Technical ReportPDF Available

Guidebook for Impact Investors: Impact Measurement

Authors:

Abstract

The guide provides investors with a basic overview of social metrics for impact investing, an outline of the issues and challenges of social impact measurement, a summary of existing social impact measurement tools and a description of how they are being used, and a set of diagnostic tools to help investors think through key questions and issues related to measurement.
December 2012
GUIDEBOOK FOR IMPACT INVESTORS:
Impact Measurement
Venture Deli gratefully recognizes the support of
Human Resources and Skills Development Canada
Authors:
Hilary Best, Karim Harji
Research Assistance:
Alex Kjorven
Contact the Authors:
info@purposecap.com
The opinions and interpretations in this publication are those
of the authors and do not necessarily reflect those of the
Government of Canada.
Les opinions et les interprétations figurant dans la présente publication
sont celles des auteurs et ne représentent pas nécessairement celles du
Gouvernement du Canada.
© 2012 Venture Deli/Purpose Capital
3 TABLE OF CONTENTS
INTRODUCTION 4
METHODOLOGY 5
OVERVIEW OF SOCIAL METRICS
FOR IMPACT INVESTING 5
CHALLENGES OF SOCIAL
IMPACT MEASUREMENT 7
EXISTING SOCIAL IMPACT
MEASUREMENT TOOLS 8
DIAGNOSTIC TOOL AND WORKSHEETS 14
WORKSHEET 1: USING SOCIAL IMPACT
MEASUREMENT TOOLS OVER THE
LIFECYCLE OF AN INVESTMENT 17
WORKSHEET 2: CHALLENGES
OF SOCIAL IMPACT MEASUREMENT 18
TABLE OF
CONTENTS
4 INTRODUCTION
INTRODUCTION
This guide is for impact investors who are interested
in enhancing their use of social metrics. Impacts invest-
ments are “investments intended to create positive
impact beyond financial returns” (O’Donohue et al.,
2010). Impact investors are intentional in their efforts to
generate both social and/or environmental goods and a
range of returns, from principal to above-market.
Just as a variety of financial indicators help you to
assess opportunities, make decisions and monitor your
investments, those seeking to generate non-financial
returns use non-financial indicators to inform the
investment process. These indicators, or social metrics,
are often used to evaluate the social or environmental
outcomes or impact of a project/company/organization.
In this way, you can assess the outcomes that happened
as a result of your involvement.
This guide was created out of a recognition that social
impact metrics can sometimes serve as a barrier to
investors who are new to the impact investing space.
While the field of measurement is developing quickly,
the diversity and complexity of many of the existing
measurement systems can be confusing.
This guide seeks to provide you with:
A basic overview of social metrics for impact
investing
An outline of the issues and challenges of social
impact measurement
A summary of existing social impact measurement
tools and a description of how they are being used
A set of diagnostic tools to help you think through
key questions and issues related to measurement and
to select appropriate social impact metrics based on
your goals
Venture Deli was selected by Human Resources and
Skills Development Canada to create this guide because
of our extensive experience with metrics. Through
our investment division, Purpose Capital, we support
investors and advisors in building strategies that align
their investments with their social and environmental
impact objectives. This includes offering approaches to
measure and report on social value creation.
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
5 OVERVIEW OF SOCIAL METRICS FOR IMPACT INVESTING
METHODOLOGY
This guide is informed by a literature review of key academic and practitioner publications on the use of social
metrics, with a focus on Canadian content, as well as key informant interviews with over 20 Canadian investors
active in impact investing. These individuals represent the breadth of the Canadian investment market place,
including private equity, venture capital, chartered banks, credit unions, pension funds, individual investors and
foundations. It is important to note that the needs of these investors differ with regards to metrics.
OVERVIEW OF SOCIAL METRICS FOR IMPACT INVESTING
As an impact investor, you will use social impact metrics for a variety of purposes. Your choices in terms of what
metrics you use and how you use them will be shaped by your purpose.
Timeline: Use of Metrics over the Lifecycle of an Investment
INVESTMENT
STAG E DESCRIPTION THE INVESTOR PERSPECTIVE
Making Investment
Decisions
Metrics can help you to understand
choices and tradeoffs with regards to
impact when making an investment
decision. Metrics can also help to
determine a potential investment’s
fit with your focus and expertise.
Metrics are part of our process to screen out unwanted
sectors or companies.
– Metrics Service Provider, Ontario
Identifying and
Mitigating Risk
Metrics are helpful in identifying and
mitigating risk. Existing taxonomies,
such as the Global Impact Investing
Rating System (GIIRS) and the
Impact Reporting and Investment
Standards (IRIS), can be used as
a component of your risk assess-
ment process.
We incorporate social/environmental metrics into our
due diligence checklist and our investment team rates
potential investments on this basis.
– Manager, Impact Investment Fund, BC
Strong environmental, social and governance (ESG)
performance is a good proxy for overall management
and can be critical in evaluating overall exposure to risk
that may threaten financial performance
– Director, Pension Fund, Ontario
Capturing Long
Term Value
Increasingly, the limited ability of
traditional financial return models to
capture long-term value creation is
being recognized. Social metrics help
to ensure that this value is captured
in decision-making.
Metrics help us to identify and reject projects with
heightened social and/or environmental risk – it
indicates an unsustainable future.
– Director, Pension Fund, Ontario
Tracking Progress Once an investment has been made,
metrics can be used to track invest-
ments to ensure that your financial
and social objectives are being met.
Metrics can serve as a manage-
ment tool to ensure that a project/
company/organization is on track to
achieve its intended impact.
Shareholder engagement has become an increasingly
popular strategy amongst our clients. As shareholders,
they can monitor a company’s performance, file proxies
and have an impact on their performance. Our clients
view themselves as having more impact as active
shareholders than once they’ve divested.
– Investment Specialist, Investment Manager, Ontario
OVERVIEW OF SOCIAL
METRICS FOR IMPACT
INVESTING
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
6 OVERVIEW OF SOCIAL METRICS FOR IMPACT INVESTING
INVESTMENT
STAG E DESCRIPTION THE INVESTOR PERSPECTIVE
Improving the
Project/Company/
Organization
Metrics can help a project/company/
organization to pivot and improve
their model if they see that a
financial or social dimension of their
business is not being achieved.
