 Hello. We really appreciate you staying with us here to the end. It's pretty amazing day on the Bay here, and what I don't want to tell you, but I'm going to tell you is that the air show is going to start in just a couple of minutes. But you can't go outside. I'm sorry, you have to stay here with us because we have some really exciting and important things that we want to be talking about in this session. We're sorry to put you in this situation where you're going to have to make that decision, but I promise you that what we're going to be talking about on the stage here is so important that you'll want to be here. One of the things that we know here at SoCAP and have watched happen since the very first year, but Grow and Grow and Grow has been our relationship with the global community and more and more folks coming from all around the world to SoCAP and with the Impact Hub network from Oakland to Kyoto, people being here at SoCAP, bringing their communities with them. One of the sad things for us at SoCAP is that there are so many people in the world who we want to share what we're learning here in this community with and are not able to do so because you all have noticed, especially in the coming up and down the halls here, that while we try to do the very best job we can producing this show, we do produce it on a shoestring budget. And we just don't have the money that we need to take this and be able to share these amazing stories about saving gorillas in the Congo or just basic stories about how to invest and divest in your portfolios or what's happening with protein that the world needs with our great story about the crickets that, I hope you all ate some crickets while you were here, did you? Okay, great. And how to innovate in a crisis. These stories have been told in SoCAP TV this year. We have made a giant leap in at least capturing those stories while you all were here from around the world and were able to come and tell those stories on our stage. So, a great global story that I heard about or actually kind of heard happen. My friend Chuck Cannon was telling me about how this song that he has led us in singing a few times, It All Comes Down to Love, has been sung by quite a few different artists and he was googling, you know, who all is sung, It All Comes Down to Love. And he started looking around and found a boys' choir in Ghana. Singing his song. That's the kind of power that this community and the internet has and the kind of power we want to harvest for this community. And the really cool thing was Aloysius Atoy, who's one of the entrepreneurs that we've had around for a couple of years and we really admire his work greatly, started hearing Chuck sing that song. He says, I know that song. And I want to bring Chuck back out here for just a minute to get us all singing It All Comes Down to Love, okay? I'm ready. Oh, It All Comes Down to Love. Not the right key. Yeah. You guys want to help out here? So imagine my surprise when I was looking on the internet to find out who had recorded this song and there's a band, a boys' choir from Ghana and I'm like, where is Ghana? I had to look it up. So, and they were singing Oh, Oh, It All Comes Down to Love. Oh, It All Comes Down to Love. It does all come down to love. Actually, my sister's a wedding. I did a whole medley all about love song, so I won't be doing that here for the record, dad. As Rosalie said, we, I am passionate. We are passionate about bringing the content of SoCAP to a global audience and we need your help. I'm Eric Branham, again, the CEO of Mission Hub, which is the parent company of SoCAP and five Impact Hub campuses here in the United States. And there are a couple of parts of our programming that we think are really important that we'd like to bring to you and talk about here this morning. Let's see, let me bring this up. The first is SoCAP TV. We are experimenting with SoCAP TV here at SoCAP 15 by taking some TED-like snippets of talks and recording them, putting them online for a global audience. As I like to say, that farmer in Nebraska who may not have the means to actually come here as the conference, who doesn't have access to Impact Hubs where they are, how can we bring the rich conversations of SoCAP to them? And SoCAP TV is our first time that we're able to kind of bring this content in a digital media way and bring it to those entrepreneurs around the world. We want to expand next year on SoCAP TV in a really significant way. Taking most of the programming that happens here and a lot of the programming in our campuses and bringing it to the global audience. SoCAP 365, we want to take the content from this conference and bring it to our campuses and teach classes and get speakers and panelists talking about these conversations, where the change is really happening in the communities that they are happening. And we want to expand on that programming next year and allow us to bring that SoCAP 365 content, the classes and speakers and panelists to the Impact Hubs and frankly to all the parts of the world possible. So our view, our passion is bringing this content to the worldwide audience. And again, we would like your help in doing that. We are looking for opportunities. Let's see, is this looking forward? I keep talking here. Or else we'll keep it on this slide and that'll be awesome. We'll talk about the world again. Our ability to go that way, which is directionally the rest of the world is where we're trying to accomplish and make ourselves ready. I'm gonna keep talking through this while the slides are getting themselves ready. Here we go. There we go. What we are asking you as a part of SoCAP 15, as we close this up, is to pay it forward for SoCAP 16. We would like you to be a part of the process that we are trying to bring this content to the rest of the world. And we're asking for your help in driving innovation and global impact with us. How are we doing that? We are taking a new program, which is called our SoCAP 16 Global Bridge Builders. And we're asking you to make individual sponsorships. And in those individual sponsorships, you yourself get a ticket to SoCAP 16. But what you're really doing as a part of this sponsorship is you're allowing us to bring this content to those who can't make it to SoCAP 16. That allow us to broaden the impact out to a global audience exposing them through SoCAP TV, SoCAP 365 and the media partners that we feel like that we can get that to in the best way possible. It's a way for you to contribute directly and to say thank you and continue your support of SoCAP. We hope you've had a great time. And also to make a direct impact in bringing this message to others. You can go today to SoCAP16.com or to bit.ly or slash SoCAP16 and make those individual sponsorship contributions and help us bring this amazing conference which I am so proud of and feel like we have just begun the conversation here to bring out to the rest of the world. So thank you. We'll finish here with an arrow heading that way and a line and the video. Yeah, we can just bring up the video here. Thank you. All right. So we've got a segment up for you here that I'm excited. You'll notice that there is sort of a little bit of a lean towards the for-profit sector at SoCAP, but the nonprofit sector is just as critical within the social capital markets. And we see a lot of organizations doing hybrid models as well. And so sometimes understanding how all of this works together, again, helps to hear a case study, understand where for-profits, non-profits, everyone comes together to make this whole marketplace work. So I'm excited to welcome to the stage for a story that I think weaves in and out of both of those worlds and you'll really enjoy Todd Johnson from Jones Day and Bill Strathman from Network for Good. So first of all, I just wanna thank Rosa Lee and Kevin. This is the second time I've been on the plenary stage at SoCAP over the years and I'm really grateful for this particular time slot right after lunch on Friday. It's the best because thank you very much. So I'm really only here as a prop because Bill Strathman is main event. Bill is the CEO of Network for Good and Bill, what the heck is Network for Good? It could just be about anything. That's true, yeah, the name is a little vague but it sounds great, it's better than the Network for Evil so that's why we went with it. So we are a lot like PayPal for Charity, simply put. It's a little more complicated than that but basically we provide a donation page and fundraising software and payments platform to non-profits, thousands of non-profits. So if a small non-profit has a website and they wanna receive donations, PayPal's not exactly built for that, ours is and it's very easy to use. We also provide free training on how to raise money online and we do that for about 100,000 non-profits. So it's, yeah. You're a brand new startup, you just started last week or? So that's the idea, right? Fundraising for non-profits, both the know-how and then the software but no, I actually, I'm not the founder either. It's the founder is a guy named Steve Case, you guys might have heard of him and he back in the wake of 9-11 created a non-profit, AOL, Yahoo, Cisco, all three came together with a $10 million grant, seed grant for good and the idea was simply then to make it as easy to donate online as it is to shop online and so they started it with a $10 million grant. They, about two years later, I came in as kind of a turnaround guy because they had spent that money. Now wait a second, you were a consultant. Why would you go to work for a non-profit? That's