Generation Impact

ISBN: 978-1-78973-930-5, eISBN: 978-1-78973-929-9

Publication date: 8 January 2021


(2021), "Prelims", Richards, A. and Nicholls, J. (Ed.) Generation Impact, Emerald Publishing Limited, Bingley, pp. i-xxix.



Emerald Publishing Limited

Copyright © 2021 Emerald Publishing Limited

Half Title Page

Generation Impact

Title Page

Generation Impact: International Perspectives on Impact Accounting

Edited By

Adam Richards

Jeremy Nicholls

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2021

Copyright © 2021 Emerald Publishing Limited

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-78973-930-5 (Print)

ISBN: 978-1-78973-929-9 (Online)

ISBN: 978-1-78973-931-2 (Epub)

List of Tables and Figures

Chapter 9
Table 9.1. The Six Strategies Used to Create Financial Return
Table 9.2. Mandate Differences between Different Types of Investor
Table 9.3. Predictive Role versus Mandate Role of Various Factors
Chapter 15
Table 15.1. Social Policy and Its Assessment in Japan
Table 15.2. Social Policy and Its Assessment in South Korea
Table 15.3. Social Policy and Its Assessment in Taiwan
Table 15.4. Social Policy and Its Assessment in China
Table 15.5. Social Policy and Its Assessment in Hong Kong
Table 15.6. Comparison of Social Policy Assessment Approaches
Chapter 21
Table 21.1. A Framework of Organisational Social Impact Archetypes and Associated Impact Behaviour
Chapter 1
Figure 1.1. Impact – The Missing Dimension
Figure 1.2. Results Chain – From Inputs to Impact
Chapter 3
Figure 3.1. The New Aspects of Impact Valuation: From Traditional Reporting to Impact Valuation
Chapter 4
Figure 4.1. Civil Society Organizations' Perception and Practice of Social Impact Measurement
Figure 4.2. How Often Stakeholders are Consulted while Designing a Project
Chapter 5
Figure 5.1. Constituent Voice: Turning Feedback Into Data, Voice and Solutions
Figure 5.2. Example of a Summary Graph From the Data Explorer Tool
Figure 5.3. Results From a Survey Question Segmented by Sex of Respondent
Chapter 7
Figure 7.1. Integral Data Flowchart for Evaluating System Value Creation
Figure 7.2. Thresholds-free Reporting
Figure 7.3. Progression Performance in the MultiCapital Scorecard
Figure 7.4. A Sample MultiCapital Scorecard with Consolidation across Areas of Impact
Chapter 8
Figure 8.1. IIX Sustainability Pyramid
Chapter 9
Figure 9.1. Financial Assets under Management
Figure 9.2. The Process of Investing Institutional Capital
Figure 9.3. The Current Structure of Impact Investing Does Not Align with Portfolio Management
Figure 9.4. The General Theory of Impact
Figure 9.5. Example of Value Bridge Analysis
Figure 9.6. Effect of Including Impact as a Third Objective in Portfolio Optimisation
Chapter 10
Figure 10.1. Map of Afram Plains District
Chapter 14
Figure 14.1. Whānau Ora Commissioning Model
Figure 14.2. WOCA Commissioning in Whānau Ora Value Chain
Chapter 17
Figure 17.1. The Drift Transition Pathways X-Curve
Chapter 20
Figure 20.1. The Impact Ecosystem Spectrum
Figure 20.2. Investing for Impact and Investing with Impact – Key Characteristics of the Two Impact Strategies
Figure 20.3. Charter of Investors for Impact
Figure 20.4. Charter of Investors for Impact: Principles 1, 3 and 5
Figure 20.5. Live Poll Results from EVPA 15th Annual Conference in the Hague, n = 50
Figure 20.6. Objectives of Impact Measurement by Percentage (%) of Investors for Impact in FYs 2015, 2017 –Subsample n = 53
Figure 20.7. Nonfinancial Support Provided by Investors for Impact Linked to Social Impact Measurement and Management in FYs 2011, 2013, 2015 and 2017
Figure 20.8. The Five-step Impact Measurement and Management Process
Figure 20.9. The Impact Management Principles
Figure 20.10. Investor for Impact Card – Karuna NL Foundation
Figure 20.11. Investor for Impact Card – Ferd Social Entrepreneurs
Chapter 21
Figure 21.1. A Framework of Social Impact Archetypes