We monitor the companies we invest in on a monthly
basis. If they make measurable progress with the
hiring and advancement of individuals with barriers to
employment, we are able to adjust the interest rate on
their loan.
– Investment Manager, Investment Fund, Ontario
Proving Impact
and Attribution
Once an investment is complete,
metrics can help you to understand
and capture the value achieved. This
is particularly important if you have
specific social impact goals. Metrics
identify progress made towards
your goals and what portion of this
progress you have helped to create.
Attribution is hard to achieve but it is critical. Things
are changing all of the time. It’s tough to know if what
you are measuring is a result of an effective interven-
tion or whether you are under or over estimating
external factors.
– Program Officer, Foundation, Quebec
Being Accountable
to Stakeholders
Metrics allow you to report on and
remain accountable to stakeholders
with regards to social/environmental
value creation. This is particularly
important for fund managers who
manage other people’s money on
the basis of their ability to achieve
social outcomes and for ventures
that must demonstrate their impact
to their investors.
We report on our impact to the community.
– Director, Investment Fund, Ontario
Reports on ESG performance are used for communica-
tion to beneficiaries
– Director, Pension Fund, Ontario
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
7 CHALLENGES OF SOCIAL IMPACT MEASUREMENT
CHALLENGES OF SOCIAL IMPACT MEASUREMENT
Investors face a variety of challenges when using social impact metrics. These challenges can influence your
choice of metrics.
CHALLENGE DESCRIPTION THE INVESTOR PERSPECTIVE
Diversity As a group, investors have diverse
preferences with regards to intent,
sectors, mission, and vision. They
need to measure vastly different indi-
cators to reflect the impact of various
investment opportunities and account
for the diversity of regions and
organizations. This diversity makes
it difficult for investors to select one
metric or one measurement system
to meet all of their needs.
Metrics are fragmented. Everyone wants to convey their
own story and there is lots of value in conveying your
own story.
– Manager, Investment Fund, Ontario
We’re invested in electricity metering solutions and
biofuels, the metrics associated with these companies
are completely different. A one-size-fits-all approach
is impossible.
– Manager, Investment Fund, Ontario
Standardization While you may value comparability
and consistency in measurement,
standardization can reduce the
precision of impact information that
can be conveyed. It can be desirable
to communicate impact in a single
number, but aggregating information
into one value doesn’t necessarily
capture the complexity of the impact
being achieved.
We’re not going to ask all of the organizations we invest
in to measure one single metric but if there are multiple
organizations trying to measure in the same area,
let’s coalesce.
- Program Officer, Foundation, Quebec
By working towards standardization, you run the risk
of making things cookie cutter. You cut out so much
information just to be able to convey impact at the
portfolio level.
- Manager, Investment Fund, Ontario
Capacity and Cost Measurement is an expensive and
resource-intensive process. Metrics
may require intensive data collec-
tion and analysis which can be time
consuming and costly. Many investors
are reluctant to have ventures real-
locate resources from value creation
to value measurement. At the same
time, you may not want to or may not
have the skills to take on measure-
ment by yourself.
Is measurement the best use of a venture’s time, money
and capital? We need to be very careful what we ask for.
We have a responsibility to use the data and not just to
collect it because it fits somebody’s framework.
– Investment Manager, Credit Union, B.C.
Logistics Investors face a variety of challenges
around the collection and use of data.
First, it can be difficult to quantify
impacts, such as improvements to
well-being. Second, it can be difficult
to access and interpret data, for
example, highly sensitive information
about the impact of a project on an
individual. Third, it can be difficult to
track the indirect impacts that may
result from an investment. Finally, it
can be difficult to attribute an impact
directly to an investment.
It’s hard to quantify the cascading impacts of the
first investment.
– Manager, Investment Fund, Quebec
Sometimes, it’s not very clear or easy to quantify
social impact
– Manager, Investment Fund, Quebec
It’s extremely difficult to gather data on individuals
over long periods of time due to privacy legislation.
– Manager, Government Agency, Ontario
CHALLENGES OF SOCIAL
IMPACT MEASUREMENT
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
8 EXISTING SOCIAL IMPACT MEASUREMENT TOOLS
As mentioned earlier, there is no silver bullet when it comes to social impact metrics. There is, however, likely to
be a right approach for you. The fit of this approach is influenced by your risk tolerance, desired financial return,
sector of investment, geography, quality of information required and a number of other factors.
The following typology provides a snapshot of some of the measurement methodologies available.
PROCESS METHODS
Process methods track and monitor the efficiency and effectiveness of outputs, variables or indicators.
“Outputs can then be evaluated by the extent to which they correlate with or cause desired social out-
comes” (Clark et al., 2004).
IMPACT METHODS
Impact methods “are tools that relate outputs and outcomes, and attempt to prove incremental outcomes
relative to the next best alternative” (Clark et al., 2004). Impact methods that track outputs tend to be
more common than those that track outcomes. However, outcome measurement is highly desirable for
determining the social value created by an investment (Wisener et al., 2010).
MONETIZATION METHODS
Monetization methods seek to monetize outcomes or impact by assigning a dollar value to them. “The
advantage of this method is that it enables organizations to develop benefit-cost ratios and makes
comparison between programs easier” (Wisener et al., 2010).
The following table summarizes some of the most common measurement frameworks used by impact investors.
Each measurement framework is contextualized with an example of its use and a link to further information.
Open frameworks are those that are publicly accessible for use by any investor. Proprietary frameworks are
those that are owned by a specific investor/organization and not available for use by others.
Common Measurement Frameworks
THEORY OF CHANGE
Type: Impact - Open Link: http://www.wkkf.org/knowledge-center/resources/2006/02/WK-Kellogg-
Foundation-Logic-Model-Development-Guide.aspx
Description: A map that describes the “process of
planned social change, from the assumptions that
guide its design to the long-term goals it seeks to
achieve” (Community Foundations of Canada, 2012). It
connects activities to outcomes and impacts.
Example: The J.W. McConnell Foundation is selectively
testing theories of change in its own strategy and
some of its work with non-profit organizations. “For
one large-scale national project, the theory of change
approach has been a major vehicle for having conver-
sations with the communities involved in the initiative.
It has been a way for communities to report things that
are happening on the ground and changes that are
emerging. Communities generate a descriptive narra-
tive about what is happening and then there is more
thorough interaction to make sense of that story. This
is done on an annual basis to express how things are
evolving and changing” (Gamble, 2008).
