You're off. Tell me about what you see Sure Kevin. I actually come from the traditional aid and development community. So I studied development in school I Went on to work for a nonprofit. I did international healthcare work in post conflict Liberia for a few years and I think there are many lessons learned from other investing industries and also from the Traditionals from other excuse me from that wasn't for tonight. I'm not a good bet, but Other industries in the US, but also I think why we're all here and we all are here in order to generate real change and impact in these other countries or within our communities and In in Liberia, we ended up raising Can everyone hear me to keep going? Okay So while in Liberia, we ended up raising quite a bit of money Millions of dollars for Solar energy for health clinics. We had patients showing up at clinics who couldn't be seen after dark They didn't have any electricity childbirth car accidents anything whatever you had you just couldn't be helped and All these millions of dollars were used for solar and Due to impassable roads and lack of Planning and other resources. We just couldn't address this problem and ended up leaving the Not only Liberia, but the traditional development industry and Started accompanying one degree solar. We only have 90 seconds, but this is So one degree solar actually manufacturers very low cost solar energy devices that provide lighting and phone charging and other power to not only clinics schools entrepreneurs, etc but We can do this for hundreds of thousands of dollars of private investment Many most of which actually we've received in inequity through investors that we met at conferences like this actually at SoCAP last year and I think that's what we can all all learn here is that You can raise millions in in grant funding from multilaterals and from the traditional aid community and actually have a faster Longer term or sustainable impact in these countries with private investment and I just want to thank the The conveners for bringing this all together and to make it as possible Thanks, right? Thank you You think you've lined up something uh at at this conference that is the funding to go forward Yeah, okay, great Tim we've been working together a long time. Tell me what you see and what makes you go forward I'd say uh at this conference kevin, um I am continually amazed by just the sheer on ramping of talent Ross baird in the video said this quite quite passionately, but And in that is a real I think a real challenge to the space that we need to not just talk about and nurture and develop our financial capital and instruments and you know layer and all this stuff but we really need to have a great deal of respect and Stewardship and sort of development of our of our human capital or people and uh, but it's amazing I mean like the and I see this at the hub every day. It's one of my kind of my pet passions Where impact assets works out of in san francisco and you know community of 1200 often young social entrepreneurs and innovators that are That are just springing up all over the world in 30 cities already going probably to 300 cities in the next five years And there's just an amazing amount of of um of resources. I think that um that that gives me a lot of hope The way the dna is shifting and and maybe it's a generational thing a sort of millennial, you know Epoch that's coming at us and then you know the dark side of that some people may have heard me say is It's kind of like maybe my change my theory of change is like wait for us to die You know, and that's sort of like well, what do you want to do about the pension funds? I'll wait and we literally just wait for the the blockage to get pushed out of the system and I know that doesn't sound like a positive hopeful thing, but time is on our side as long as we can also deal with the fact that The the poverty and climate change and everything else is about to fall off a cliff and we have to be incredibly impatient so that balancing act And the way that I see that Progressing is um is is kind of where my mind is at right now. Yeah Who else? Yeah, go ahead Alex So so one thing I've been incredibly impressed by is the diversity of the group that comes here and how More and more people that you would not expect Organizations represented that you would not expect are showing up here and in other Gatherings around impact whether it's with a for-profit or a nonprofit point of view I think we're beginning to drop some of the barriers between traditional funding sources and entrepreneurs and technology and development people and Whether we need to be patient or get the hell on with it. I think it's probably the latter You're right though. So I'm encouraged by the collaboration that's possible and that's what at Skoll foundation We're really trying to collaborate as much as we can we've been working with social entrepreneurs our whole existence in 1999 So that's easy We've done a partnership recently with USAID So we're actually working with the US government trying to co-fund social entrepreneurs with innovative solutions around the world We have co-funding partnerships with major co-founders under foundations for profit and non-profit And we're not inventing this We're just trying to model it and to do it as well But I think there's a lot to be learned from each other and if we can drop some of the Traditional reasons to not work together. There's a lot of hope And I think social entrepreneurs are the only way we're going to get anywhere in the world And so we have to fund them and support them and get this done Okay, right Major what resonated with you you talked about you know, you're new to it coming to this kind of gathering You've done greening of the Bronx forever, but what really resonated for you. What what did you see here? What is new here for you? Well, I'm actually not new to coming to conferences like this at all. Um, and uh What is interesting to me is that listen the um, the revolution may not be televised But it definitely needs to be funded and I do think that again what I heard here and what I often actually hadn't heard at a lot of different conferences like this was that There was it didn't seem to be such There seemed to be a lot of like yes, we're really interested in um, you know supporting the needs of of people domestically, but I didn't really see a lot of action come out of that You know, what I'm hoping that comes out of this one in particular is an acknowledgement that You know poverty does exist right here in America And that we need to be supportive of ways that actually really do restore and build our communities in ways that they haven't You know before and um, that's what I'm hoping and that's what I've certainly heard from many of the individual conversations that I've had with lots of people that this is this is this is real and that folks understand that and that You know and it's you're figuring out ways to to fund the You know the folks that are really doing work in communities and domestically is really important Yeah, thanks Somebody else want to add what resonated for them during this week one more thing? Yeah So what resonated for me was the power and watching people take ideas of using a gentleman's into All kinds of different sectors and different places. So I've given gender lens talks at this conference for three years now They've always been in a breakout session and um, I think the number of men usually was somewhere between three and six And so having that conversation in the main stage and then Watching it go throughout the entire conference And so we were talking about sure we were talking about menstruation. We were talking about Family planning, but we were talking about funding them with investment dollars And then we were also talking about energy and we were talking about food and we were talking about The role that men and women play on that and how do we reduce the barriers and how do we see things? So I have people coming back to me and saying that this was really