a good question. So I was, before I was a consultant, I was actually a social entrepreneur before it was like a name or even cool. It was actually kind of lonely to be a social entrepreneur back then and I didn't know that's what I was. So I was a tree-hugging philosophy major who went to get his MBA to change the world as one does and so that was kind of my, I don't know what about me made me want to do that from the start but my heroes were Anita Roddick and Ben and Jerry's back in the day but I sold out. I sold out and I took the fat paycheck from Anderson and became a management consultant but on my fourth day with Anderson, I lost my mom to cancer and she was 54 and then we lost my wife's mom to cancer when she was 57 and so that was a kick in the ass, a wake up call for the guy who was a social entrepreneur and so I changed my trajectory and I traded financial success for life significance as they say. So instead of working for the Death Star, you started working for the Network for Good. Exactly, exactly, so I did. So tell me a little bit. And that was 12 years ago. 12 years ago, all right. So 12 years ago, you got to work for this nonprofit. What's happened over the last 12 years? Tell me a little bit about the story of Network for Good. Is it a nonprofit today? It is not, it is not. We're B Corp certified for-profit or I like to say for-purpose company but I've always thought that we should change the name for those companies who are not in our kind of space. You know, we call them not for-profits. Why don't we call them not for-purpose organizations? But anyway, so it was a nonprofit when I joined and so the task at hand was turn it around, raise money. So I raised over the course of about six years another $10 million. So $10 million grant to start, $10 million in funding and importantly along the way, it didn't have a business model when I joined so we built a business model and we got the point in 2011 where we were self-sufficient on earned revenue alone as a nonprofit and so we're kind of this cool technology company so we're charging $70 a month to nonprofit for the donation page and software as a service is what we are and then a transaction fee, 3% because we have to pay credit cards so we have a little margin. Anyway, we built up this business model where we were break-even and a nonprofit and it got harder and harder to raise money at that point so. In part because you saw- We were victims of our success. I mean, so what we did is we switched to becoming a for-profit and the reason was that we are now a nonprofit with this great service for other nonprofits and we're break-even but we're not making enough money to really reinvest and we were about the mission. We wanted to unleash generosity on a massive scale and so I said to my board, listen, if we're gonna go big then we need to raise more capital and I'm not gonna be able to do it because now I'm competing for donations from organizations that frankly need it more because I've got earned revenue and so we spun it out and created a for-profit B Corp and because I needed capital, it was harder to attract talent as a dot org and the governance was somewhat less nimble as a nonprofit than a privately held company. And I think you were also starting to face some competition from better funded for-profits. Yep, exactly. So how did you do this? How did you go from being a nonprofit to a for-profit? That had to have been really simple. So full disclosure, Todd is our legal counsel, was our legal counsel so this is kind of like Obi-Wan Kenobi in interviewing, I'll take Luke Skywalker, you know. But anyway, so you know, what we did was it was a balance, right? So we actually looked at some impact investors, right? To do it and the idea was how do we obviously not lose our mission? So how do we ensure that we have mission insurance or mission lock as you guys have heard us talking about in this conference this week? And then also, how do we not scare away the money? Because the impact investments at that stage, we're kind of impacting investing with a lower case I, right? Because we're helping the helpers. And so we weren't, didn't fit the profile for the very, very, very small, relatively speaking, pool of capital for impact money. And so I figured, all right, we need to be attractive to that much larger pool and maybe one partner at this traditional private equity firm will see what we're doing and get interest. And that kind of rounding error in terms of the, maybe the 1% of all that money is bigger and was at the time than all the impact money. So the task was, how do you not scare away the money but not sell your soul and lose the mission? Right, how did you do that? Well, and then both in the short and long term. So the way we did that, I've got six Bs that we used, okay? Just to keep it easy. One, the buyout. So what we did is we created, what is an investor investing a company for to have an exit? So how do we protect from them to keep with a Star Wars theme? How do we protect from them selling to Darth Vader, right? The private equity. And so we put in this Zuckerberg-like stock called Founders Preferred Stock that couldn't get diluted, couldn't get voted out, right? And that Founders Stock contains a veto on exit. If they go counter to the mission or want to sell, if the private equity investor wants to sell the company to Darth Vader. And just to be clear, who owns that? The non-profits. So that's the cool thing. We're not that novel in being a social, you know, a B Corp certified company. But we are pretty novel in that. We have a non-profit owner, and a traditional private equity firm owner, and then employee options. Because what we did is we kept the non-profit intact. That was very important because that gives you somewhere to put the charitable assets at the end of the day, right? So if we ultimately do have an exit, then in the non-profit owns, let's say 50% of the company at that point. All those assets go back into the charitable sector and they can be distributed as the non-profit sees fit, okay? And so we have the non-profit owner and then the private equity owner. And those are the two masters that we're trying to solve in terms of walking this tightrope. So the non-profit has veto on the buyout. What are the other five Bs? So the other five Bs, so bylaws. So, you know, we, with the help of Todd and Jones Day, put in, there's the ad, we put in the bylaws so that we could address a larger set of stakeholders than just the shareholders, right? Because obviously, you know, the number one thing you wanna protect from is if the non-profit puts a veto to the investors, they can say in a traditional corporation, well, that's, you're breaching your fiduciary responsibility if you don't take the highest offer, right? So if Darth has a higher offer, then I don't know who, Obi-Wan, then they can get sued. So that was very important in protecting that ability. Yeah, in fact, I would say for the total geeks out there, what we did is we incorporated it in New York. Correct. Under the constituency statute in New York, which specifically allows directors to think beyond just maximizing wealth for shareholders. It's a stakeholder statute, and then we drew that into the articles of bylaw. Correct, because it wasn't available in Delaware at the time now is. So, you know, now it's like 32 states that have these types of laws, as opposed to the 17 or so when we were doing it. So anyway, bylaw is the second thing, right? And so it's just a concept of broader set of stakeholders. And that also enables to get B Corp certification, which we now have, the good housekeeping seal that you are doing this stuff. Second was brand. And so we're like, I'll say, okay, that's good on the exit, but what about along the way? How do we control the company from, you know, the private equity firm from making the company go off mission? And so the net or for good name was a big part of the value. And so instead of putting that into the company, when we took it out of the nonprofit, the nonprofit licenses it to the company, right? And so now that, so if I now, I'm running the company, right? And if I, with the private equity firm, start to, you know, use our platform for gambling or whatever, they can say, okay, you can do that, but you're not doing it under the net or for good name. And they can pull the license back, right? And then the investor gets nervous and they go, well, what about if we want to have an exit? You know, the net for good name is everything. Okay, it'll transfer on exit, right? It'll transfer on exit with the acquisition. So the third one was the brand. The other way along the way in the immediate term is, well, how do I stay close? And we basically took two board members from the nonprofit board who stayed intact. The nonprofit board stayed intact, it's like 12 board members. We took two, we put them on the board of the company. And so now the board of the company is me, the two board members from the nonprofit, and then two representing investors. And so Bill's the swing boat. And those board members are anchored in by that special class of stocks. Correct, you can't, right, exactly. So board, bylaws, buyout, brand. Yeah, I couldn't think of a B for people, so I used Bill and Bob, who was my CFO, and he actually really is named Bob. And so Bill and Bob, this is actually one of the most important pieces as far as I'm concerned. They actually dress up as Ted and Bill, the excellent adventurer thing, never mind. Yeah, right, exactly, Bill and Ted's. So, you know, I didn't change overnight when we, you know, I'm the same guy