What's our next shortcut number 10? Shortcut number 10 is quickly create an array to use in a formula. Quickly create an array. What's an array? When we do a VLOOKUP, for example, and we highlight the table, we say, okay, VLOOKUP this in this and return that. That table we are highlighting is called an array. So there are some times that you don't want to keep on looking for the table. You want a permanent table to look up. You can actually create a permanent table with this trick. So quickly create an array for use in a formula. Let's see how that trick works. So month in the year, January to December. Let's do that. January to December. All right. Now, and I want to know, okay, which month? January is month one, month two, month three. So January is month one, month two, month three. Normally, I would do a VLOOKUP like this. Let me just highlight. I want to know, okay, what month is the month of April? APR. So I want to know, what month is APR? You do your typical VLOOKUP APR in this table. You look up APR in this table to our luck with F4, comma two, comma zero. That gives me four, which is fine. April is four. But why don't we just take this whole table and put the whole thing into a formula? So we don't need to always have this table. This table is automated. So to do that automation of this table, or to kind of extract this table all into the formula, you do equals to in a cell and you highlight your table. When you should just do equals and highlight your table and enter, it will give you an error, which is fine. Because when you press F2 and F9, it breaks down that thing you highlighted into text, into an array. So here you can see Jan 1, Feb 2, March 3. So there are some tables that will never change. They're just standard tables. You can actually break them down into an array, like I've just done here. How did I do that? I simply did equals to highlight the table, enter. You can go back to the cell and press F2 and then F9. F9 breaks it up, F9. And then once you do that, you control C. You copy that formula. Once you copy it, you can now go into VLOOKUP. And in your VLOOKUP, you can say, hey, I'm looking for this cell. I'm looking for it in a table, but the table is going to be control V and just pasting your entire array. That thing you broke down. You're pasting it in there. And they say, give me column two or give me zero. So once you do that, you get the same four. But guess what? This four doesn't need this table anymore. You don't need this table. So this fresh formula will not work, but this second one works. And look at it. It looks ugly, but you basically extracted the whole table, broken it down and put it into the formula. And there are some tables that you have that you don't need to like your regions or markets or stores or stuff like that. You can just break it all down and put it into the formula. That's how you create arrays. That's how you create arrays. Okay, so that was that shortcut. Thanks for watching another training video from DeepRound Consulting. See you in the next video.


U.S. does not allow Ukrainian pilots to train on F-16 in Europe. The United States does not allow Ukrainian pilots to begin training on F-16 fighter jets in Europe, despite the readiness of several countries to conduct such training. The New York Times wrote with reference to an unnamed Ukrainian official. The official noted that without U.S. permission, Ukrainian pilots can only be familiarized with the technical language and conduct tactical lessons. Test flights on the F-16 are not possible. According to the New York Times, President Joe Biden's administration, which must approve the transfer of any American-made aircraft, is still not convinced that Ukraine needs expensive fighter jets. A senior U.S. official said the White House opposes F-16 deliveries to Ukraine because the fighter is too expensive. As a result, a very large share of the budget for supporting Ukraine may go to the sending of these fighters. Instead, the U.S. administration is going to focus on supplying other weapons. At the same time, the source did not rule out that Biden's administration may allow European countries to transfer their F-16s to Ukraine. On 17 May, following the results of a meeting on the sidelines of the Council of Europe Summit in Reykjavik, the prime ministers of the U.K. and the Netherlands agreed to lead a coalition of fighter jets to provide Ukraine with F-16s. President Zelensky announced that the U.K. and the Netherlands, as well as France, had joined the so-called coalition of fighter jets.


