 What are you doing? So I want to start with a quick poll. How many people think, raise your hand if you think we do not have an impact measurement problem in impact investing? Anyone? OK. So everyone else who does think we have a problem? Anybody who doesn't like to vote? OK. So it's interesting because in reality, if you look at the data, what you hear is that 95% of impact investors say that they measure impact. This is data from the JIN. So on one hand, it's not a question of, are people measuring impact? They're measuring something, apparently. But what do we mean when we say we measure impact? So what I would say, an acumen has been an impact investor, has been doing impact investing for 14 years now. And we and our peers are pretty good at telling you one set of things. So we can tell you things like a number of farmers a company has reached, students attending school, maybe the number of solar lanterns sold. But by and large, I would say we can't answer questions like, are these farmers better off? Who are the children attending these schools? Or if you buy one of these kerosene lanterns, what actually happens? Does your life improve? I think basically what we have done is we have said we want to figure out if we are reaching a lot of people, we will share kind of fancy headline numbers that tell the world that we're having a lot of reach and that look good. But these numbers fundamentally are a start. But I don't think they're telling us enough about whether or not we're making a difference. And I do personally think that that is a big problem. Now, if someone gets on a stage and tells you we should really start measuring impact in your practitioner, you may be sitting there thinking, well, maybe I don't actually want to do that. I mean, it's probably going to be hard. It might be expensive, slow, intrusive. You name your list of words. And probably more importantly than all of those distractions, I think you might be worried that you won't really learn anything new anyway. I think also some of your skepticism may be fueled by this sort of kaleidoscope of standards and approaches that we've created, which I'm kind of torn about. Because on one level, we need this level of foundational work to really understand what it would mean to do this. But at the same time, when you see this and your reality, when you think of your data, it looks like this, you're going to be scared off. And I think if you're an entrepreneur living in the developing world who has so far said, it's too hard, it's too much trouble to measure impact, I have a business to build here, well, my answer to you is, yeah. My answer to you is that my clicker doesn't work. My answer to you is that you're right. But there's one thing that's changed, right? All of a sudden, every single one of the people in the world that you're trying to serve has a mobile phone in their hands. So 65% penetration of cell phones in sub-Saharan Africa. And the numbers are just moving up. So if you look across all of Africa, it's about 85%. You can see this number extending too pretty soon. We'll have ubiquitous coverage of cell phones in the developing world. And not just cell phones, but actually smartphones. So in the next five years alone, there are going to be two and a half billion new people in the developing world who have smartphones in their hands, most of them Asia Pacific, another almost half a billion people in sub-Saharan Africa. So what does this mean? Well, let me take a step back and say, what does the rest of the world realizing this might mean? So a week ago, a company called Premise raised $50 million with investors like Mark Andreessen and Google Ventures. And so what does Premise do? Premise actually has realized that this network of cell phones is actually a source of information. So they are paying 25,000 people in the developing world on the order of $100 to collect economic data and report it back up to them. So you've got the most progressive forward-looking investors in the world saying, wait a minute, if we could use this network as a way to gather data, maybe that will reposition the kind of information we have to know how to act in these marketplaces. And I think that that's instructive for us as impact investors who are living every day in these markets to say, wait a minute, what could we do with this network? So we've been asking this question at Acumen and for the last 18 months we've been building something that we call Lean Data. So what Lean Data is is the application of Lean experimentation principles to the collection of social impact metrics using, again, these low-cost technologies. And so what does this look like? Well, in the last 18 months, we've done 12 of these projects. We've surveyed 6,000 customers. An average project takes about four weeks and most importantly costs about $5,000. Not $50,000, not a half a million dollars, but $5,000 to really get meaningful social impact data. Our first of these projects was with a company called Zekitza. Zekitza runs a network of over 1,000 ambulances across India. Their motto is that we're gonna have an access for all service, service available to everyone. We did a Lean Data project using Grameen's Progress Out of Poverty Index. We trained their call center workers to ask just a series of 10 questions and over the course of about four weeks they actually got data back to say are our customers actually under the poverty line in both ERISA and Punjab? What they discovered, 75% of their customers actually were under the poverty line. They were serving the customers that they aimed to serve and talking to Shweta, the CEO. So this was the first time we actually had real data that said we are accomplishing our mission. It changed the orientation of the company, the morale. It gave them a sense that they were actually doing what they set out to do. This also gave us a lot of confidence that we could do this in a way that wasn't disruptive to companies' operations. And so we moved forward, not only using call centers, but again, taking advantage of cell phones. And so another project we did just this year was with a company called SolarNow in Uganda. Now SolarNow sells solar home systems, 50 watt systems across Uganda. Willem Nolan's a CEO of SolarNow and wanted to understand were these solar panels, 50 watt systems that cost about $340 affordable to the poorest customers. They were particularly concerned