EXISTING SOCIAL IMPACT
MEASUREMENT TOOLS
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
9 EXISTING SOCIAL IMPACT MEASUREMENT TOOLS
ACUMEN FUND’S BEST ALTERNATIVE CHARITABLE OPTION
Type: Process – Open Link: http://www.
acumenfund.org/investments/investment-performance.html
Description: The Acumen Fund uses the Best
Alternative Charitable Option (BACO) model to quantify
an investment’s social impact and compare it to the
universe of existing charitable options that address
that social issue. The BACO calculation conveys the net
cost per unit of social impact and helps an investor to
compare the tradeoff between grants and investments.
Example: Acumen Fund gave a $325,000 loan to A
to Z Textile Mills in Tanzania – a maker of bednets.
Compared to the alternative of a grant to an interna-
tional NGO to distribute bednets, the investment is 52
times more cost effective.
PACIFIC COMMUNITY VENTURES’ (PCV)
SOCIAL RETURN ASSESSMENT
Type: Process – Proprietary Link: http://www.pacificcommunityventures.org/reports-and-publications/
creating-economic-opportunity-in-2008-pcv-social-return-summary
Description: The system tracks progress on the
number and quality of jobs created by PCV’s portfolio
companies. It helps the fund target and improve its
services to its investees and to a group of companies
to which it provides business advisory services.
Example: PCV looks at several key metrics related to
the provision of jobs to economically disadvantaged
individuals. These include job growth, job quality, aver-
age hourly wages, and benefit information (PCV, 2008).
SOCIAL RETURN ON INVESTMENT (SROI)
Type: Monetization - Open Link:
http://www.thesroinetwork.org/sroi-analysis/the-sroi-guide
Description: A set of guidelines for the measurement
of non-financial impact per investment. SROI involves
the calculation of “social cash flows” for outcomes
describable in monetary terms, and a net present value
calculation of these to arrive at a return on investment
(ROI) ratio.
Example: The City of Calgary’s Family and Community
Support Services (FCSS) undertook a process of
identifying indicators of social value creation beginning
in 2008. This project eventually expanded to an SROI
analysis of the organization’s activities. The FCSS views
SROI as an effective tool for project planning, evaluat-
ing results and communicating achievement. SROI
allows the FCSS to tell the story of their organization’s
ability to create value in a compelling way.
COST-BENEFIT ANALYSIS
Type: Monetization - Open Link:
http://escholarship.org/uc/item/80n4f1mf
Description: An analysis in which the costs and
social impacts of an investment are expressed in
monetary terms and then assessed according to one
or more of three measures: (1) net present value (the
aggregate value of all costs, revenues, and social
impacts, discounted to reflect the same accounting
period; (2) benefit-cost ratio (the discounted value of
revenues and positive impacts divided by discounted
value of costs and negative impacts); and (3) internal
rate of return (the net value of revenues plus impacts
expressed as an annual percentage return on the total
costs of the investment (Rosenweig, 2004).
Example: Job Corps is a program based in the US
targeting disadvantaged youth. Job Corps undertook
cost-benefit analysis to assess the value of the pro-
gram. Benefits included the estimated value of reduced
criminal activity, the value of goods and services
produced by Corps members, earnings after leaving
the program, higher tax payments, and cost savings
associated with not having to use other treatment and
training programs. Costs included the costs of running
the program and output foregone by participating in
the program (Rosenweig, 2004).
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
10 EXISTING SOCIAL IMPACT MEASUREMENT TOOLS
SOCIAL CAPITAL PARTNERS’ SOCIALLY ADJUSTED INTEREST
RATE
Type: Monetization - Proprietary Link:
http://www.socialcapitalpartners.ca/financing/socially-adjusted-interest-rate
Description: The socially adjusted interest rate is a
means of tying financial incentives to social outcomes.
For every predetermined increase (or decrease) a
borrower makes towards a social objective, the inves-
tor reduces the interest rate on their loan by a given
percentage. The tool serves as a monitoring mechanism
and creates an incentive to achieve social impact while
ensuring consistency across the portfolio.
Example: Social Capital Partners provides debt financ-
ing to small business owners on the condition that
they hire for entry-level positions from disadvantaged
populations, such as new Canadians, at-risk youth, and
persons with disabilities. For every new person hired,
the interest rate on the loan declines. SCP works with
clients to assess their business’s potential number of
community hires, and on this basis, sets rate reductions
tied to achievable hiring targets.
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
B RATING SYSTEM
Type: Process – Pay for Service Link:
http://www.bcorporation.net
Description: The B Lab rating system uses a survey to
gauge and improve a company’s performance relative to
social and environmental standards. The survey evaluates
and scores companies based on governance, impact on
employees, community, environment, and consumers. The
rating is comparable with other B Rated companies.
Example: Some investors look for certified B Corps
when seeking investment opportunities. The certification
provides investors with third-party assurance that the
company will achieve social and environmental impact, will
maintain their mission after financing and can command
a higher valuation. Kevin Jones of Good Capital, which
invested in Better World Books says, “There is so little
commonality among social ventures that we have to evalu-
ate investments on an individual basis. But if we know it is
a B Corporation, we already know a lot about the company
and its values.” (B Lab, 2012)
SUSTAINABLE LIVELIHOODS
Type: Process – Open Link:
http://www.sustainable-livelihoods.com/pdf/sustainablelivelihoodsc-1.pdf
Description: Sustainable Livelihoods is an asset mapping
process which measures the specific financial, social,
personal, physical and human assets an individual or
community may have. The framework then helps to
identify what assets must be built through the intervention
and re-assess these assets to measure progress towards
poverty reduction.
Example: The Toronto Enterprise Fund uses the
Sustainable Livelihoods model to assess an individual’s
existing assets and to measure improvements as a result
of the Fund’s investment. The Sustainable Livelihoods
model reflects the systemic nature of employment and
poverty issues.
ENDEAVOR’S IMPACT ASSESSMENT DASHBOARD
Type: Process – Proprietary Link:
http://www.endeavor.org/impact/assessment
Description: A dashboard tool that measures the
financial, employment, social and regional impact
that Endeavor Entrepreneurs are having on their
countries’ economies.