List of Contributors

Ravi Abeywardana Manager, Finance for Sustainability, Olam, UK
Matthew Baqueriza-Jackson Independent Policy Advisor, UK
Naina Subberwal Batra Chairperson, Asian Venture Philanthropy Network, Singapore
Bill Baue r3.0, Connecticut River Valley, USA
Asgar Bhikoo Monitoring and Evaluation, Allan Gray Orbis Foundation, Cape Town Area, South Africa
David Bonbright Keystone Accountability
Ben Carpenter CEO, Social Value International, Liverpool, UK
Eugenia Ceballos Hunziker Head Sustainable Procurement and Impact Valuation, LafargeHolcim, Zürich Area, Switzerland
Malcolm Cheetham Lead of Novartis Group’s integrated reporting initiative Novartis (retired), Basel Area, Switzerland
Shaun Doran FRC Group, Liverpool
Lisa van Eck MBA candidate, Oxford University, Oxford, UK
Jed Emerson Independent Strategic Advisor to Impact Investors, New York, NY, USA
Agata Fortuna Koc University, Istanbul
Gianluca Gaggiotti Research Associate, European Venture Philanthropy Association, Brussels, Belgium
Alessia Gianoncelli Head of Knowledge Centre, European Venture Philanthropy, Brussels, Belgium
Mark Gough CEO, The Capitals Coalition, Woodford Green, Greater London
Sonja Haut Head Strategic Measurement and Materiality, Novartis, Basel Area, Switzerland
Christian Heller Vice President at BASF and CEO of the value balancing alliance, Frankfurt Am Main Area, Germany
William Hendradjaja Social Innovation Accelerator Program (SIAP) Indonesia
Adrian Henriques Independent Social Auditor, London, UK
Victoria Hurth Cambridge University, Cambridge
Agnieszka Koziel National Central University, Taiwan and Yunus Social Business Centre, Taiwan
Sneha Lakhotia Policy Lead and Senior Researcher, Wai research, Auckland, New Zealand
Khutjo Langa Head of Monitoring, Evaluation and Reporting at Property Point, Johannesburg Area, South Africa
Moon Leoma Social Innovation Accelerator Program (SIAP) Indonesia
Lana Lovasic Social Innovator and Entrepreneur, Simanye, Impact Hub Joburg, Johannesburg Area, South Africa
Anne Lythgoe VCSE Accord Implementation at Greater Manchester Combined Authority, Manchester, UK
Catherine Manning Assurance and Accreditation Manager, Social Value International & Operations Manager for Social Value UK, Liverpool, UK
Jeremy Nicholls Founder Social Value International, Liverpool, UK
Nina Norjama Director, Social Responsibility at UPM, Helsinki Area, Finland
Gonca Ongan Koc University, Istanbul
Gayle Peterson Senior Managing Director, pfc Social Impact Advisors, Oxford, UK
Marina Prada Head Sustainability Performance at Syngenta, Basel Area, Switzerland
Andre Proctor Keystone Accountability
Nonceba Qabazi Regional Programme Associate, Aspen Network of Development Entrepreneurs, Johannesburg Area, South Africa
Jenny Retief CEO of Riversands Incubation Hub, Johannesburg Area, South Africa
Adam Richards Director of Impact, Social Value International, Liverpool, UK
Stephanie Robertson Founder & Chief Impact Officer SiMPACT Strategy Group, Calgary, Alberta Canada
Yulia Romashchenko Director, Charities Aid Foundation, Moscow, Russia
Marina Schurr Sustainability Director at adidas, Nürnberg Area, Germany
Lene Serpa Lead sustainability and ESG Strategy, Governance and Reporting, Maersk, Copenhagen, Denmark
Durreen Shahnaz Founder and CEO, Impact Investment Exchange, Singapore
Andreza Souza Sustainability Manager, Natura, São Paulo Area, Brazil
Professor Chien-Wen Shen National Central University, Taiwan and Yunus Social Business Centre, Taiwan
Shawn Theunissen Founder and CEO of Property Point, and head of CSR at Growthpoint Properties, Johannesburg Area, South Africa
Pearl Tiwari CEO, Ambuja Cement Foundation, India
María Luisa Villa Valuation Lead, Cementos Argos, Colombia
Gabriele Wende Director, Environment & Responsibility, UPM, Munich Area, Germany
Karen E. Wilson OECD, Paris
David Wilton CEO, Zheng Partners LLC
T. Robert Zochowski III Harvard Business School, Boston