that took the job for the nonprofit with no hopes or dreams of ever having to be a for-profit, to be honest. And so, and then we left Bob as the CFO of the .org. And so now he and I have been working together for seven years, and so there's a relationship there, I relationship with the board, so the people was a huge piece for me. I mean, I was really nervous that they were gonna put something, you do some national search and put somebody else in front of the .org and I've seen that movie before and it can go awry. And so that was a really big piece for me. And the last one, I can't believe we're actually gonna get this done in time, the last one is business. So the .org, we pretty much took all the operations, right? It went from being an owner-operator to an owner, but it still played a role in our business. It still receives donations and then re-grants into the charities, the charitable arm. And so we set, the six B is business. We set up a business relationship with the .org, right? That provided it sufficient funding to maintain operations because as an owner, there's no liquidity that comes out. There's no dividend or anything. And so we set up a business relationship so that we could pay them for their fair share for what they were, for their role in our ability to create this really cool model where we can process a donation for any charity instantly. I mean, you can go to Net for Good, as you may know, and you can search for any charity you want, your kids' PTA, anything, and make a donation to them like that. So it's a pretty cool service. Two quick ending questions. Yes. How long did this take you to get done? It took us, let's see. I first pitched the board on the vision in 2011. We started to see whether investors would invest in 2012 and then we spun it out in 2013. So almost two years. Two years, yeah. And how much did it cost to get it done? How much did it cost to get it done? I'm hitting you with a, sorry. You weren't ready for those questions. No, no, no, no, it's fine. I mean, it was probably, I mean, we had some, I was a little, you provided the services. Pro bono. Pro bono. No, no, no, no. Because now everybody's gonna come running up. But probably about 250. Okay. 250 grand. And just backing out 10,000 feet, you know. Final thoughts, because we've been down on the weeds. Final thoughts, yeah. So this is kind of like pretty technical in the weeds for this last day. And so, you know, final thoughts are kind of, I have two, I'm super passionate about money for good. I mean, net for good is about that 300 billion in the US right now, right? And trying to make that friction free for nonprofits. And how we're doing it is about all this stuff that we're talking about here. Socap, right? Businesses that are doing good and have a mission. I mean, and make money. And so on those two fronts, number one, I'll just make a plea to the social entrepreneurs in the room is that if you can find a market-based solution for attacking the social problem that you're going after, and I know this doesn't, is maybe a little obvious to this crew, do it. And I feel like we have a moral imperative to do it because you gotta leave the charitable dollars for those problems that do not have a market-based solution. And then for all of us as individuals who are going home to our friends and family this weekend, there's a little bit of an echo chamber here coming here. I know it isn't my neighborhood. I mean, most of my neighbors can't spell impact investing, right? And so I beseech you, and I'm gonna do a little gag here so that you remember, I beseech you to try and stop everybody that we know from doing this, right? And what they're doing is they're going, this is my investment money, right? I'm gonna make money with this and I'm gonna give this away, right? And the fact that they treat it in two different pockets, we gotta break that binary and just think of one. Thanks, Bill. Don't rip up your dollar bills. All right, that's a perfect segue to our next piece. For those of you who were here on Tuesday, you saw the Gratitude Award finalists pitch, always a highlight to see the entrepreneurs on stage, and hopefully you voted over the course of the last three days. We've got for-profit and non-profit entrepreneurs who have all chosen their model wisely, I'm sure. And now we'll hear who's winning the award. So I wanna welcome to the stage, Randy Haken. Hi, everyone. Well, I was asked this morning what I most enjoyed about SoCAP this week and my reply was acceleration. No, not the Blue Angels, but the acceleration that I really sensed this week from two directions. And I wanted to thank SoCAP for creating a tremendous acceleration for the impact space. What my observation was that we not only had top-down, but we had bottoms-up both. Top-down, we had billion-dollar hedge funds up on stage talking about their desire to make impact. And we had hundreds of entrepreneurs that we're gonna speak about for a few minutes here, running around, meeting, getting investors excited about what they're doing. So the theme really has been, for me, has been acceleration. The SoCAP Gratitude Awards are really about this acceleration with the entrepreneurs. And SoCAP has done a great job of allowing us to, can we back up a couple of slides? Good, perfect. SoCAP's provided a great opportunity for us to allow for this acceleration. We started back in the spring and 547 applicants applied to SoCAP, 134 scholarships were given out to allow entrepreneurs to be here, which I think is tremendous. From that, the Gratitude Network chose 33 semi-finalists. And from those, the nine finalists who presented on Tuesday, the idea being that these nine finalists will find some way to accelerate them over the coming year, as an example of the kinds of entrepreneurs that are coming through SoCAP. So we're going to announce four awards this morning for those nine finalists. And just to tell you that the awardees and the nine folks are all going to receive one year of deep mentorship from the Gratitude Network. So that'll include our team, which is primarily a Silicon Valley-based team that will be working with strategy on them, strategic coaches who will be facilitating introductions to more than 50 global mentors. In addition to that, the four winners that we're going to announce will be matched to a super mentor. And they'll have an expense paid trip to the Bay Area for a powwow. Who are the super mentors? You may know some of these folks. They range from well-known venture capital and angel folks to Ed over at Pixar who's helping design the future for entertainment. So we're looking forward to having them work with the entrepreneurs. I wanted to thank SoCAP very much for allowing us to be sharing this award process with them. We've truly enjoyed it. I also wanted to point out that we had several other sponsors who have contributed in-kind gifts that will help the entrepreneurs out. And in particular, I wanted to thank Leslie Kyle from Hanson Bridgette. You want to raise your hand there? They're an example of a partner that will help with the acceleration. So they have given us quite a few in-kind hours that will be applied to the nine finalists. And also I wanted to thank Razor Think, which does development work. They're based in India. They're an awesome product development group. We found last year that this was one of the, both the legal services and product development kept coming up with the entrepreneurs who were the winners. Last year, we honored four folks on the stage and I wanted to bring up Minas Chaudhry, who at Drinkwell will represent those four winners. Thanks. You probably don't need that. Okay. Thanks, Randy. So it's a pleasure to be back. So at Drinkwell, we aim to transform the global water crisis that affects over 200 million people in Indian Bangladesh alone into entrepreneurial opportunity. And around this time last year, we had about 200 systems, each serving about 1,250 people in five countries, India, Bangladesh, Laos, Cambodia and Nepal. And so we really asked the gratitude network, Randy, how can we really scale? So he flew us out here in the Bay Area in March and we had a series of productive meetings with debt providers, the most scarce instrument in the sector. And we learned from conversations with organizations like Kiva that it was really challenging to flow funds in and out of countries like India and Bangladesh. And so what that did is really inform follow-up conversations we had throughout the sector with other funders such as DFID, who I'm happy to share, have now provided a 0% interest working death facility for large-scale infrastructure projects that we're working on in India. And so this quarter, we've actually launched four systems that can actually give 200,000 liters an hour, so that's 200x larger than what we were working with last year, to up to 40,000 people. And that kind of scale and reach, we can really thank Randy and the gratitude network for. So in many ways, I think of Randy as a virtual chairman of the board, and I'm really excited for the next year's class to really earn some of those really amazing guidance. So with that, I'd like to welcome Paul to present this year's awardees. We have nine finalists that are representing three different categories, and at this moment, I'd like them all to stand and be recognized. Thank you, you can be seated. So of the first category we have up is called community development, and we have three companies, and let me just give you a one-liner about each one so you know what they do. CARE-NX enables health workers to serve remote villagers with