 Good morning, Governor Newsom. Excellencies, distinguished guests, dear friends, members of the World Economic Forum. It's a great pleasure to welcome you all at this World Economic Forum Sustainable Development Impact Summit here in New York. This is the third year of our Sustainable Development Impact Summit. And over the next days, we will have a very packed program. We will welcome over 850 participants across 40 different workshops, 10 media briefings, and four plenaries. All focused on how to drive impact on the most challenging problems facing us in our world today. I would particularly acknowledge our outstanding coaches for agreeing to take this role. Thank you. Ladies and gentlemen, as you know, 2020 is the 50th anniversary of the World Economic Forum, the International Organization for Public-Private Corporation. I'm proud as we approach our anniversary, Secretary General Antonio Guterres, Deputy Secretary General Amina Mohamed, my colleague, the president of the World Economic Forum, Berger Brende, and I signed last June a strategic partnership framework agreement with the United Nations. I thank all the parties of the United Nations for the great trust you place in us as your partner. This important agreement cements the role of the World Economic Forum's platforms and events and which role we can play, we together, to promote multi-stakeholder engagement. What we need is a sense of urgency as it has been expressed in the movie, but we need also direction, perseverance, and a true partnership spirit. This is why we all have to give full support to the Secretary General for his efforts to push for action coalitions at his Climate Action Summit. I'm delighted that in this regard, our own platforms have helped company and government leaders to launch several significant new collaborations for climate action across major industries like shipping, aviation, steel, cement, and chemicals. And also, said new collaborations on sustainable land, food, and biodiversity are gaining momentum. And such new efforts with the financial sector will help promote long-term, properly priced financial decisions to future-proof investments. In fact, organizations who represent 25 trillions of assets under management have been attracted to support the Coalition for Climate Resilient Investment, which the Forum in partnership with the UK government has helped to develop. And this is being launched at the UN Climate Summit today. Tomorrow, we will get an exclusive read out by the UN Special Envoy for the Climate Summit. What did it really achieve? What are the next steps and how we still can support the next steps and next actions? We will also have special briefings tomorrow on related issues by the president of Chile and the president of Columbia, President Duke of Columbia, has been hosting, as you know, meetings amongst the leaders of the Amazon Basin related to deforestation, which tomorrow I'm delighted to say he will discuss with us. The forum since its beginning, 50 years ago, has been an agent for stakeholder collaboration. CEOs and business leaders at this meeting will be working with experts on how to develop common reporting frameworks for large companies to measure their activities across all environment, social, and governance measures, and not just on shareholder return. They will be putting the stakeholder framework into action and make it measurable. I'm also delighted that the multi-stakeholder collaboration with His Royal Highness, the Prince of Wales, is expanding the ambition of such sustainable business models into the club of sustainable markets around the world. You will also hear during this meeting more about this initiative. In other words, we are seeing exciting coalitions to harness technology for the benefit of society. The forum has built in the last two years a network of force industrial revolution centers around the world to harness the new technologies for the benefit of society and mankind. At this summit, we will see the launch of our latest four IR, as we call it, force industrial revolution affiliate center on oceans, a global center of excellence which will be hosted in Norway with strong support from industry, government science, and NGO champions. With globalization, societal change and technological progress have brought new focus to existing inequalities in our society, as well as giving rise to new societal concerns. Yet there has never been a better time to mobilize technology and human capability to address these challenges. Quality education, future ready skills and work are the basis of prosperity and dignity for individuals and forms the backbone of successful economies. The forum supports leaders in creating company level change, industry collaborations, and public-private collaborations at a national level to create new investment into human capital development and deployment. For example, more than 20 country accelerators will be established around the world by the end of the year to close skill gaps, foster job creation innovation, and integrate women into the economy. I'm also pleased to say that through the Schwab Foundation for Social Entrepreneurship, we recognize and we will do it just in a moment, support the leading social innovators working as individuals within business, government, and civil society, exploring how new approaches can drive purpose-driven business models and more inclusive societies. Social entrepreneurship has to penetrate our whole societies. I want to draw your particular attention to another initiative, which we will take actually on Wednesday. We will announce AppLink. This is a major new collaboration with our partners from Salesforce, Deloitte, and Microsoft LinkedIn. AppLink will be an innovative project. It will be a global crowd collaboration digital platform for action on SDGs that will enable generation set and young millennials, startups, and everybody else from around the world to engage directly with decision makers about their ideas and innovations for delivering the