The Impact Investor: Lessons in Leadership and Strategy for Collaborative Capitalism (Cathy Clark, 2014)


  • 3 core elements of collaborative capitalism - transparency, outcomes orientation, attention of constituency
  • Key actors and activities
    • Asset owners: high-networth individual, corporation, government, employees, retail investor, foundation
    • Asset managers: investment advisor, fund manager, family office, foundation, bank, corporation, venture fund, impact investment fund/intermediaries, pension funds, sovereign wealth funds, development finance institution, government investment program
    • Demand-side action: corporations, small and growing business, social enterprise, cooperative, microfinance institution, community development financial institution
    • Service providers: network, standards-setting body, consulting firm, non governmental organisation, university, capacity development providers, government program
  • Impact value chain: (input) what is put in the venture > (activities) > (outputs) results measured through venture’s operations > (outcome) change to social system - what would have happened = impact > (goal alignment) activities and goals adjustment
  • Investment strategy: (blueprint / private interest driven) early stage innovators > (scale / private interest driven) scale agents > (blueprint / public policy driven) first responders > (scale / public policy driven) solution specialists
  • Enterprise theory of change (if people use solar then there will be less fire) vs lender theory of change (if loan are given to be repaid in a smaller amount more people will receive education)
  • Impact motivated (financial returns) > impact committed (social impact) > impact certified (third party validation)
  • Mission first and last approaches: structural (DNA), strategic (defined attributes), investor driven (specific mission objectives), thematic (social or environment impact)
    • Tool kit: gaining clarity, aligning internally, aligning externally with investors and stakeholders, tracking and reporting
  • Symbiosis tool kit: acquire knowledge, build partnerships, be visionary, proceed with integrity
  • Purpose of catalytic capital: sustaining, seeding, risk-reducing, signaling
    • Toolkit: know how, know who and why, think expansively, invest strategically, review collectively
  • Global impact trends: from outputs to outcomes to integrated performance, the investor’s right to know, the globalisation of financial impact innovation, innovation in impact education, postpartisan public leadership, the twenty-first-century fiduciary, the promise of philanthropic rebirth, the great thaw, corporate alignment, going all in-the family office as foundation, investor, and advocate
  • Multilingual leadership tool kit: learn, adapt, act


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