mobile diagnostic kits. Next, we have city taps. They are providing water connections to the urban poor with a smart water meter system. And Vendetti is creating a mobile marketplace that connects travelers to street vendors of the developing world. And the winner is Vendetti, Christine Souffront. Woo! Congratulations. The next category we have is education, and Library for All has developed a digital library solution for countries with limited access to educational books. The Reset Foundation is launching a network of campuses aimed at breaking the poverty to prison cycle through a program of education and career readiness. And Zana Africa provides health education and products that help girls finish their schooling. And the winner is the Reset Foundation. Woo! Jane Mitchell. Congratulations. The third category is environmental sustainability. Carbon Analytics has created a software program that allows businesses to track their carbon footprint through accounting data. CASA designs and builds sustainable low-cost housing that incorporates energy, water, and sanitation. And Waste Capital Partners is working with local governments to redirect organic waste to create compost for farmers. And the winner is Carbon Analytics. Woo! Congrats, man. And we asked the audience to vote on their People's Choice, and this was amongst all nine of the finalists to just cast a vote for one of these companies. And the People's Choice winner is CASA, Antonio Aguilar. So on behalf of the Gratitude Network, we really want to thank the entire SOCAP community and congratulations to all of our finalists. Thank you. Congratulations. Congratulations. Thank you, Randy. Kind of in keeping with that theme of entrepreneurship and amazing things that have happened at the SOCAP conference, I want to invite my friend Catherine Hoke from the five-enters to come and talk for a minute about what happened for her at SOCAP last year and to introduce our next panel. Kat. Hello, I'm Kat. I'm so grateful to Rosalie and to SOCAP. Rosalie has joined the advisory board for Defy Ventures. Last year was my first time ever here at SOCAP. And we got to present Defy, and what we do at Defy is we transform the hustle of people who did prison time. We transform it into legal hustle and help them to start businesses and we fund and help them to incorporate their businesses and then we incubate them. And last year, when I came here to Defy, or I'm sorry, to SOCAP, I came out from New York. We were just a New York-based organization. And I said, I have a dream that one day we will be able to serve people nationally. And you people at SOCAP heard my plea and you made this dream happen. And so I'm here to give a big, huge love bomb to SOCAP. And people in this audience, when we spoke last year, heard it. And in the audience was Google.org and the K-Pors as well, Mitch and Frida. And they provided the funding. We got $500,000 from Google.org and we got $250,000 from Mitch and Frida to be able to make the dream a reality. We have used that money. Yeah, thank you. So in the past year, we were able to use that money to establish a presence here in the Bay Area where we now serve people. And we have been able to incubate 112 businesses that have been started by men and women who serve time, who are transforming their hustle into legal businesses. Right here, this is Odwin Chambers. He's one of our legal entrepreneurs from Oakland originally, and he makes these hats. And the coolest development for Defy that has come out of the SOCAP love is that just one year into it, we are not only serving men and women who have been released from prison and equipping them, but now we are also inside jails and prisons nationally. We're serving here inside San Francisco jails and the California Department of Corrections. And later this month, we are also working in the federal prison system with women. So I can't even express my gratitude sufficiently for what it has been for us to be able to come and get in front of people like yourselves. The other reason that I'm here today besides giving this love bomb to SOCAP is to get to introduce our next panel that is up to some very important work. The reason that I have devoted my life to working with people inside and outside of prisons is because I believe that they represent America's biggest underdogs and America's most overlooked talent pool. And I do this work because of my hatred for injustice. And every day, I know and love people who have suffered from economic injustice and racial injustice that is plaguing our country in a very big way. A couple of statistics for you. By the age of 23, the young age of 23, 30% of Americans already have criminal histories. 50% of black men already have criminal histories. And for people who don't know a whole lot about this sector, you may think, well, you wouldn't probably say this out loud. It's just because black people are committing all the crimes. Wrong. In America, the majority of crime of drug dealing and drug-using crime is done by whites. Yet in our jails and prisons, 75% of people who are locked up over drug-related crimes are African-American or Latino. And in San Francisco, in our great city here, only 6% of the population here is African-American. Yet 44% of the people who are locked up in our prisons are African-American. There is so much that is going wrong in our country. And six months ago, I got to seek out and meet somebody that I admire very much. His name is Ben Jealous. He's a former president and CEO of the NAACP. And he has given his whole life to bringing justice to this sector. So Ben is on this next panel. I talked Ben into joining Defi's advisory board recently. And Ben and a panel are now going to lead us in an amazing discussion on something that is so important in America. I'm really grateful that SoCAP has given this audience to us in this time. So we're going to welcome them up in the way that we do things at Defi. I want you to start with a little Level 1 golf club, polite, polite, okay? This is how many people introduce up in audience, but they're better than that. So I'm going to get all the way up to 10, and I want a Level 10 club. So bring it up the volume a little bit to two. Three, we're going to give it up for this panel. Four, five, more. A little more. Five, six, seven, eight, nine. Come on, the biggest, go. Yeah. Thank you. Can you hear me? Wow, there's a lot more people. Ooh, nice. Ben, can you hear us okay? Uh-oh. Hello, Ben. We can see your mouth move. You can see your mouth move. Ah, there we go. All right, hey. My name is Dekker Gongang. I'm a senior fellow at Frontline Solutions, and we're having an intimate conversation on equity, equity issues. You can call it racial equity, you can call it gender equity, but the first kind of one, along with your introductions of yourselves, I would love for you to talk through, what does equity mean to you? Oh, wow. We talk about diversity, whether it be gender diversity or racial diversity, and we kind of remain, the language remains in this vague, ambiguous space, or it remains in this kind of like, oh, well, we need more brown faces, or we need this. I would love for you all to kind of talk through what equity and inclusion means to you, and then how do you see it in your work? Yeah. Well, I'm Nikki Silvestri. I'm the CEO and co-founder of Silvestri Strategies, and we work on climate and food systems economic development. When I think about equity, I think about agency, honestly, that there's so many ways that I could define equity based on the work that I've done, but the hardest thing with economic development is to bring a group of people and a community into relationship with the resources and the people that they need to actually have agency over their own future and their own economic development work. So that's what equity means to me. And I'm Ed Duggar. I'm president of ReInventure Capital, which is a venture funding formation. I have a long history as a pioneer in impact investing over 20 years, and equity, let me turn it around just a little bit, but equity has to do, and this session has to do with race and diversity. And race is weird. Race is a social construct, but for most of us, it's also a sort of a social shorthand, and it's a social shorthand about that begins to define privilege. If you think about privilege, opportunity is shared privilege. Okay, so I want to share a little bit about how I experience race. Most of my life, it went by the 1% rule. In other words, if I had 1% black in me, I was black. That was most of my life. And then when Obama was elected, suddenly people turned to me, most of whom I didn't know and say, are you biracial? So my status in life went up. I was the same, but my status, my sense of privilege went up. And most recently, I was talking to someone, a very nice woman, a white woman who said, and I told her my background and she said, I said I was black, and she said, do you mean that you were adopted by a black family? And then she said, no, so suddenly I became an honorary white person, which was the highest status whatsoever. So race is convenient. Race changes depend on the circumstances. Race changes in terms of how people perceive you in terms of the privilege and opportunity you should have. Ben. Could you reset the question? I was so lost in what you're talking about. I could keep going on that tangent, but I want to make sure that I answer your question. So the question with introducing yourself is how you see the complexities of nuances around equity and race and how you and your role in K-POR or in your previous roles have seen it