Welcome back to why in the morning at Y244channel is where you can find us across all our social media handles It's Michelle Ashira, so you can reach out to me on all my socials So in this particular session, we are diving into an interview that that it's going to look at the rising trend of Cold living spaces. So remember you can follow us across all our social media handles at Y244channel at Michelle Ashira is where you can find me on all my socials. I'm so sure you've heard about co-working, right? So by now But there's a new concept in town about co-living a trend that has been there Since way back and young people were actually embracing it all over the world in all the cities, so I am joined by Two gentlemen from the village world limited So Iza Kamao and Bonface Nyaluale I got that right. They are co-founders of the village world Limited. Thank you gentlemen for creating time to be with us today. Thank you so much I appreciate so starting off with this conversation about co-living we understand that Co-working has been there for a while for a while and also co-living but it has not been much embraced and Considering to the least 21st century where young people are embracing it Especially professionals and they're looking for to be in spaces where they are closer to their work and everything else So Bonface, I would like to find out even before we dive into the question that I have is that Is it an ideal way to continue one's profession and personal growth outside of the office? That is the co-living space if you dive into it Yeah, I mean as you said earlier This is not a new concept per se Because it comes from like the aspect of sharing and I think For like generations people have been sharing spaces I know with the rise of millennials thing might be changing or perspective might be changing But even in our families we've always shared spaces in schools We've always shared spaces and then of course it came into an aspect of sharing spaces when we're working Just to use those spaces more efficiently and more effectively and to save on cost That is when we're talking about offices. So also as village We looked at how do we help young people one cut down on cost, but also make living more efficient? I introduce communities to just make also living more fun I mean at the end of the day you can believe in your workplace and then coming home and it's almost the same environment You need a change of environment. So that's one of the main reasons why we had introduced this but we also Like people needed to continue a professional growth outside of the workplace And so that's why the community aspect is in this So you meet young people who are sharing the same spaces Probably in the same profession or different profession and just gives you an opportunity to interact with them Understand how the world operates out there. Remember you always talk probably eight hours You don't have time to interact. So this is the time you actually interact with them and just get you know new perspectives and just understand like the dynamics around The profession where you're working and if you're feeling like you need to also change a space at least now You understand which kind of steps you need to take, you know who to actually talk to to just understand how the space works So yeah, this was a continuation of personal growth outside of the workplace All right, and we'll just get a better in look throughout this conversation about co-living But I'd like to go back to you Isaac. You also co-founder of the village world And I'd like to find out for someone who's watching this conversation and they're wondering What is co-living? Maybe they have been co-living, but they don't actually know that it is co-living. Yeah Yeah, co-living is basically Sharing spaces with someone else someone you might know or someone you reiterate don't know and for us At the village we are focusing on how do we bring people who don't know each other to live with each other and coexist and grow each other You'll agree with me the people from they come from different backgrounds have different personalities. So how do you gauge? the suitable people to just live within the same space Yeah, so basically for us, we've been able to develop a criteria and Using tech we are able to leverage on Marching people so they are able to see the preferences of the other roommates and they can be able to select whether They want to live with them or not Okay back to you boomfist and Co-living has been there since way back and it has now been You know embraced by young people quite too much because especially in the professional industry sector I would like to find out. How did you just find out about these business and how did you get into it? well You know village was founded in a really funny way So We were in the same program. Of course young African leadership initiative with Isaac And we also have another colleague called Christine but When we put this together all of us were living like in different locations. I mean for me I was in Kakamega, but I remember the same week I'd traveled actually to Mombasa for a training and then Isaac reached out and put together a team and Then he was like so we have this housing idea I was already working on a project for housing He was already working on a project for housing and we felt like leveraging on you know those Potential we could build something new And I just remember one of our colleague. I met her in an elevator and I didn't even know like it's I just knew the Name but I didn't I went to pick her and then I came up and I didn't know So this is where we started feeling like actually this could work with strangers Yeah, because I remember we went we pitched in the same day in a competition and we won and we were like We don't know each other. We haven't even interacted with each other Before that, but we could just get together because we understood like each other. Yeah, so I think This is how it came to be But also we just looked at what had some of the other challenges that young people are experiencing out there when it comes to housing I mean you've heard of Affordable housing and the big four agenda you've heard of deficit of affordable housing But then there's also