 Good morning, everybody. It is my great pleasure to introduce Matt and Jonathan and engage in a conversation with them. I'll start off by introducing both of our speakers. And for the regulars at SOCAP, Matt and the Omidyard Network need no introduction. But for those of you who are new, I'll say a few words, the Omidyard Network was created to harness market forces, to create opportunities for individuals to improve their lives and their situation. It was created in 2004 by Pierre Omidyard, one of the founders of eBay and his wife, Pam. And it invests in and helps to scale very innovative organizations, both for-profit and not-for-profit, that are helping to improve the social and economic situations of individuals around the world. To date, it has invested roughly $628 million, and counting, in for-profit and not-for-profit companies, roughly $50.50 across those two buckets. And required reading for everybody in this room, in 2012, the Omidyard Network published a piece called Priming the Pump, which talks about the need for a sector-based approach to the impact investing ecosystem in our work. Matt is the managing partner of Omidyard Network, and he leads their operations and strategy. But before coming to the Omidyard Network, he was the president of eBay International, is that right? And it was also in many senior positions at PayPal. At eBay, what he did was to grow eBay's footprint from five countries to 25 countries, and he scaled the revenues of eBay International from an annual run rate of $10 million to $2 billion. So at a very personal level, he knows what it means to scale. Prior to eBay and PayPal, he was at Navtech, he was a consultant at McKinsey, and he was also a diplomat for the U.S. government in Germany, so we can speak German later. Matt currently sits on the board of the Gin Landessa Bridge International Academies and Endeavour. Some of these organizations are here with us today. Jonathan is today the director of the Office of Social Innovation and Civic Participation, which I will refer to as SICP, because that's a big mouthful, which is housed within the Debastic Policy Council. SICP was created by President Obama, who believed that you would be able to find the solutions to the nation's problems within the communities themselves. And so SICP was created and tasked with working with private citizens, individuals, not-for-profit organizations, the private sector, and the government within the community context to ensure that we would foster innovation and create lasting change and greater good to address the nation's problems. Jonathan is no stranger to politics and policy. He served earlier in the Clinton White House and the Department of Commerce, but he's probably better known as a serial entrepreneur and an investor in our space. Jonathan has founded a number of companies and organizations and initiatives, including Ethos Water, which was, here's my prop, very well done. Ethos Water provides clean and safe drinking water to children and was actually acquired by Starbucks back in 2005, so in a way it's one of the first examples of a social entrepreneurship business that was bought by a major corporation. He also founded All For Good. He was also the CEO of Good Worldwide. He has been an angel investor, a partner at Soratory Capital. He's been on faculty at UCLA's Anderson School of Management, and I could go on and on and on with the many things that Jonathan has done, but we welcome them both here today. So, it's my understanding that you both have some exciting news to share with the SOCAP community that may impact our work and that shows how impact investing has landed on the global scene and begun to attract interest at high levels around the world, which is a great thing for all of us in this room. And maybe to set up the conversation, I'll ask you each a little bit about the meetings that took place last summer in London as a lead up to the G8 meeting in Northern Ireland, and specifically a meeting was convened called the G8 Social Impact Investment Task Force, and it took place on June 6th, and maybe you can tell us a little bit about that. Should I go first? Sure. So, first of all, my thanks for the very generous introduction, and it's nice to be here with Matt and to be here with all of you. It's amazing how SOCAP has really just blossomed into such a vibrant community, so it's pretty cool. As Maya said, this year, one of the really interesting things that came out of the G8 process, which is a fairly state process in which member countries participate and there are these large conversations about big issues, but for the first time, impact investing and social enterprise were on the leader's agenda. So, Prime Minister Cameron, as the host of the G8 this year, asked to put this on the radar to make it an area of focus for the member countries, and he convened a full day forum in London in June, at which Matt participated, and probably some of the other folks might even be in this room, along with representatives from, of course, our country, France, Germany, Italy, Russia, Japan, as well as other countries. And it was a really exciting conversation that focused on how impact investing can be a strategy, not just for those of us here, but one that policymakers could encourage to accelerate economic recovery in industrialized countries like the US and the UK, but also to accelerate global development in and around the world. In addition to this kind of agreement, we also announced this task force that's being launched, which is a really exciting piece that we're gonna talk about in some depth here this morning. Great. Yeah, one of the things I'd note about convening is it wasn't just, it's GA convening, but it wasn't just governments. There are a lot of representatives from the social