 I'm excited to welcome to the stage Chris Juergens, Director of Impact Investing for Omidyar Network, who's going to announce a new collaborative for Frontier Financing. Thank you, Lindsay, and good morning, Socap. I'm Chris Juergens from Omidyar Network, and it's my pleasure today to announce the launch of the Collaborative for Frontier Finance. The Collaborative is a new multi-stakeholder initiative focused on increasing access to capital for small and growing businesses in emerging markets. Small and growing businesses, or SGBs, are the backbones of emerging economies. They account for about 80% of formal employment opportunities, and they contribute to positive social and environmental impact by driving inclusive economic growth, spurring innovation, and providing underserved populations with access to essential goods and services. SGBs are diverse. They range from a rural coffee cooperative in Peru to a tech startup in Bangalore to an energy access venture in East Africa. They typically seek financing in the range of $20,000 to $2 million, but the vast majority of SGBs struggle to access forms of capital that meet their distinct needs. According to the IFC, SGBs in emerging markets face a $930 billion financing gap. Many are stuck squarely in the missing middle. They're too big for microfinance, too small or risky for traditional bank lending, and lack the growth, return, and exit prospects sought by most venture capitalists. And the missing middle exists for a region. SGBs can be fundamentally hard to finance due to their small size, limited track record of performance, and the transaction costs of serving them. But we know these barriers. We've long known these barriers, and the time is to focus on solutions. And we're heartened to see the growing number of innovative financial service providers that are overcoming these challenges by pioneering new approaches to financing. Fund managers are using a growing array of alternative investment vehicles and financing instruments beyond the typical 2-in-20 closed-end fund. Banks are introducing new SGB-focused lending products that are more tailored to the distinct needs of these kinds of businesses. Local angel investor networks and seed funds are mobilizing local sources of risk capital, and financial technology innovations are making lending to SGBs more efficient and cost-effective than ever before. But despite these positive developments, we're not making progress fast enough. Millions of small businesses are not meeting their full potential to drive impact, and billions of capital are still sitting on the sidelines. That's why a group of like-minded investors, fund managers, and field-building organizations have come together to create the collaborative for frontier finance. We're seeking to close the missing middle financing gap in three ways. First, the collaborative is bringing together stakeholders to find a shared action agenda for SGB finance, defining what it will take to move the needle on this $930 billion financing gap and how working together collaboratively can help get us there faster. Part of this is building the evidence base for SGB finance through a shared research agenda, and I'm pleased to announce today the first flagship report of the collaborative, called The Missing Middles, segmenting small and growing businesses to understand their financing needs. Developed in consultation with over 50 SGB investors, this report defines four distinct families of small and growing businesses and describes why we need distinct financing approaches to meet the distinct needs of each. Second, the collaborative aims to accelerate the adoption and scale up of the most promising financing solutions for missing middle entrepreneurs. We know that there's no single financing solution that's a silver bullet for SGBs. Rather, what's needed is a diverse ecosystem of diverse financial providers that can meet the needs of SGBs at different stages in their growth journey. So what we're doing is developing networks of practitioners that are implementing specific financing solutions that have evidence results, but that are not widely adopted in the marketplace and not recognized by lots of LP investors. For example, we've mobilized a group of fund managers that are using alternative financing instruments, tools like quasi-equity, revenue-based investing, and mezzanine debt to provide growth capital to those SGBs who aren't a fit for traditional VC. These fund managers and practitioners have come together to identify the key challenges that they face and to develop new collaborative initiatives to address them, like working together to share data in order to establish performance benchmarks for these kinds of mezzanine funds, or exploring ways to reduce operational costs through shared services, or training more fund managers in how to use alternative instruments in their work with SGBs. And we have similar networks of practitioners coming together on solutions like local angel investment networks and syndicates and provision of investment readiness technical assistance to SGBs. Finally, and perhaps most importantly, the collaborative will catalyze new capital flows to SGBs. We'll be working with a diverse range of SGB investors from development finance institutions to local corporates to angel investors on ways to address the barriers that keep capital from flowing. And we're particularly focused on how we can mobilize catalytic capital to help unlock new sources of financing. I'd like to thank the founding partners of the collaborative Dutch Good Growth Fund, World Bank Info Dove, the Global Development Incubator, and my organization, Omidia Network, and to recognize our Gideas Foundation, MacArthur Foundation, Small Foundation, and the Australian Department of Foreign Affairs, who've all come together as partners to get this off the ground. Most of all, I'd like to thank the practitioners who are on the ground working with SGBs to get them finance and help them realize their potential. We invite all of those who care about unlocking the potential of SGBs to achieve impact to join us. And I invite you to go to frontierfinance.org to find out more or to come to talk to any of the partner organizations that are involved. Thanks very much.