availability of spaces that a lot of people and a lot of Kenyans can't afford So then we asked ourselves how do you address the needs in the market without having to like, you know Look at really huge investments that we couldn't get so we thought we could use the empty spaces To actually get young people as spaces that they can afford and the best way to cut down on cost was to cost share Yeah, so that's how generally we settled on this and we said I think this is the best way that we could actually move forward Yeah, and it's what you've been doing since then and pretty much if you look at what a young person pays when they live in a co-living space as Compared to if they lived either in a normal apartment or even if they lived out of for example If we have an apartment in Westlands what they are paying there Relatively, it's it's a chunk right but if you compare to expenditures like transport going to work in Westlands If you compare at the time the productive time that they're actually wasting, you know commuting and then if you look at the aspects like people have to like Concentrate on work and then there's the frustration of having to go home the music You know, there's that's so much frustration that if you compare to what you are actually charging They're getting so much value for their money at the end of the day And that's what you've realized We need to actually build on give young people more decent living spaces Give them an opportunity to save on cost and also give them an opportunity to just interact with people outside of work So this stress question burnout issues can actually be addressed in a very simple manner They're just providing an affordable co-living space close to their workplaces. All right And box here as a collective find out in terms of the village Well, they needed how did you guys start? With what what were they the tools? What how did you even capital? Where did you start? How? so we are lucky to have a Got into an opportunity to Go through a hackathon two years ago back in 2018 where it was a shelter take her cousin and Through that we got an opportunity to get into shelter take a greater where we actually got some funding that came in and we were able to grow our business and our team and We are able to facilitate ourselves in terms of going to the market discovering new opportunities in the market Actually doing the surveys from the people we are targeting the young people and it has been a great journey so far and in terms of Also fundraising we always looking for opportunity to get more money from investors. So That's where money comes from basically, but you're also looking at how do you also get some chipping into the business when we don't have Money from investors. So we also do contribute some money internally So we're able to move the company forward What I think that you mentioned is about how can take a feeling the whole business originated from there What is how can take and what do they deal with so no role do they play in this? so basically a hackathon is a Place where you meet as group of people you work on different ideas To solve a specific problem. So for example back then we were given like a couple of challenges There are three main challenges and we picked one of them. We are like five team working on the same challenge. So after having worked on the challenges a team From the village we have key strengths from everybody within our team. So we were able to form a team that was very Creative in terms of ideas a team that demonstrated a lot of enthusiastic and A lot of commitment towards solving an idea and towards bringing it to the market. So Basically hackathon enable young people be able to work on new ideas that are either Existing or they are not working very well in the market and are able to bring some efficiency Into the market by working on a specific solution All right, and one face. I would like to find out how long have you guys been into business and So far, how is the journey? I mean since 2018 That was November If I'm right here, so that was November at 2018 till now, so that's the time of taking and I mean one thing about entrepreneurship journey is that It it comes with a lot of learning opportunities because a lot of issues come up and One thing that for us at village you understand also as a team is that the challenges are actually like Opportunities they give you a different perspective like you're supposed to look at these issue You're addressing a different way. Otherwise that problem wouldn't exist. Yes So I think for as it has been a learning journey We keep on building each other not just the business itself because at the end of the day What we usually say with Isaac is the business and the solution is as good as the team itself Yeah, so I think for me it's been an an experience. I mean Before I got into this I was already doing like businesses and small hours in small businesses by then and One thing about those was that a lot of it was average I mean, it's just about you you have a product you get a client But the startup space for as long as I've been Village is a bit different. It's about waking up every morning and asking yourself What's the problem today? No, what was the problem when we came up with this? Yeah, so if today we like you were supposed to address housing problem And then we realized that these young people on top of the housing problem They have maybe let's say an issue about stress management Then the question would be how do we still like bank on this solution to make sure that we are able to address? These are the solution. So it's about every day waking up and asking yourself How better can we do it? Yeah, how efficient can we operate? How can we make life easier for our clients and and and these young people in these tenements? So that has been the journey since 2018 today and pretty much there is a huge difference If someone who matters probably in 2018, it's gonna tell us. This is not probably what you said in 2018 Yeah, that's that's been changed Still on on to you. I understand that you're in the department of marketing when the large is concerned Then I believe this question suits you best. How do you guys market the business out here? Okay This this is one of I think