 All right, so welcome everybody to SoCAP. So excited to be here with such amazing people. I hear we're having over 10,000 participants and 600 speakers. So that makes for just an exciting week. I wanna thank you SoCAP so much for being like the premier gathering for envisioning companies to build such an inclusive economy and a healthier planet for all of us. We're definitely, as everybody knows, living in such uncertain times and even times of devastation for a lot of people, but also times of a lot of reflection, a lot of growth, a lot of family time, a lot of humanity. And I wanna thank SoCAP for not letting this year go by and allowing us to have this moment. We have such a diverse panel in terms of continent wise. I'm coming to you from Nairobi, Kenya where there is a serious storm after a lot of sunshine. It's just very typical of 2020. We have Brazil here, United States. And the one thing I would say other than of course COVID that unites us this year is just what businesses are doing to reflect on what it means to be surviving and existing and thriving during this year and even looking forward. I think we all know the year that it has been in terms of inequality, racial injustice, poverty, leadership that's failing us. And today we just wanna have a conversation about that, what is the purpose of the corporation? This year we were celebrating 50 years of Milton Friedman statement of that companies exist only for the sole purpose of profit maximization. And we know that that is not working for us. Yeah, we are today. We see all the environmental degradation. We see the continuous poverty, the continuous inequality and we wanna do things differently. So we are here with three very distinguished individuals to speak on the change that we all seek from a behavioral, from a cultural, from a policy change. And I'm so excited for this conversation. And so I'm just gonna go ahead and let the panelists introduce themselves just for one minute. Who are you and why do you do what you do? And I'm just gonna start. So my name is Victoria Gadogo and I'm the head of partnerships in Africa expansion for Bilab East Africa as we grow into the Africa region. And I'm here because I don't know if all of you have had but Africa is rising apparently, no? And we are the hugest free trade area with over 1.2 billion people and 60% of these people are under 25, myself included, excitingly. And I won't change, I won't change. So I'm excited because I'm having these conversations every day on my individual level with myself on a family level, on a business level. I just had a conversation with one of our companies in Senegal that is, you know, through the process of BCOP certification and even just looking at his model post COVID and he tells me that only 3% of the economy in Senegal is informal employment, 97% of the company has never known employment, has never known what it means to be benefited as a community, their family's an authority. And he's like, it's 2020. I mean, there needs to be a decade of action and a decade of African leaders who are not thinking about corruption, who are not waiting for the government, who are taking the responsibility with the companies, with the few people they have and the many people they have small or large enterprises to do something. And so that's why I'm here. I'm excited about this conversation. I'm excited to learn, but I'm excited about what it means for us to seek this change that we all want to see. So Holly, I'll go to you. Thank you, Victoria. And it's so nice to see you. So nice to see all of you this morning. I am Holly Gordon. I am the Chief Impact Officer at Participant Media and we are a film production company that was founded 16 years ago by Jeff Skoll to tell stories that can inspire social change. So I am here because that has been my life's work. I was actually born in Kenya in Nairobi, Victoria, and came here as a young girl with my family. And we spent a lot of my childhood traveling back and forth to Kenya. And so in those travels, my mother would try to arrange for us to go and see other places along the way. And from that, I developed a real love of other cultures and felt that there was a lot to be that if I could only tell stories about other places, more people in the United States would understand how extraordinary the world is and that stories could bring greater understanding. I actually really wanted to go in the Foreign Service but I failed the Foreign Service exam. So I ended up at ABC News telling stories. So rather than diplomatic stories, I was telling news stories. And that's how I've spent the last 20 years trying to tell stories that would raise awareness, deepen understanding, create connection. And so at Participant, I literally have my dream job. Amazing, Holly. I hope you're coming back to Kenya soon. Lots of new stories. I haven't been back in 15 years and I'm just dying to go back. You must, you must. Marcel, you wanna go ahead? Sure, thank you. I'm so glad to be here. Victoria, Holly, Morgan, all of you that are watching us today. I'm Marcel, I'm based in Sao Paulo in Brazil. I'm an impactant entrepreneur. I'm a cancer survivor, catheter builder, bridge builder, system changer. All of these stuffs really excite me and I serve a movement of people using business as a force for good. And I truly want to be part of a broader movement that changes the rules of the game. So we all can build an economic system that is inclusive, equitable and regenerative to all people in our planet. So this is our big core global collective vision and that's why I'm here and why I do what I do. Marcel, we're looking so much forward to all the wisdom for all the things you've been doing. Morgan, you