Example: Endeavor measures financial employment
impact by comparing annual compound growth rates
of companies they invest in with that of comparable
companies in the World Bank, Enterprise Survey data-
base. Social impact is measured using surveys which ask
employees to compare satisfaction compensation and
benefits to national averages and previous jobs.
11 EXISTING SOCIAL IMPACT MEASUREMENT TOOLS
GLOBAL IMPACT INVESTING RATING SYSTEM (GIIRS)
Type: Process – Pay for Service Link:
http://giirs.org
Description: GIIRS Ratings & Analytics represents
a set of third-party assessments of the social and
environmental impact of both companies and funds.
Using a series of key performance indicators and
guided by the IRIS taxonomy of definitions, GIIRS
assesses companies as well as funds and their portfolio
companies on four performance areas: governance,
workers, community and environment.
Example: Sarona and Vancity were pioneer investors
in GIIRS. GIIRS allows these investors to access verified
data, benchmark social and environmental performance
of perspective investments against comparable
companies and track social and environmental impact
over an investment’s lifecycle.
IMPACT REPORTING AND INVESTMENT STANDARDS (IRIS)
Type: Process – Pay for Service Link:
http://iris.thegiin.org/
Description: IRIS provides a standardized taxonomy and
a set of consistent definitions for social, environmental
and financial performance. IRIS is intended to co-exist
with other measurement initiatives, such as the Global
Impact Investing Rating System, in order to provide
industry stakeholders with a common language for
output indicators (though not outcomes or impacts).
Example: The Grassroots Business Fund began using
IRIS to provide some clarity on what to measure and
how to measure it. IRIS enabled the Fund to have
consistency across its portfolio of investments. As the
Grassroots Business Fund already tracked some social
and environmental data, their process of adopting IRIS
was one of aligning their existing indicators with the
IRIS taxonomy. IRIS has helped the Fund to reduce the
reporting burden on investees and communicate better
with their stakeholders (IRIS, 2012).
For more information on existing measurement systems, please refer to:
Olsen, S. and B. Galimidi (2008). Catalogue of Approaches to Impact Measurement: Assessing social impact in
private ventures. Version 1.1. Social Venture Technology Group. Available at http://www.svtgroup.net/wp-content/
uploads/2011/09/SROI_approaches.pdf
Olsen, S. and B. Galimidi (2008). Impact Measurement Approaches: Recommendations to Impact Investors.
Social Venture Technology Group. Available at http://www.siaassociation.org/wp-content/uploads/2012/05/
RIIC_Report_Final.pdf
Clark, C., W. Rosenzweig, D. Long and S. Olsen (2004). Double Bottom Line Project Report: Assessing Social
Impact In Double Bottom Line Ventures. Methods Catalog. Available at http://www.community-wealth.org/_pdfs/
articles-publications/social/paper-rosenzweig.pdf
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
12 D E F I N I T I O N S
COST-BENEFIT ANALYSIS
an analysis in which the costs and benefits of an
investment are expressed in monetary terms and then
assessed according to their net present value, the
benefit-cost ratio, and/or an internal rate of return
CUSTOMIZED IMPACT
MEASUREMENT SYSTEM
a measurement framework tailored to meet the needs
of an individual investor
ESG
an investment approach that considers environmen-
tal, social and governance (ESG) factors when making
investment decisions
IMPACT INVESTMENT
investments intended to create positive impact
beyond financial returns
IMPACT METHODS
measurement frameworks that relate outputs and
outcomes, and attempt to prove incremental out-
comes relative to the next best alternative
MONETIZATION METHODS
measurement frameworks that seek to monetize out-
comes or impact by assigning a dollar value to them
PROCESS METHODS
measurement frameworks that track and monitor the
efficiency and effectiveness of outputs, variables or
indicators
SHAREHOLDER ENGAGEMENT
a strategy used by investors to create dialogue
between shareholders and a company around its
environmental, social and governance performance
SOCIAL IMPACT METRIC
a measure of the social or environmental perfor-
mance of a project, organization or company
SOCIAL RETURN ON INVESTMENT (SROI)
a set of guidelines for the measurement of non-
financial impact per investment, SROI involves the
calculation of “social cash flows” for outcomes
describable in monetary terms, and a net present
value calculation of these to arrive at a return on
investment (ROI) ratio
STANDARDIZED IMPACT
MEASUREMENT SYSTEM
a measurement framework designed and imple-
mented by a third party to ensure neutrality and
comparability between investments
THEORY OF CHANGE
a map that describes the process of planned social
change, from the assumptions that guide its design to
the long-term goals it seeks to achieve; its focus is on
activities and outputs
DEFINITIONS
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
13 SOURCES
Acumen Fund (2012). “Investment Performance”. Available
at: http://www.acumenfund.org/investments/investment-
performance.html
Acumen Fund Metrics Team (2007). “Acumen Fund Concepts:
The Best Available Charitable Option”. Available at: http://
www.acumenfund.org/knowledge-centre.html?document=56
B Lab (2012). “Attract Investors”. Available at http://www.
bcorporation.net/become-a-b-corp/why-become-a-b-corp/
attract-investors
B Lab (2012). Available at http://www.bcorporation.net
City of Calgary (2012). “SROI and Other Initiatives”. Available
at http://calgary.ca/CSPS/CNS/Pages/FCSS/Social-Return-
on-Investment-%28SROI%29.aspx#youthsectorreview
Clark, C., W. Rosenzweig, D. Long and S. Olsen (2004).
Double Bottom Line Project Report: Assessing Social Impact
In Double Bottom Line Ventures. Methods Catalog. Available
at http://www.community-wealth.org/_pdfs/articles-publica
tions/social/paper-rosenzweig.pdf
Community Foundations of Canada (2012) “Choosing a
Strategy: Theory of Change”. Available at: http://www.cfc-
fcc.ca/poverty/choosing-strategy-theory-change-e.cfm
Dupuis, F. et al. (2011) Special Edition: The Cooperative
Movement and the Social Economy. Desjardins Economic
Studies, 21 (Fall 2011), p.10-12. Available at: http://www.
desjardins.com/en/a_propos/etudes_economiques/previ-
sions/en_perspective/per1104a.pdf
Endeavor Global (2012). “Explore Endeavor’s Impact
Dashboard”. Available at: http://www.endeavor.org/impact/
assessment
FB Heron and J. Shortall (2009). “Introduction to
Understanding and Accessing Social Investment”.