the toughest moments probably in any business Is that we usually insist that yes You have money for the business, but the business doesn't rely on actually how much money you have But your ability to bring more money and get clients because that's also how you realize the impact So We have a segment. That's the young people, right? So we asked ourselves. Where do we get the young people? So mostly we market through Facebook platforms But also the other thing is since we're living pretty much in Africa and and and here in Kenya We're probably the first people to implement it. We need to also help people change perspectives Okay, because a lot of people will say mmm, but I don't want to share Okay, someone is like but I've shared enough. So I just want my own space Yeah, yeah, a lot of people are like look I was looking forward to just getting a job and just getting my own space I'm like, okay as marketing now I need to like give you a solution that will make you overlook all those issues and just settle into this space Okay, so of course Facebook as a platform, but also Facebook might not be as much effective So we also use like just different models of campaign talking to young people Platform like this. I mean a lot of people probably have not also had what co-living is all about We go out there and someone says so it's called leaving and the first thing I tell them Do you know what co-working is because it's much easier for me to explain from something you already Yeah, yeah, but yeah, those are mainly our our models of Marketing but of late you've had like different people reach out to us Especially a lot of corporate travel agencies just asking us, okay, you guys are providing co-living Maybe it's something we really want to hear about so we also have that platform on the side of B2B so business to business kind of yeah that's interesting and Back to you Isaac and for someone who is watching this conversation and they're wondering yeah, why should I consider co-living? And then the next question would be is there privacy will they have will I have my privacy in this? Yeah, yeah So basically co-living you're looking at how do you save costs? From what you are spending at the moment to bring in them Down to something you can always consistently afford over time and in allocations that You really want because sometimes you will be forced to live far away from the city and This is because you cannot afford a place for example in Upmarket for example, Westlands Kilimani area. So looking at that Costs effectiveness Nest is one of the key factors that most people Who come to us are asking can I get a house or a room of this budget and then we tell them We have different options. So you review them And if you like it you pay and moving then the other thing of course that comes with co-living is the aspect of joining a community You're able to network with people you're able to live with other people But within the living of This community you're sharing an apartment or a house. So how do you share an apartment or the house? I'm a couple with other people. You don't know so for us We have two options where you can either access a room that is fully ensued with a bathroom where you you have total privacy and the only thing that you do is actually share the ribbon group and the and the kitchen as well as the laundry area If the room is not ensued then there is a common bathroom within the apartment or the house these The best way we actually solve this idea of how do you maintain privacy and cleaning less is actually providing Weekly cleaning services to these apartments. So you don't have to complain who is supposed to Yes, exactly and then you don't have to ask who never washed the dishes. So if The toilet paper. Yes, exactly. So so with this kind of services You're able to have an amicable coexistence with other people because all the major barriers towards Colleven have been eliminated and then we come in as a company to manage it professionally Which is something that is not existing in the market and basically all over Africa It's maybe South Africa that has colin spaces at the moment, but I will say that


Good morning How are you all doing this morning? That music is getting us off to a rousing start. Don't you think? So happy to have all of you here this bright and early launch to Socap. We had a great day yesterday looking at a lot of the diverse pieces of what's going on around the world and in our own space about impact investing and social entrepreneurship and ways to change the world for better as many of you know if not all of you at this point this is our 10th Socap and Lindsay Smolling who is our content producer and the curator of Socap has put together an amazing program for us this morning About this global movement and where it's come and how much room there is to grow in that space So I want to invite Tracy Pelangian from social finance to the stage to introduce this first panel that is really and truly going to give us a global perspective on what's going on With social entrepreneurship and impact investing around the globe Tracy Good morning, everyone and happy birthday Socap Ten years What I walked in this morning meaning and money harnessing markets and finance to to serve society I'm delighted to be kicking off Wednesday morning with an amazing group of folks from Far corners of the world to talk about the global movement in impact investing. So with me, we have representatives from India Mexico the UK and the good us of a and Before I move to the panelists who talked about this broader effort, which was started in 2013 which is now coined the global steering group on impact investing I just want to share a little bit of history on how this movement began which is incredibly exciting So for those of you who know Sir Ronald Cohen You will know that he's a force of nature So Sir Ronnie convinced the UK presidency when they were hosting the G8 back in 2013 to set up this task force the G8 task force for impact investing and as you all appreciate The G8 quickly became G7. This is even you know before the latest Russia woes This is the Crimea challenge back in 2013 and yet the seven countries really rallied behind this global vision and set up national