wanna go ahead? Sure, good morning. Good morning. Great to be on this wonderful panel. I'm here because so much of my life has been dedicated to changing the culture of money, of recognizing and changing the culture of money. And I've had the privilege of serving as founding partner at Candid Group the last seven years where we work with families, foundations, athletes and other influencers who want their money working for justice. Amazing, Morgan. Short but sweet, but I think we already have a hundred questions for you. So I'm gonna head and start with Holly. So you have brought the world, some of the most moving films to not only reveal the issues, our humanity and planet faces, but also offer opportunities for us to take action. So what we've seen is that individual leadership and policy change that run counter-cultural and fail to take root. So we need a cultural change and we need to have a lasting system. So how can that happen? How can both the culture and the system change in a way that creates harmony? Well, I actually do believe, as I've said, that storytelling is essential to drive long-term change because storytelling can help create a shared consciousness and shared beliefs. That stories, we often deal in facts and data, especially in global development and business, but it's actually stories that can do what data can't. Making the issues that we face and the challenges we face feel personal, feel proximate and making big, faraway or complex issues feel really visible and tacklable. And most of all, stories make you feel what's unfair, what's not right and not just. And when you feel something, you are so much more likely to actually do something about it. So at participant, what we try to do is create that sense of emotion with the stories we tell, stories like Roma or American Factory or Dark Waters, but also to connect our audiences and power audiences with tools, pathways and opportunities to get into the arena and actually fight for change, to help people participate. So when you combine storytelling with pathways to action, you actually create the on-ramp for the long-term change that we all need to be tackling together. More participation to tackle these big existential threats that we face as communities. And Holly, as this year has gone and we've seen like we're all heightened by storytelling because one, we've been stuck in our houses, but also AI and tech has allowed us to really be aware of stories globally and what's happening. What is the one thing that you see like moving forward that's just gonna really change what storytelling means for us? What storytelling means for change? Well, I really think that we have an opportunity to tell stories that lean into what we're calling a reset. If the Arundhati's Roy's essay about the portal to the future, that the pandemic created a moment, who would have believed that we'd stop flying airplanes? I live really close to LAX and for weeks and weeks and weeks, there were no airplanes in the sky. There were no cars on the road. The pollution in LA got a ton times better. And I thought, who could ever believe that this was possible? Now, of course, we wouldn't wish a global pandemic on the world, but in fact, we have a moment of pause and a moment where we can actually imagine the future. So what I'm hoping and what we're hoping to deliver as a company in the coming years are more stories that help us to imagine what's possible because I believe with our interconnectedness, look at us on this call, we're in Nairobi, we're in Brazil, we're in the US. I believe that the interconnectedness of our communities, 10,000 people at SoCAP, we actually have the potential to bring our global ideas into our community and drive change at the community level in coordinated ways. So although never before has more change been needed, I also believe that more change is more possible than ever and that by sharing stories globally, we can inspire that sort of collective action at the grassroots level and drive, accelerate the kind of change that we need. So that's my hope. My hope is that we'll be telling stories of possibility that unleashes possibility for the next decade. Amazing, maybe a day kid over a lot of, for each one of us, I think to take on that pattern to have storytelling for the reset, a day kid of storytelling for the reset. Marcel, you have been actively involved in so much of the B Corp and SoCAP community across many borders. As you said, you're a system changer, a bridge maker. And it seems that this year we're seeing so much of that, of coalitions and people coming together. Share with us what is happening to drive this policy change, this kind of companies and organizations coming together. Sure, thanks, Victoria. Well, as Holly said, I also believe that, the power of start that need to shape the culture, but we need also to build infrastructure for such culture shift. And I believe the power of policies to build an institutional environment, a framework, an institutional framework that is aligned with society's interests and also our planet needs. So at B Corp Global Movement, we believe in the power of market driven solutions to solve social and environmental problems that are currently today in our global community over 3,500 certified B Corps from 70 countries, 150 different industries. With one, what if I go to redefine success in business, but how can we power all of the 125 million companies according to the word bank to behave like a B Corp with purpose, responsibility and transparency purpose to cause positive impact, responsibility with all stakeholders in short and long term, and also the commitment with transparency to measure, manage and report your triple