Available at: http://www.virtueventures.com/resources/
social_investment
Gamble, J.A.A. (2008). A Developmental Evaluation Primer.
The J.W. McConnell Family Foundation. Available at http://
tamarackcommunity.ca/downloads/vc/Developmental_
Evaluation_Primer.pdf
GIIRS (2012). Available at http://giirs.org
IRIS (2012). “IRIS: Impact Reporting and Investment
Standards.” Available at http://iris.thegiin.org
IRIS (2012). “Interview with Grassroots Business Fund’s
Social Impact Coordinator – Rafi Menachem.” Available
at http://iris.thegiin.org/materials/interview-grassroots-
business-funds-social-impact-coordinator-rafi-menachem
McConnell Foundation (2012). “About”. Available at http://
www.mcconnellfoundation.ca/en/about
O’Donohue, N., C. Leijonhufvud and Y. Saltuk (2010). Impact
Investments: An Emerging Asset Class (New York: J.P.
Morgan Global Research). Available at www.jpmorgan.com/
pages/ jpmorgan/investbk/research/ impactinvestments.
Pacific Community Ventures (2008). Creating Economic
Opportunity in 2008. Available at http://www.pacificcom-
munityventures.org/reports-and-publications/creating-
economic-opportunity-in-2008-pcv-social-return-summary/
Social Capital Partners (2012). “Financing: Socially Adjusted
Interest Rate”. Available at http://www.socialcapitalpartners.
ca/financing/socially-adjusted-interest-rate
Social Capital Partners. “Measurement Philosophy”.
Available at http://socialcapitalpartners.ca/images/uploads/
docs/scp_early_measurement_philosophy.pdf
Spence, A. (2012). “A dragon becomes Canada’s
newest impact investor”. SocialFinance. Available
at http://socialfinance.ca/index.php/blog/
post/a-dragon-becomes-canadas-newest-impact-investor
The SROI Network (2012). “A Guide to Social Return
on Investment 2012.” Available at http://www.
thesroinetwork.org/publications/cat_view/29-the-sroi-
guide?orderby=dmdate_published&ascdesc=DESC
UNDP. “Sustainable Livelihoods: Concepts, Principles, and
Approaches to Indicator Development.” Available at http://
www.sustainable-livelihoods.com/pdf/sustainableliveli-
hoodssc-1.pdf
Wisener, R. and S. Anderson (2010). Social Metrics in Canada:
An Environmental Scan.
W.K. Kellogg Foundation (2004). “Logic Model Development
Guide”. Available at http://www.wkkf.org/knowledge-center/
resources/2006/02/WK-Kellogg-Foundation-Logic-Model-
Development-Guide.aspx
SOURCES:
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
14 DIAGNOSTIC TOOL & WORKSHEETS
To help you determine what approach to social metrics might be right for you, consider the following questions. Please
note that these worksheets are intended to be useful for a variety of institutional and individual investors. Consequently,
some questions may be more or less relevant to you depending on your affiliation.
Mission, Vision, Values
QUESTION DESCRIPTION EXAMPLE
1. What is your vision
for the world or the
communities you serve?
Providing detail about the impact
you hope to achieve through
your investments will make it
easier to select the right measure-
ment approach.
The J.W. McConnell Foundation is one of
Canada’s largest family foundations and a
leader in impact investing. Their vision is “a
Canada where all people feel a sense of belong-
ing and contribute as active citizens to improv-
ing the well-being of all.” (McConnell, 2012)
2. What prior initiatives or
activities have influenced
your motivations to
engage with specific
social issues and/or
specific communities?
Previous experience and expertise
are a large influence on the
perspective we have of the world
and our vision of impact. Examining
how these activities informed
your perspective may help you to
identify themes, organizations or
approaches you’d like to pursue
going forward.
Arlene Dickinson, best known for her role as
a “Dragon” on CBC’s Dragons’ Den, recently
invested in La Siembre, an Ottawa-based worker
co-operative. Her previous experience, interest
in entrepreneurship, and passion for supporting
entrepreneurs as they grow their business
makes La Siembre a natural fit (Spence, 2012).
3. What issues/impact
themes and goals are
you seeking to address?
Identifying the impact areas that
matter most to you will make
it easier to select appropriate
investment opportunities and
measurement systems. Compare
your target impact areas with your
vision to check for alignment.
The Desjardins Group is passionate about pro-
moting the social economy. “We use the word
social economy to describe organizations that
sell goods and services to the public to generate
money but also to improve the well being of
the population” (Dupuis et al., 2011). Desjardins
seeks to have an impact on the health of co-
operatives and collective organizations that are
serving the needs of communities in Quebec.
4. What types of activities
do you want to suppor t to
address these issues? What
types of activities would
you not want to support?
Consider the kinds of goods or
services that your ideal investment
might be helping to produce. Note
any activities that you would
find undesirable.
Many investors want to include sectors or activi-
ties that they are excited about and exclude
those that they do not want to support. Service
provider Sustainalytics undertakes a process
with its clients to screen out unwanted sectors
or organizations.
5. Do you have a
financial threshold
you need to meet?
Many investors have expectations around the financial returns of
their investments. These can range from no expectation of return
of principal to above-market rate returns. Consider your financial
return expectations and the degree of importance you place
on them.
6. Do you have an
impact threshold
you need to meet?
Investors exploring impact opportunities may have expectations
around the nature or degree of impact they seek to achieve. This
threshold may differ depending on the nature of the organization,
the size and type of investment and many other factors. Consider
your impact goals and the degree of importance you place on them.
DIAGNOSTIC TOOL
& WORKSHEETS
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
15 DIAGNOSTIC TOOL & WORKSHEETS
MEASUREMENT PRIORITIES
In each row, put a check mark next to the priority which is most important to you. If you do not prefer one prior-
ity to the other, put a check mark in the middle column. Total each column, multiply the sub-totals as instructed
and then sum the results to obtain your final score.
