 So, we're sitting here in San Francisco at SOCAP, the Conference on Social Capital Markets, and today we're going to be talking to Fred Vernick with Responsibility. Responsibility is an over-billion-dollar high-impact investment fund. It's one of the most active investors in the world in these markets, and it's really a treat to be sitting here with Fred, who is focusing on the earlier side, the earlier stage of that fund, but is actively placing investments all around the world. So, Fred, before we dive into the personal and the controversial and all of that, I'd love to start just with a little bit of background on responsibility and on specifically the arm that you're working on. Yes, sure. Responsibility started in 2003, Colossus Hauser, our CEO, had a vision that we should link the low-income people like the base of the pyramid markets in emerging countries with the investors in the developed world. So how to package those investments, how to make it digestible to this type of investor. What do you believe is the entrepreneur's biggest struggle in terms of launching businesses that are effectively addressing social issues in emerging markets? What's hardest for them? I think one of the hardest things, and it was part of your question, is to recognize it as a business, because the better they do the business, then we will end up naturally having social impact and financial impact. If you have a good product, if you have a good business, it's going to grow, it's going to scale, it's going to be big. And that's the attraction for us. It's then because it's an investment, it's a business, it's going to grow, it's going to have a great impact. And yes, in the end of the day, we're going to have some financial return. That's a good side about it. What about from the venture capital perspective? What difficulties are you facing? What are your challenges? Our biggest challenge today is not to find investment opportunities, to find pipeline that we get, that we have seen so many business. The problem is to find good ones. And what is a good business? Those entrepreneurs, they have to be smart. And it starts when they pick their angel investors. So that angel investor gives a message. We know all the foundations, the angel investors. We know who comes before us. If you pick one person or another, one fund, if you've got that grant, it means something, it sends a message to the market. One more thing that's quite difficult for us is because we are a global fund, we can make investments in any emerging market developing country. And how to really understand those markets, understand that value chain, what's happening on that country. Because the low income people, they're different. Depending on the country, depending on the region, they have different practices. So it's not cheese cook stove, that solar lamp, cheese school model that's going to work in the other continent, in the other country. So for us to recognize that demand, to really understand, is it a business, is it not, is it going to get traction? Are they going to be able to launch it, to grow, to establish a new channel? I think that's one of the biggest challenges for us when we assess those business. What's your advice to the impact investors in the U.S. markets? You don't see many of them to be as active. How do they just start placing more capital, start placing more investments, and how can they learn from what you have done? One thing that's very important is to see what you're looking for. What drives you, is it a new individual that says, where is the heart? What is driving you to make that investment? Take your time, do a proper due diligence, understand the market, understand the entrepreneur. Also what drives that entrepreneur? What is the motivation there? How much support do they need? Are you able to provide that support? There are so many questions, because it's not the one way you don't just sign a check. When you sign a check, you are committing to something. And you'd better know what you're committing, how is that relationship going to develop, and what's the impact you have on that entrepreneur? So it's something for the investors, when they pick their fund, where they want to invest, take their time to understand us as well, and also for the entrepreneurs to know, not just take money, not just like, $1 is not a dollar, $1 comes with many strings, comes with a lot of support, like it can come with many things behind it. So what does it mean, and who is giving me that dollar? I think that would be an important message for the entrepreneurs. Fred, I look forward to spending more time with you. Whoops, so too. Thanks so much. Pleasure. Hey.