impact. So that's why we need to change the rules of the game. So we have policies for system change. So what we've done at global level is to institutionalize, create a legal framework, legal corporate framework. So all businesses, all corporations can behave like a B Corp. We started in the West 10 years ago with the Benefit Corporation legislation, 39 states have passed this legislation, then Italy was the very first country outside the West. Now we have Ecuador and Colombia also and the British Columbia State in Canada. So it's a global movement. There are 15 different countries now discussing this legislation to give this legal corporate framework and help administrators and now investors to align their incentives and their interests with this new economy. Thanks so much, Marcel. And just to go on with that, Morgan, you've been building bridges as well, not on more of the behavioral change between finance and social justice, a point that is clear across globally. And for two decades now, and you've written a book titled Real Impact, The New Economics of Social Change. After hearing what Marcel and Holly have spoken up about from the cultural and policy change perspective, what for you is really necessary for this behavioral change? What do you feel is necessary? I feel like we have had an incredible reckoning over the last couple of months in really looking at the culture of money and the culture of finance and the fact that whether we're recipients of that, or even children who never touch money, but that finance is impacting how they get access to housing or healthcare, any number of services, or those of us who as investors or entrepreneurs are actively part of shaping the finance system, that we are all swimming in this culture and we have the opportunity to change it. And I'd argue that currently we have the necessity to change it, that we're coming out of the situation of COVID, of seeing how incredibly fragile the global economy has been. And then also while America's system of racism goes back to 16, 19 and before, but over the last couple of months of names like Breonna Taylor and George Floyd have really entered the public consciousness of seeing what is our role within the finance community in either upholding white supremacy or fighting back against it. And I think that there's three main actions that we can take in this moment to really shift that culture of money. The first being that we have to know where our money spends the night, that too many of us when we put our money in the bank we sort of think it's like a James Bond movie that it's sitting in some safe in the back there and who knows what it's actually doing. And often it's off financing things like fossil fuels like private prisons that are really against our values. And whether we have $100 in the bank or a hundred million we have an opportunity to influence that conversation. The second point being that we need to start not only moving into impact investing but being much more conscious consumers of impact investing that over the course of my 20 year career I've been thrilled to see it's so much easier now to just check the social choice box and that every investment company of some type of ESG option. But in the same way so many of us as consumers had to learn the difference in the grocery store of what's the cage free egg versus the organic versus the pasture raised, right? But that it matters at the end of the day that we need to really be interrogating deeply what is the systemic impact that these investments are or having? Is it simply wealthy people getting to decide the fate of others? Are we making it slightly less difficult to be poor or are we actually shifting structures, right? Or the sorts of questions that we need to be asking and that this also contributes to these conversations around equity and inclusion. You know, at Candid group we've invested in over 90 companies and funds supported investments into these companies and funds over 120 million of assets in their management over half of which is deployed in the companies and funds that are led by women and people of color. And this goes to my third point which is that we have to have a commitment to change that I think a lot of people have speculated oh, it'd be interesting if we could support more diverse managers or is it possible to support more women? And what we've learned as a firm that is largely women people of color queer people that is investing in these communities this is possible, right? There is absolutely no excuse in that in today's market I feel like you practically have to go out of your way to not have a diverse portfolio and that that's part of changing culture that's changing the status quo and that if we don't really hold that commitment dear it's so easy to fall into the traditional patterns of finance that as you said have been around since Milton Friedman, right? So if we don't start actively interrogating every decision for instance rules around first-time fund managers that you can't invest in someone if they don't have 200 million under management and five years as a team well, that's probably gonna exclude the majority of women and people of color, right? That some of these things that we think are not about equity criteria really are when they're implemented right that thought of implicit bias and how that gets integrated into finance. So the more that we know where money is spending the night the more that we're making sure that impact is real, right? That's why my book is called real impact the idea that it can be real or fake depending on how we manage it. And then the third is that we absolutely have to interrogate every decision that we make and make sure that