Priority 1 +1 0-1 Priority 2
Detailed quantitative
measurement of impact Qualitative description of impact
Comprehensive measurement of
impact along multiple dimensions
Specific measurement of impact
along a few dimensions
Measurement of
operational information
Measurement of
overall outputs/outcomes
Third party validation of impact Self-serve impact measurement
To be comparable with others To be seen as a leader
To benchmark results with others To communicate a unique impact story
Reporting to stakeholders Understanding impact for myself
Meeting a global standard Meeting my own measurement needs
SUBTOTALS: ___ ×1___ ×0___ ×-1 TOTAL:
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
RESULTS
STANDARDIZED (0-8)
You should seek a standardized impact measurement
system – a third party developed and implemented
framework for measuring your impact. Your prefer-
ences suggest a desire to compare the impact of
your investments with others. A standardized system
will lend you the credibility you desire to share your
impact with your stakeholders and partners. It will
also allow you to compare and contrast investment
opportunities and measure your progress against
standardized benchmarks. Note that by prioritizing
standardization, you may experience some con-
straints in your ability to tell a unique impact story
through metrics. Examples of standardized impact
measurement systems include the B Rating System
and GIIRS.
CUSTOMIZED (-8-0)
You should seek a customized impact measurement
system – a framework tailored to your own needs.
Your preferences suggest you have a unique story to
tell about your impact investments – one which may
not be captured by a standardized system. Instead,
consider what impacts you seek to achieve and how
to best quantify these goals. Consider borrowing and
blending approaches from multiple measurement
systems as appropriate. Note that by prioritizing
customization, you may experience some constraints
in trying to compare investment opportunities.
16 DIAGNOSTIC TOOL & WORKSHEETS
INVESTMENT STAGE KEY QUESTIONS ANSWERS
Making Investment
Decisions
What types of investments will you
be looking at?
How will you be evaluating different
investment options?
Identifying and
Mitigating Risk
How will you be mitigating risk in
your investment decisions?
What role would you like metrics to
play in mitigating risk?
Capturing Long
Term Value
How do you define long term value?
What metrics indicate high long
term value to you? What metrics
indicate low long term value to you?
Tracking Progress How often do you want to monitor
progress on metrics?
How will you track progress? (i.e.
benchmarks, online reporting
system, quarterly meetings etc.)
Improving the
Project/Company/
Organization
How would you like your investment
projects/companies/organizations to
use social impact data?
Will they be involved in the
collection of this data? If so, to
what degree?
Proving Impact
and Attribution
How important is precision in
proving attribution to you?
Who are you proving impact for and
what do they need to see in order to
feel comfortable?
Being Accountable
to Stakeholders
Who are you reporting to?
What are their needs?
WORKSHEET 1: USING SOCIAL IMPACT MEASUREMENT TOOLS OVER THE LIFECYCLE OF AN INVESTMENT
Check the box beside each investment stage for which you intend to use social metrics. Answer the associated questions.
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
INVESTMENT STAGE KEY QUESTIONS ANSWERS
Diversity What different types of investments
are you looking to measure?
How do they differ with regards
to impact?
Standardization Is it important for you to track
standardized metrics within
your portfolio?
Is it important for your impact
metrics to be comparable with
other investors?
Capacity and Cost Do you have the capacity and/or
resources to take on measurement
in house?
Would you prioritize affordability
over precision?
Logistics How will you address challenges
related to collection and
interpretation of data?
Is it important to you to capture
indirect impacts as well as
direct impacts?
WORKSHEET 2: CHALLENGES OF SOCIAL IMPACT MEASUREMENT
Check the box beside each challenge you face. Answer the associated questions.
GUIDEBOOK FOR IMPACT INVESTORS: IMPACT MEASURMENT - PURPOSE CAPITAL/
Venture Deli helps to grow and capitalize companies
that matter to the world. Our work with ventures
focuses on enhancing their investment readiness for
a successful capital raise. We help these businesses
to refine their business models, assess and monitor
their social impact, and strengthen their operational
capabilities and management teams.
Through our Purpose Capital division, we facilitate
the development of impact investment strategies for
high net worth investors, family offices, foundations,
and financial institutions. We work with these
investors to align their social impact objectives
with their investment strategies, on individual
transactions or across their portfolios. This includes
offering approaches to measure and report on social
value creation. We also help our clients to design
and implement impact investment fund structures,
including development of a pipeline of “investment
ready” opportunities. Our team provides advisory
services across a range of sectors, regions, and
asset classes.
A proud B Corp based in Toronto, our recent projects
include Canadian and international surveys on
impact investing and social finance, and consulting
and advisory support to leading Canadian financial
institutions and foundations. The firm retains a
commitment to sector building, including teaching
social entrepreneurship courses at Canada’s
leading business (Schulich School of Business,
York University) and engineering (University of
Toronto) schools.
ABOUT
VENTURE DELI
Venture Deli
Centre for Social Innovation
720 Bathurst St. Suite 313
Toronto, ON M5S 2R4
t: 416.846.9787
info@venturedeli.com
venturedeli.com
Follow us on Twitter
@venturedeli
Venture Deli is a Certified B Corporation.
Unlike traditional corporations, Certified B
Corporations are legally required to consider
the impact of their decisions on the long-
term interests of their employees, suppliers,
community, consumers, and the environment.
... 74). 12 However, the vast majority of academic and practitioner texts either leave the expected level of financial return undefined (e.g., Louche et al. 2012) or specifically state that the financial return can range from below-market-rate to market-rate (e.g., Evenett and Richter 2011) or even above-market-rate returns (e.g., Best and Harji 2013). This would depend on the circumstances of the investment and the investor's strategy . ...
... Second, the non-financial impact should be measured . A number of initiatives, in particular, the GIIN's IRIS, were formed to help fulfill this requirement and a number of practitioner reports are dedicated to impact measurement (e.g., Best and Harji 2013). ...
Article
Recently, there has been much talk of impact investing. Around the world, specialized intermediaries have appeared, mainstream financial players and governments have become involved, renowned universities have included impact investing courses in their curriculum, and a myriad of practitioner contributions have been published. Despite all this activity, conceptual clarity remains an issue: The absence of a uniform definition, the interchangeable use of alternative terms and unclear boundaries to related concepts such as socially responsible investment are being criticized. This article aims to contribute to a better understanding of impact investing, which could help foster this specific investment style and guide further academic research. To do so, it investigates a large number of academic and practitioner works, highlighting areas of similarity and inconsistency on three levels: definitional, terminological, and strategic. Our research shows that, on a general level, heterogeneity—especially definitional and strategic—is less pronounced than expected. Yet, our research also reveals critical issues that need to be clarified to advance the field and increase its credibility. First and foremost, this includes the characteristics required of impact investees, notably whether they need to be (social sector) organizations that prioritize their non-financial mission over the business side. Our results indicate that there may be different schools of thoughts concerning this matter.