because the World Bank had had a subsidy of $250 per panel that had gone away. And so the way that Willem had responded was to introduce an 18 month financing program to make the panels be within reach of their end customers. So again, we did a series of SMS surveys to these end customers and the data came back was very confirmatory. In particular, we found that 49% of SolarNow's customers are living below $2.50 a day, a higher number than they had expected at the time. The customers were reporting nearly a complete stop using kerosene, 93% reduction of kerosene. And on average are using about two and a half hours of additional light per night, all very, very positive. Perhaps the most interesting part of this work though was we'd been experimenting with both closed-ended and open-ended questions. And so the very last question in our short survey was, is there anything else you'd like to tell us? And if you have a question of well, how good is the data you can get back from SMS, you can get really great data back. So 30% of the customers said, hey, I've got a problem. Maybe it's with the panel, maybe it's with the radio, maybe it's with the after-sales support. But all of a sudden, we weren't even looking for this and the company's getting this feedback in real time directly from their customers. So what did they do? Well, I mean, Willem, it was frankly surprised and encouraged to say, look, our customers are speaking up. So they've directly addressed these problem performance issues, they've recruited a new customer service team. And again, most validating to us in terms of this being entrepreneur friendly is they have said, look, every quarter we're going to repeat this same set of questions because this gives us real-time data that we need to run our company better. And again, to see how well we're serving our customers and are we delivering the value we aim to deliver. We're getting other good data. We have a long list of examples, but this is with burn manufacturing, a cook stove manufacturer in Kenya. We surveyed their customers to see how much charcoal they were using and in fact, they are decreasing their charcoal expenditure by about 60%, which is in line with the company's expectations. And we're also using the PPI again across our entire portfolio to again see across different sectors, what is the different poverty profile of companies? The reason we think that's important is because ultimately a question we need to answer as a sector is, how far can the markets go to serve the poor? We know they can't go all the way there, but how are we going to answer this question while out data? And my call to action to the impact investing sector as a whole is, this is data that we can all collect today. And I would like to see a year from now or even two years from now at every impact investor who is again trying to serve poorer segments of the population, collect this data and start to share it because we're in a position to begin to compare who's doing a better job and who's doing a worse job in reaching the poorest segments of the population. I think this would start the conversation of not whether we should measure but what data we're getting back and how can we learn from it. Finally, although most of our work is going through SMS messaging and we're feeling it's very powerful, there are some limits, right? And so we're working with Guardian which is an investing of ours in India that is helping customers build sanitation and toilets. Asking in customers about the toilet usage over SMS it turns out is really a hard thing to do. And so we can't get that data back really reliably so we're working with some companies to help us develop a sensor that would end up trusively again see how the toilets are being used because if you don't use the toilet all the time obviously the health benefits aren't realized. We're also working with the company to sense us smoke in the cook stoves. So again the question is can we figure out a way to get the data to come back in a way that helps us learn and make sense for the customers. Finally I want to take again a little bit of a step back and say kind of what does this all mean and how can we as a whole pay attention to larger trends? And so a book came out this year called Exponential Organizations by Salim Ismail and they tell a really powerful story to me. It starts with a company called NAVTEC. I had not heard of this company but NAVTEC was founded in the 1980s and by about 2007 they have developed the largest network of road sensors across Europe. So about a quarter million miles worth of these road sensors covering about 13 cities in Europe. So Nokia really saw value in traffic data management and really thought that this big infrastructure was going to be a valuable asset and so what did they do? They bought NAVTEC for $8.1 billion and thought that this would provide them a real competitive advantage but two other things happened in 2007. The first was we all remember Steve Jobs introduces the iPhone. The second which you probably don't remember was a small Israeli company was founded called Freemap. Now in two years Freemap was able to build a network of sensors that was as big as it had taken NAVTEC 25 years to develop. So how did they do that? Well they put it on the mobile phone. And by 2000 and by two years later than that they had actually 10 times as many of these sensors you probably recognize it more as the company called Waze. And so over the course of that time Waze becomes a $1 billion company. The value of NAVTEC goes from $8 billion down to $3 billion. So it's $5 billion of values is destroyed because the bet on big infrastructure is the wrong bet to make. We all know that we have these high powered computing devices in our pockets. And what they're doing is they're providing value to us and value to other members of the network through the information we're able to gather and share. We are experiencing that today every day in the developing world. But I think our opportunity really is that in the developed world can we use technology to amplify the voices of the two and a half billion people who are now coming online today? Our belief, our experience and our hope is that lean data helps accelerate that conversation to make these voices heard. And we hope that we can use this data so we can better serve them and move forward in accomplishing our collective mission. Thanks very much.