About the Authors

Ravi Abeywardana (Olam). Ravi Abeywardana is a Manager, Finance for Sustainability, at Olam and is a Chartered Accountant with ICAEW. Ravi uncovers Olam's hidden costs and benefits (impacts) and dependencies on the environment and society, intertwining this with global business-as-usual financial decision-making. He read Geography (B.A. Hons) at the University of Liverpool.

Matthew Baqueriza-Jackson is an Independent Policy Advisor, who works with local authorities in the United Kingdom and Europe to embed Social Value into their Strategies, Processes and Practices. He is Chair of the Greater Manchester Social Value Network and his Twitter handle is @mattjackson170

Bill Baue is a systems change catalyst who serves as Senior Director with r3.0 (Redesign for Resilience & Regeneration). He co-founded Sustainability Context Group, Sea Change Radio, ThriveAbility Foundation, and Currnt, and helped instigate Science Based Targets initiative (where he serves on the Technical Advisory Group). He has worked with Cabot Creamery Coop, Ceres, GE, Harvard, UNCTAD, UNEP, UNRISD and Walmart and serves on the board of Co-op Power and as a Senior Adviser to Preventable Surprises.

Asgar Bhikoo (Monitoring and Evaluation, Allan Gray Orbis Foundation) is a Monitoring and Evaluation and Corporate Social Investment professional that has worked in the development sector for the past 10 years. He has served on the Board of the South African Monitoring and Evaluation Association from 2016 to 2019. He currently works for the Allan Gray Orbis Foundation.

David Bonbright, also a Keystone co-founder, has spent the past four decades supporting and innovating ways to support effective civil society. He is now working on a book about Constituent Voice that he describes as ‘my experiments with mutual accountability’.

David Wilton has over 20 years' experience in double bottom line investing, and is currently CEO of Zheng Partners LLC and was previously Head of Impact Investing at Morgan Stanley Alternative Investment Partners, Chief Investment Officer and Manager, Global Private Equity for the International Finance Corporation and a member of the G8 Working Group on Impact Investing.

Ben Carpenter is the CEO of Social Value International. Ben was Assurance and Accreditation manager for three years; he is a member of the British Standards Institute for enhancing social value and a member of the Local Government Association's National Social Value Taskforce and leads SVI's involvement with the Impact management Project.

Eugenia Ceballos Hunziker (LafargeHolcim). Eugenia Ceballos Hunziker, Head Sustainable Procurement and Impact Valuation at LafargeHolcim, is responsible for the implementation of the sustainable procurement strategy across the group and the Group Integrated Profit & Loss statement. Eugenia holds an executive MBA, MSc in Sustainable Business and Supply Chain and a BSc in Systems Engineering.

Shaun Doran's remit is to ensure that FRC Group's trading companies – Furniture Resource Centre and Bulky Bob's – achieve both commercial success and a social dividend. Additionally, it is Shaun's responsibility to manage the FRC Group's ambitious growth programme including the incremental growth of existing businesses and the creation of new social businesses.

Jed Emerson is the originator of the concepts of Blended Value and Total Portfolio Management, and has extensive experience leading, staffing and advising funds, firms, social ventures and foundations pursuing financial performance with social/environmental impact. He is an internationally recognised Thought Leader in impact investing, social entrepreneurship and strategic philanthropy. His writing and last book are available at his web sites.

