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Impact Investing Dec 3-Dec 16, 2010 / ISSUE 6
In This Issue >> 01 Impact Investing: A New Asset Class Emerges 03 Building the Impact Investing Ecosystem: Social Stock Exchanges 05 Interview: Morgan Simon, Founder of Toniic 06 In Profile: 5 Investors Making Social Impact in India 07 By the Numbers: Gauging Impact Investing Opportunity in India 08 Eye On: What's in a Name? The Developing World Debate 09 Beyond Profit Team
Impact Investing: A New Asset Class Emerges
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In the first issue of Beyond Profit, published in April 2009, we wrote about the emergence of the impact investing industry, which facilitates investments that create a positive social impact beyond financial return. Earlier this week, a report by J.P. Morgan and the Rockefeller Foundation declared impact investment a new asset class—a remarkable development in the lifecycle of this industry. What does it mean for social enterprise? Lindsay Clinton analyzes the current landscape.
Now that impact investing has been declared a new asset class, the industry can reach new heights.
On November 29, J.P. Morgan and the Rockefeller Foundation released a report that will likely serve as a turning point in the development of impact investing. The report, which assesses expected and realized returns of more than 1,000 impact investments, estimates that the industry presents an investment opportunity between US$400bn and US$1 trillion with profit potential between US$183bn and US$667bn. Importantly, the report declares impact investment an asset class which provides a strong indicator to investors who may have shied away from social investing in the past to reconsider this emerging investment category. The declaration of impact investment as an asset class functions as an on-ramp for investors eager to find the “next microfinance.” A recent article in Forbes estimates that microfinance comprises 50% of the total impact investing market. Within the social enterprise sector, microfinance (not withstanding the current crisis in India) has demonstrated to many investors the role capital can play in a for-profit investment and what that investment can achieve in financial and social returns.
Signposts of Progress Twenty years ago, companies and investors started to think more formally about responsibility, launching CSR departments, and engaging in “socially responsible investing” (SRI)—a “do no harm” approach. More recently, these philosophies are evolving to emphasize impact first.
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This new way of thinking may have been triggered in part due to the economic crisis. Significant losses in mainstream financial markets over the last three years shook the conviction that many investors had about the inherent truth of old investing ideologies. Antony BuggLevine, Managing Director at the Rockefeller Foundation, explained, “The crisis opened up cracks in established investment practices, enabling impact investing practitioners to make a greater case for doing something in a different way.” In the early part of this decade, lone rangers like Aavishkaar and Acumen Fund appeared, making small, strategic, patient investments into impactful businesses in emerging markets. During this period, investors also tested their luck in microfinance and green investing. These sectors served as a gateway to wider acceptance of the idea that financial return and social return can coexist. Now the impact investing sector includes big names like TIAA-CREF, Prudential, and Citibank. The industry includes a spectrum of investors encompassing institutional investors like pension funds, wealth management advisors and investment advisors, high-net worth individuals, and philanthropic investors. Today, signs abound that impact investment has become an asset class. New business units have emerged at institutional investment houses, including TIAA-CREF's Social and Community Investing, and J.P. Morgan's Social Finance unit. In addition, entirely new businesses have emerged to provide impact investment advisory, including
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Bamboo Finance in Switzerland and Intellecap in India. (Intellecap publishes Beyond Profit.) Industry associations like the Global Impact Investing Network (GIIN), Toniic (see our interview with CEO Morgan Simon in this issue), and the International Association of Microfinance Investors (IAMFI) bring like-minded investors together. Events like SoCap, Skoll Forum, and Sankalp (hosted by Intellecap in India) connect practitioners, investors, and entrepreneurs within the space.