sector and the private sector. There's a recognition that those sectors also have a role to play. Social sectors care deeply about a set of populations that are important to broader development issues, and they have an instinct to address certain market failures. I think the private sector also plays a critical role, obviously, in identifying solutions that can be scaled up and reach millions and millions of people. So it wasn't just a government convening, per se. It was a convening that looked at the relevant roles of the public sector, of the social sector, and the private sector, through the lens of impact investing in service to a broad set of populations that OSCE care very deeply about. So the formal name of the task force is the Social Impact Investment Tax Force. It will be made up of representatives from the G8 nations, and it's going to have split representation from the private sector and the public sector as well. Yeah. That's right, that's exactly right. So the idea was how could we, to Matt's point, bring the best of the business community, the best of the nonprofit space, together with government, to think about how we can create an environment, not just in the US, which has been our focus, because the president deeply believes that impact investing is a part of our economic strategy, and how can we encourage this across the world and find ways that business and government can work together through what you might call public-private or cross-sector partnerships to move this field forward. Yeah, that's great. That's great. The task force includes, as you mentioned, the government participation, but can you talk a little bit about some of the individual sort of people involved? Sure. In the effort, yeah. So you're going to see members, you're going to see participants on the task force from all the member countries, as well as potentially other countries. So a number have already been identified, and is that slide up so people can see it? There we go, great. So as you can see on the slide, from the US side, we're quite excited about the fact that Matt, as the CEO of the Omidyar Network, will be our representative from the private sector, along with Don Graves, who's the Deputy Assistant Secretary of the Treasury for Small Business, Affordable Housing, and Community Finance, will be the government representative. This is fantastic. So I think this is sort of breaking news that was just released this morning. So folks in this room are among the first to know. And the other point to note is that the task force will be chaired by Sir Ronald Cohen. Some of you may know Sir Ronald from his work in founding social finance who drove the first social impact bond in the UK from his work as the chairman of Big Society Capital, which is a very innovative financial institution in the UK, and someone who spent 25 years in the private sector, both in private equity and venture capital. Great, no, that's fantastic. So Matt, since you are officially representing the US on this task force, maybe you can tell us a little bit more about what it actually means and what it implies and what will it actually be doing. Yeah, so we're actually quite excited about this. We think that it can lead to a tremendous positive momentum and impact in the impact investing arena. First of all, having a body like the G8 be interested in impact investing and put that on the agenda is terrific in and of its own right and gives the emerging sector a level of visibility that we haven't to date. But let me also be clear, it is ultimately about getting stuff done. In fact, talk to a number of people in the audience here who are of the sentiment that perhaps sometimes impact investing gets a little overhyped, right, that we need to actually demonstrate the impact on the ground even as we continue to push forward with this set of ideas. But I do think the G8 is a terrific venue. I do think things can get done in that venue in collaboration with social and private sector. One great example is the debt reductions at the around the millennium time where the G8 came together with advocacy groups and resulted in a reduction of debt in the developing world to the tune of $160 billion, which really in many ways laid a firm foundation for later economic growth. I'm also excited by the leadership here with Ronnie Cohen in particular leading the task force. Ronnie is known as the father of venture capital in the UK. Jonathan mentioned the big society capital. This was his effort where he actually led a similar task force within the UK government that ultimately resulted in the creation of big society capital, which is capitalized to the tune of 600 million pounds, and it's an impact investing firm funded by the UK government. Also leadership of Jonathan. I'm excited to work with Jonathan, and this isn't just a prop with he shows water. Jonathan is a terrific entrepreneur. Not only was this a huge success for him, but this was actually a mid-air network's first impact investment. That's right. So some ways coming back and partnering with Jonathan is terrific, and I look forward to that engagement. I also look forward to the engagement of many of you in this room. I think it's a privilege for me to be on the task force, but really I'm one person, and it is a big tent, so to speak here, an impact investing. In order to be effective, I think we need to get the perspectives and the energy from many people in the room, so hopefully we can engage in that dialogue to ensure that we can actually get some true impact from the task force. Can I build on that? Yeah, absolutely. First of all, I appreciate the shameless plug for you, Thoswater, but getting past that for a moment, we're really grateful to have Matt's leadership on the task force, because as Matt said, in so many