we're building new culture not reinforcing old cultures. Amazing Morgan, I think you have called us to so much action towards money that I haven't thought about it everyone needs to think about getting into Soka but also getting into a new year and a new decade of we've been doing the good things we've been doing the impact investing we've been doing kind of thinking through and that our money should be going somewhere but we've not really been interrogating and asking the right questions going over and above is this real impact? Is this transparent? Is this really where my money goes? Even if they say I should do some more questions so that is amazing. And I think that one of the things that is always gonna be a question no matter what age we are in is money and so we need to get it right and you're in the right field for that so thanks for that. Now we're gonna go into the panelists kind of asking each other questions which I think is amazing and I have never done that before but I think there's always time for new things in 2020 so we're gonna start with Holly. Holly what questions do you have for Morgan? Probably about money I would think. Yes, I do. So hey Morgan, as you think about as I hear the work that you are doing the question that emerges for me immediately is whether or not you can give some examples of bright spots either companies that you can point to who are already embracing these new principles of new economics and equity criteria in the work in the sort of in the products they're making or the investment decisions that they're doing or you're sort of one, two, three first steps for someone like me to who do I call and who do I ask these questions of? Great, so there are so many inspiring examples. It's always hard to choose between my favorite children probably similar to your films on CandiedGroup.com we have all of the investments that we've supported listed so that's a great place to look. One of them that I'm very proud of and also personally invested in is Macro the production company that you may know that if people may have seen Just Mercy there's a film coming out very soon about Fred Hampton that I'm very excited about. And in general, this idea that as investors we need to be investing in changing culture. There's so many different ways to change the world and a lot of them that make money to be clear, right? So whatever sector geography you're interested in and making impact there's something there. Another example, Bitwise which is a Latinx funded company that started in Fresno where they are building tech ecosystems that are radically inclusive that they are providing high quality jobs and training many folks in the Central Valley who are former farm workers or children of farm workers and looking for new pathways for their families that these are the sorts of opportunities that not only get people into an industry but have the ability to change how that industry functions that brings more values to the tech industry. So and what I would say for people getting started is just knowing that this is for everybody. I think sometimes there's the feeling of if I don't have a hundred million in the bank is this accessible to me? And I think the main way is simply to just start asking more questions. And I think that that's something particularly for women when we talk about the culture of finance, right? It's often really designed to prevent us from feeling like it's okay to ask questions to understand. I started doing this work as a college student actually in saying I was at a college with a billion dollar endowment. And I thought maybe this is gonna be the only time in my life I'm gonna be a billionaire. So I better start asking some questions about where that money is being managed and we started making change at major corporations. I then started moving more into investing in companies and funds and getting to see that direct impact. So I think often it's about the idea that we're all connected to money in one way or another. And whether it's your personal wealth or it could be that you have a parent who's a teacher who's part of a retirement fund, right? But there's so many different ways that we're able to integrate this and just asking what is the ESG option and then how is that actually encouraging community accountability? Great. Thank you. Great. Thanks Morgan. What do you have for Marcel Morgan? Marcel, one of the things that I find fascinating, you know, I'm sitting in Oakland, California and what I'm hoping is the last couple of weeks of a Trump presidency. I know you have a couple more years of a Bolsonaro presidency. And the fact that we have the ability as private investors and entrepreneurs to influence policy, but also who's sitting in those seats to make the policy? And one of the things that Candid group we've done explicitly, we have a budget for political donations. We actually love that being a for-profit, we're allowed to do that, right? And that will do things like giving time off to volunteer for the election or whatnot. And these are tiny moves, but I think the idea for us is saying as investors beyond just the finance tour and our toolkit, we also have these tools of politics and culture and how do we interact in those different ways? That's also why we've been working with cultural influencers. So I'm curious how you encourage people within the SOCAP universe or within the investor social entrepreneur universe to get more politically engaged? Is it just about advocating for policy? Is it supporting candidates? What are the different ways that people can get more politically active? Thanks, Morgan, that's a great question. My first reaction is to combine the walk with the talk. So there is