global goals. With AppLink, we seek to turn worry and frustration, which we see now on the streets, into engagement and optimism. We will be launching AppLink officially with the Deputy Secretary General at the United Nations on Wednesday. You will hear more about all these initiatives and coalitions and many more, for example, 100 lighthouse projects. You will hear about those over the next two days. Ladies and gentlemen, I would like to thank the innumerable business, finance, civil society, and government leaders who have shown the courage and confidence to get involved. I would add security also to get involved and drive those many-fold activities forward. So to conclude and in summary, what does it all mean? We call this meeting a summit, but not for branding reasons. Coming from Switzerland, I know by experience how strenuous it is to climb a 4,000-metre-high summit and how great the satisfaction is when you stand on the peak. We want to create the satisfaction through clear achievements at this summit, which means we want to conquer as many peaks as possible. And I know this is also the special wish of Dominic Wargrie and Territor Reuter, who actually have the responsibility for this sustainability summit. In short, we are here not for a talk show, but for a create and workshop. Governments, UN, and international organizations, business, or civil society alone, cannot improve the state of the world. The world economic forms platforms help to provide the integrating, aggregating, and accelerating collaboration mechanisms for impactful cooperation. At the moment in time when we risk getting paralyzed with fear and overcome with frustration, by the sheer complexity as we have seen in the movie of the challenges we face, I would suggest to you that the sum of all those stakeholder efforts and this summit in particular represents a focused effort to build a much wider sphere of trust in our world today, what the world so much needs. I thank you for your engagement, and it is now my great pleasure to invite the honorable Gary Newsom, the governor of California, on stage to provide us with his remarks. And governor, I think it's very significant that you open this meeting because we know the pioneering role California is playing, and you personally have played. And we are honored to have you here as a friend of the World Economic Forum since many, many years. Governor, the floor is yours. Thank you, Klaus. And thank you all for being out here, and certainly look forward to what comes out of this two-day summit. I come from the largest and most diverse state in the world's most diverse democracy. And by and large, we're living together, advancing together, and increasingly prospering together across every conceivable and imaginable difference. 27% of our state is foreign born. We brought in 115,000 refugees in the last 12 years, a majority minority state. It is a remarkable scale of accomplishment that a state as large and diverse as California is doing as well as California. Contrast to record deficits here in the United States, California is enjoying record surpluses. Paid off 100% of the debt we inherited from previous administration. $9 billion were paid down on long-term pension obligations, and have enjoyed a 3.8% GDP growth, on average, over the last five years, significantly outperforming the rest of the country. I say all that not to impress you, but to impress upon you. We did all that at the same time we radically changed the way we produced and consumed energy. California is going through, at scale, one of the great decarbonization efforts that has ever gone on in the world. California has the most audacious climate goals of any nation, let alone state in the country. It's scale, fully functioning cap and trade program, committed to environmental justice, to take care of urban poor, rural communities, our elderly, half of our proceeds from our carbon program go to disadvantaged communities. We have 100% renewable goals. We've reached every milestone we've set out ahead of those dates. And we continue to lead the nation in tailpipe emission, reductions, and fuel efficiency standards. We are also the most untrumped state in America. I say that. I know Klaus doesn't want me to be particularly partisan. I have to be careful. But I say all that, recognizing the headwinds coming out of Washington, DC. Those headwinds aren't just coming west. They're global, particularly on the issue of sustainability. And that's a mindset we deeply embrace. We have years ago decided with intentionality to move away from situational values to sustainable values, move away from short-termism, and start investing in the future. Because we all know if you don't invest in the future, you're not going to do very well there. We are trying to future-proof California. And resiliency is front and center in that endeavor. And that resiliency starts not only with advancing goals. It's the application of those goals. It's the manifestation of our ideals. So fundamentally, California is in, as we say, the how business. And I say that, again, as a point of pride and a point of privilege being here this morning with you, but also as a framework of reference. If you don't like the way the world looks when you're standing up, stand on your head and go local. Because remarkable things are happening all across the United States of America at the local level. And at the end of the day, localism is determinative. States can't sell down visions. Those visions are only realized at the local level, bottom up, regions rising together. And so it's in that spirit, as I come here, as I say, as a Californian, the birthplace of the United Nations, a state that practices pluralism, a state that every single day is not tolerating its diversity, but tries to celebrate its diversity and unite around, as Bill Clinton loved to say, all our interesting differences, but also unite around our common humanity, the things that bind us together, that I thank you, Klaus, I thank you, the World Economic