... Assessing impact in the financial industry is difficult, particularly when the causal relationships between the investment and the results are hard to identify (e.g., the relationship between early childhood education and adult well-being). The impact investment community has produced several guidelines and training resources that are used worldwide (Best and Harji 2013). Such frameworks include the guide by the European Venture Philanthropy Association (EVPA) (Hehenberger, Harling, and Scholten 2013); Social Return on Investment (SROI) (Gibbon and Dey 2011;Vik 2017); impact metrics such as the BACO (Best Available Charitable Option) developed by the venture philanthropy investor Acumen; or the GIRRS (Global Impact Investment Rating System). 1 Although they offer valuable insights, these guidelines alone are not enough. ...
Article
Full-text available
This research note elaborates on the impact assessment practices of the French Socially Responsible Investing (SRI) industry. The research was conducted by the Scientific Committee of the French public SRI label based on interviews, participative observation, a survey, and documentary evidence. SRI is usually distinguished from impact investing in terms of investors’ different intentions (contributing to sustainable development in a financially savvy way for SRI vs. demonstrating a societal impact for impact investing). We show that, beyond this distinction, the meanings and motivations behind impact assessment in the SRI community are broadly different from impact assessment practices in impact investing, creating a distance between the two communities. In fact, little is known about impact assessment practices in SRI, despite the market power of this asset class. We address this shortcoming by investigating 1) who is interested in impact assessment in the SRI industry, 2) why SRI investors want impact assessment, and 3) what impact assessment looks like in the SRI industry. We develop this analysis to suggest areas of concern and opportunities for the SRI, impact investing, and accounting communities. SRI investors’ recent appropriation of impact assessment indicates that the three communities’ interests and success will increasingly be linked to one another. The topic therefore warrants investigation. © 2022 Centre for Social and Environmental Accounting Research.
... GIIRS, on the other hand, is a rating approach which is guided by the IRIS taxonomy and is more investor focused. It is used to assess companies as well as funds and their portfolio companies in areas of governance, employee rights and opportunities, community and the environment (Best & Harji, 2012). Beyond a focus on tools we know there is an ongoing debate around social impact assessment and investors are looking for the sophistication of impact measurement practices (Mudaliar et al., 2018). ...
Conference Paper
Full-text available
The paper explores how ethical and sustainable oriented finance is key to reach sustainable development by tackling environmental risk through green finance and showing empirical evidence on the link between finance and inequality. The theory provided puts in the right mind frame to analyze markets, intermediaries and instruments with a sustainable lens to focus on the benefits that have brought to sustainable development. A discussion is presented between different intermediaries and highlights the benefits of cooperative banks especially the close relationship of customers and bank and the resilience it gives to Small and Medium Enterprises (SMEs) in difficult times. Different investments strategies are discussed walking through the evolution of Sustainable and Responsible Investing (SRI) funds and diving into the ESG analysis to use as criteria to allocate investments based on environmental, social and governance principles. Microfinance is introduced as a different market that has reached the people at the bottom of the pyramid and highlights the key role it will play to bring financial inclusion. Islamic finance and Fintech are also discussed. Different instruments are presented to understand the current landscape of how different investors are using innovative products to attack social and environmental problems. Finally, five different ways are presented on how policies can strengthen and support sustainable development arguing that the most important is by promoting sustainable footprint certification. JEL Classification Codes: D15, D25, G18, G24, G28, G38, M14, O35, P43, Q01, Q5, Q58.
... Impact investing research has grown out of socially responsible investing studies (Avetisyan & Hockerts, 2017;Galema, Plantinga, & Scholtens, 2008;Hockerts & Moir, 2004;Peylo & Schaltegger, 2014;Sparkes & Cowton, 2004), as well as research on related strategies such as venture philanthropy (Mair & Hehenberger, 2014). Early publications on impact investing have been anecdotal case studies (Ormiston et al., 2015;Silby, 2011), practitioner handbooks (Best & Harji, 2013;Emerson & Smalling, 2015), or texts promoting the virtue of impact investing (Brest & Born, 2013;Cheney et al., 2012;Emerson, 2003). Recent work has begun to provide empirical data about the size of the field and the type of investments (Buckland et al., 2013;Saltuk et al., 2011), as well as definitional clarity (Cahill, 2010;Höchstädter & Scheck, 2015). ...
Article
Impact Investing describes a number of practices that aim for the most efficient capital allocation (the “investment” part) in relation to the achievement of certain social and environmental goals (the “impact” part). While the social impact goal is an essential part of impact investing, such practices can aim to achieve multiple objective functions including the generation of financial returns to investors. Multiple objective functions give rise to moral dilemmas and ethical tensions between stakeholders of the impact investing process. We expect submissions to this special issue to address to address these dilemmas and tensions. This special issue aims to collect contributions that critically examine different impact investing practices. We invite authors to elucidate the ethical decision process employed when impact investors decide to allocate capital to some investments (and not others). Contributions are expected to study contextual differences, they should also question when impact investing is subject to systematic bias (and with what consequences). Essentially, we encourage authors to apply ethical theories to improve our understanding of impact investing practices as well as their underlying motivations and performance results.
... These social metrics are useful tools to evaluate the social or environmental impact of a business and serve as guides for impact investors. These metrics provide guidance to an impact investor while making investment decisions, identifying and mitigating risks, capturing long term value, tracking progress, improving the project/company, proving impact and attribution and reporting to stakeholders [133]. ...