advisory boards Of which you see some of these representatives over the last four years that G7 mandate has grown to 16 countries and the And the EU and then this past summer in Chicago where the MacArthur Foundation hosted the global steering group We were just extraordinarily blessed to have 560 delegates from 43 countries and the energy was just so palpable in in Chicago and as we look to the G20 when Argentina is hosting the G20 with a really sharp focus on inclusive economies were really excited to bring this Voice to those new settings and as we speak their efforts Being stood up in Africa in Latin America in Asia. So it really is an exciting movement So I'm delighted to be here to Have our fantastic panelists share some of their country Context so as you can appreciate there are these national advisory board which Together form the global steering group on impact investing and as I mentioned we have four wonderful panelists together With us here today, and I'll start off by asking Fran Siegel who's the executive director of the US impact investing alliance and then Successively to to each of the panelists to talk about each country's ecosystem The very specific regulatory political context the various stages of growth and how the national advisory board is in service of That country's priorities. So friend. Thank you Tracy and good morning everyone Great to see you all So I as Tracy said I'm Fran Siegel. I'm the executive director of the US impact investing alliance Which is a field-building organization dedicated to increasing the flow of capital to impact investing across asset classes globally So the state of the US market, I think it will be the topic of the next two days I will touch on some high points now if you're interested in the deeper dive I invite you to join Kathy Clark and I at 1045 at the Cal theater where we're going to have an hour Conversation about impact investing and the state of the field in the United States, but at a very high level When I think about asset owners moving into the space We see a kind of mainstream of impact investing and we'll be talking over the next two days I imagine about The pros and some of the challenges of that mainstreaming so we see institutional investors including foundations and even some pension funds and university endowments moving into the space While we also see high net worth families leading the way and even retail investors So there's been an interesting rise of robo advisors serving retail investors with public security options We have an increasingly complex intermediary landscape That will also be talking about over the next couple days and we also have mainstream both mainstream Incumbent and pure play asset managers like Bain capital and TPG rise and others entering the field while we have a pure place like DBL capital raising a third funded four hundred million. So we're getting to scale on the supply side We I think still need some evolution on the intermediary side, which maybe Lori can speak to I'm very excited about putting more of a spotlight on the demand side So impact entrepreneurs and public company managers that deliver impact after all that is why we're here is a focus on the impact So in the coming years, I'm very interested in that at a super high level our Mission is to put measurable social and environmental impact at the center of all investment decisions alongside Financial return and risk and we do that with a three-part strategy of creating and enabling policy environment for impact investing Catalyzed institutional capital flows for impact and building the movement as part of the global steering group and as colleagues of these great folks Fantastic friend Lori Spengler you may sound American, but you're actually here representing the UK NAB Tell us about what's happening in the UK. Thanks Tracy. Yes, despite my accent I am actually a legitimate member of the UK National Advisory Board I'm based in the UK and have been for quite some time And I think what's exciting about the UK National Advisory Board is that we the current board? We stand on the shoulders of the prior boards So we've had continuous engagement for many years, but with different people around the table And I think that's been very helpful to propelling more focus and more action when we look at the ecosystem in the UK We have a number of strong actors across the continuum that Fran referenced on the supply side demand side and intermediaries Big society capital is often cited as one of the exemplars on the supply side It's a it's the lead wholesale financial institution for impact businesses in the United Kingdom And it was created out of dormant bank accounts that the UK government instigated initiative to capitalize the bank It is growing both domestically, but more importantly It's also providing a model for other countries that want to adopt this approach and create other forms of big society Capitals in their own countries Japan being the latest at a much bigger size and scale than the United Kingdom actually did So what I would say is that the pieces of the ecosystem some strong actors exist But they're not yet to the level where they need to be to really transform Markets and go mainstream as Fran invited, but I would say also they're not working as effectively together So the connective tissue of the ecosystem is really not where we want it to be and that's where the the current nab is Focusing our efforts. How can we strengthen both individual actors? But more importantly the way those actors work between and among one another and the particular backdrop in the UK I would just add is is creating an opportunity for further engagement We have the ear of government coming out of the very painful Brexit vote and now the even more painful Brexit negotiations We have the ear of government. We have the ear of business. We have the ear of society because people recognize Business as usual has not worked for folks Inequality of income, but inequality of asset distribution is tremendous and it is a problem Climate change people are experiencing that and the burden of delivery of social services for an aging population Whether it's through health care or other types of social services These are pressing challenges and