Forum, for your faith and devotion to the cause of global stewardship, for your recognition that there's no leak on your side of our boat, that we truly rise and fall together, and that none of us are immune to the vaguerties of life. And that's why our job is to allow people to be fully expressive and to do more to encourage the best of ourselves. Thank you all for being here, and thank you for your leadership. I just wanna mark the moment that we're in. This is September 2019, I wanna bring you back just four years, September 2015, when the Sustainable Development Goals were being ratified. It was not at all clear at that time that the world would adopt them, that major corporations, major institutions, that governments would really take these goals seriously. And I thought of that this morning when I was getting my badge here at the World Economic Forum Summit on the topic of the SDGs, and there was a big bowl of these SDG pins, right, as you register. We have changed to the point where people who are in this space and in sectors of all kinds know what these goals are and care about them. And here we are in September 2019 at the opening plenary of a forum meeting, and it's not a group of CEOs or heads of state opening this plenary, it is for the first time a group of social innovators. And I think it marks the moment that we're in, please. I was moderating a session like this in 2015, and one of the panelists is Bill Gates, and he got a question, the question that we all still get today from a journalist in the room who said, I understand that to achieve these Sustainable Development Goals will cost trillions of dollars. The estimates range, but several trillion dollars per year isn't this really impossible, the money doesn't exist to do this, and his answer was, what about innovation? And I think what you're gonna hear this morning, and this is followed by an exciting ceremony that will further cement this idea for all of us, is that there are real innovations happening today that are achieving a kind of scale that can actually address the climate and inequality challenges the world is facing today. None of this will be easy, but there are real opportunities. So we wanna begin by getting into the discussion with some of these social entrepreneurs about what they're actually working on so you can get inspired by their incredible opportunity that's before us. I wanna introduce Salagos, who is the head of MasterCards Labs for Financial Inclusion. And Sal, I wanna start with you because you worked in government, you worked at the Bill and Melinda Gates Foundation, you worked in development, and now you're at a major global corporation, MasterCard, and yet you're a social innovator. Explain to us why that is, why you landed there, and what is the big opportunity around financial inclusion? Thank you. First, good morning, everyone. It's nice to be here. I think that's a great and hard question to start the panel, but I think a relevant one. And I think you can find people who are up to change and committed to innovation in any space. And so we were talking about this in our fellowship in the weekend, it's just a matter of a toolkit. And so the way I see it is we're all up to the same thing and we have a lot of the same goals. And if you look at the 17 SDGs, there's a lot to accomplish. And so the way that I think about financial inclusion, which is what I'm focused on at MasterCard, is just another tool to actually accomplish the audacious change that needs to happen. And so I think if we look at it like that, it's kind of a cross-cutting imperative that we can't ignore, that we need all sectors. We can't do it alone. And so I think if you have people standing for the belief in being able to achieve these paradigm shifting problems in all facets of the ecosystem, I think that's what's necessary. And I think that's how we look at it at MasterCard. What is our role in actually helping achieve these goals? Just quickly use the word paradigm shift and I want to underline that for all of you. I've just written a book called The Business of Changing the World. And the argument I'm making in that book is that while there's been social entrepreneurs for a long time, there's been a way of doing development aid that's been modern and used technology for a long time. We're actually at an inflection moment and things are changing in a dramatic way. And if you look at these social enterprises of the past, we may have thought of them as niche, as small-scale, but there are now some that are achieving a scale that is very hard to even describe. And I thought maybe we could underline that, Salah, for all of us. You're from Nairobi, you're based in Nairobi now. In Kenya, I think it's 97% of households that are using some kind of financial, they're connected financially to a mobile device. Tell us how big this opportunity actually is if we get this right. Yeah, I'm from Chicago. Yeah, so I live in Nairobi now. Exactly. So I think it's huge. So even though the numbers sound big in terms of mobile money, which is popular in some African countries, I think we have to unlock more. So just to be clear, these different mobile interfaces give people access to financial inclusion who can't reach a bank. However, cash still dominates. So I think there are some cross-cutting things that we can do to really cash in on the opportunity. One is identification. You have to be able to identify yourself to get access to services, and that's still a big barrier. And I think the infrastructure to deliver at the community level is missing as well. And PACE is a great example. There are hundreds of thousands of agents across Kenya, but even in rural areas, not so much so. So I think we still have an infrastructure problem, and I think we still have an identification problem to unlock the scale, but the scale is potentially huge if you think about how many people actually have access to a mobile phone. But also keep in mind that 320 million, I believe it is, less women have access to a phone