 All right, thanks everybody. My name is Michael and I'm the CEO of Tugende. Tugende helps responsible motorcycle taxi drivers in Uganda own their own motorcycles instead of renting indefinitely. And today I'm going to give you a little bit of a different take on funding. More about what can happen when people at the bottom of the pyramid can make investments in their own community. So I want to start by introducing you to Brian Cherunda. He's one of the happiest guys I know all the time. In this picture he's particularly happy because he just paid off his own motorcycle and became an owner after renting for years. Who here has ridden on the back of a motorcycle taxi? Anyone? How about a motorcycle taxi in Uganda? Yes! All right. I knew we would get all the motorcycle groupies here. So for those who haven't seen it, motorcycle taxis are an enormous industry in East Africa in particular right now. They help people move through traffic in cities. They help people get where they need to go in rural areas where there is no public transport. And they literally drive the economy. At the same time motorcycles are an incredibly important source of jobs, especially in countries like Uganda where 70% of the population is under 25 and unemployment is high. However, driving a motorcycle taxi is difficult for many drivers because they can't afford the upfront cost to buy their own motorcycle. Instead they end up renting from landlords indefinitely with no fixed contracts, no end in sight, and no light at the end of the tunnel. At Tugende we call this the rental poverty trap. Drivers earn enough to pay their rent and stay in the business, but not enough to accumulate savings or move up in life. Tugende solves this problem with a fair, transparent, lease-to-own model. Drivers pay us about 15% more per week than they would otherwise pay in rent, but they get to own the motorcycle in 18 months. When drivers own their own motorcycle, they double their take-home profits. We also provide training and support. Drivers go through classes on safe driving, customer service, financial management. They pay us cashlessly with no fees for them. And we provide flexibility when life happens. Almost all of our customers fall between one and 60 days into arrears during the course of an 18-month lease, but because we're flexible, because we talk to them about what the problem is, and we try and support them to get out of it, almost all of them finish. We repossess motorcycles when we have to, but we do our best to support our customers instead of working against them. So when we think about our impact, we know that a driver who owns his own motorcycle goes from taking home about $5 a day to $10 a day. Drivers also own a very valuable asset worth about $800 at the point of ownership. Many of them will choose to sell that motorcycle and invest that $800 in something else to move them forward in life. We also think about impact at the household level. The average household size in Uganda is five people. And if you can double the income of one of the primary breadwinners in that household from $5 a day to $10 a day, you're literally lifting the entire household above the $2 a day poverty line. So we're thinking about growing from where we are today, which is about 1,400 paying drivers and 7,000 household beneficiaries to 20,000 drivers and 100,000 beneficiaries over the next two years. Now I told you a little bit about Brian, who is a recent completed customer. We have about 450 successfully paid off customers alumni like Brian. And Brian is an amazing guy, not just because he's now the owner of his own motorcycle, but because he's always been a hustler. Brian was forced to drop out of school early on and became basically an agricultural worker in the area that he grew up. He got a job offer to go work in a house in Kampala cleaning. He eventually started his own juice stand. He turned his juice stand into a chapati stand. And then he figured out that driving a motorcycle taxi would actually make him more money. But he was renting from a landlord. The landlord took away the bike one day because he needed to sell it for something else and Brian was stuck. That's when he came to us. So Brian was already moving himself forward in life. Tugende didn't do anything for him other than present him an opportunity to speed up that trajectory. And that's really what I want to focus on today is that our customers are already moving themselves forward in life. We just provide an opportunity for them to do it faster. It happens to be a motorcycle taxi, but there are a lot of other small assets that self-employed people in the informal sector at the bottom of the pyramid are using to make money. And when you help them take control of their own financial future, they will make incredible investments in their own lives and their own communities. So motorcycle taxis in East Africa are huge, as I mentioned. We conservatively estimate this at about 800,000 active motorcycle taxis. And so I mentioned that Brian is a rock star, but I also think that he's not an aberration. He's not one in a million. There are an enormous amount of people hustling every day to improve their own lives. So I want to tell you about a few of our other customers who have paid off their motorcycles. Andrew Mushakoma built this house and has put his six children in better schools. Livingston quit being a butcher's assistant to start driving a motorcycle taxi, and now that he owns his own bike, he's creating his own butcher shop. Steven is a milk and bread dealer and has been able to invest in working capital to open his own milk shop. Tamale Julius is the proprietor of the eponymous Tamale video hall that you can see here. So our customers are not just able to take home more cash to their household. They're investing their gains from ownership in their communities and in their families. And it's not just motorcycles. I'm sorry, I forgot about Moses. Moses is a metal worker, same thing. Paid off his motorcycle, was able to start his own metal shop, get the tools and the working capital he needed. And finally, Charles Simonda has paid off five motorcycles, selling it each time and investing that money in his family and building a house. So you can see that there are ripple effects. When people pay off a motorcycle, they invest in buying land and building houses, starting other side businesses, and the health and education of their children. So broadening this out, again, it's not just about motorcycles. It's about what this extra income in the household can do for the community. And so just thinking about Sub-Saharan Africa, although somebody from USAID mentioned yesterday that there are about one billion people in the developing world who are young and unemployed. So just think about that. But just starting with the population of Sub-Saharan Africa, 80% of the labor force is in the informal economy and it accounts for 55% of the economy. Foreign investment in Africa last year was about 60 billion. But if we could just get one third of the people in the informal economy, $2 more per day would bring in $156 billion per year in bottom-up community investment. So it far outstrips foreign direct investment into Africa, much of which is going right back out in the form of natural resource exports to multinational companies. So owning a motorcycle or another productive asset can help people be their own micro-venture capitalists in their own communities. And it's not just motorcycles. I'd love to give a shout out to a few other companies doing great things with asset ownership. Juhudi Kalimo is a micro-finance bank in Kenya who also does motorcycles, but their number one product is a dairy cow. It also produces cash flow and owning one can move families up. Sanergy does clean toilets that allow the proprietor of the toilet to make a living. Rent to own Zambia provides equipment to farmers in rural areas in Zambia. And bicycles against poverty helps people in rural northern Uganda own a bicycle and other small assets to make more money. And these are just in my neighborhood. There are great asset finance companies around the world and they are helping people at the bottom of the pyramid drive their own economic future. So some of you may know this, but Tugende means let's go. And we think about going forward with our customers, not just helping them own their own motorcycle, but helping them move up, helping them start at the bottom of the pyramid, but create their own economic revolution. The developing world needs investment. We need factories. We need high technology call centers, data centers, and everything else. But we can also drive economic growth and change by empowering people at the bottom of the pyramid like Brian, who are already working every day to improve their own lives. Brian doesn't need prescriptions about what he should be doing. He just needs opportunities to move forward. Tugende is trying to provide opportunities to people like Brian. There are other great companies that I mentioned. And I encourage you, when you think about funding, not just to think about how do you get dollars into great organizations, but how do you get dollars into great beneficiaries or micro-venture capitalists like Brian? Thank you very much.