Market Opportunity India has become a fertile landscape for impact investing: in a survey of 31 social investment funds conducted by Gray Ghost Ventures earlier this year, about 30% of investment capital focused exclusively on India. But, until now, sector practitioners have not had reliable indicators of market potential for India or in other emerging markets. With the launch of this report, the market opportunity has size and scope. This report approaches the challenge of sizing the diverse impact investing marketplace by analyzing five sectors across emerging markets: housing, rural water delivery, maternal health, primary—for the portion of the global population earning less than US$3,000 a year. The projections focus specifically on companies that provide products or services to BoP customers, but not ones that BoP entrepreneurs run themselves. In each sector, the researchers have determined the amount of invested capital that would be required to fund such businesses, and the profit potential. The numbers are sizeable and compelling, with profits across the five sectors over the next ten years projected between US$183bn and $667bn. The affordable housing sector makes up the majority of this profit, comprising US$177-$648bn, notably a rather wide range. The next most promising sector, education, indicates a profit potential of US$2.6-$11bn—tiny when compared to housing. Clean water delivery is on par with education, with a potential profit range of US$2.7-$7bn. Health comes in at US$.1bn-$1bn. While housing makes up the majority of the market potential, it is important not to view these numbers in a vacuum. Compared side by side, clean water may play second fiddle to housing in terms of investment potential, but viewed alone, a multi-billion dollar projected return should be taken seriously. In addition, these sector projections comprise only a snapshot of market opportunity at the BoP. Several other BoP-focused sectors, like inclusive technology, affordable clean energy, or vocational training, could also be considered as evidence of market opportunity.
A new searchable directory called ImpactBase, launched by GIIN, will enable investors to find open impact investment funds using criteria such as “impact goals” and “minimum investment amount.” And Third-party rating systems like GIIRS and measurement tools like IRIS (see By the Numbers in this issue for more information on these tools) will help investors who are putting capital to work in emerging markets ensure transparent processes and accurate measurement. These tools and collaborations between like-minded investors will help overcome the barriers and risks currently facing the impact investing industry.
Implications for Social Enterprise While these findings give shape to different sectors within social enterprise, the report may not have much effect on social enterprises and social entrepreneurs in developing countries in the near term. Enterprises are still mostly small, and entrepreneurs are looking for patient investors who are willing to work hand in hand to provide value to the business over time. While projecting investment opportunity and profit potential is useful to investors, entrepreneurs face a tougher ground reality. Vineet Rai, Chairman of Intellecap and Co-Founder and MD of Aavishkaar, explained, “Measurement of the impact investing landscape using an outcome-driven thought process is not sustainable, as we have witnessed in microfinance. These businesses have stakeholders that are very sensitive; an approach that positions them as big numbers is insensitive to the complexity of executing these ideas on business.”
Meeting in the Middle A few years ago, impact investing practitioners were uncertain about when or if an industry would develop because of the fragmented nature of the players. Would it become just another marketing tool? However, the growth of sector infrastructure over the last several years has proven otherwise. As associations, businesses, tools, and exchanges (see next article) have formed to serve the sector, a diverse range of investors, from individual to institutional, with varying risk expectations, from market rate to mere return of principle, are taking a closer look at the industry. What the impact investing sector needs now is more dialogue and exchange between investors and entrepreneurs. We may see dissonance between investors and enterprises in emerging markets if we focus only on the numbers, growth, and scale. The numbers are compelling, but mission and purpose should continue to drive the growth of the sector.
Overcoming Risks
Amit Bouri, Director of GIIN, explains, “Impact investing does not suffer from a lack of interest on either the buy or sell side of the market. There is, however, a need for better intermediation—investment advisors, fund managers, product developers—because investors today have trouble identifying the investment opportunities that they are most interested in capitalizing.”
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Impact Investing
J.P. Morgan and the Rockefeller Foundation
Can the numbers projected in the report be realized? Right now, impact investment sizes are still small (many are less than US$250,000), identifying investments can be difficult, due diligence is costly, and exit opportunities are few and far between.
J.P. Morgan and the Rockefeller Foundation released a report this week that declared impact investment a new asset class.
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Building the Impact Investing Ecosystem: Social Stock Exchanges
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Social businesses often have a hard time securing private capital. A few entrepreneurs are working to apply the fundamentals of traditional stock exchanges to social enterprise. Abby Callard reports.