than men. So although technology is a great enabler, and we are at the point where it can be amplifying, I think there's still some inequalities that we have to think about when we think about access to actually capture the opportunity that you say rightly so is so huge. Sanjibatnagar, you're the CEO of Water Health International. Water is another similar example here. Access is critical. It's not a new issue. We've been talking about water at summits like these for many, many years, and I think the statistics are in many of the countries in Sub-Saharan Africa and in South Asia, maybe a third to a half of the water points that have been installed just don't work anymore that haven't been maintained. You've got a radical view about how to bring clean water to people. What is that view? How are you shifting this dynamic? Well, we've been in this space for over 10 years, and the view that we took was that nobody wants to wake up in the morning and purify water or travel a long distance to get it. And as a result, over a billion people, like, say, four or so, how do we change that narrative? And we decided to change that narrative by building a platform that would provide services to water purification plants that would allow them to scale, be profitable, and provide very affordable service. And we have done that today. 10 years later, we have purified last year, for instance, over a billion liters of water. We have over 1,000 plants that are currently in operations, and we have close to 1,500 people servicing this model. And the amazing thing is that we can actually take that today, take that model today, and we can scale that up so that nobody in this world need to be deprived of access to safe water. It's doable within a year or so we can do this by focusing on the thing that we have missed for a very long time, which is we know how to purify water. It's the business model that needed to change, and that's what we are working on. Yeah, in fact, we've got an audience here of leaders across sectors, many in business. What should, for them, it might sound like, well, this is a nice organization that you're running Sanjay, and you're doing some exciting things. Why is this idea of a new business model, a new mindset so relevant to everyone in the room today? I think the main thing to focus on is the impact of not having access to safe water. If you think about our daily lives and the lives of people around us, if they don't have access to safe water, if kids don't have access to safe water, there's lack of development, future opportunity. Over 50% of hospital beds are occupied by people who are sick because of waterborne disease. We have an ability to change all of that. We have an ability to change that, not only because of the work that we are doing, but some of the ideas that we've been pushing now for over a decade. And if we all were to focus on just this piece, I think you have a great follow on impact on half a dozen problems, the SDGs that we are all trying to solve. I think that's why we need to focus on water, in my opinion. Cheryl Dorsey, you're the president of Echoing Green. You've got this enviable job, where you get to meet and spend time with some of the world's great social innovators and fund them and support them. When you see what's happening out there in the world today, just to go back to my opening comments, that this is a real moment in time, how do you describe the moment that we're in? Why is this a point where we should all be sitting up and paying attention to social innovation? All right, well, thanks Raj for moderating. Good morning, everyone. Really honored to be representing the Schwab Foundation Fellows here on this panel talking about the view from the movement of social innovation. So I'm gonna answer that in two regards. First, we talk a lot about scale in social innovation. Is it a niche concern or is it something more mainstream? And I would posit that we have reached the moment where social innovation is a bona fide global social movement. It has all the characteristics that relate to an animating impulse that is unleashing citizen power all over the world. Collective action, a belief that the current status quo is not working for most of us, but instead of sort of the populist impulse, which is to sort of blow it all up because the status quo isn't working, consequences be damned. Social innovators actually take the flip side of that coin of saying we also recognize that things aren't working, but we're gonna try and fix it, which is sort of an animating, wonderful, hopeful spirit of this movement. And I think just sort of, if you believe that demography is destiny, so much of this movement is fueled by the passion of young people around the world, right? We know that we've got 1.8 billion young people, 200 million of those are thinking about employability in low and middle income countries. Innovation and entrepreneurship is a key driver for getting them into this space. So we've got sort of this demographic wave coming alongside this impulse that we've got to think fundamentally differently about the way that we approach societal problems, but my ears perked up because in college, I studied scientific revolutions, the science behind the history of science, and I'm a cuneant, Thomas Cune, who talked about the structure of scientific revolutions, how they happen, and it's about these paradigm shifts, and I would say I can't wait to read your book, but I would also say that we're in this very interesting moment where we are about to tip from moving away from the current way we think about business to a new way where we're thinking about triple bottom line responses. So I agree that I think we're in this paradigmatic moment, and I think there's a lot of opportunity if we tend to it in the way that we need to with enabling ecosystem building and other inputs that make this movement so glorious and so exciting. And just to underline something you said, this is a constructive movement, right? There's a sense of