 Thank you so much. It's such a pleasure to be here today. And I'd like to begin by asking you all to take a moment to think about a very specific group of people. And these people are low and lower middle income populations in emerging markets. So these folks are people who make between, say, $2 and $8 a day, roughly, which means they're not the poorest of the poor. They don't make under $2 a day. But they're also not the established middle class. And that means that their lives are often quite precarious. So any small income shock could send them back into poverty. Conversely, with access to opportunity, they can enter the established middle class. And their futures and the futures of their children will be a lot brighter. Now, what's really interesting about this group is that they have disposable income. In fact, they have quite a lot in aggregate to the tune of $3 trillion a year in spending, which makes the possibility of businesses serving their needs not only possible, but increasingly probable. Now, add that to these global macro trends that are affecting emerging markets like an increase in capital flowing to these markets, the dramatic spread of mobile phones and smartphones, the uptick in entrepreneurship in these geographies, and all of a sudden we're seeing an explosion of business models that are designed to serve the needs of this group. So I'm talking everything from, say, alternative credit scores that are meant to enable people that don't have access to traditional bank loans to take out a loan and start a business, to affordable solar lighting that allows children who may not be able to study at night to actually be able to do so through a different source of lighting. And that's where Frontier Capital commits in. So Frontier Capital, which is a new report by Omidyar Network that came out this week, Frontier Capital we define as early stage risk capital that serves the needs of low and lower middle income populations in emerging markets. And this report is based on, in large part, our 11 years of experience and close to $400 million of for-profit investing concentrated in emerging markets. It's also based on extensive research with our peers and hundreds of external data points that makes us excited about this unprecedented opportunity, both for financial returns and for very strong social impact. Now, I hope at this point in the presentation you're thinking to yourself, wow, this sounds really exciting. How do I take advantage of this opportunity? And realistically, you may also be thinking emerging markets are pretty risky, and that makes it tough for investors. And that's absolutely true, which is why we spend a lot of the report getting clear on what those risks are and, in fact, segmenting the opportunity so that we can be very concise about the risks and returns and the impact possibilities and match the right types of investors with the right types of investments. So let me start. We divided the frontier opportunity into three categories or three segments. The first of those is what we call replicate and adapt. And these, in short, are proven business models. They're businesses that have been tested elsewhere and brought to emerging markets and adapted into those contexts. And those of you that are familiar with emerging markets venture capital may immediately think of the rocket internets of the world who, by and large, are taking the Amazons and Zappos of the world and bringing them to emerging markets and really, realistically, serving the elites. But what's interesting here is we're also starting to see some adaptations that serve lower income groups. So for example, I think of Treehouse, which is the company based in India that is a preschool chain. Preschool is not new. Preschool is a proven model. It's proven not only financially. It's also proven in terms of the incredible impact of early childhood education, incredible positive social impact. Now, Treehouse was funded by some hardcore VCs, Sequoia and Matrix. They have since gone public. They provided a very nice multiple to their original investors. But they have also served both middle and lower middle income populations in India and delivered enormous social impact. And we're excited to see more of that kind of adaptation happen. But realistically, this space, the Replicating Adopt segment, is kind of crowded. And where we get excited and omit our network is when we take one step out into innovation that's really tailored towards the needs of LMI groups. And LMI I'm going to use as a shorthand for low and lower middle income populations. So let's move there. This is our second segment, which we call the Frontier, where we get very excited. So these are unproven models. They're models that are being designed for LMI populations by and large. And they're untested, which means they're kind of risky. However, these businesses have a couple of key business model characteristics in common, which we think makes them promising for commercial VC investments and for impact investors. And in fact, this is where we're seeing VC start to play. But we think there's also a lot of untapped potential here as well. So let me dive into what those key business model factors are that make these companies likely to achieve the kind of speed and scale and margins that makes it work for venture capitalists. The first of those factors is what we call mixed income. And in short, to put it plainly, what this means is that these companies are not just going after poorer customers. They're not just actually going after even just LMI groups. They're also often going after the middle class, a much broader customer segment, a mass market strategy. So take, for example, a company called Verde Verdad, which is based in Mexico. And it's a chain of stores that gives eye examinations and also provides eye wear. If Verde Verdad had just gone after a poor population, ironically, their overall sales would be lower. Their costs would be higher. And they would have a higher price point for lower income customers. Because they go after a mass market, they have the economies of scale to drive the prices down, reach lower income customers at higher quality and lower costs. And frankly, also it's more profitable for the company itself. So that's the first factor, mixed income models. The second factor is what we call asset light. And this really isn't surprising, right? So we're talking about companies here by and large that have low capital needs, that they don't have big plants to build or lots of fixed costs. And that's what we see by and large. And that's where Silicon Valley is really based on technology, mostly funding technology companies. So not surprising to see this here in emerging markets. It's actually all the more important in emerging markets, primarily because debt is really scarce and really expensive, which makes it harder to scale, takes longer to scale, and would be harder to be profitable for an asset intensive company. So here a good example is Geeky, which is based in Brazil. And it's an adaptive learning platform. Amongst their many products, they have a really, really interesting adaptive test prep product that's delivered by mobile and internet. And because it is, I mean, education is expensive to deliver. But because it's delivered through technology, there are each marginal cost to reach a customer is much lower. And they've already reached something like 3 million learners, enabling those who otherwise might not be able to afford test prep to get into university to take that same test and get access to that kind of advantage. So we're really excited about companies like Geeky. I should say we're really excited and lay out in some detail in the report a number of sectors where we're starting to see both VC and impact investors play and where we think there's untapped potential. That includes ed tech. It also includes fintech. It includes kind of straight consumer, mass market, consumer internet, and mobile, and the like. So we then get to this question of what do we do with businesses that don't have these kinds of advantages, right? So what do we do with businesses that may not only be piloting unproven models, but maybe targeting smaller markets, just lower income customers, or they may have very asset intensive businesses. And this is a segment we call the Frontier Plus. And it's really important here to be realistic. The segment is not for the faint of heart. At the same time, there are a lot of really promising businesses here. And in very important sectors, like agriculture or affordable housing finance, you know, sectors that are gonna have outsized impact and by piloting them, investors can help de-risk entirely new industries that can have enormous social impact. What's most interesting to us about the Frontier Plus is where we see investors being successful is where they're being creative, right? So they're not just taking the traditional VC model. They're taking the traditional VC model and changing the tools of it, altering it to be more appropriate for the types of companies they're investing in. So for example, if you're going after a smaller market, that is you're only going after poor customers, it may take longer to scale. And so we're starting to see investors incorporate longer time horizons into their fund with the argument actually that they're gonna get better returns if they do that, if they don't force an early exit. Similarly, some of these companies are being piloted in countries where exits are kind of difficult, right? Where their IPOs may be kind of non-existent and, you know, mergers and acquisitions are also pretty thin. And so they're piloting vehicles like quasi-equity or structured exits that are finding ways to take money out of the companies responsibly and still make money but support the company in scaling. And that's the kind of creativity we need to see here to unlock some of this value. And that's really where I'd like to end today, which is that with a call for creativity and leadership, we have laid out this enormous opportunity, really it's a three trillion and growing opportunity. And I like to think of venture capital as the art of seeing a wave as it's growing, but before it crests. And that's really what we're seeing here. It's like, these are the demographic trends of the future. This is the opportunity of the future and of today, not just for financial return, but potentially, you know, the impact opportunity of a generation. So we invite you to download the report. It's at www.amidiere.com to share with us your insights, your critique, you know, your feedback, but most importantly to get into the fray to help us unlock this tremendous opportunity to move forward. Thank you.