great because this came up in my session here and we Thought about it differently than we had before So it's it's another version of the mainstreaming and I think the systems conversation is the same thing. It's like instead of that just being a Panel breakout it comes in and across everything which again the workshops that you guys did I think allowed that that the going deep and then mainstreaming Yeah And I think I think go ahead One of the things that Kevin and I talk about a lot is that he really looks at things from a systemic perspective and I tend to look at the things from the individual and I don't know whether Kathy's in the room or not I don't really want to shouldn't have singled her out, but at our last staff meeting before we Open the doors for all of you to join us She nearly Lost it. She just started going we got to do this and we got to do this and we got to do this and just like There's no end in sight I don't think I can get everything done and when I look at the problems that y'all look at every day There's no end in sight How do you keep going? What's your personal story about how you keep going stand up? It's a great question because then in the day this community is made up of individuals with their own energy and their own passions and their own sense of hope and then when you you know look around the world that some of the things We're trying to do and you see maybe a or the thing a woman who's having to trade off of Food for her kids or medicine and you know to pay for those things It's it can be hopeless. It can be hard and it's also just hard rigorous work every single day, but at the same time It's intellectually stimulating. It's fun and there's so much personal energy out of just meeting each individual and understanding their story and their relationships and I think for me that The kind of ability to have the resilience and keep going even though you see things are You know, it's long-term Change that we're going to have comes from just knowing that Stranger things have happened In the sense that why not why why shouldn't we be putting our life force into things that are meaningful With people that we care about I spent quite a number of years doing hospice volunteer work and that really shaped the way I think about things So a couple hours a week I would spend in people's homes who had terminal illnesses and they would share these amazing stories with me about their lives Essentially, you know things they regretted things they wish to hope they had done but also things they were really proud of and So much of what I saw here this week about where people are spending their time And and why people are continuing to do this Whether it's been 15 years or they just started a couple of weeks ago is around that It's wanting that your life to have a meaning a purpose and to contribute to something greater in this world And I think that's what keeps me going and a friend told me the other day that really great entrepreneurs have sort of dual ability in their brains to To do two things one is to be extremely impatient and upset and sometimes angry at the way things are So it was going to sort of the the second part of that video And at the same time be really grateful and appreciative and have gratitude for the way things Are and where things have come and people around them And I think for me that that gratitude is what keeps me going and that that beauty and that potential of what's possible So, thank you. Well said Right Yeah, I think you know It's absolutely true that the tasks that we have in front of us are daunting And from an entrepreneurial perspective, it really it can be very solitary And so from the perspective of you know, what keeps you going? How do you how do you kind of Look into the abyss and you know, keep trudging along I say I think there's kind of two two aspects to that one is um The impact you know now we're starting to see impact and I I live in india. I live and I and I work I spend a lot of time in the field with our customers So Seeing the impact is an important part of of staying energized and even just this conference is the second part of being Energized and this type of conference Because community is important if you're in a very solitary role Even if you have a team and even if you're leading that team You still need compatriots and you still need community and you need support and the type of recharge and re Refresh and and re-energy that you get at a conference like this if you're an entrepreneur three manic days of connecting with people and seeing what they're working on and Giving them your ideas and getting their ideas. I think that that is An important part of of Of managing your psychology as as an entrepreneur and against these types of you know, dauntless Tasks That's that's kind of how I manage Similar to peter's comment, I think the the actual Change on the ground and when you see that it makes the The solitary confinement sort of a bit more bearable, but I've been doing I've been an entrepreneur for three years now three a bit more and very much I think the I think where we are now as a company and where I am now as a person is really just a Result of not stopping. I mean there were certainly time there have been times in the past where I'm sure we've all wanted to stop a big deal fell through Somebody quit You can't pay a rent There are other opportunities out there and I think when when it's At the end of the day Traction means something different to us where that means one extra customer and And it's important to not Consider them beneficiaries, but these are people who are making the decision and using their purchasing power to improve their lives so every additional customer we have and that traction that people in this room want to see and and What matters to more traditional investors? I think Makes a big difference to us because we can actually go to the field and see those farmers or see our households or see the Entrepreneurs selling these products and and hear their stories and I think that's incredibly powerful. The second quick thing is The excitement of these conferences and just every interaction because we are small and nimble and can Decide and react and implement very quickly as opposed to a much larger organization or corporation, etc so We have a we have a conversation in a hallway, for example at this sort of conference and next week we can start working on If it makes sense and I think that's sort of opportunity I mean these are we've all heard the numbers, you know 1.3 billion without power 2.5 billion and all the issues are huge and I think the more interactions we have and more ideas that are actually exchanged and makes it more exciting because They're still out there There hasn't been an idea that has Truly scaled and wiped out these problems. So Let's keep talking and it's been three days of talking, but it's clearly not enough because these issues are still out there. So Thank you This has been great one anyone else want to say one more thing major I'm a very blessed woman and I know it. You know, I'm from a particular american ghetto, but their ghetto is all over this country That's what keeps me going um, you know, I would like to think that What I heard what I what I said and what What I heard coming back to me from folks was not just that I was just this happened to be this inspirational speaker that you heard but that I was actually a woman with a plan You know for how to change, you know pieces of this world that desperately need it So that's what keeps me going because I could have been I could have had a very very different faith than the one that I had And so for that that is the reason why I will come to places like this and give you ways in which you can Invest your dollars and so that you really create the kind of change that you know is possible in our lifetimes That's what keeps me going and I'm sure that's what keeps the rest of us going up here too Because we're trying to create some change and could use a little help doing so