A few entrepreneurs are trying to apply the fundamentals of stock exchanges to the social sector.
The constant ring of telephones bounces off the wall. Sweaty men in suits yell back and forth. Millions are made, and millions are lost in seconds. These are the stereotypical images of a stock market. A novel idea—creating a social stock market—has been floating around for the past few years. But what would this stock market look like? Robert Kraybill, the Managing Director of the Impact Investment Exchange Asia—the first planned social stock market in Asia—has a plan. “Fundamentally, there are two things about the exchange that are going to make it different from traditional exchanges,” said Kraybill. “The defining feature will be that all of the companies will be social enterprises or funds that invest in social enterprises. Most of the investors on the trading exchange will fall into the class of impact investors.”
Measuring social impact has been a hot topic recently, with new systems being released, such as the Grameen Foundation's Progress Out of Poverty Index and the Global Impact Investing Network's Impact Investing and Reporting Standards. “The defining feature will be that all of
the companies will be social enterprises or funds that invest in social enterprises. Most of the investors on the trading exchange will fall into the class of impact investors.”
A marketplace specifically for social businesses is attractive, but is it realistic? Rodney Schwartz of ClearlySo, an online marketplace for social business, social enterprise, and social investment, has been very critical of the social stock exchange concept, and in specific, the Social Stock Exchange (SSE) to be based in the UK.
-Robert Kraybill, the Managing Director of the Impact Investment Exchange Asia
The primary motivator of both the companies and the investors would not be monetary profit but social impact. In fact, Kraybill said, not only would companies have to submit financial data but data demonstrating social impact. He also said that they are still deciding beyond profit e-magazine | Page 3
on which specific social data would be required from listed companies.
One of his chief worries is that creating a separate exchange for social businesses would bar even the most successful social businesses from entering into mainstream stock markets. He has also questioned the economic feasibility of the model, but recently, he has decided that maybe economics isn't the most important metric of success.
Building the Impact Investing Ecosystem
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“In essence, I now believe that even if the vehicle is not a commercial success, a sufficient number of people see it as a galvanizing point—a catalyst for the sector,” he wrote in his latest column on the issue.
While significant funds are being allocated for researching the viability of opening such an exchange in the UK, two similar exchanges in Brazil and South Africa have been open for a few years. Brazil launched the Social and Environmental Stock Exchange (BVS&A) in 2003, and South Africa's South African Social Investment Exchange (SASIX) followed in 2006.
TED
Pradeep Jethi, the co-founder and chief executive of the SSE, has said that the exchange will function similar to other stock exchanges and will be regulated by the UK's Financial Services Authority. Jethi, who did not respond for requests for comment, hopes to list 200 companies in five years. All companies would have to have an annual turnover of US$780,000 and pass a social audit.
Durreen Shahnaz, a TED Fellow, founded the Impact Investment Exchange Asia.
“In essence, I now believe that even if
Brazil's version has no physical trading floor, and investors contribute through the exchange's website. As of 2008, the exchange has facilitated investments of US$5.5m to 71 organizations. Celso Grecco, who launched the exchange, included one safeguard in the transactions—investors don't become partial owners of the businesses they fund. This simple regulation prevents investors from determining how organizations or companies are run. For Kraybill, limiting the exchange to “impact” investors will also prevent what he believes happened to SKS from happening to the social businesses listed on his exchange. “SKS has to run their business to maximize growth and profitability,” he said.
the vehicle is not a commercial success, a sufficient number of people see it as a galvanising point—a catalyst for the sector.” -Rodney
Schwartz of ClearlySo
Investments in Global Stock Exchanges 6,000,000
80
In addition to some safeguards, BVS&A has strict requirements for its listed companies, and only one in 10 makes the cut. The exchange can already boast a few success stories. SASIX, which facilitated US$2.2m in investments supporting 52 different projects, also has strict listing requirements. A company submits a written proposal, sits through a series of committee vettings, and has to pass a two-day site visit by SASIX staff.