hopelessness out there in the world today. We see people who are saying, can we really get through the challenges facing humanity? And this is a movement that says, it's not gonna be easy, but there are potential solutions, many of them at a local level, and I don't think it's incidental that this is happening at a time of the fourth industrial revolution when there are new technologies, there's new science or new approaches, and on that point, I wanna bring Jeff Mulgan into the discussion. Jeff is with us from Nesta, the National Endowment for Science and Technology in the UK, which you lead, and I wonder if you could bring into this discussion the role of technology in this moment of social innovation we're in. Well, I'm here as part of the public sector cohort here. A former governor of California, Ronald Reagan, you may remember said the most frightening words in the English language are, I'm from the government and I'm here to help. And in our field, governments are quite capable of crushing creativity and imagination, but we're also seeing all over the world, governments creating funds for social innovators, opening up procurement, running challenges, and I think they recognize if you only innovate in hardware and technology, and you don't also innovate in things like youth employment or gender equity or isolation, society falls behind and gets pretty unhappy. That's the positive story, but I wanna focus on a challenge which I think we all face and becomes very apparent if you talk to the innovators working on SDGs around the world, either in government or outside, whether it's sanitation and water or human rights. And what's really striking, they're very creative, very animated, very committed, but it's very hard for them still to get hold of reliable evidence, what actually works, what does the world learn? Very hard for them to get a hold of good data to understand the phenomena they're dealing with. Very hard to link in with the other innovators working on very similar things around the world. And there's a very simple reason for that and that is that it's no one's job to provide this. We have amazing orchestration of data and knowledge within the sort of big companies in this room, but almost nothing comparable for the SDGs. We have very powerful institutions around money, banks, World Bank, IMF and so on, but nothing comparable around collective intelligence, orchestrating the world's collective learning. And I think this is something we really have to attend to in the next few years. It's a soluble problem. It's not too difficult. It doesn't require all that much money. It's kind of the plumbing which lies one layer below the great gatherings and conferences and convening. And it is, of course, massively enabled by technology. It can be done much more easily than it could be five or 10 years ago, but that's the missing multiplier to turn all that energy and commitment into real impact on the SDGs. Well, a piece of that plumbing and that infrastructure, just to tease all of you for what's about to come, is an announcement by the Schwab Foundation about some changes that they are making that I think will directly address some of what you're describing here. Another part of that plumbing is sitting here to my left and that's Dr. Precious Maloy-Mitsepi who is a foundation partner of the Schwab Foundation and you're funding social innovation around the world. You come at this for many hats, as a business person, as a medical doctor, as someone who works on social issues around the world and in your home country of South Africa. Why did you choose of all the things your foundation could focus on and fund? Why at this moment have you chosen social innovators? Well, good morning everyone and thank you Raj for your question. Let me just say as a family, my husband and I, Patrice, we joined the Giving Plage in 2013 and the reason for that was to make a difference in the world. We wanted to be part of making a difference in the world. We fund private companies, commercial companies as well as social enterprises with a view of achieving our objective of poverty alleviation in the world, very much aligned with the sustainable development goals. And we know that although we have made a substantive commitment to these SDGs, our resources are very finite and very small compared to what governments actually have. So we have sought to find number one collaborations and partners as well as technology innovative solutions that would ensure that not only do we address SDGs in separation, but we can integrate and solve most of those problems that the world is focusing on. And I'll give you three examples of how we do this. The first one is the social entrepreneurship program which was started by Hilda Schwab, very proud to be associated with this program and Prof, your support of this is really phenomenal. We get to work with people like some of the awardees that you meet today. It's really phenomenal, really incredible. They've always thought of solving business problems using a social motive, wearing the hat of a social entrepreneur, applying human centric solutions, but also making sure that their businesses are sustainable. So it's incredible. We've been with this program for four years and it's one of my favorite ones. Secondly, we've also invested in this new breakthrough energy venture fund, which is a collective of investors that have that look at innovations in technology that will ensure that we use energy and come up with renewable forms of energy that will supply the world, particularly looking at places like Africa where, if you think about it, more than 600 million people on the continent of Africa have no access to reliable, affordable and the newer types of energy. So investment in businesses that will solve these problems. And this is long-term patient capital that can afford to invest in these innovations in these small businesses that will eventually help us to solve problems around energy and impact on things like education, poverty, on health, on