Agata Fortuna Uluç works at Koç University Social Impact Forum as a Project and Training Senior Specialist, where she focusses on activities aiming to increase awareness and capacity of Turkish social impact actors on social impact management. She co-teaches courses on social entrepreneurship and social impact management at Koç University.

Gianluca Gaggiotti is a Research Associate at EVPA, where he is directly involved in several research activities, with a specific focus on data collection and analysis. Gianluca has previously worked as Research Assistant within the field of development economics at Bocconi University, where he holds a Master in Economics and Social Sciences.

Alessia Gianoncelli is a Head of Knowledge Centre at EVPA, where she is responsible for research activities and content development. Since 2014, within EVPA, she developed an in-depth knowledge on the impact ecosystem. Alessia was blue book trainee at the European Commission, DG ECFIN, working on social enterprises and SMEs market assessment.

Mark Gough is the CEO of the Capitals Coalition, a global collaboration transforming how we make management decisions. He has had a varied career in both the public and private sectors and sits on a range of boards and committees. He is energised by people and good conversation.

Sonja Haut has developed the Financial, Environmental and Social impact valuation approach at Novartis since 2015. In this role, she co-authored numerous case studies. Since 2019, she heads the Strategic Measurement and Materiality team. Working with the Impact Valuation Roundtable companies, she co-authored the White Paper on Operationalizing Impact Valuation.

Christian Heller is Vice President at BASF and CEO of the value balancing alliance. Before, Christian lead BASF's Value-to-Society program and had various roles in communications, sustainability and human resources. Christian is a member of the International Advisory Group of Shift's Valuing Respect Project and the Natural Capital Coalitions Advisory Panel.

William Hendradjaja is the Co-founder and Managing Partner at SIAP. He is an active community builder of Jakarta Social Entrepreneurs Community and has co-founded a couple of impact initiatives including Impact Hub Jakarta, a coding bootcamp ( and an online platform to train, certify and connect programmers to jobs ( William had also been selected as one of the Young Societal Leaders from Singapore.

Arian Henriques is an adviser on corporate responsibility, social accountability, supply chain issues and sustainability. Adrian was for five years a member of the Global Reporting Initiative Steering Committee. His publications include ‘Traceability: towards a history of everything; BRE’ and ‘Corporate Truth: the limits to transparency’.

Victoria Hurth is a Visiting Fellow of Cambridge Judge Business School. Previously a consultant at Accenture, her research focusses on ‘purpose-driven organisations’ and the role of marketing, governance, leadership and culture in enabling them. She is Convenor of the first ISO global governance standard ‘Guidance for Governance of Organisations’ (ISO37000).

Agnieszka Kozieł is a PhD student of Business Administration at National Central University and Taiwan Government Scholarship Holder. Her research concentrates on management information systems with the focus on social impact in Asia and Europe.

Sneha Lakhotia has over ten years of diverse experience across the health and social sector. She is currently the Policy Lead and a Senior Researcher at Wai Research, New Zealand. Her work involves designing frameworks to inform and integrate data and evidence with design and practice to give effect to better policies and social change.

Khutjo Langa is the Head of Monitoring, Evaluation and Reporting at Property Point. Langa holds a BSc in Physical and Mineral Sciences with majors in Mathematics and Physics. He is the Head of Monitoring, Evaluation and Reporting at Property Point. His role also includes research, with a keen interest in impact investing in South Africa. He is young and dynamic.

Lana Lovasic is one of the Directors of Simanye Group, a business focussed on strategic BEE, Social Enterprise, and Economic Development advisory services as well as researching, developing and investing in innovative social enterprise models. She is also a Director and Co-Founder of Impact Hub Joburg – a social enterprise incubator and co-working space.

María Luisa Villa has a bachelor's degree in International Business from EAFIT University and a Master's in International Development and Humanitarian Emergencies from LSE. She has 12 years of experience leading sustainability and development initiatives in the construction and mining sectors. Currently, she is the Valuation Lead at Cementos Argos.