70
While the idea is not new, the more exchanges that exist, the stronger the ecosystem may become. Hopefully, the need for a separate market will disappear eventually, but until then, social businesses can prove themselves in these dedicated markets.
10
5,000,000
60 4,000,000 50
Investments Facilitated 3,000,000
40
Total Equity US$ 30
2,000,000
20 1,000,000 0
0 SASIX
BVS&A
The number of investment and total equity invested in the first two social stock markets in the world.
Agriculture Does 70% of rural India still depend on Agriculture? Are retail giants replacing small farmers? Is NREGA really about inclusive growth? Look out for our upcoming issue on Agriculture and Employership.
Highlight your enterprise, email: advertise@beyondprofit.com
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Building the Impact Investing Ecosystem
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Interview: Morgan Simon, Founder of Toniic Morgan Simon, Founder of Toniic, a new company that will aggregate angel investments in the social enterprise sector, spoke to Nisha Kumar Kulkarni about the need for such an organization and current challenges that investors face.
“By working to grow local investor communities in countries like India, and combining their local expertise with global sector expertise, our hope is that transactions costs will lower, more money will flow, and local funding communities will sprout up to support EdcoOnline
their countries' social entrepreneurs.� -Morgan Simon, Founder of Toniic
Morgan Simon is one of the founders of Toniic, a new aggregator for angel investments in the social sector.
Toniic, a new aggregator of angel investments will facilitate global investments in the social enterprise space. The organization will work to increase the amount of early-stage funding for entrepreneurs working in the developing world. Through innovation partnerships, Toniic hopes to make investing easier. BP: How would you define impact investing? What does that term mean to you? MS: Impact investment is an important tool for those who seek a more equitable and sustainable society. Unlike philanthropy, which seeks to maximize social impact without a need for financial return, and conventional investment, that seeks to maximize returns without any regard for social impact, impact investment provides an opportunity for individuals and institutions to have their cake and eat it too; achieving the financial returns they require while also seeking to maximize social impact. This might mean providing financing for a school or health clinic that will ultimately, unlike a charitable institution, be a self-sustaining entity. Hence, for many entrepreneurs, impact investment rather than donations can also lead to greater long-term sustainability, as they specifically use funds to ensure that projects will continue in perpetuity without the need for annual donor support. It can also ensure that they can be most responsive to the needs of their communities, as their clients are their patrons rather than external donors.
transactional costs when seeking to place an investment in India, Africa or in general most countries in the developing world. By working to grow local investor communities in countries like India, and combining their local expertise with global sector expertise, our hope is that transactions costs will lower, more money will flow, and local funding communities will sprout up to support their countries' social entrepreneurs. BP: How do you envision Toniic’s role in India? MS: We are very pleased to be partnering with Dasra, India's leading strategic philanthropy foundation. Dasra works with philanthropists and successful social entrepreneurs to bring together knowledge funding and people as a catalyst for social change. They are expanding their activities to include impact investment, and will lead Toniic's India presence. We look forward to building a vibrant community of impact investors in India, strengthening their global ties, and helping to bring funding to the many exceptional social entrepreneurs doing incredible work in India. BP: How will you work with your partners who are already operating in the impact investing space, like GIIN and GIIRS? MS: I've been told its a well-known fact in India that GIIN and Toniic go together quite well. We are very much friends and partners, along with many other social investors globally. Additionally, we are working with GIIRS as one of the pioneer funds helping to pilot their important work in impact measurement.
BP: Why did Toniic start? What is its reason for being? What are your intentions and goals? MS: Toniic was founded in order to increase the velocity of money moving into global social enterprise. There has been a tremendous gap of early stage funding in the sector, particularly globally, as investors coming from the US and Europe often face high
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Interview
Social Enterprise.Ideas.People.
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In Profile: Investors Making Social Impact in India Can market-based solutions help the poor? The growing crop of impact investment firms across the globe point to “yes.” $250,000 and US $1m, with an average commitment of five years, the company targets businesses in sectors such as agriculture, artisanal enterprises, energy, finance, and IT. To date, GBF has provided access to finance to 45,000 entrepreneurs, and helped 13,000 farmers and 20,000 artisans generate income of US $6m.