women, gender equality. So it goes beyond just solving the one area or the one SDGs. So that's why we have invested in social innovation. You're looking for those opportunities to unlock broader change. Just like Sanjay described, water can be something that unlocks broader change even beyond the water sector itself. I think of an example, when we think of that technology, that there is now an Uber for tractors in Sub-Saharan Africa, right? Where Uber is a technology many of us use and we're familiar with, but it turns out in other markets, the challenge is quite different, where there are still many millions of farmers who spend 40 days to prepare a field for planting. With a tractor, it takes eight hours. So we took a business model, an innovator took a business model from the West and brought it to another population for another purpose and is making profound change. And I wonder on that point, as we think about people here working across sectors, what are some of these new ways of thinking that we want to impress upon them? Cheryl or Sanjay or anyone here on the panel, what are some of the new models that really have applicability that all of us should be aware of? I think one of the things I would mention is we have an audience, a global audience here. One of the first things I'd like to say is that the social enterprises of today are different from the ones that we've seen in the last decade perhaps. We look a lot similar to some of the companies, the large companies, how? I'll break it down. We have profitable business models. We are scalable. We use the best technologies. We have committed people. In fact, any one of these companies here would die to have people the same degree of commitment and drive that we have in our organizations. But we're trying to solve some significant problems and we need some help from the people in this room. I think if you combine some of the ideas that we bring to the table with the resources and operational networks of the large companies, I think we will see a significant change. In fact, I would urge if all the business leaders who are watching this or in this room, if you can take over the next 30 days just two or three of the business models that the foundation has already vetted, already identified, just listen to them. You don't have to make any commitments. Just listen to what they have to say and see if you like something or you find something interesting. Help them scale it up. And I think it can become much like 2000, 2001 when the internet was just starting, right? There were the Brinkett model companies and there was the internet. We have social innovators and ideas and models and we have the enterprises. And we are both moving together towards each other. And this is that moment in time that I think if we were to take just a little bit extra effort, we will come to a point where we are today. But Brinkett model companies have an internet strategy and internet strategies have a Brinkett model strategy. I think that's the moment and we need to take advantage of it. Yeah, you're reminding me that years ago for McKinsey I did a paper and wanted to see are there any billion dollar social enterprises? You know, billion dollars in the world of business isn't quite that big. And so there must have been some that have scaled. I can only find one in the world which is a dairy cooperative in India. And many of the big brand name social enterprises we know really have not been able to get to the level of scale that we're very used to in the world of business. So a big opportunity today is to get business to become social enterprises, to bring the social innovation within the corporate sector. Other thoughts about this shift in mindset. Cheryl, go ahead. And I will just add on to what you're saying. I think it's also about how you define scale in terms of sort of the spread of social entrepreneurship. And I think we have to talk and think a lot about the what, the who and the how of social entrepreneurship. And one of the things that is so impressive to me is how social entrepreneurship is opening the door for new voices. Again, we've talked about women, people of color, proximate leaders who are closest not only to the issues in community but also closest to the solutions because of lived experience. And I love that you mentioned Jeheal Oliver, the founder of Hello Tractor, the Uber for Tractor is a terrific business model. And it is interesting that these social innovators are identifying new business models, identifying new customer segments. And that sort of frontier work that it is very hard for more traditional larger business to do, this last mile capability that social innovators are uniquely suited to do. But again, it comes back to this question of the enabling ecosystem. How do we support them? So more start to get to scale. We've had the great privilege to work for the last couple of years with the TPG Rise Fund. When you look at the Rise Fund, which is again seeking to invest large ticket sizes in businesses like Sanchez helping them get to scale, but they're also understanding and recognizing the import of that very early stage pipeline. And with us, they have structured a deal. They've carved out part of the fund to do very early stage follow on equity investments in early stage social entrepreneurs who meet their social impact and financial impact criteria. And that's a tough push for a fund like Rise, which is not used to the risk profile of many of the businesses that we see in the early stage of the social innovation category. But I think we're gonna have to act differently and sort of assess risk differently if we're gonna start to get to the point where more of these businesses can get into the pipeline and begin to start to scale. Solla? Yeah, I guess I would just add from the perspective of a big company is that's with the realization that we can't do it alone, nor should we. So there's things that companies can do. There's things that entrepreneurs can do. And like Cheryl said, closer