play out. Got you. So I'm Ben Jellis, I'm the former National President's CEO of the NAACP and my general partner at K-POR Capital. We invest in seed stage social impact tech. You know the, I guess I deal with equity and race in very concrete terms. We're concerned about at K-POR Capital and the K-POR Center for Social Impact. For instance, it's just, you know, quite simply if we assume that genius is, you know, occurs at the same rate in every zip code, are we making sure that we're tapping into the genius in every zip code in this country? When we look at our schools, does it appear that our schools are, you know, sort of clear, powerful conduits for young geniuses on to the opportunities, you know, that are there? You know, if, you know, and as investors, what we're really concerned about is are all of the ideas that could both create high growth businesses and help close gaps in our society because we're social impact investors, are they being accessed or are we sending millions of geniuses headed towards prison and millions more not even teaching them how to read and are we simply letting lots of great ideas just wither on the vine of a country that is riddled with injustice and racism and discrimination of various sorts. And so, you know, I think it's important that we can't, you know, given this crowd that we really focus on our responsibility, if you will, to be ensuring that the great ideas get to us and ensuring that our country taps into all the genius that are possibly cured. I want to piggyback on one of your comments and open up a question for everybody. When we come to conferences like this, we often assume that there's kind of like this boogeyman that we're here to solve a social good problem. But with this one, I think in this last year and a half, we've had probably a more intense conversation as a nation than we've ever had around structural racialization. Can you talk through what, beyond our intent, beyond our goodwill, what these challenges, these barriers are in society? Thinking about education, whether it be climate change, whether it be community organizations, what do those barriers look like? Not even just from an investment standpoint, but how do folks experience it? You know, I... Storytime. Storytime. Yes, yes, yes. When it comes to the kind of barriers people encounter, the word that comes up for me is relationship. That there is a pipeline. The young man who goes to jail because he didn't pay a parking ticket, but can't stop driving his car because that's the only source of transportation he has to get to his job, and he as a child, is in a very different situation than someone at the other end of the pipeline that may want to invest in a business that is either hiring difficult-to-employ individuals or who is investing in social entrepreneurship with people of color and low-income people. And every step along the way, there's cultural healing work, there's soft skills training. There is... There's things as simple as how to open a bank account, how to write a check before you even get to some of these conversations about real entrepreneurship. And that's what we're talking about. The wealth gap and the economic inequality has widened so dramatically that the situation that I described is actually very normal for a large percentage of Americans. And we don't have the kind of relationships along the pipeline for people to even understand what they're talking about. So we're going to have a question and be having a conversation with someone, and it is in one ear and out the other because you're talking like this. So one of the barriers is just being able to listen, have enough humility to deeply listen to the contextual differences with the way that we operate in the world so that when we're talking about solutions, we create things that actually work. Picking up on sort of the listening in particular, what re-invent your capital does and what we've done in the past is we invest in supportive entrepreneurs of color and women because we believe firmly that access to capital has been a very difficult problem historically before, today, and whatever. And this listening piece is a really critical one because I want to share with you an example of those of us who are trying to address that problem and form funds and what have you deal with this kind of thing. And here we go. I was meeting with an investment advisor and we were talking about issues around diversity and suddenly he said, oh yeah, I know about affirmative action. Now this was, by the way, a very progressive group, very progressive. And so as we talked about a little bit more, he said I describe my background. Harvard undergraduate, Princeton, Successful Fund, so forth and so on, and he said to me, you know, we have similar backgrounds. You went to Harvard, I went to Harvard, blah, blah, blah, blah. And so why do we both need to be in the room at the same time? Now I don't know how that struck you, but the way it struck me was it was me that didn't need to be in the room because we were all the same. Now it was interesting about that. To me that was a no-win situation because it was either if I was the other, not like him, then I was not worthy and I was not needed. But if I was like him then I was worthy but still not needed. No win situation. And that is what we often come up against in terms of trying to do what we try to do is having opportunity because it's really all about opportunity. Again, I'll say opportunity is about shared privilege. And Ben, Frida K4rombel often says or corrects folks I think it's Frida Ormich says it's not under privilege, it's under opportunity. And I noticed that you are now in your role, have started to advise entrepreneurs and also advise entrepreneurs but also speak publicly. Can you talk through or give us examples of what that opportunity looks like? Sure, actually I want to go back for a second to what the problem looks like because I think it's helpful to talk about it on the sort of micro level we're talking about it on the interpersonal but in doing so we can lose track of the fact that the problem is so big you can actually see it from outer space. I mean just the problem of racism and of segregation and mass incarceration of slavery before if you had a satellite 150 years ago 160, 170 years ago you would see massive plantations deforestation in the midst of forest in the south lots of dark backs been over shoulder to shoulder picking if you had a satellite 70 years ago and you were over cities you would notice and yet people of one hue clustered on one side of the city and people of a different hue spread out a bit more on the other side of the city you can see the ghetto from space and today what you see from space in our country if you pull back state by state it's pockmarked with prisons we are the most incarceration country on the planet. Why is that important? Well turns out you can also see it without a satellite you just go into any group of young people in our country and you generally are dealing with three outcomes that are driven by mass incarceration first one's obvious if you're in a prison or a jail we got more incarcerated young people per capita than any other country on the planet the next year kind of less obvious if you're you go from that group of 18 year olds to the ones who are in college well they're now increasingly nervous because they are part of a generation that they just joined that is the most indebted group of college students we've ever had the highest default rate so what's the connection between the two in the last 40 years as spending on prison has gone up state by state state subsidy of public higher education has gone down precipitous in California 40 years ago 11% of the state budget went to public higher education 3% went to prisons five, six years ago as the last one I checked the numbers it was 11% was going to prisons 7.5% to public universities that particular year Jerry Brown had proposed that it actually be 15% to prisons and 6% to public universities well unlike Harvard or Princeton or Nikes Columbia and Oxford when you're at a public university when you know when government subsidy goes down there's not like a big endowment to offset it tuition just goes up and when public university tuition goes up well then private schools feel permission to raise theirs as well and so you know the incarceration thing has been but actually driving the student debt problem and then you have the third group of students who are working at Starbucks often who simply feel that they can't afford to go to college at the moment and so we need to own that because the reality is that we don't just have the most incarcerated group of black people in the country although we tend to publicly think of the incarcerated population as black we have the most incarcerated white people on the planet too and there's a dynamic there that if you will because we think of public prisons or public housing or public education as sort of a black space that we give ourselves permission to just do horrible things with all of those institutions now getting back to opportunity and to actually disrupting that what can we do well you know kind of at the midterm level there's all sorts of laws that are being passed that can be passed to actually drive down incarceration it's one of the things we can have hope for as we look towards 2016 and beyond is where we have increasing consensus in both parties but then it gets down to well what can we do this school year well this school year we can do for instance what we do at the K-Pore Center for Social Impact through