Gray Ghost Ventures
Omidyar Network
The Atlanta-based Gray Ghost Ventures (GGV) is an impact investment firm that has committed more than US $100m to entrepreneurs tackling the needs of low-income communities in emerging markets, with significant focus on India. The firm wears many hats from investor to partner to funder to manager. The focus of GGV's work is on microfinance, social venture investment, and affordable private schools. Examples of successful investments are D. Light, United Villages, and 2i Capital. Since 2003, GGV has established the Gray Ghost Microfinance Fund, the Gray Ghost DOEN Cooperatief, First Light Ventures, and Gray Matters Capital.
eBay maintains that the principles of access, connection, and ownership are cornerstones of sustainable business. That is why the mega-company's founders formed the Omidyar Network, a philanthropic investment firm committed to scaling up innovative organizations serving the BoP. The firm makes initial investments of more than US $1m in companies providing access to capital, and working towards stronger media, markets, and transparency. It operates globally, but focuses on India and Sub-Saharan Africa for investments in companies providing access to capital. Companies in their portfolio include BRAC, Kiva, Ashoka and the Rural Development Institute
E+Co
Aavishkaar
There is substantial need for affordable, clean energy solutions in developing countries. E+Co believes that demand can be met by local entrepreneurs. Through its innovative approaches to capital investment, business development and carbon finance, energy businesses can be created, and can alleviate the effects of climate change and poverty. The company has invested US $40mn of its own money and mobilized US $253mn for businesses located in more than 20 countries in Africa, Asia, and Latin America. E+Co makes investments in the range of US $25,000 to US $1m in business projects. Their impact so far is telling: 6.2 million people have clean energy, 160 businesses are owned by women, and 1,200 entrepreneurs are receiveing services from the company.
Aavishkaar deploys commercial equity capital to nurture enterprises that seek to generate multiple bottom lines. Through its various initiatives in micro equity and micro finance space, it has pioneered the approach of building a financial ecosystem that would nurture entrepreneurs by providing risk capital for scalable rural focused enterprises. Since 2001, Aavishkaar has invested in 26 such ventures across diverse sectors including Healthcare, Water & Sanitation, Education, Technology for Development, Handicrafts, and Microfinance. Along with the provision of risk capital, it believes in promoting participative business practices, introducing efficiency and sound governance, and empowerment by creating widespread ownership.
Grassroots Business Fund After four years of operating as the International Finance Corporation's (IFC) Grassroots Business Initiative (GBI), the Grassroots Business Fund (GBF) has struck out on its own with the mission of supporting sustainable business opportunities for the bottom of the pyramid (BoP) space. GBF provides investment capital to high impact businesses in Africa, India, Latin America, and Southeast Asia. Through debt, equity or “quasi-equity” investments in the range of US
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It currently advises two funds with total assets under management of USD 35mn and is raising two new funds worth USD 180mn to continue its work on a larger scale in these sectors. Aavishkaar's innovative approach was also recently acknowledged by the G20 SME Finance Challenge Award 2010. Some of its portfolio companies include Vaatsalya Healthcare, Vortex Engg., Waterlife, Basix and Equitas.