Anne Lythgoe is a Director of the Social Audit Network, a member of the Council of Social Value UK, and has extensive experience in the public and third sectors including commissioning, strategy and evaluation. Her twitter handle is @anne_lythgoe

Malcolm Cheetham led the Novartis Group's integrated reporting initiative from 2015 to 2017 and developed the Group's innovative Financial, Environmental and Social (FES) impact valuation approach. Previously, Malcolm was the Group's Chief Accounting Officer and prior to this was an audit partner with one of the major auditing companies.

Catherine Manning is Assurance and Accreditation manager for Social Value International and Operations Manager for Social Value UK. Catherine leads the stakeholder engagement exercise in developing the SVI assurance criterion and standards. She oversees all assurance services for Social Value UK and was part of World Business Council for Sustainable Development's Re-defining Assurance Project.

Moon Leoma is responsible for the Impact Management curriculum and program design at SIAP. Moon has 5+ years' experience in entrepreneurship management and business strategy and managed several Social Enterprises in the SIAP Accelerator Program. Moon pursued her postgraduate study in Innovation Management and Entrepreneurship at the University of Manchester, UK.

Jeremy Nicholls is the founder of Social Value International, the global movement that unites those interested in improving the way that society accounts for its impacts. Jeremy is a non-executive director of the FRC Group (a social business based in Liverpool) and the Social Investment Business (a social investor). He is a visiting professor of social value at Staffordshire University, chairs the British Standards Institute's social value committee and is an advisor to the Impact Management Project.

Nina Norjama works as Director, Social Responsibility at UPM and is a professional both in sustainability and sourcing. Her main areas of expertise are business and human rights, responsible sourcing, climate, circular economy, responsible investing and stakeholder engagement. She is also a trained ISO 14001 and Social Systems Lead Auditor.

Gonca Ongan is the Managing Director of Koç University Social Impact Forum. For the last 15 years, she has built up her experience in the social economy sector. She has been teaching social impact and social entrepreneurship at the university and supporting social impact actors to increase their positive social impact.

Marina Prada is Head Sustainability Performance at Syngenta. She leads the company's nonfinancial reporting and advises on its sustainability agenda, performance management and disclosure. Prior to joining Syngenta in 2012, she worked in sustainability consulting at PwC. Marina is an Environmental Engineer and holds a Master of Business Administration.

Gayle Peterson is a co-founder of an international consultancy offering strategic guidance in leadership development, programme strategy and impact measures to leading foundations, corporations, impact investors, governments and intermediaries. With over 20 years' experience as a strategist, philanthropist and trusted adviser to social investors worldwide.

Andre Proctor is based in Cape Town and is a co-founder of Keystone Accountability. Andre leads on Keystone's Constituent Voice Learning System (CVLS) developed through multiple engagements with international development agencies, philanthropic foundations, international NGOs and private companies where relationships with customers and communities are key to their success.

Nonceba Qabazi began her career as a professional working for the Banking Association of South Africa. She then worked closely in assisting with the founding projects of the Centre of Excellence in Financial Services. Her passion for development economics led her to her current position as Regional Programme Associate at ANDE.

Jenny Retief has a career that spans the corporate world, entrepreneurship and CSI. She founded her first software business at 28. She then joined Hollard Insurance and where she became Head of Group IT and Systems. She was the founding CEO of Riversands Incubation Hub, a position she held till 2020.

Adam Richards believes we are capable of living in a better world – one where the voices of people are amplified to influence how we make decisions that affect their lives. After gaining his doctorate by embedding and examining the potential of social return on investment (SROI) within social enterprise, he now spends much of his time supporting people and organisations around the world to help them improve their ability to improve the impacts they have on the lives of people.

Stephanie Robertson is the Founder and Chief Impact Officer of SiMPACT Strategy Group (SiMPACT). Based in Canada, SiMPACT is a leading expert on demonstrating the value of investment to impact community and society. SiMPACT's vision is that the value of every investment in society will be understood, embraced and maximised. Stephanie is Board Chair of Social Value Canada and the Canadian representative to the Board of Social Value International. She has been actively involved in the social value movement since 2001.