a program called SMASH the summer math and science honors program we take kids 80% to 100% free and reduced lunch schools B and C students with promise we give them 15 weeks of extra instruction five years excuse me five weeks after the first second third years of high school and we see their trajectories bend up from not heading towards college or heading to a low level state school to ultimately significant numbers of them going to Cal, Stanford MIT and the like all of them going to college and half of them going to top 50 schools and the big cluster at the top the very top schools what we can do as investors is just simply open our doors our returns at K-Pore Capital are very very good and half the companies that we invest in every year sometimes it's 48% sometimes it's 54% but just call it half are founded by blacks, Latinos or women and we don't have to try we just keep our doors open and I think that's the most important thing is what does opportunity look like opportunity looks like getting a good education opportunity looks like a VC keeping their door open to the next great idea and not just doing kind of pattern matching that simply is just a fancy way of saying racism and sexism and finally the and for that matter excluding the overwhelming majority of the colleges and we tend to focus on people from like 20 schools when we have 2,000 so even you said I have race and gender there's a lot of folks who are not who's great ideas we aren't hearing and then you know the the last thing I would say is that what opportunity if you will sort of a mind that's bent on increasing opportunity looks like it looks like Jack Kemp the 10th anniversary of the riots in South L.A. was about preparing to speak right after he was on fire that day he kept on talking about the school kids of South Central L.A. and he kept saying our kids our kids and this older black woman standing next to me in the wings edge of the stage said whose kids she said where is he from I said that's Jack Kemp I know who he is I said I know what he did where is he from I said ma'am I don't think he's from here he's not from South Central L.A. but I want you to hear his point which is that we are all citizens of this country and so are those children and therefore they are all our children we are all people of this country and so are those kids whether they're citizens or not and therefore they are all our children and that's really what the problem of race if you will keeps us from recognizing despite the fact we'll close on this that's no more significant than hair color or eye color we give it all this weight that it really doesn't deserve and we shortcut the potential of our country and our country's children in the process thank you very much David with a short with a short amount of time left Nikki I wanted to to ask you about kind of the intersection of issues beyond race so thinking about like two defining issues of my generation it feels like structural racism and then climate change so on television and in social impact or social sector conversations those are two large conversations what is the intersection or interplay of over the root cause issues with both hmm that is a loaded question the word that comes up for me is desperation there have been an increasing number of people in this country who are drawing the connection between the long term impacts of extreme weather events on cities and the structural inequalities that follow and one thing that happens when you destabilize a bunch of infrastructure at the same time through an extreme weather event is that the level of desperation of people to get their basic needs met increases if you think about groups of people who are desperate already having an added level of desperation because of climate change you get the perfect environment for very bad things to happen and we are seeing that we're seeing the desperation increase on all sides those who want to quote keep the peace and those who want to feed their children so climate change is making a bad situation worse and I want to end on opportunity and solutions because I do actually think that no matter how dire things are there are examples of things that are working totally unbiased my husband's organization is doing really great work we've been partnering with them this year but one of the things I want to point out is the combination of things that it takes to actually do what Ben is talking about right if so many young black men are incarcerated and then they get out of prison what do we do with them the organizations that have figured out how to get that young man from I walked out of prison today to being an entrepreneur have a few things in common one is that they know they need to invest in cultural healing it's something that I mentioned before but I want to explain a little bit about what that means the level of rage and utter just this pain and grief that it is to live in survival mode and to watch your people crack before your eyes is indescribable it's just indescribable that requires investment to deal with that it requires time it requires real resources it is not something intangible that can't be measured it is actually just as necessary as the hard skills mentorship is necessary the things that keep us human in the midst of surviving things that are inhuman is actually a part of our responsibility and that's a collective responsibility everyone can provide the resources and the environment to make sure that our human selves thrive so that when we create economic development when we create communities we're creating it from a place of wholeness and not from a place of deficit because it's when we create from a place of deficit that things end up cracking apart because of interpersonal issues or because the business just didn't work out but what it takes to actually create the conditions for wholeness requires again humility and listening because everybody is missing pieces when it comes to do that that is graduate, calculus level stuff that I'm talking about right there and it's going to require all of us Ed Gracie Dawgs who recently passed away said that the next American Revolution will be about reinventing institutions and thinking through your path and your experience and your story that you shared with us can you talk through like what is as we look ahead what is the reinvention what are the reinvention of not only these spaces but the space that you use out of it yes well first of all I keep bringing this down to a personal level because I want you'll find that what I have to say is very personal and represents a challenge to each of us on a personal level so the first thing that I think in terms of reinvention we need to reinvent the whole notion of race it is so destructive in the way in which we use it so that's one level of reinvention another level of reinvention is what I would call sort of a personal revolution because these things begin with how people think about things and unless people start to think about them differently for instance you know a whole notion I talked about opportunity, race privilege and so forth so how would we redefine race we might or just abolish the notion altogether and I think Martin Luther King said it sort of very well and I can't think of a better way to say it judged by the content of your character so that when someone goes with a deal or this or that we don't ask about whether we belong to the club or whether we cycle together or we have all these other things that are are sort of indications that we are like them that we can really get to the base of and say content of the color content of the character what are our shared values and those two things if we can get that far we begin to have a very different conversation about where opportunity is so reinvent ourselves and before we wrap this up I wanted to well as we wrap this up I wanted to leave you all with an opportunity to provide closing thoughts and I'll start right back with you closing thoughts I would invite everyone I think here as we sort of begin to leave this space to embrace a couple of the things that I said and I think that think about it in this way if you were to invite someone to your home what would they have to be or say or do to sort of feel make you comfortable doing that and if there is something different that would be required of a person of color to come into your home sort of check that check that and see what that suggests in terms of the way you perhaps ought to rethink how you're thinking I put it at that level because as we try to do all the things we do here as I try to go out and raise money as others try to make an impact in all the kinds of ways you do I think it's important because these are really tough issues that have to do fundamentally with the history of our country and the way in which we divided ourselves up we have to really re-examine that and reinvent it I'll re-emphasize my three key words humility, relationship and listening that we have to we have to value the human element just as much as we value profit and more importantly understand that the two are so interrelated they can't actually be detangled it's a myth to think that you cannot focus on emotional intelligence and relationship and have a very successful business Ben? You know just in the interest of gravity I'll close on this the Italians have a saying you cannot be rich and stupid for more than one generation and the reality is our prisons have been eating the lunch of our universities for a generation and we will no longer be able to lead the world in innovation and job creation if