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By the Numbers: Gauging Impact Investing Opportunity in India There's no doubt that the demand for investment is growing, but how much opportunity is there? Nisha Kumar Kulkarni examines the investment potential and how it’s being measured. Approved Proposals and Credit Issued under India's Credit Guarantee Fund Trust for Micro and Small Enterprises
Asian Development Bank - Funded Project Success Rates in India by Sector
$2,360
$ 2,346
45,000
81.30%
40,000
71.40%
35,000
66.70%
$1,566
66.70%
30,000 25,000
45.50%
$1,026
20,000
$726
33.30%
15,000 $261
10,000 $66
5,000
$130
MSME Proposals Approved
FY 2008-2009
FY 2007-2008
FY 2006-2007
FY 2005-2006
FY 2004-2005
FY 2003-2004
FY 2002-2003
FY2002-2001
$13 FY 2001-2002
Number of MSME Proposals Approved
50,000
Energy
Multisector
Credit Amount Approved ( in USD thousands)
Since 2000, the Small Industries Development Bank of India (SIDBI) has increased the amount of credit issued to micro, small and medium enterprises. There has been growing demand for bank funding. Although the number of approved proposals have increased over the last decade, in the last two years it has decreased. This can be attributed to the recent economic downturn, as well as finite bank funding made available for smaller businesses. Data Source: SIDBI http://www.sidbi.com/notices/Risk_Capital.pdf
Public Sector Transport and Water supply and other Management ICT Municipal Infrastructure and Services
Since the 1980s, the Asian Development Bank (ADB) has been funding projects in India with generally high success rates. Success is determined by project evaluation and completion. The number of different sectors, as illustrated by the graph, faces growing demand for financing. Grants, such as the ones ADB provides, are not enough to serve the financial needs of growing social businesses. Data Source: ADB http://www.adb.org/Documents/Fact_Sheets/IND.pdf
US $50 billion
Measuring Investment Impact How can investors separate good ideas from actionable plans with results? In 2009, the Global Impact Investing Network (GIIN) was launched. The non-profit organization aims to increase the efficacy of impact investing. By developing infrastructure, supporting collaborative efforts and conducting research, GIIN seeks to formally organize the impact investing community. One of GIIN's major projects is Impact Reporting and Investment Standards (IRIS). IRIS provides a structure for the performance reporting of impact investments. Even though it is predicted that the impact investing industry will be valued at US $500bn over the next ten years, a significant obstacle to growth is the lack of transparency and credibility of how investors can define, track and report on the social and environmental performance of their investments. With IRIS, GIIN has created common social and environmental jargon that will allow for standardized data from a number of different sources. IRIS will be a driver for the global impact investing ratings system (GIIRS). The non-profit B Lab has developed an assessment system that will measure the social and environmental impact of companies by using a ratings methodology. It will include features such as company and fund ratings, ratings in developed and emerging markets, aggregate ratings by impact area and industry, performance metrics, and benchmarking analytics. It will not, however, use financial performance as an indicator. The system is due to be launched in Q2 2011.
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Finance
The value of the impact investing industry in India in 2009 (LiveMint)
1% The market share percentage of total global managed assets that the impact investing industry needs to attain for US $500 bn of capital to be directed towards social and environmental impact (Monitor Institute)
US $125m The level of investment by the top seven social venture capital funds in 72 social enterprises over the last six years in India (SocialBuilder)
7 million The approximate number of jobs created in Asia and Africa by Bangladeshi NGO BRAC by using enterprise investment-driven approaches (Monitor Institute)
US $25bn The volume of microloans in the world in 2006, up from US $4bn in 2001 – that is a 44% growth rate in volume per year
10% The percentage of venture capital funding directed towards clean technology in 2007 (Monitor Institute)
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Eye On: What's in a Name? The Developing World Debate Christie Thompson muses on the origins of the term “developing” and whether it is relevant today.
Flickr user Changhua Coast Conservation Action
or place attached and, most importantly, it implies transition rather than an unchanging divide. But critics today still argue that developing is an improper way to classify roughly 85% of the world's population. In an article critiquing the idea of design for development, D-Rev CEO Krista Donaldson asks, “What makes a society developed? Wealth? Mass consumerism? Stability? Equality?” The word “developing” suggests these nations are moving toward an end goal of becoming a developed nation. That they are lagging behind. And the dichotomy is still misleadingly broad – one which places both China and Eritrea under the same adjective. First, Third, developing, developed – no matter how you slice it, one group inevitably comes out on top. The development crowd is searching for a new replacement. None seems quite apt. Some have moved to talking about the 'Global North' and 'Global South' divide, but building a regional and financial wall along the equator seems even less acceptable. Emerging, used to describe nations on their way to industrialization, is just a synonym for developing, implying the same lag. Transitioning and transforming can be used to describe countries moving to a free-market approach. But they are sterile substitutes and leave many countries unaccounted. Donaldson's suggestion, less-industrialized economies, seems overworked and inconvenient, and again raises the question: less than what? Where do we draw the line?