concerns and they're turning to us for ideas and solutions and suggestions So quite honestly the UK nab now is saying how do we tap that ear that engagement and convert it to action? We're issue our next report on October 16th And in the next round, I'll give you a few highlights of the types of things we're focusing on to convert engagement to action Thank You Laurie Rodrigo take it from here. Okay. Thank you very much and good morning everybody And so every percent the Mexican National Advisory Board, which is probably very new we have been working together for about a year She wrote on coin was in the conference organized in in Merida that we have been doing for seven years and he was surprised about the How the ecosystem was working in Latin America for impact investing and He invited us to start a national vice-lead for Mexico and we got approval last year from from the GSG So we're very happy to to be using this network of international Light manager organization and people to to really try to follow what it has been working in other countries We are in Mexico Far away from what is happening in the UK or in the United States But on the hand we have very big opportunities to to catch up You know, I think it's not just the impact investing ecosystem which is behind But it's the whole business universe like the private equity industry in Mexico. It's growing. It's it's it's new So we want to to build this new industry with different With in a different way, we don't want to change an industry We want to create a new industry which is starting in Mexico, so we believe that Being a being behind it's an opportunity rather than than a challenge It needs growing. I think the Mexican impact investing ecosystem. It's it's growing a lot So we have a lot of accelerators. We have private equity funds. We have the media very interested in talking about these topics We have some in universities are starting to put the curriculum the impact investment theory We have some government programs already investing or pushing forward agenda There's a fund of funds that may be coming soon to invest in an impact investing Some family offices, which is also very something very new in Mexico to have these Professional well-managed family offices. They're starting to invest in these funds and and asking about about the industry So so the industry is getting there. There are so many things we need to go through for example, I think having a Like big society capital back in Mexico looks pretty far away, you know, like It doesn't seem we have the openness from the government to start doing these kind of much deeper things We need but that's the challenge.  We believe we have a thriving industry I mean we have energy entrepreneurship and now but now we need some more and Align interest to to really push the generally some very specific issues that we believe is gonna It's gonna. It's gonna be able to make a strife like as an industry in Mexico No, I mean road river Thank you for underlying that one of the greatest of benefits of having this global platform is the sharing of knowledge across the naps and Laurie mentioned big society capital, which was created with unclaimed assets and Laurie also Alluded to the Japanese experience Let me just throw out the statistic which we learn collectively in Chicago The Japanese has approved by Parliament They start to work through the regs that annually because it's such a high savings economy that annually There is a billion dollars in unclaimed assets and they plan to put half of that aside to create a wholesale investment bank A lot of big society capital. It's just like extraordinary numbers So that is the power of the GSG and it's just really exciting so Cardic tell us about India, which is a fairly developed ecosystem and and you are hosting us in 2018 or for GSG absolutely. Good morning everyone. It's really a pleasure to be here and like Laurie You know don't let max and mistake you I've been working in India for the last 10 years And that's Tracy is saying the impact investing sector there is fairly developed and also somewhat distinct From other countries mainly in the in the sense that it's mostly focused on the for-profit side So it's very much a subset of the venture capital industry It's been around for 10 years of just last year. We had McKinsey put out a very detailed research report Capturing the state of the sector and what's been happening and they and they came out with some pretty remarkable findings So our national advisory board is constituted by what we call the impact investors council Which is essentially an industry association of VC funds foundations family offices such as Asha impact and others and In total there about 35 plus members So there's been almost five billion of US dollars that has been invested in the last six years The annual rate is about a billion dollars. So that's that's fairly healthy numbers most interestingly there's there's Returns that have been demonstrated the average IRR is about 11 percent which is fairly healthy And some some which are much higher so comparable to mainstream, you know venture capital So that is given a lot of commercial investors strong reason to come into impact investing and currently in India almost 50% of impact investment deals are actually done by mainstream commercial investors and the balance 50% by impact investors So that's a little bit about the state of the sector Currently the government of India, you know has a lot of national development priorities in various sectors Which overlap with those of impact investors specifically in areas like affordable housing clean energy Sanitation and financial inclusion. So increasingly the focus of the NAB has been to work closely with the government We have already gotten them to sort of understand impact investing as a sector and recognize the sector But now it's really about working in specific specific sectors and getting the access to capital to flow And looking a little bit ahead and some of the things that you know, the nav is thinking about And with respect to learnings from other countries It's it's this notion of social impact bonds Sir Cohen was in India a year and a half back and Evangelize this notion there was a road show that