Ik
dacht dat standaard investeringsinstrumenten cruciaal waren in de
versnelling van impact
investing. 'If
it looks enough like an investment product, it probably is'. Ik dacht dat omdat
het structureren van microkrediet in venture
capital & private equitydebt funds
'de' succesfactor was
voor wat nu 'inclusive
finance' heet en een sector is met > 116 miljard US$ AuM.
Recente data van MFI's: http://www.themix.org/mixmarket/publications/2016-global-outreach-and-financial-performance-benchmark-report
IMPACT
METRICS
Ik
dacht dat impact metrics
de doorslag zouden geven. Dat inzicht in het niet
financieel rendement van investeringen door
mature
breed toegepaste Integrated
Reporting Investment Standards (IRIS
van theGIIN,
the Global Impact
Investing Network) de
impact return on
invest- ment transparant
zou maken aangevuld door het Global
Impact Investing Rating System GIIRS
ook een initiatief gesteund door theGIIN.
Dat
we dan een onontkenbare waarheid onder ogen zouden zien over de
opbrengst van onze investeringen in de economie. Ik heb een Sell
Framework om
stranded
assets te tonen van niet
duurzame markten zoals Alcohol,
Gokken, Tabak, Porno, Wapens, FossilFuel etc.
Een groeiend universum van direct & indirect schadelijke
diensten & producten. 
Als
de Impact Transitie de ''Duurzaame'' & ''Groene Transitie'' volgt
rolt daar een simpel stappenplan uit:
1:
Ontkoppelen Groei & Negatieve Impact;
→ 2: Verminderen
Negatieve Impact; → 3: Vergroten Positieve Impact;
→ 4:
De Onderneming als Maatschappelijke Oplossingen Aanbieder ''New
Capitalism'1'.
STAP
1 :
Ontkoppelen
dwz groeien zonder de negatieve impact ('voet-afdruk') te vergroten;
dus groeien zonder meer grondstoffen zoals energie, (zoet) water,
mineralen etc te gebruiken, minder uitstoot te creëren;
minder (rest) afval te produceren
door bijv. craddle to craddle & circulair te werken zowel voor
producten als diensten (renoveren van oudere modellen voor nieuwe
markten), voor het human resource management om uitstroom te beperken
& instroom te faciliteren, governance & compliance te
optimaliseren naar ''de geest'' en de intentie en niet ''de letter'',
de kosten van biets niet af te trekken van benoidigde investeringen,
maar ook bijvoorbeeld het bonusbeleid binnen de perken te houden.
STAP
1 is een bedrijfseconomisch
inteligente strategie : meer
produceren tegen minder kosten, intern & extern, en het begin van
een nieuwe bedrijfscultuur gericht op minder negatieve impact.
STAP
2 : Negatieve Impact
voor People & Planet terugdringen van
de kernactiviteiten en het bedrijfsmodel;dus
de revenues
berekenen van activiteiten met negatieve impact, desinvesteren &
investeren in kernactiviteiten en bedrijfsmodellen met positieve
impact.
De
vader van
People Planet Profit John
Elkington benadrukt
dat
niet technologische ontwikkeling maar nieuwe businessmodellen de
succesfactor zullen zijn voor de volgende generatie ondernemingen. We
zien daar al veel voorbeelden van: ondernemingen zonder goederen die
slechts diensten aanbieden zoals Facebook
& Twitter, Über
& AirBNB, Alibaba, Zalando, Takeaway.com.... maar
ook fintechs Lendahand,
Oneplanetcrowd en duurzaaminvesteren.nl
Is
dat eigenlijk wel nieuw ?
Doen banken die meer geld uitlenen dan ze
hebben niet hetzelfde?
Op
basis van Elkingtons rapport voor de British Sustainable Development
Council Breakthrough Business Models uit 2016 maakte ik een snelle inventarisatie van 'nieuwe'
businessmodellen met positieve impact karakteristieken voor People & Planet
zoals in de deel & circulaire economie, maar ook the Base if the Pyramid (Pralahad) als nieuwe doelgroep voor multinationals (Appendix 1 pag. 7-10, zie onderaan).
