 Going to helicopter up for a moment and talk about impact investing and how it is we can actually be worthy of what we just saw here. I think impact investing has arrived at a very interesting moment of truth. Fascinating one, not the first on our journey and not the last. But because of the hard work of many people here and people not here, we're now at the next test of our skill, of our courage and our character. Four years ago, I opened the first conferences in 2008, a couple of weeks after Lehman Brothers fell. It was a scary time and I nevertheless argued passionately about the promise of impact investing, which was a new term, if not a new practice. And I slowed this slide. I argued that impact investing and the emergence of impact investing was locked into the system. The new consumers, the new investors, the generation change we've actually just seen here meant something like impact investing was going to emerge. The question is would it take off and how quickly could it take off? We then published this report just a few months later laying out a whole strategy for how the industry could emerge, how disconnect that entrepreneurial actors could become a scale coherent marketplace. So what happened? We know, as Kevin just suggested, there has been an uptake in capital. You'll notice this is one of many studies recently about how much money is being put in. You'll see the steepness of the curve in the last five years. So in one sense there has been some take off and you can see actually on the supply side with ideas and players and the intermediary structure and the infrastructure and early concepts beginning to take place. There is starting to be the shape of a marketplace that wasn't true when Socap launched four years ago. At the same time, Anthropy has also been going to reorganize. Many of you know about the Giving Pledge that Warren Buffett and Bill Gates announced really only two and a half years ago. It succeeded quite quickly and Philanthropy is organizing around some of these mega donors and restructuring ways. It'll be very hard to know what it will mean in the years to come. But it's not at all surprising that many of them, entrepreneurs that they are, are starting to be very interested in impact investing and we'll see what happens. So in one sense it's a moment of great promise that we face here for the around and been building this. You know it's been hard work to get to this point. Some of you it's new. It is a very interesting moment. But the verdict is very much still out about whether impact investing really will take off. Whether in fact the marketplace that's been organized will actually capture and create value. I also showed this slide four years ago. And it's worth just pausing for a second about the risks that have to be negotiated now even more than four years ago. I argue and I would argue still that we have the danger of impact investing being too hard that actually they'll be capital ahead of investable deals that it will cost, it will be difficult to do, it will be very costly to do. These things are all clear and remain so. But it's also true that it's too easy to do. It's too easy for anybody to call themselves an impact investor with no discipline about what impact they're actually having. So we actually have these two things going on at the same time and they're both really quite visible. They're both happening at the same time. The risks that have to be navigated to make it through this moment. And in fact one could argue, and I've heard people argue it, that we actually face the risk of a bubble. There's so much enthusiasm and interest and excitement about this new thing called impact investing, which is in many ways of course not at all new, just rebranded in effect for a new moment and a new time. But we have these things. Do we have a problem? Yeah. We have a problem with your microphone so I'm just going to put a new one on you. All right. I'll just hold it. Sure. Is that okay? Yeah. Okay. I'm sorry. I can't hear or see very well from up here. So what I'm saying is that actually part of the moment of truth is that we have to negotiate these risks smartly and well and with rigor about building the infrastructure has been built some, the metrics and the organizations and the intermediaries, but it still has a long way to go. We still have to get the balance of the supply side and the demand side in place because if we get this wrong, the disappointment will be so great behind the excitement that it may take a generation to recover. And so this really needs to be negotiated. So in one sense, what we're facing is actually quite normal. This is one of my favorite images, the sigmoid curve. It's the image of life. Life waxes at Wayne's. It's our lives, our relationships, our businesses, our products, our industries, our movements. Fortunately, it's not the whole story. The secret of life is always starting the next curve before the one you're on goes down. You notice, I believe that impact investing is actually in this messy middle space in between the first stage of its evolution in the last few years and the one that's emerging now that's going to be very much focused on implementation and execution and rigor. You notice that the curve goes down before it goes up. We have to continue to be willing to take risks and make mistakes to do the right thing, even if we don't know how to do it well yet, so that we can propel this right up. There's a lot of people waiting and sitting there waiting for impact investing to fail. They're from all sides of the ideological spectrum. And the marketplace may be organized, but it has not scaled yet. And the real test lies ahead, which to me means, will there be a net inflow of capital to drive impact and social change? Will there be innovation that happens that would not happen just from philanthropy or markets that happen in the magic in between? Now, the thing that I'm up here to do is to tell you that part of getting up this next curve is actually reliant on philanthropy in a way that I'm not sure that we realized fully four years ago or over this period of time. The headline is this, impact capital alone will not unlock the potential of impact investing. Truly realizing the impact requires more philanthropy, not less. This is the headline from the report that Monitor published. And actually, I'm glad to be given some credit for that at Monitor Institute. It's my dear colleagues at Monitor Inclusive Markets, along with Acumen Fund funded by the Bill and the Glades Foundation. I was privileged to serve as an advisor for this report, but I just can't say enough about the spectacular work that they did to put a highlight on some of what is going to be needed to get us through this moment of truth, I believe, for impact investing. Now, as we heard in the design sessions, there is going to be a great panel and a great workshop on this topic. Actually, not right now, but this afternoon. And so I invite you all to come and learn much more about it. I'm just going to give you a couple of the headlines. This is the basic model that the report deals with. It's very familiar to any of us who've ever started at Enterprise. I think most of the people who are up here would be over there in the blueprint stage or maybe in the starting to validate stage of their ideas. Early on, where you have to have the hoods, but you have an idea and you start to test it, that's very different from what you have to do to get ready to scale it and very different still from actually scaling it. As we know, all these stages are tremendous amount of hard work. Impact investing at scale is very focused on the win-win at the end of this, the commercial opportunities that also drive great impact. But we can't get those, there's no cheap grace. We can't get to them without first doing a lot of things to get ready for that. And this is what the report calls the pioneer gap. The gap in funding, the starved capital that the starving that is going on to actually move through these stages, especially in serving underserved markets. Where basic infrastructure needs to be built, where capacity needs to be built. Philanthropy has many roles to play in filling in this pioneer gap. It's not easy to do and that is part of what the workshops are going to be about because of course, subsidy in the wrong places is a very bad thing. And therefore, what we need are the pioneers such as the ones on this page. Many of them will be at this panel from Shell and Midyar and Gates and the others that have been learning a great deal and are ready to share what they've learned about how to do this. And in what the report labels, enterprise philanthropy. Philanthropy that needs to go side by side with making markets work. What I think is so exciting about this to me is that to me the holy grail is that we all learn to look at what is the problem we're trying to solve. And then we look at what is it going to take to solve that problem. Whether it's government philanthropy markets and what ways they have to work together and that we leave behind our old assumptions, our old lenses, our old ideologies in fact. To say what does it need to do to roll our sleeves up and solve that problem. To me that's the future and these pioneers are beginning to show us the way with great courage. And of course it matters whether we succeed because of course this curve isn't just about impact investing. It's about the system we're all working in which is broken and in crisis and headed down. I believe that deeply. I think it's only a question of how long. We're all here because we are building that next curve. We refuse to believe that capitalism cannot serve the billions of people that it hasn't yet served. We refuse to believe that we cannot invent ways of growing and addressing poverty without destroying the planet. But this is a messy space we're in. We're in a time between times and it's gonna take great courage and great conviction and great commitment for a very long time. This is the work of this century. Impact investing is part of that. That's why I'm here. I'm here for ideas and to meet people and for inspiration. Because like the poet Mary Oliver, I want to make room in my heart for the unimaginable. That's the only way we'll get up that curve. I know you're here for that too. Let's have a great conference.