happened across Delhi Mumbai Bangalore and a lot of people are very excited And now we're actually talking with social finance and other large Institutions in India to set up outcomes funds for multiple sectors and look at both the for-profit and the not-for-profit sector And scaling up this work even further Really exciting times really really exciting times. So in Chicago this summer Sir Ronnie and his usual audacious Fashion it's kind of threw us all down the gauntlet and charge us with reaching tipping point 2020 Which he articulated a couple of goals around tipping point 2020 Chief among them is actually doubling the global assets in impact investing from the current 150 billion to 300 billion as well as doubling the number of countries represented on the global steering group all in service of the large and fairly daunting UN SDG goals, so Fran You know, we'll just go down the lane again Tell us, you know, how are we getting to tipping point 2020 in the US? Gosh shipping first 2020 seems right around the corner. Yes, so 2020 is nigh I'd like to talk a little bit about our policy work, which is one of the levers that the National Advisory Boards tend to use depending on the political climate So there were two Policy wins I would say that were very much a team effort that came through Q4 of 2015 One from Treasury and one from Department of Labor that both bared on fit the nature of fiduciary duty and allowed respectively Foundation fiduciaries and ERISA regulated pension fund fiduciaries to take impact factors into account when making investment decisions for foundations as they make and seek to make impact investing Choices through their endowment and for pension funds through their corpus and so one of the priorities of the alliance is to take those policy wins quote unquote and move them into action and so we are actively working with Foundations we're administering a group called the Foundation Presidents Council on impact investing It's a group of 20 leading foundation presidents committed to impact investing and so working to figure out ways we can partner Together to deepen the practice of foundation endowment investing and there we are partnering and You know standing on the shoulders of mission investors exchange and confluence and many others who have done some extraordinary work in this space Also Toe dipping around pension funds and working with others in that regard as well And then I wanted to pick up something particularly that that Laurie said around Access to capital issues and growing income inequality There's certainly a tense political environment in Washington right now. We believe that impact investing private capital for public good is something that has appeal across the aisle and We are working actively with members of Congress and select agencies to Figure out ways to flow through policy to encourage more private capital to flow to distrust communities in the United States So rural and urban communities And also to try to make the case for development finance in Washington So that more US capital can flow to folks in the bottom of the pyramid and emerging in frontier markets So in the UK as I mentioned, we're just about to issue our report We've looked at five areas where we really think we can move the dial on this tipping point and have concrete action And we've we focused on three main actors the government business leaders and Investors I'll just highlight three of the areas the first is we were focusing on how we can empower savers To deploy their savings in line with their values We believe there's just a mass opportunity if we really open up impact investing to everyone And not have this be An access point only for ultra high net worths or big institutional investors So empowering savers to deploy their capital in line with their values And there's a series of specific recommendations for government as well as corporations to make their corporate pension funds available In the offerings available for impact The second is to focus on public procurement the government itself in the UK spends over 240 billion pounds a year on Goods and services they are a huge actor and so we've actually put a series of recommendations where they will consider social value We've defined what that means impact value social value as a specific criteria in Evaluating who gets who wins in the public procurement who gets to deliver those goods and services We think that could be have a tremendous impact on a quantum of opportunity for impact businesses And the third is strengthening the UK's role in International development and I'm particularly because of the work that include does I'm particularly excited about this one a lot of our NAB work is domestically focused as it should be But this part of the NAB's work is looking outside the UK and particularly on the heels of the Brexit vote I think that the UK needs to reassert its Interest in the rest of the world and its relationship to the rest of the world We're home to CDC which is one of the leading development finance institutions in the world And we've made a specific appeal for CDC to become a champion domestically as well as internationally because in the UK we have two spheres of Operators and impact domestic actors and those who are based in the UK but operate internationally And what we've discovered is that they're parallel universes, but they rarely talk they rarely meet They rarely share learnings and they rarely co-invest and so we're making a particular push to break down the domestic and the International silo we think that can lead to further activity Well 2020 seems very close. So What we're doing with the within with enough we believe that There's so many things going on. It's we have a lot of individual Initiatives going through in Mexico, but as enough we want to be very careful on how we use this resource Which is the the most valuable resource, which is the power of being together So so we invited to the lab for example, we have the head of the private equity association We have the head of universities the head of banks, so we have a very diverse and very strong Network of people organizations That we believe that if we give the right structure and the right members We're gonna be able