words, the president deeply believes that the economic recovery that we're already seeing is not something that we're driving from Washington, it's what all of you are driving out here. You're driving in Silicon Valley, you're driving on the West Coast, it's being driven across the country by investors and entrepreneurs and executives like many of you in this room. So one of the exciting things about the task force is in addition to having small number of representatives from the member countries, Sir Ronald is also going to be setting up an advisory board on the US side, and that is, I believe he's in the process of putting that together, and there'll be some announcements about that, I believe later this fall, but we're really excited to find ways to bring more voices into the room, to amplify what we're able to do, and to ensure that it's a very inclusive process. So one of the things that I'll just flag is that news will be coming soon, and the reason why we need that, the reason why we need your voices, why we need a bigger conversation, is that the issues that the task force is going to focus on, offering recommendations for policymakers, getting business to move in certain areas, are things that we know we can't drive from Washington. So we know the task force is going to focus on the issue of how do we standardize social metrics? How do we get some consistency, some harmonization about how we measure impact, with the kind of rigor that we use to measure financial success? We know it's going to focus on global development, and how can we use impact investing, not as a silver bullet, but as a complement to policy, to make better progress on economic growth in developing countries, and make it part of what our policymakers use, as they think about not just aid, not just trade, but also investment. It's going to focus on the issue of corporate form. How many of you in this room are benefit corpse, or flexible purpose corpse, or all three threes raise your hand? So you know, there's not that many of you I would say, but a few years ago there would have been no one, and we're seeing lots of interest, not just on this side, not just in America, but in the UK, they have the Community Interest Corp. Other countries are exploring this model as well. It's a big issue. A fourth thing we're going to be focusing on is the issue of asset allocation. Thinking about where does impact investing fit in a diversified portfolio, and how should institutional investors, how should folks thinking about public equities, as well as private equities, think about impact investing? So there's some big issues that we plan to tackle. We don't have the answers. We'll need to dialogue the private sector to figure out how to make progress on these key points. And as I understand, one of the concrete things that will come out of this is that there will be a report that's going to be drafted sometime over the next 12 months, so we will probably see it sometime next year, that talks about everything that we've discussed here today, and I'll echo what Matt and Jonathan have said, which is that the SOCAP community can bring a lot to bear as these issues get fleshed out, developed, and the role that all of us can play will get fleshed out over time. And so I think we all look forward to engaging the SOCAP community and the greater impact community at large to help the task force and assist it in meeting its goals over the next 12 months. And if I may just make one last comment there, Maya. The report is important, but all the work that goes around the report actually in many ways is much, much more important in terms of soliciting different points of view, developing innovative ideas, developing appropriate policy recommendations, and importantly developing relationships in the process so that we can collectively have this bigger impact in the world that we all desire. Oh, that's fantastic. So I think it's an interesting, a very important development in our space to think about the role that government does play, that the interaction between the private sector, the not-for-profit sector, and the government sector have to play as we think about all of the issues that we're addressing over the next few years. Yeah, you know, one thing that I'm reminded of is that this task force we think is really important. As Matt said, we've got an opportunity to really move the ball. It's a moment, it's a moment that we want to leverage. But to step back for a moment, the Office of Social Innovation, as Maya said, was really set up by the president in 2009 to be this point of engagement on issues like impact investing, social enterprise, human capital. So we're really there as a resource for all of you. And so to facilitate this process of getting inputs, so I'm gonna do something I don't always do. So I'm gonna give you my email address because I'm sure I won't be able to chat with everyone, but I wanna make it easier for you guys to reach us if you've got ideas or thoughts or questions. So the email is really simple. It's innovation.atwho.eop.gov. So that's how you can find me. Innovation.atwho.eop.gov. And Matt, maybe you can give yourself on or something, if people want to. Do you have your number? No, I'm very easy. It's mbanicatamidiar.com. And I'm also very open to what suggestions and thoughts each of you might have and any thoughts you might have on how you might want to engage with members of not just the task force, but a advisory committee that will probably be set up for the US portion of that. That's great. Well, thank you again everyone. I think that we are gonna break now and we appreciate your attention and your time and we look forward to getting your engagement on this issue. So thank you. And thank you to Matt and Jonathan for being here. Thank you.