Yulia Romashchenko holds master's degrees in Languages and Finance Management. She is in charge of CAF Russia's programmes and impact measurement/management and helps to develop an associate network of SVI in Russia.

Marina Schurr is Sustainability Director at adidas and leads the company's efforts related to impact measurement and valuation. Marina holds a master's degree in Environment and Development by the LSE and acted as a sustainability consultant for 10 years before joining the adidas' sustainability team in 2015.

Lene Serpa leads Maersk's work on sustainability and ESG strategy, governance and reporting. She has been with Maersk since 2011, having previously worked at Novo Nordisk and Mandag Morgen, and as an independent sustainability consultant. Lene holds an MSc in International Business Administration and Modern Languages from Copenhagen Business School.

Durreen Shahnaz, CEO and Founder of IIX, is a successful serial entrepreneur, banker, media executive and academic. Durreen was awarded the prestigious Joseph Wharton Social Impact award, the Asia Society's Asia Game Changer Awards and the Oslo Business for Peace Award for IIX's work globally.

Andreza Souza has over 14 years of experience in the fields of sustainability, project engineering and supply chain. Majored in Food Engineering and with a Master's in Quality and Production Management, as a Sustainability Manager at Natura, she leads the Corporate Social Impact agenda and the company's Impact Valuation strategy.

Naina Subberwal Batra joined AVPN as the CEO in 2013 and was appointed as Chairperson in 2018. Over the last seven years, AVPN's membership has tripled under Naina's leadership. The organisation's network of members has expanded to include the entire ecosystem of impact funders from philanthropists to impact investors and committed private sector partners. In 2019, she was appointed one of Asia's Top Sustainability Superwomen.

Shawn Theunissen is the Founder and CEO of Property Point and head of CSR at Growthpoint Properties. He has over 16 years' experience in senior management, with skill set including business support systems design and implementation. Shawn holds a BCom and a master's degree, as well as various international qualifications.

Pearl Tiwari is the CEO of Ambuja Cement Foundation and President (CSR and Sustainability) at Ambuja Cements. She has delivered impactful socioeconomic development across Ambuja's geographies and won several national and international awards. During her career she has worked across diverse academic, non profits and in CSR roles.

Lisa van Eck is an MBA candidate at Oxford University, where she is Director of Development of the Oxford Africa Business Alliance and a Chevening scholar. Since 2014, Lisa has strengthened entrepreneurial and emerging technology ecosystems in South Africa through her work at the Aspen Network of Development Entrepreneurs and her startup Blink.

Chien-Wen Shen is a Professor of Business Administration at National Central University. He also serves as the Division Director of the University Social Responsibility Office and the Director of the Yunus Social Business Center and the Center for Media and Social Impact. In addition to his academic work, he is an executive director of Social Value Taiwan. He received his MS and PhD in Industrial Engineering and Management Sciences from Northwestern University.

Gabriele Wende, Dipl. Oec., works since 1997 at UPM-Kymmene Corporation (until 2001 Haindl Papier GmbH) in environment and responsibility positions. Since 2016, she is Director, Responsibility, focussing on responsibility-related reporting and standards, including GRI, CDP, product environmental footprints and impact valuation. She is located in Augsburg, Germany.

Karen E. Wilson has worked with the OECD since 2009 on entrepreneurial finance, innovation, impact investment and impact measurement. She is the Founder of GV Partners and a lecturer on sustainable finance. She received, with honors, Bachelors of Science in Mathematics and Management from Carnegie Mellon University and an MBA from Harvard Business School.

T. Robert Zochowski is the Program Director for the Impact-Weighted Accounts Project overseen by Professor George Serafeim, the Social Impact Collaboratory and the Project on Impact Investments at Harvard Business School. Previously, Rob was a Vice President at Goldman Sachs where he had roles in Investment Product Innovation, Strategy & Development, Alternative Investment Strategies and Private Wealth Management. Rob has consulted with the National MS Society, where he is currently a board member for the Greater New England Market, and the World Wildlife Fund. He was a 2019 Three Cairns Climate Fellow focussed on mitigating the environmental effects of charcoal use in Mozambique. Rob received his MBA from Columbia Business School in the Executive Program where he concentrated on Social Enterprise and Impact Investing. Rob is the 2019 recipient of the Carson Family Changemaker Award, which recognises commitment to the field of social enterprise. Rob earned his Bachelor's Degree in Economics from Georgetown University where he graduated Magna Cum Laude


