 Good morning, welcome to SoCal. We're so glad that you're here. Thank you for coming, thank you for coming. We appreciate it. This is the largest crowd we've ever had. This is our fifth year of creating the market at the intersection of money and meaning. We're bringing together 1,600 people from more than 60 countries, 200 more than last year. Now, what is this? We are a place where people come who are working to accelerate the flow of capital to good to create a better world. We are the market at the intersection of money and meaning. We have entrepreneurs here. We brought in more than 100 of them on scholarship from about 25 countries. People who are creating businesses designed to solve some of the world's biggest problems, using the market to alleviate poverty, improve health, education, access to food and provide jobs in the United States and Sub-Saharan Africa and India and all over the world, South America and Central America. And we have investors who are putting up the money that goes into those businesses, individual angels, venture funds, intermediaries and a broad range of investment platforms. There are philanthropists here, academics, students, consultants. There are experts on how to build local economies here, people who are really doing it, people who are creating the new economy, accelerating the good economy that's on its way. People who can show us how to create more democratic ownership structures that work for owners and employees as we work to accelerate the good economy from an increasingly broad variety of sources and methods. But let me tell you about one person who exemplifies why this market is coming together. As I bring these things together, this is our fifth year. I always look for somebody who makes sense of the big picture for me and I try to tell that person's story. So let me tell you about Tony Nzugu from Nairobi, the CEO of Katubu Gadoar. He'll be out on this stage in just a little while when Penelope introduces our entrepreneur crowdfunding campaign that you can take part in and that we're putting up some money for. Katubu has a mobile tablet that reduces the costs of textbooks for poor kids in public schools in Kenya by 60%. Parents brings those books within reach of the poor people who go to the public schools. The parents of poor children in Kenya often can't get the money together to buy a whole year's school books for their kids. In fact, the cost of school books has gone up 700% in the last decade in Kenya and nearly three-fourths of the people who can go to public schools for where the poor kids go cannot afford all 10 textbooks in math, science, literature that they're supposed to have. They end up using old books, sharing books, don't have enough books. Katubu lets a poor family rent a book or even the next chapter of a book for that week at a price that brings textbooks within reach of the money they're likely to have on hand and it works the way they think that they work. People who started to work in the base of the pyramid more than a decade ago discovered that poor people could not afford to buy large bottles of laundry detergent or shampoo but they could buy single sachets of shampoo. So that habit of consumption has been baked into the culture and Katubu follows that pattern. It makes sense. They understand how people act and they're selling a product that works the way the people work. It's a smart product that conforms to the way people actually behave in the developing world. Because Tony and his team reversed engineered a cheap Android tablet made in China and stripped out all the non-essential things, they reduced the sale price to $35. That still wasn't enough. Then they have a deal in the works with a local telecom company to subsidize the cost and let them offer it for $10. That's within reach of their target market, the people who cannot afford 10 school books and so their kids are not getting the books they need in school. The subscription book app delivers enough value to put the tablet in the hands of a family who will then buy other apps and email, et cetera and the telco wants to be part of that. The result, the full range of education of textbooks comes within reach of a new market in a new place of poor people who couldn't afford those books so the kids can get the books and they can study and be in school. But as with all SoCAP stories, there's also a story of why this entrepreneur picked this solution. Tony's father runs a school in Nairobi and he grew up seeing the problem. First hand, kids not able to afford all the books that they needed for his father's school. And then it takes another person to level in another way from Tony. Tony is dyslexic, which he didn't discover until he was in his late 20s. He just knew that somehow he seemed to be thinking but he couldn't keep up in school because he didn't learn the way that people learned with these linear textbooks. He was told he was stupid and he told me, you know, it hurts to be stupid. It hurts to be told you're stupid to be the last kid in class to get things. So the possibilities of interactive learning that a tablet brings, reaching and reacting to change things on a picture, on a tablet makes sense to someone who learns like Tony with dyslexia and to other kids like him. So other kids who don't learn in traditional ways can use these tablets and they can learn. Lower cost textbooks through disruptive technology with a personal connection to why the problem matters and why they will keep working on it. That's a SoCAP story. The 100 entrepreneurs who are here have additional stories that connect to why they are doing what they're doing from their lives and why their businesses matter and why they matter to them. This is the market at the intersection of money and meaning and these are the people creating the businesses that'll make a difference and that matter to them. Over the past weekend, Tony has gone through a couple of days of training and mentoring with leaders of the best startup accelerators in this space at the hub, from Echoing Green to Village Capital to Agora to Unreasonable Institute to DOSRA, GSBI and Hub Ventures and more. And Tony and more than 100 scholarship social entrepreneurs have been through our accelerator weekend and they'll be here throughout the conference and on stage a lot. You'll be seeing them introduce people, you'll be seeing them on panels. These are people to meet, learn and understand from. Each one would be worth