to really transform a lot of things So we've been very careful in not just doing things because we are a lot of energy so we have been very careful into Studying doing a little research now right now We are working on a piece of research to try to figure out which are the levels that we need to pull and What capacity we have a national advisory board because we believe that by 2020 we're gonna be ready to do that I mean we're we're our goal to for 2020 is to really have a strong national advisory board To be able to do the good transformation But we see the tipping point probably within more 10 more years and we believe that Impact is meant investing should be the new normal. We believe that we're not having these conversations in 10 years Everybody will be measuring their impact. Everybody will be willing to understanding that every investment should have an impact and We believe there's a big chance of a possibility to to transform this in the new in the new normal Impact investing will be the new normal and so we can go from tipping point to extinction and maybe 30 years Rodrigo Okay Karthik 2020 tipping tipping point I think look in India the scale of the problem is so huge But we're blessed to have a great entrepreneurial climate So we have a lot of entrepreneurs working on those problems The McKinsey research that I just referred to mentions that already impact investing in India is on an annual basis Impacting 60 to 80 million beneficiaries. So it's already at a very large scale So the government is starting to take notice of this But it's still a very small amount of capital. It's a billion dollars the government's development social sector budget in India is 150 billion so the focus is on really saying what are the lessons that impact investors have and how can the government Scale that up to really impact, you know, millions and millions of lives So disengagement of the government is happening The elections in India in 2018 so our current government actually itself has 2020 targets For example for housing because they want to say we need two terms to do this So for example 60 million urban homes need to be built a hundred million rural homes need to be built And what impact investors are doing is we're aligning our own work with this we're saying look We have invested in three four. Let's say affordable housing companies We've got a private sector model to this problem and the government is listening PM Modi recently inaugurated something called the champions of change Where he got 400 CEOs young CEOs including myself they need some 15 impact investors are in that 400 people and we're part of just today October 11th There's a discussion happening in New Delhi between impact investors and the government So I think that is gonna really have a big impact and specifically with respect to the outcomes fund Which I know you're involved in so closely the biggest names in India are involved in this the largest education foundation domestically Central Square Foundation the Michael and Susan Dell Foundation the Tata group which is our big corporate Of course the GSC and social finance and we're talking about a billion dollar outcomes fund So I think all of these things given the scale of the problems in India and what's needed and building upon the success of the Social impact investing sector is is where the future is that and the final point I would make is the importance of domestic capital that off the five billion dollars of capital that has gone into India 95% Is foreign capital and it's very welcome, but India is no longer, you know a low-income country It's a medium-income country. There's a lot of wealth generation that has happened in India So that is our focus as a shine packed in various other impact investors is now to mobilize capital from Indians And from people in those markets other emerging markets and complement the global capital That's coming in from the United States from Europe and from other developed countries. It really is exciting cardic I think for the audience is benefit you might want to just articulate a little bit how the education outcomes fund is actually a different structure than how we've seen social impact bonds develop in the UK and the US Sure, so very briefly as I said in India We've got a very for-profit venture capital-centric approach to impact investing and that's not for any other reason except is Regulatorily driven that you know taxes and so on and the not-for-profit sector and the for-profit sector are funded differently That being said The outcome fund is essentially going to take philanthropic capital from foundations from CSR from individuals So that's the outcome fund and then for-profit risk capital providers like ourselves can now in addition to investing in equity in growth stage companies also give Essentially a debt-like bond like instrument to an NGO and if the outcomes of that instrument are met in a defined way then in three years 500 girls in Rajasthan will have access to an education and that actually happens Then me as a risk capital investor that outcome fund will pay us the social service provider and the investor a defined rate of return So essentially it blends the for-profit and the not-for-profit world and it brings us all together And it allows us to unlock from a one billion dollar annual industry to a hundred and fifty billion dollar annual industry Because that's all the philanthropic capital that's technically available So it's very very transformative if this happens and it will happen in the next few years I love the optimism cardiac and the Indians are really blending capital in whole new ways And I see the clock counting down But I hope that you get a sense of just the extraordinary breath that we're seeing it from your middle-income countries to develop countries and The various approaches to bring the supply the demand side and a very healthy ecosystem in service of what we call tipping point 2020 And maybe extinction 2050 so that it is the new normal It is routine to think about not only risk return But also impact in our investment decision so that we can together With your help the SoCAP community achieve capital for its highest purpose So thank you very much for being with us this morning