In this day and age, is it still correct and relevant to use the term developing nation?
The social enterprise sector has its own language, an amalgam of acronyms and business buzzwords. BoP. MFI. NGO. SME. Open sourcing. Scalability. The only way to achieve fluency is through extensive reading of blogs and books, to understand how others in the field label hard-to-explain ideas. But one vital definition continues to The difficulty in finding the proper terminology comes from its evade even the most prominent social enterprise players. It's a term unfortunate purpose - dividing the world into two categories. It's an that seems ill fitting, but lacks any viable replacement. In this day and awkward, potentially age, is it still correct and relevant to use the term developing “The difficulty in finding the proper terminology unnecessary separation. It divides people and countries into nation? comes from its unfortunate purpose - dividing an “us/them” relationship. “Developing” is the most recent word to achieve that amorphous, the world into two categories. It's an awkward, But it also emphasizes an inarguable reality, and drives politically correct consensus. It's potentially unnecessary separation.” discussion on worldwide a preferred replacement to the inequalities. So for now, the now-unpopular “Third World” debate goes on. Finding that right label. Third World was coined in word might mean understanding why we need one in the first place. 1952 by French sociologist Alfred Sauvy, as a way to classify alignment during the Cold War. As non-aligned nations were mainly new, post-colonial countries struggling to find economic stability, the term became an oft-used synonym for 'poor.' Objections to the word were understandable: Does 'first' and 'third' imply a ranking or competition? Are we not all of one world? And, so, slowly, it fell out of use.
And so it was out with the Third World, in with the “developing” nation. Developing seemed less incendiary – there was no inherent ranking
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The World Bank announced last April that it would stop using the nomenclature to classify countries, only a decade or so after it dropped from the social enterprise zeitgeist. “These developing countries are now sources of growth and importers of capital goods and developed countries' services,” said World Bank Director Robert Zoellick. In today's international economy, the old dichotomy doesn't fit growing nations like China, India, and Brazil.
In today's international economy, the old dichotomy doesn't fit growing nations such as China, India, and Brazil.
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Beyond Profit Team Lindsay Clinton Lindsay directs the strategy and content for Beyond Profit and led the conceptualization of the publication. She brings seven years of experience in communications, marketing, and research. Lindsay also writes for the New York Times and the Wall Street Journal. She lives a bi-coastal life, spending time in Mumbai and New York. Lindsay loves to hike, run, bike, and practice yoga. She is passionate about development innovation.
Snail mail: 512, Palm Spring, Link Road, Malad (W), Mumbai 400064, India Call: +91-22-40359222 Email: Your feedback, contributions and thoughts ideas@beyondprofit.com Marketing programs and advertisements advertise@beyondprofit.com
Nisha Kumar Kulkarni Nisha produces content for Intellecap's publications and blogs, as well as works on various research projects. She brings five years of experience in research, operations and fundraising. She is passionate about writing and economic development strategies. As a native New Yorker, Nisha is a new transplant to Mumbai. Her free time is absorbed by exploring her new city and reading great books.
Ritika Ranjan Ritika looks after the brand development of Intellecap's publications. She comes with more than five years of experience in consulting, marketing & communications. She spent the past three years writing for 'The Right Quarterly'- a quarterly publication of Right Management. Travel, leisure and books take up a lot of her time.
Abby Callard Abby produces content for the Beyond Profit magazine and blog. She began her journalism career at the tender age of 7 when she produced a one-page newspaper that she left on her neighbors' doorstep. She hasn't looked back since. Abby has just started her tryst with Mumbai, and most of her energy is consumed by crossing the road and searching out the city's best sevpuri.
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