a growth with, you know, YSEG back investing mainly now during the pandemic. So we need instruments to combine such walk with the talk. And I think that investors can also do a political act by supporting initiatives that are really objective, concrete and practical towards this new economy that is inclusive and also regenerative. So supporting investing, driving money capital to these initiatives is indeed a political act, mainly during these times where we, when we have institutions advocating somehow against, you know, important policies against inequality and climate crisis. So I think this is one thing. The second thing is about asking themselves about the power, you know, as an investor, how my money is nurturing this economy. So the top lobbying industries in the US are investors and business associations combined. So the power of them is incredibly high. So if we somehow organize on ourselves to understand what is my money nurturing, we can truly drive resources to these new economy. Thanks, myself. My name is Holly. Yeah, I think I asked Holly. And Holly, I have a great question. I mean, I'm so inspired by participant media and my question to you is based on the learnings and achievements of participants to tell such beautiful and impactful stories. How can we all inspire billions of people towards these inclusive and regenerative economic system, avoid preaching to converted people, you know? So using the power of storytelling and achievements and lessons learned of participants, I think we all can be inspired. What can you tell us? Well, one thing that I've learned, and this is not just in my work at participant, but also my work at Girl Rising, which was a global campaign for girls' education that also used film and other kinds of art to inspire community-led change. So one of the things we've really learned is that the way you can accelerate and exponentially grow change is that if you are a change leader yourself, and I'm assuming that those folks who come to SoCAP are interested in that kind of leadership, find film tools, art tools. Film, art leads to activism, poetry, short form content, short form videos, and bring those into your community and set time with groups of people to enjoy the arts and have a conversation about the activism. So whether it's American Factory, which is really a film that we made last year that asked the question, how can we make our business setting work for everyone, not just the 1% on top? That film, when watched in a group, can catalyze a conversation about what it looks differently, how things can look different. And I would also direct you to Imperative 21, which was a new consortium of 17,000 businesses. It's a network of 17,000 businesses around the world who are committed to this idea of resetting capitalism. And just last month, we launched a series of amplifier art, so poster art that starts to help imagine what a different future could look like. And so we need the converted to preach in their communities to those who haven't stopped to think or those who don't know what to do next. So a very immediate call to action would be go to Imperative21.co, download that amplifier art and hang it up in your place of work or you're in your community and see what conversations have next. See how you can use that art to inspire conversations about what you can do in your community to create a more just and regenerative future. Thank you so much, Holly. And finally, just for all you three panelists, what is inspiring you right now? What is the call to action to the SOCAP participants? Marcel, take it away. Well, my call to action, I'm so inspired by Holly and I just wanted to emphasize the power of Imperative21 downloads in three main imperatives for this new economic system to this reset. So interdependence, justice and stakeholders access Imperative21.co and access the full resource for search coalition towards this capitalism redefinition. Morgan. I really resonate with what Marcel was saying around from talk to walk and that I think this is a time where many folks have made deep personal commitments to the idea of we wanna do better in creating a more just society and just recognizing particularly the investors out there if women make up the majority of the planet, if people of color make up the majority of places like the Bay Area like New York, that if our portfolios do not reflect the world then we need to see that as actually counterculture. That means we're doing something wrong and that we need to really take a good hard look of ourselves three months from now, six months at now that these sorts of commitments are about long-term change in action not just short-term outrage. So really from short-term outrage to long-term action that's the challenge that I think we all need to take for ourselves. I'm happy to support people in that process. I'm Morgan Simon one on the different social handles and always happy to be in communication with community. Thanks Morgan and finally Holly. Very quickly I would say we believe the next 10 years is about a new paradigm for participation that everyone has a role to play and the most important thing is to exercise your power and agency as an individual to contribute to our interdependence. So my prompt is to decide where you wanna make a difference and sit down and make a three step plan. Step one, step two, step three. Start with your three first steps and the rest will start to roll from there. Thank you all so, so much to all the SOCA participants. We ask you to walk the talk and enjoy the conference and really reflecting and making commitments at least three commitments as Holly said. Thank you all. Bye. Thank you Victoria. Thanks everyone. Thank you.