and more approximate. I think what we're all kind of boiled down to when you look at the STGs and the difficulty is last mile or maybe even first mile, community level delivery. And I think that partnership model that allows all the partners, whether it's public private partnership or big companies working with smaller companies to bring their best assets to bear is the one that we should be investing in. And I think it relies on the fact that we have different capabilities and I think that's a good thing. And when you have specialization, I would even argue innovation speeds up. People can focus on what they're good on and then what we hope happens is real problems get solved with real solutions. And I think that's what's gonna make the difference and that expertise you have because of proximity then has a highway to jump on from a bigger company to really amplify what the impact can be. And I think together if we think about partnerships that way, then that's kind of how we start moving the needle. It's a great point in the first mile, when you think about it, when you add it up and you look across the world, the first mile is billions of people. It's easy to throw out these numbers and in panels like this, a billion people don't have access to safe water. A billion people. And if you look across the issues on health and education, all the numbers, all the metrics are in the hundreds of millions. We're in an era where we're talking very casually about space travel and we're talking about AI and many exciting opportunities in an abundant world and yet we still have 10% of the people in the world who are living in extreme poverty. The most extreme metric, which is a daily consumption of less than $1.90 a day. So these challenges are very real. They're very extreme. But yet the tools are there now in a way they haven't always been to maybe unlock them. Jeff, do you have any final thoughts on this? And what should people in this room take with them? Well, as Cheryl said, many social innovations spread, replicate sideways rather than scaling. And you mentioned both of you tractors. So there are lots of platforms now for sharing cars, tractors, houses, time, food. Some are run by very large organizations. Some are run at a city level or in multiple ways. Another example of current work is on business models for local news. This is something which really matters in many places. Local news services have been decimated. So there's a search for models which can combine community energy, commitment with technology platforms to provide people reliable news. It's not cracked yet, either here in the US or anywhere else. But this is going to be a very important place for the fight against fake news lies, et cetera. And finally, AI is a really interesting battleground at the moment. Most investment in AI by governments in recent, a few decades ago, was in the military. Then by companies for things like click through adverts. Now we're getting much more systematic commissioning of AI for education or health or to help farmers or one initiative we launched with Google on Friday, which is using AI to help the workers most at risk of losing their job to automation in the next 10 years. How do we mobilize technology to help them so they're not the losers of the Fourth Industrial Revolution? And those are examples where we need creativity on the technology, the business models, but also the social forms which make these actually serve people's needs. Right, and in the end, if you think about the goals that you just described, those are very commonly understood as government goals. What's different is you're now looking at ways to collaborate with private sector and new technologies and new models to actually achieve those goals. Yeah, and just a final point, if you look in any country at the SDG target for 2030, the current trajectory, we have to accelerate from the current trajectory to where we need to get to. And pretty much on every topic, it will be some combination of top-down government, local government, some role for the market, new technologies, and some bottom-up community creativity. And we have to learn to be multilingual, not just to assume our sector has all the answers. Yeah, precious, again, I would like for you to close out this session for what you think people in this room who come across from government and from the nonprofit sector and business and so many other elements of our society, why should social innovation matter to them? Why do we all need to be social innovators at some level? Well, I think like you said in the beginning, next year we mark the 10-year milestone towards the achievement of the SDGs. And we also live in very interesting times in that we can achieve those goals. What we need to do is to work with each other, collaborate across multiple platforms. We need to be using the Fourth Industrial Revolution and technology and innovation to try and speed up and exponentially, not just speed, but exponentially to reach those goals. I think it's important that business sees itself as an important stakeholder in our journey towards achieving these SDGs. You know, the word innovation is a nice word and it's an optimistic word. Maybe the other side of that coin is disruption. And there is real disruption in the world today. We're very used to seeing that across our industries in the energy sector, the automotive sector, the news industry, where I come from. You see disruption everywhere. Disruption is coming to the social sector. We're not able to do the work that we need to do to achieve the goals we need to achieve the old way. There has to be a new way to do them. So I hope you take from this session today that that opportunity is before us and it's for all of us. And I'm very delighted now because we're moving into a section of the this morning's event where we will have an award ceremony. I understand we have a video to play before I introduce the next speaker. So please join me before we do that in thanking this fabulous panel.