we continue to indent our college students in the way that we are and shift so many of them from a pathway towards opportunity and truly giving back to our country and towards business so let's go get smart on crime that savings back into our public university so that we can actually continue to lead this world in the way that we do Thank you Thank you all for attending Socap and I will pass it to the organizers for the closing Thank you all very much Thank you Deep in your grave Songs about Jesus Songs about freedom Shackles and crosses And the way blood behaves Sail the great ocean Soul down the river White fields of cotton Green fields of cane The sweat from our bodies The tears of our children Washed in the blood And the promised land rain Brothers, fought brothers On ground we now hallow And said hallelujah The angels did sing For promise is best Let freedom of the dreams Of the dreams is the same Chuck, thank you Thank you for being with us You really brought a heart to this conference Now for our faithful few who have remained with us all the way to the end We are going to bring a great panel It's our tradition to have Penelope Douglas who's been on the board for Mission Hub for quite a long time to emcee this panel of folks to reflect on what we've heard here at Socap and to point us to the future So Penelope and your team come on out You're going to be welcomed by Jets, I believe Passionate audience, I can tell And we're passionate about you so if you happen to want to move up to help us close this out feel free This closing session is going to be, of course interesting because of our extra sound effects But what it always gives us a chance to do is to sort of think about where we're going And it's a chance to be a little personal together and to be a little bit reflective and I never quite know what I'm doing in this particular session until literally the morning of our session including the fact that we were just joined by somebody on stage and I'll have to make sure that we all do good introductions There may be others who join us, who knows So by way of letting our panel introduce themselves to you as fellow human beings I'm going to have them, you've met them all already So I'm going to have them introduce themselves in a slightly different way And so starting with you, I think, DeVita If the audience wants to get to know you a little bit better how would you tell them to get to know you by using a picture of you or a song? What would the song or picture look like? Okay, well for those who I've had the opportunity to meet at SoCath over the last three days and I just spoke on a panel this morning It will come to no surprise to them that I've introduced myself as the daughter and granddaughter, great granddaughter Deacons and preachers So as a child I was born and raised and set at the pulpit set at the foot in the pulpit of ministers So if you were to take anything away and remember me and what it would look like it would probably look like in a song if you can imagine being in a Baptist church and the choir doing this grand entrance when the choir comes in to the church and the song that would probably represent me in terms of my personal reflection and take away from SoCath is the song called One Step and as the choir marches in, they sing the song One Step All I have to do is take one step and he will do the rest It says if I take just one step he will do the rest and that is a reflection of my experience here at SoCath because sometimes I feel in Detroit that I'm alone and coming here to SoCath around all these visionaries and around the people who share my same dream and my same mission I feel like God is putting people in my life that will allow me to propel and carry my mission forward but all I have to do is take one step and he will do the rest Beautiful Amen I knew DeVito was going to set the bar fairly high for the rest of you Who wants to volunteer to go next? Please! Sure, I don't mind having a tough act to follow The song that came clear to me being here it's one of the times that I feel more like a representative of New York than anywhere like a fish out of water One of the things that I have here is that when I've been coming to every SoCath I'm mostly famous at SoCath for just showing up at SoCath I've been giving awards for just showing up at SoCath So I used to call myself a SoCath groupie possibly considered a SoCath has a Kardashian that would be me I'm just here But the one thing that I find is that in the West Coast vibe back in the classic East Coast, West Coast culture I'm constantly having people say you are so New York, you are so New York So if we had just, you know, I don't know let's say the Liza Manelli version of New York New York playing behind me at every moment as I walked around the room I mean I've got the face already I've got the attitude, I've got the thing but that would be my soundtrack that I would play here Fabulous I hear it I'm hearing it Who's next? I'll have to call on you, Esther This is Esther Park Hi Well, I think for me the thing that comes to my mind is the Haystacks painting by Monet and I think of that for a couple of reasons one is that you know this marks it's an impressionist picture and impressionism really broke the rules of its day when it came to art you know everything used to be very real and hard lined but impressionism really started to break the rules of what was beauty and how you captured the feeling of a picture and I feel like with the tool of finance which often has the hard lines and rules and models around it I like to think of myself as the impressionist financier you know to take a very different view of how we do finance to blur the lines to break the rules and to create a new definition of beauty beautiful and when we I ask you a few more questions this picture will become more beautiful because of your work absolutely fantastic okay so that means I'm up okay I have to go back to I mean I was grew up I'm a Buddhist now but I grew up in the Baptist church and so those roots go very deeply so the river Jordan comes to mind and sort of crossing the river Jordan and because I also am into genealogy which is my roots to the plantation in Virginia where my ancestors came that has particular meaning so in terms of relating to me you know I'm all about the underdog I'm all about challenges I'm all about being victorious and all those that want to aspire that way we have something to talk about beautiful another beautiful song too okay Kev yeah pictures but the pictures I find myself taking a lot are turbulence on the edge of patterned flow so there's a little rough water and then what amazes me and I get real close in the river and there's a flow that is a consistent curved twisted thing but it is soft and the flow is working and breaking apart and then on the edge it's breaking into chaos so that's the thing that I find really interesting those of you who know Kevin personally know I think you're still doing a lot of you walk up the river right hike up the river very intimate relationship to that picture I suspect so I want to talk to you all about discovery and I want to talk to you this is my best effort to segue from the prior conversation which of course I feel hopeless in doing well but one of the prior conversationalists said it's about what can we do and so in that spirit each of you has a practice I want you to very briefly like in a sentence describe this is my work and then describe to me and to all of us if you can something you discovered here either it could be a gap you discovered or a place where the flow is happening I'd rather you not sort of go I saw all these opportunities but let's talk about it kind of the way I tried to tee it up just there so Esther you want to go first sure so what is your work so my work is integrated capital for soil health and regenerative agriculture simple and in terms of what I saw here I think that there is a huge excitement going on for what is the potential for change because we are in pretty dire times right now and I don't need to reiterate what those times are like right now but that people are focused on solutions and so we need to create more solutions to address the changes that we need to see in this world so I'm very excited from just the energy that I've been getting from people around looking for solutions and trying to be creative about what those are great when you think about your work and you think about leaving here is there a gap is there something where you're going whoa holy smokes or say that more strongly you know here's something I'm really going to have to take care of is there something that comes to mind yeah I feel like we really need to find a way to support the individual investor whether it's a high net worth person or whether it's not a high net worth person there are ways to support and activate more individual investors one of the things that if you look at history venture capital used to be not an asset class before it was an asset class who was investing in venture capital it was individual high net worth individuals so these are the people who are leading the change and I feel like we do not do enough to support these folks and so you know there's lots of people who have interest and they want change and they have the ability to lead change and so we need to support these folks with infrastructure and deal flow and assistance there's a lot of stuff that I think needs to be done there taking estrus lead who'd like to go next I'd like to could you deal flow is like that's the $500 or $5 million or a billion dollar word that