There are days when I am very pleased to be a part of our global change community and sincerely honored to have played a role in working with others to advance our shared agenda. Over the past thirty years I’ve been involved in these efforts, we have seen major and substantive advancement on any number of fronts:

  • Our general approach to understanding the potential role of business in pursuing not only profit but also positive impacts in our world has clearly evolved over the years.

  • The amount of purpose-driven capital (by which I mean sustainable, responsible, ESG integration and impact investing) has grown from niche market to, depending upon which banner one carries, billions if not trillions of dollars now being invested across the globe.

  • Mainstream business leaders from the CEOs of major financial institutions to transnational companies are moving to embrace the idea – long recognised by others – that ‘modern’ capitalism as practiced over past decades cannot be the economic system that will meet our great and diverse needs over decades to come.

  • The role of entrepreneurs in creating not only market and technology innovations but also the advancement of a vision of sustainable markets and ‘tech for good’ has catalysed start-ups and enterprise creation in seemingly every country on Earth.

  • The awareness and activism of broad segments of societies mobilising to address global climate change and the need for greater social and economic justice make for daily public headlines and personal inspiration for us all.

We are truly witnessing a coming together of broad segments of nations around the world, focussed upon advancing positive change and creative solutions to the problems confronting not only humanity but also the existence of every living being and ecosystem on this planet.

This and so much more gives one real hope for our future.

And yet, it is quite simply not enough.

There are long nights when I sit in darkness, watching the shadows of our wasted energies play out on the wall, reflecting on the day's emails and headlines and mulling over our challenges and frustrations. There are nights when I pause in effort to regroup and renew, only to realise none of our current actions will be adequate or enough or sufficient to address what awaits us in the course of coming days. There is just so much that will have to change and evolve or die:

  • The mistaken notion we may do well and do good without modifying either our lifestyles or material and conscience lives.

  • The idea that markets alone will create the solutions we seek.

  • The belief those who have and control will continue to be able to hold and direct.

  • The very idea that we can know – that we can simply innovate our way through all this – without a fundamental reframing of our core assumptions and understanding of what it means to live, to prosper and to be as opposed to become; what it means – regardless of who we are or where we may live – to spend our lives as truly responsible stewards of a planet and as fulfilled fiduciaries of the future.

In my more optimistic moments, I can see how we might break through the fog of the present to create the future we say we seek, but in a great many other moments, I'll confess to being less than positive and less than upbeat concerning our prospects. Despite those who would have us celebrate humanity's great progress and supposed advancements, i our Earth continues in decline, taking many of us (both human and non-human) with it. International bodies of our world's leading scientists tell us we have less than 15 years to redirect not simply our consumption but also our very economics and that global capitalism itself must be completely reconceived if we are to survive as a species. That is less than a generation. In so many ways one cannot help but conclude ‘the horse is out of the barn’ and, in all honesty, our ability to redirect our energies and practices ran away with it.

If we were to simply consider the elements of global financial capitalism that must be redefined and altered, that would be one thing and certainly enough of a challenge, but there is that together with our need to confront extremism of various sorts, to move beyond the easy panic of scarcity and fear which now seems to drive so much of our public discourse (if that is what it may now be called), to address gender, racial, class and so many other injustices in our world. Yes, we have certainly witnessed stunning and profound advances in technology and communication that hold such great promise for our future and at the same time have buried within them the seeds of our common demise. As Martin Luther King, Jr., said,

Our scientific power has outrun our spiritual power.

We have guided missiles and misguided men. ii

We may well create the needed tools to build a new world, but there is no guarantee we will know how to apply them to the just and sustainable ends we claim to seek. If we are to get to the other side of this boiling Rubicon and if we are to create the communities we must have, we need to alter not only how we think and are present in the face of these challenges iii but also revise our understanding of our task, our tools and our possibilities. We must act not simply to minimise our negative impacts or modify our questionable practices but to redirect our energies entirely towards the advancement of sustained, deep and mutual impact. We must manage our capital, our organisations and our very selves for the attainment of a changed planet.