getting to know, finding out why they're doing what they're doing and how they want to change the world. They come from more than 25 countries. Some are further along as businesses and start with business skills and technology brought in from the developed world and applied in India and Sub-Saharan Africa or here in the United States. Others arose in their own countries like Tony in Nairobi. The entrepreneurs are why this market exists, providing them with the fuel for their innovations and solutions can change the world and solve problems from healthcare to education to food to energy to financial access, the problems that are facing us. These are the people who are creating the businesses that'll be financially sustainable that can build a better economy that can accelerate the good economy. Now another whole part of the conference, different part of the conference coming together is about the impact investors, the ones providing the funding and the governance and the guidance to help their businesses grow, become viable and scale. The entrepreneurs and the investors, the funders and the ones doing it. Equally important are the donors, the grantors, the philanthropists who are partnering with impact investors in increasingly deep ways to create the infrastructure that the market can't provide alone. The market, the infrastructure, the givers, the donors, the public sector folks and the entrepreneurs all of them are coming together in this market at the intersection of money and meeting. Suck up is about bringing those people together. And of course impact investing is growing rapidly and we have so many people who are newbies. We had 241 people who were in the newbie. I don't understand what this is about session last night and I'm sure we have probably more today when the full crowd is here. So I'm gonna explain just a little bit about what this impact investing is. It's going mainstream and one early stage passion driven response to a crying problem in one country gives you only a part of the picture of what this market is about. It's an essential part but there's also the scale part, the part that we can say that it's real, it's big, it's growing. So I'll go to the other end of the spectrum and talk about the size of the market and where applying this new lens of risk, return and positive impact has grown on a global basis and you'll be hearing more about what impact investing is throughout the conference and how it's making sense to investors and to donors. But let me give you some numbers. How big is impact investing and how big is it going to be? Well, you can start with the widely cited J.P. Morgan and Rockefeller report that quotes its potential in the next decade is between 400 billion and 1 trillion investing in five sectors, urban affordable housing, rural access to clean water, maternal health, primary education and microfinance, serving the population at the bottom of the pyramid, the people making $3,000 a year or less. Impact Assets is launching on their site today details of 50 validated fully researched impact venture funds that have more than $10 billion under management. So people are investing in this space, it is real. When we started five years ago, we wanted to say it is real and we hoped it was real. Five years from now, I mean, we can say more but now we can say it is real, it is big, it is growing. Last year in 2011, about 4.4 billion was invested in about 2,200 impact investing deals, almost twice as many as in 2010, according to a report just out. 2.1 billion was invested in the US, 700 million in Latin America, Indian Africa were at 300 million and 250 million respectively. Other new research says the demand side, the people who want it are growing and there's more of them and more money on the sidelines trying to figure out how to get in. That US wealth managers have 120 billion in pent up demand from their clients who want to create a positive impact along with financial return on their investments. That's new, it's not just screening, these are people who want to pay for some level of impact along with their investments. This is a market emerging in response to a moral hunger that sometimes wants to dress itself up in investment banking clothes. But we reject that, this is a movement and a response to the needs of the world. It's not just an asset class but instead it's a new lens on investing, a new way of looking at money and linking it to meaning, putting your money and your meaning together. At its heart, impact investing is a new way of thinking about money and its meaning and about what you do with your investment dollars and their relationship to your donation dollars. This is a new market that's growing, it's not taking away from donation dollars, there's new money coming in to invest in these new businesses. This is about investing in businesses that change the world and change the way you look at your money. It's about money and your meaning and it's about why we do what we do. Now, while getting investment for entrepreneurs is important, Socap is really about a lot more than that. In fact, that's not the biggest thing we do here at all. Socap is about bringing together the people that are building this market, bringing together the investors, the entrepreneurs, the intermediaries, the people who are figuring it out, the people who wanna be part of it, people who know there's something happening and they wanna make it happen in their own lives and with their own money. And with what makes sense to them. The people who are working on these problems, that's who we bring together, 1600 people from all around the world this year. We started with 600 people five years ago, now there's 1600 this year. This is by far the biggest conference that we've ever had and we thank you for being here. We face long odds doing this. The world is not in good shape. If that's news to any of you, it's probably not. But we come together to remember we are not alone that we're doing this together with other people, doing great things that matter. We come together to find partners and to find strength and to learn how to do it together. I think you'll enjoy and be inspired by the content and the people you meet over the next three days. SoCAP is about the content in the sessions. But it's even more about you, the 1600 people who've come together from all around the world to make it happen. Thank you for coming to SoCAP and welcome to SoCAP. Thank you. Thank you.