really what got me here and probably on the stage here now is what we're trying to do what I'm trying to do now with the initiative that you might have heard called here is that we're trying to hit all the friction points that are getting in the way of the deal flow that ultimately is what we'd like to see to jump start the SOCAP sector right I mean that's the thing about impact investing there's no impact unless you get the investments and one of the things about being at so many SOCAPs is that I think SOCAP does its job it actually convenes and if you'd applaud it a strictly increasing number of the right people in the room and we all have the right conversations here but synergy is not my favorite word especially with anti-synergy when somehow the whole is less than the sum of its parts because the other 362 days of the year we want to jump start it and we really want to see the deal flow so the deal flow issue that we're trying to hit the first resistance point we're hitting we launched here just two days ago which is called the SODA it's a data commons I'll give a shout out to Audrey Selian who I'm sitting in for because she's on a plane back to Switzerland as we speak there's no one coming here so what we're trying to do is hit those pain points hit those friction points shared data we know is one of them there's going to be other ones to hit and we're looking forward to working with SOCAP and the discovery that I got from here is that we're not alone we weren't the only ones who've been beating our heads against the wall we've tapped into a frustration people who acknowledge that we could doing better we would like to see more deals that's the size of the sector that would grow and that we know that the right people in the room are here now so even if we don't have all the right answers we're asking the right questions in the right rooms Davita and what's your work so I would like to just take that thread through a bit if SOCAP is the intersection of money and meeting they represent the money and I think I represent the meaning portion of SOCAP right and so our work is in Detroit and I'm the co-director of a non-profit organization called Food Lab Detroit and we through food build community we are a community of 160 small locally owned food businesses in the city of Detroit and yes we provide the technical assistance and the incubation to help them start and sometimes grow and scale their business but at the end of the day what we really are are revolutionaries we are trying to redefine this economy so the economy in the city of Detroit can be more local can be more sustainable and more importantly can be more delicious and so Penelope I know that you indicated that we were going to move away a little bit from the last discussion but if I may take a moment I feel inside of me Gracely Boggs was brought up in our last conversation and they talked about and Gracely died on Monday a hundred years old she was in the city of Detroit and I would be remissed if I did not bring a word from Gracely to the audience today me being from Detroit and so Gracely said to us in Detroit all of us who studied her she says unlike rebellions which erupt spontaneously and usually last only a few days revolutions revolutions require a patient and proactive process of two sided transformational struggles going beyond rejection to projection they bring them to the historical stage human beings who are practicing new more socially responsible and loving relationships not only to one another but to the earth and I guess what I'm taking away Penelope and to my fellow panelists back to Detroit with me is that the revolution will be financed so and thank you for helping me continue the conversation because I was so hopeful and helpless and you just helped such a great deal Ed, what is your work? Well my work as I've mentioned before is impact venture capital and I hope to help finance that revolution Oh you need to know This seems to be live Yes, it's on record I get it Any particular discovery or gap? You know one of the things that you know I felt here is that it's a struggle that's going on with all of us here and that's what's wonderful about SOCAP it allows a space for that struggle to happen and among folks who you don't have to apologize for it in the process you don't have to apologize and so if I were to talk about a gap the gap is that we're closing the gap SOCAP is closing the gap we've got 2,700 people that have been here today next year 5,000 that gap goes closer that gap becomes smaller Kevin, what's on your mind? Yeah as I sit here I think about myself as somebody from Mississippi as the editor of the Mississippi Business Journal as Jackson became a black majority city and so I raised the question on the first day why is it that we're investing more in Africa than African-Americans and we had a session last night a really passionate Best 5 Minutes is up on Facebook right now part of DeVita's riff and the conversation with Derek was this guy he works with the design school and I just asked that question and he was asking it of himself he works with the design firm he said we do community centered human centric design it's really wonderful we're really active in Uganda and we're moving to Rwanda but I wonder why we aren't doing anything here in Oakland and I just came back from Mississippi where there was a wedding and I realized that when this fellow said why is it he could not see why he wasn't and so with neighborhood economics we want to accelerate the flow of capital into marginalized neighborhoods and get folks who are not thinking about those neighborhoods acting in those neighborhoods and helping that guy with asking the question you know why are we going to Rwanda and not two blocks away to people with a similar disparity of wealth and he does not know how to answer that question in himself there's institutional racism that is not personal on the coast where it's personal and institutional in Mississippi and he's just not able to answer that question but the fact that he's asking it is good I want to keep talking to white folks and asking the question like why not who is your neighbor why are you acting that way I loved Ed's comment in the earlier panel like if you're inviting people into your house and somehow you feel you have to rearrange your house for the person of color maybe you ought to check yourself a bit that really stayed with me kind of the other side of Kevin what you're talking about we have a monitor that tells us off and on whether we have any time left at all or not but I think we have about two minutes and what I'd like to invite each of you to do we can all do the math about how much time each of you has as a farewell your companions in the audience either choose a single word or the name of a person who right now inspires you so it's a single word or the name of someone who right now, right this minute is an inspiration to you single word or an inspiring person sure because I'm a geek hashtag collaboration collaboration I'll go with blindness the guy I talked to let's look at our blindness yeah I would say gratitude because I'm grateful that we're having this conversation I agree Esther I'm going to break your rule and do two words I knew you were going to do that beautiful portfolio very nice if I can't I guess I'm going to follow Esther's lead and go with two words and my two words would be radical love radical love and anybody from the audience we have 52 seconds left so if you want to shout a word out to us just get up and shout it feel free vision what else empathy wonder new systems two words excellent two words though love solidarity revolution party party I was accused the other night of calling whatever it's called the dipsy pig the shifty pig and I know that's a party place any last word action and I'm going to close with one with which I'm going to ask our colleagues to let Kevin and I welcome the rest of our board on stage if that's okay Rosalie and my the last word will be thank you thank you if you can stay with us just a minute and I want to do what I hope will be an annual presentation to Jeff thank you we're now looking on this stage at the three people who have been to all of the SoCAPs including Malmo, Sweden Jeff is this the Kardashian award? hoodie I'm grateful come back next year it's a Tesla next year it's a Tesla definitely so it's attendees like Jeff that make this thing work but it's really more than that amazing group of people most of whom were brand new this year that made this happen and I want to ask every one of these folks and they are the tip of the iceberg to the number of volunteers and the number of folks back on this desk and the number of people who have been working with us all year long to get this thing going and the first one to whom we owe a deep, deep, deep debt of gratitude is Lindsay Smalling Lindsay and every word you heard from the stage was because of Lindsay and you came here because you heard about it through our social media and Justin Bellamy if you'll come join us Amanda Spector who did SoCAP TV Jamie McGonagall our business development person Jamie come on up here and on behalf of all of the folks behind the scene Casey Terrazas, Casey are you here or are you out breaking something down already to get it on a truck so we don't pay overtime that may be what is going on but he's the guy who rides herd and rodeos all of these folks who are walking around dressed in black and this is truly a community build and thank you, thank you, thank you to all of you for being here with us and staying until the bitter end thank you