This volume represents some of our community's best and most current thinking, vision and experience with regard to impact management. Some names you will know, and others you will come to know, but in each case what follows are the words of those not simply reflecting on the nature of a changed world (as important as that is!) but reflecting on what must happen for us to get there.

Impact management is the ‘how’ – the vehicle – which will help us bring into reality our greater understanding of the ‘why’. The themes explored in the following pages range from how we manage organisations to how we deploy capital, how we develop and then apply new policy and regulations and how we might use networks and organised communities to advance the global solutions we must now advance.

What follows are the thoughts and words of our colleagues and contemporaries who, together with you, are changing the prospects of our common future. However, these are not the final words. They are a stepping back, a reframing and a renewal of our community's understanding of what lies before us, both in prospects and possibility. I invite you to contemplate what follows and assess how you might best embrace what you view as the positive and negative of what these pages present you.

And I hope you will renew and advance your own good efforts to create the change you seek in the world for it is the only world we have. And through these writings, our colleagues welcome you to engage in this continued process of renewed creation.

Celebrate the Struggle!

Jed Emerson

Ustaoset, Norway


Thanks to everyone that has contributed to this book. Each author has brought their own perspectives, grounded in their experiences and we are eternally grateful for their dedication, openness and willingness to challenge the status quo to create a world of greater equality and environmental protection.

We are also eternally grateful to the people we have close to us – you keep us sane, when at times we feel like we are trying to do something that is not for those with sanity. Onwards.



The Stephen Pinkers and Hans Rolling and any number of venture investors marketing the innovations in which they invest, the killer apps for poverty and business solutions, all somehow viewed as one and the same, as it were….


The Wisdom of Sustainability: Buddhist Economics for the 21st Century, Sulak Sivaraksa, Koa Books/Chiron Publications: North Carolina, 2016, 20.


This is the topic of my last book, The Purpose of Capital: Elements of Impact, Financial Flows and Natural Being, the free Ebook of which is available at

Introductions for Impact
Chapter 1 The Imperative for Impact: The Global Context
Managing for Impact
Chapter 2 A Mission to Maximise Social Value
Chapter 3 The Practitioner's View
Chapter 4 Managing Social Impact in Practice or Why Asking Questions Is So Hard – Experience of Koç University Social Impact Forum in Turkey
Chapter 5 Constituent Voice: Feedback Loops, Relationships and Continual Improvement in Complex System Change
Chapter 6 The Path to a (Faster) Systemic Change
Chapter 7 From Impact Management to System Value Creation
Investing for Impact
Chapter 8 The Risks Not Taken: Building Inclusive Markets for Underserved Communities
Chapter 9 Impact Investing – A Sleeping Radical?
Chapter 10 Moral Money: Do No Harm in Social Investing
Policy and Commissioning for Impact
Chapter 11 Social Value in Commissioning
Chapter 12 Procurement for Maximum Impact
Chapter 13 Maximising Social Value in Russia: For Never Was a Story of More Woe
Chapter 14 Commissioning for Outcomes – An Indigenous Model in New Zealand
Chapter 15 Public Policy for Social Value Creation in East Asia
Assuring for Impact
Chapter 16 Assurance – Do We Know Enough?
Networks for Impact
Chapter 17 How to Do Good Collaboration
Chapter 18 The Entrepreneur at the Centre of Entrepreneurship Development Support: More Novel than Obvious? Lessons from South Africa
Chapter 19 The Power of Networks: How to Do It Right
Chapter 20 Managing for Impact: The Role of Investors’ Networks in Enhancing Appropriate Impact Measurement and Management Practices
Scoping for Impact
Chapter 21 If You Want to Go Far, You Need to Go Deep: A Framework of Impact Archetypes
Chapter 22 The Promise of Impact Accounting
Conclusions for Impact
Conclusions for (More) Impact