Thesis
Full-text available
Social sustainability is considered a fundamental component of sustainable development. A multifaceted concept, social sustainability has been studied through the lenses of disparate disciplines and theoretical perspectives. It should be viewed both as a process that generates social health and well-being as well as the social institutions that facilitate environmental and economic sustainability. In this respect, businesses, provided that they are socially driven, have the power to play a crucial role in social sustainability; this study seeks to understand the contribution of these socially driven businesses – particularly micro and small enterprises – and socially driven innovations to achieving and ensuring social sustainability. The focus of this study is to tackle the intangible concept of social sustainability at a practical level, by presenting how socially driven businesses and innovations have the potential to address pressing societal needs and contribute to realising social sustainability. This dissertation is divided into two parts. The first part introduces the background for the research as well as the literature, methodology and conclusions. The second part presents five sub-studies based on in-depth case studies; the results and conclusions of this dissertation are based on the findings of these five sub-studies. Each of the case studies selected for this dissertation is distinct in approach, context and level of analysis and answers a different aspect of the main research question. This dissertation is primarily qualitative in nature and makes use of a wide range of evidence: documents, semistructured interviews, field observations, literature review and questionnaires. This study makes three main contributions. Firstly, it contributes to the scientific discussion by providing empirical evidence about the connection between social sustainability and socially driven businesses and innovations. Secondly, it provides an opportunity to view sustainable businesses specifically from the vantage point of social sustainability where it not only recognizes the profitability and sustainability from the business perspective but also identifies the promotion of social sustainability towards sustainable development. Thirdly, it clarifies how frugal innovation can be viewed as a practical approach to boosting social sustainability, as well as how the existence of social enterprises relates to social sustainability.
... These social metrics are useful tools to evaluate the social or environmental impact of a business and serve as guides for impact investors. These metrics provide guidance to an impact investor while making investment decisions, identifying and mitigating risks, capturing long term value, tracking progress, improving the project/company, proving impact and attribution and reporting to stakeholders [133]. ...
Article
Full-text available
There is a need to develop an understanding of how frugal innovation promotes social sustainability. The objective of this paper is to find the connections between the two concepts of social sustainability and frugal innovation, by reviewing the existing literature concerning both fields. This paper presents a framework that identifies essential themes of social sustainability and explores them through frugal innovation. The framework builds on the important themes of social sustainability and shows their relevance in practice through frugal innovation. The notion of frugal innovation can be viewed as an approach towards realizing social sustainability and fulfilling the United Nations’ Sustainable Development Goals.
Article
Full-text available
Academic literature on impact finance has not yet covered all aspects of the topic, nor has significantly contributed, so far, to solve several relevant problems arising from the field. Defining the metrics and measurement models suitable to assess impact is probably, among them, the most important one. Practitioners seem willing to exploit the potential value and, although useful heuristics and practical solutions have been found, no satisfactory and widely accepted valuation model is available. The present paper tries to summarize the state of the art, through the analysis of the available literature and tries to address some possible development in future research. The underlying idea is that the field is still very new, on one side, and extremely diverse in its manifestation, therefore no traditional theory fully applies to it. At the same time, the research on the topic still relays on practitioners’ effort, rather than on academia, a gap that ought to be filled. The paper concludes that Impact Finance and Investing are perhaps too narrow labels that limit the possibility to fully grasp the core of it and propose to widen up it by using “Positive Finance” as a more comprehensive one. Indeed, it has been found that academic empirical studies are so far very few and statistical findings far from being robust. The absence of accepted market models, prevent researchers from delivering a theoretical effective interpretation of the growing market.
Article
Healthcare organizations are challenged to provide an environment that enhances professional growth. Miami Valley Hospital responded by examining its evaluation system for clinical nurses and designing a developmental evaluation process. The result is an objective position description outlining global responsibilities of a nurse and a comprehensive, unit-specific assessment of performance. As nurses are guided and nurtured in their development, the opportunities for them to excel are unlimited.
Logic Model Development Guide Available at http://www.wkkf.org/knowledge-center/ resources
  • W K Kellogg Foundation
W.K. Kellogg Foundation (2004). " Logic Model Development Guide ". Available at http://www.wkkf.org/knowledge-center/ resources/2006/02/WK-Kellogg-Foundation-Logic-Model- Development-Guide.aspx SOURCES:
Investment Performance
  • Acumen Fund
Acumen Fund (2012). "Investment Performance". Available at: http://www.acumenfund.org/investments/investmentperformance.html
Acumen Fund Concepts: The Best Available Charitable Option
Acumen Fund Metrics Team (2007). "Acumen Fund Concepts: The Best Available Charitable Option". Available at: http:// www.acumenfund.org/knowledge-centre.html?document=56
Choosing a Strategy: Theory of Change
Community Foundations of Canada (2012) "Choosing a Strategy: Theory of Change". Available at: http://www.cfcfcc.ca/poverty/choosing-strategy-theory-change-e.cfm
Special Edition: The Cooperative Movement and the Social Economy
  • F Dupuis
Dupuis, F. et al. (2011) Special Edition: The Cooperative Movement and the Social Economy. Desjardins Economic Studies, 21 (Fall 2011), p.10-12. Available at: http://www. desjardins.com/en/a_propos/etudes_economiques/previsions/en_perspective/per1104a.pdf
Introduction to Understanding and Accessing Social Investment
  • Endeavor Global
Endeavor Global (2012). "Explore Endeavor's Impact Dashboard". Available at: http://www.endeavor.org/impact/ assessment FB Heron and J. Shortall (2009). "Introduction to Understanding and Accessing Social Investment". Available at: http://www.virtueventures.com/resources/ social_investment
A Developmental Evaluation Primer. The J.W. McConnell Family Foundation
  • J A A Gamble
Gamble, J.A.A. (2008). A Developmental Evaluation Primer. The J.W. McConnell Family Foundation. Available at http:// tamarackcommunity.ca/downloads/vc/Developmental_ Evaluation_Primer.pdf
Interview with Grassroots Business Fund's Social Impact Coordinator -Rafi Menachem
  • J A A Gamble
Gamble, J.A.A. (2008). A Developmental Evaluation Primer. The J.W. McConnell Family Foundation. Available at http:// tamarackcommunity.ca/downloads/vc/Developmental_ Evaluation_Primer.pdf GIIRS (2012). Available at http://giirs.org IRIS (2012). "IRIS: Impact Reporting and Investment Standards." Available at http://iris.thegiin.org IRIS (2012). "Interview with Grassroots Business Fund's Social Impact Coordinator -Rafi Menachem." Available at http://iris.thegiin.org/materials/interview-grassrootsbusiness-funds-social-impact-coordinator-rafi-menachem
Creating Economic Opportunity in
  • Morgan Global Research
Morgan Global Research). Available at www.jpmorgan.com/ pages/ jpmorgan/investbk/research/ impactinvestments. Pacific Community Ventures (2008). Creating Economic Opportunity in 2008. Available at http://www.pacificcommunityventures.org/reports-and-publications/creatingeconomic-opportunity-in-2008-pcv-social-return-summary/