Voor
Sociale
Cohesie,
de ontevreden burgers in ontwikkelde markten, mensen die hun werk kwijt raakten in de crisis, jeugdige werkelozen en
'underserved people' is ook inclusief
werk
belangrijk met
gelijke betaling & carrière
perspectief voor vrouwen, minderheden, jongeren zonder werkervaring,
50+ers, mensen in om- en bijscholings-trajecten, met afstand tot de
arbeidmarkt, met een kort of 'ouder' werkverleden, her-instromers,
zij-instromers, nieuwkomers & vluchtelingen, met lichamelijke,
verstandelijke, geestelijke handicaps etc. Kortom te integreren van de megatrends vergrijzing,
overbevolking & migratie: werknemers,
klanten, investeerders.
STAP
2 is
een bedrijfseconomisch
intelligente strategie
gericht op lange(re)
termijn: groeikansen
door gerichte investeringen, kostenbesparing
en afbouwen van stranded
assets in niet duurzame activiteiten, uit concurrentie
overwegingen & op basis van
nieuwe businessmodellen.
Omdat
het systematisch outsourcen
van de
maatschappelijk kosten van negative impact door
wet- & regel geving
en stakeholders acties
steeds minder geaccepteerd
zal worden door o.a. Transparantie
van de Maatschappelijke Kosten & Opbrengsten.
Het is ook het begin van een nieuwe inclusieve
bedrijfscultuur die
sociale cohesie &
loyaliteit aan bedrijven
versterkt.
STAP
3 :
Positieve
Impact voor People & Planet vergroten
ofwel de kernactiviteiten sturen naar basisbehoeften & impact
accelerators mn #tech dus zowel kwaliteit als kwantiteit; investeren
& revenues berekenen van activiteiten met positieve impact door
bijvoorbeeld Green Indices & Sustainable Development Goals
indices.
Deze indices hebben als doel exposure
aan risico's te verminderen,
impliciet moedigen ze investeringen in impact sectoren & nieuwe
bedrijfsmodellen aan. Kenmerk van de indices : ze omvatten bekende
duurzame
darlings & systemic corporations. Zoals de:
The
(Russel) FTSE Green Revenues Index Series is
designed to obtain increased exposure to companies engaged in the
transition to a green economy, based on FTSE’s
Green Revenues data model. The
indexes are designed to capture changes in the
revenue mix of companies as their business models shift to the
delivery of goods, products and services that allow the world to
adapt to, mitigate or remediate the impacts of climate change,
resource depletion and environmental erosion.
http://www.ftse.com/products/indices/green-revenues
Rater MSCI heeft in 2016 een Sustainable Impact Themes index gemaakt van 100 large & midcaps op basis van social & environmental revenues ie bedrijsfactiviteiten die bijdragen aan de UN Global Sustainable Development Goals.
'The
MSCI ACWI Sustainable Impact Index aims to identify companies that
derive at least 50% of their revenues from products and services that
address environmental and social challenges as defined by the themes
outlined above. The index, which excludes companies that fail to meet
minimum environmental, social and governance (ESG) standards, weights
securities by the percentage of revenue derived from products or
services that address the themes.
Based on MSCI ESG Sustainable Impact Metrics, using index constituents and weights as of March 2016, the MSCI ACWI Sustainable Impact Index had 71% greater exposure to estimated company revenue derived from sustainable impact solutions compared to the parent, MSCI ACWI Index'. Bron: https://www.msci.com/msci-acwi-sustainable-impact-index
Based on MSCI ESG Sustainable Impact Metrics, using index constituents and weights as of March 2016, the MSCI ACWI Sustainable Impact Index had 71% greater exposure to estimated company revenue derived from sustainable impact solutions compared to the parent, MSCI ACWI Index'. Bron: https://www.msci.com/msci-acwi-sustainable-impact-index
Blackrock
ontwikkelde er de Global
Impact ETF
mee die niet in Nederland gedistribueerd wordt voor retail investeerders.
ESG
reseachbureau
VigeoEIRIS
&
indexbouwer
Solactive hebben voor de Wereldbank een #SDG index gemaakt met 50 large caps voor een Note die in Italië als retail product verkrijgbaar is.
