 Good morning Thank you for having us. Thanks Rosalie. Thanks Kevin. Liz Lindsay everyone at Socap and do an incredible job Now I have the the best job here of the three of us this morning Because I get to share some good news with you that you don't already know and That is that you are Special Did we not know that already? So why are we special? Because social entrepreneurship and impact investing are inherently about cross-sector collaboration They're about using the tools the practices and the languages of the nonprofit sector of business and finance and of public policy Think of revolution foods for example a fantastic business that works within a highly regulated heavily constrained environment of school lunch programs or Living cities which is a collaboration of over 20 of the largest Foundations and financial institutions concerned about development in low-income communities in the United States or micro vests Which describes the social ballast of its non-profit owners and the commercial sale of an institutional extremely innovative approach to the way that it invests in micro finance institutions and this multi-lingual leadership It's the future Hillary Clinton talking at the State Department's impact economy initiative We were over the separation mentality Paul Pullman from Unilever being less bad Corporate social responsibility is not good enough anymore. We need partnerships that probably haven't been done before This is Dominic Barton the global managing director of McKinsey talking about the need for corporate leaders to be tri-sector athletes and Finally from the non-profit world Leslie Crutchfield and Heather McLeod grant talking about collective impact being about partnership across sectors Millennials are talking about business as Being for improving society This is the future in their eyes and Audrey Choi at Morgan Stanley Talks about Millennials not investing the same way again Thank you so much. Thank you. That was very insightful So before we go on with this stick I just want to say I always love coming to SoCAP because it's kind of like a gathering of the tribes and kind of like a large extended family reunion and In working with Ben and Kathy over the past two years doing this research. We've also kind of like become our own little family You know as you just experienced then it's kind of like the mom telling you how special you are attractive and intelligent Kathy's kind of like the kind of slightly bossy But still very sweet older sister who kind of like makes things happen and make sure you stay on track And you'll experience that during her comments I'm kind of more like the crazy slightly drunk uncle who makes inappropriate comments So I just want to kind of break brace yourself for that So 15 years ago the the blended value papers started talking about this idea of Mutant managers and that we needed 21st century leaders who could rise up out of their silo and see across the space and then take us somewhere different Some were better some were integrated Somewhere more whole as opposed to bifurcated and Ben just walked you through a number of very smart and intelligent folks who have also come to that same conclusion that it's time for a different way to think about leadership and a way to think about how we're moving forward and we term the phrase multilingual leadership Because in our research what we found was that those funds that really were outperforming as impact investing funds those funds that did best on a both a financial basis and a Social and environmental basis were funds that were led by individuals and teams that could also kind of cross cut and What we've realized is we've kind of talked this through over time is that These people if you'll excuse the phrase kind of dumb fuck their way to the top because They started at Goldman Sachs and they did five years and then they went to the IFC and they did five years And they went to Ghana and they ran a microfinance fund and then they came back and they worked for a financial foundation And then they wrote a book or a paper an article. They basically found their way through this process over five ten or twenty years of a career and the problem is as a community We are all basically winging it We are basically making it up as we go along and that's cool, right? That's how you get innovation That's just the reality that we're playing with but it really is time that we move from winging it To a more structured approach to think it about leadership development for impact investing Now that the problem that we have is that foundations even in things that they claim to care about such as nonprofit management Invest less than 1% of their annual giving budgets in leadership development initiatives To say nothing of the fact that things that they talk about caring about like impact investing They virtually invest zero and we this is why we go to family offices and pension funds and others to really move money Into impact investing vehicles But if that weren't enough if you think about the offerings that are available to young leaders coming up to the Millennials that Ben talked about While there's been a doubling of the offerings of dual degree programs at the master's level Where you could in fact be trained in a both ends kind of mindset and set of practices The actual uptake of those offerings is less than 1% And so as we think about it, we're talking about leaders that are coming into this space And we're talking about those of you in this room who spent a lot of time Grappling with the fundamentals of what is impact investing What is it that we really should be focused on and thinking about and so we spend all this time talking about impact investing as very idiosyncratic and it's very subjective and it's this and it's that and so we're finding our way through the process if you will as opposed to leading ourselves into a process of mutual edification and guidance of sharing of collaboration of really learning the new skill sets that will need for the future and the future really is a function of leaders who understand That successful impact investing is a function of alignment of stakeholder and investor interests It's a function of a focus on outcomes and performance and impact It's a function of transparency and being clear on what it is that we're doing and disseminating that to others so we can all grow Together into this new role of leadership of the whole Thanks, Jared. So what can we do about this? How can we develop ourselves and our teams to be better? Multilingual leaders Well, the first thing we can do is actually elevate the discussion of this concept and commit to it What does it mean to assess your own skills? What does it mean to assess the skills of your teams and what can you then put in action to be intentional? about developing those skills and talents What we are excited to invite you to do this year since the theme of so cap is ignition is To invite you to take an ignite pledge to think about these issues for yourselves and within your organizations So first is innovate. How can you decide this year to do something innovative around multilingual leadership within your organization? The second is to guide to support other organizations. So we're thinking about doing this It takes two to be cross-sector so you can be the recipient of this kind of partnership as well Network how often do you attend a conference in a different sector on the area that you are working on? Can you do that more? Include invite people from other sectors into your work onto your advisory board Into your work in other ways talk talk about what this is like And the last is educate Which is really to think about how can you cultivate a culture within your organization? That supports people with different mindsets and different backgrounds feeling comfortable and contributing To a to a to a better whole We are really excited This year at so cap we're trying to a few new things around this idea of multilingual leadership And we're really inviting you to join with us in figuring that out The first thing is we released a survey last week many people in the room have already taken it It's about a 10-minute online quiz at bit.ly slash MLL survey and when you take it it assesses your skills and knowledge across the three sectors and gives you a score And so you can get a sense of where you fall on Thursday We're going to run an experimental workshop for two hours at 11 o'clock We have 12 Expert impact investors who are going to serve as coaches and walk people through exercises Within each sector. We'd love to have you join us at that and we're going to reveal the results of the survey at that point tomorrow morning We are also really excited that we have been able to get a preview PDF version of our new book that's coming out next month But the publisher has allowed us to share one with everyone at so cap and you're going to be getting that through pathable Later today. Hope you take a look at it a lot of the deeper ideas that we are we have Led to this notion of multilingual leadership are in that book and then last I'm really excited to say that my Organization which is the Center for the Advancement of Social Entrepreneurship at the Fuqua School of Business at Duke is going to make this a Year of multilingual leadership. We're going to be delving into this issue Publishing blogs connecting what other people are doing and we'd really like to invite you to be part of this So that we can learn from you. So please follow us at our Twitter hashtag a case at Duke Or if you want to tweet about this issue, we have claimed the hashtag Multilingual so thank you very much