Solactive
announces the launch of the
Solactive
Sustainable Development Goals World Index
– a new index which enables investors to gain exposure to companies
that have been identified as making a significant contribution to the
advancement of the United Nations’ Sustainable Development Goals
(SDGs). The bank plans to issue structured products tied to the
indices later this year.
Solactive SDG Index groter
beeld:
https://www.slideshare.net/alcanne/vigeo-eiros-sdg-thema-per-company
Laatste portfolio overzicht: https://www.solactive.com/wp-content/uploads/solactiveip/en/Factsheet_DE000SLA2M49.pdf
STAP
3 is
bedrijfseconomisch
intelligent gericht op
megatrends & de
lange(re) termijn: groeikansen door gerichte investeringen
& kostenbesparingen o.a. voor kapitaal door aantrekkelijker te
zijn voor investeerders.
STAP
4 : De onderneming
als Societal Solution Provider
zoals Beinhocker & Hanauer in hun framework van de ontwikkeling
van het kapitalisme en hun visie op New
Capitalism schetsen.
In
STAP 4 zijn bedrijfsactiviteiten met negatieve impact afgebouwd of
worden volledig en bij voorkeur in ruimere mate gecompenseerd door
business modellen met positieve impact. Eitje
toch?
Nu alleen of even het hoe.
Dat
is veel simpeler dan ik dacht.
Systemen
als IRIS Integrated Reporting Investment Standards (the Global Impact
Investing Network) die de impact return on investment transparant
maken door GIIRS: Global Impact Investing Rating System zijn nuttig
voor verfijning, maar we kunnen al grote stappen zetten in de public
equity kapitaalmarkt.
De
Holy Grail
is
in handen van de Risk Raters.
Of
het nu van huis uit ESG research bureau's zijn of (financial) Risk
Raters, het zijn disciplines die steeds meer naar elkaar toegegroeid
zijn getuige de nieuw gestarte ESG afdelingen van traditionele Risk
Raters en bijvoorbeeld erkende verifieerders van groene obligaties.
https://www.climatebonds.net/standards/assurance/approved-verifiers
Als
risk raters en indices kunnen bouwen van bedrijven met positieve
impact, dat wil zeggen hun kernactiviteiten en bedrijfsvoering, dan
kunnen ze dat ook van bedrijven met negatieve impact... risico
Voorbeelden:
Morningstar's Wereldbolletjes, hun exclusie instrument, de nieuwe
Carbon Risk Score etc.
Ik
denk dat Risk Raters, voor zowel Environment, Social & Governance
als Financial Risk prima de negatieve impact & postieve impact
kunnen berekenen.
VRAAG:
Maar wie van hun klanten wil betalen voor een rating met als
eindoordeel 'negative impact' & 'stranded asset'?
ANTWOORD:
Een klein & select gezelschap.
Sapere
Aude : Durf te Weten!
De
politiek moet dit toch willen weten om de impact transitie te
versnellen en strategisch aan te sturen....?
Vragen
& opmerkingen:
impactinvestmentnews @ yahoo.com
Volg
mij svp op Twitter @Alcanne
YOU
TUBE Vlogs
& Animaties
PUBLIC
SPEAKING & PANELS
Marga
van Miltenburg @ ZIJSPREEKT
APPENDIX:
Breakthrough Business-Models John
'People Planet Profit'
Elkington, book & report for the Busioness & Sustainable
developmnt Commission. Sep2016.
Breakthrough
Business Models pag. 32
Annex 1 Glossary of Business Models
There
are numerous business models and many different ways to categorize
them, about which we do not go into detail in this report but
encourage further reading. For quick reference, we offer below a
short-hand glossary of some of the business models highlighted in
bold italic throughout this report.
All
aim for Profit, People
Impact, PlanetImpact
Add-On:
The core offering is priced competitively, but extras drive the price
up. Customers benefit from a variable offer they can adapt.
Affiliation:
Supporting others to sell products successfully and benefitting
directly from successful transactions. Usually uses some kind of a
pay-per-sale system.
Aikido:
Allows a company to offer something diametrically opposed to the
image and mindset of the competition. The novelty of the offering
attracts a particular type of customer. Auction:
Selling a product or service to the highest bidder.
Base
of the Pyramid:
The product or service targets customers positioned at the base of
the wealth pyramid at an affordable price point. Despite small
profits with
each
product sold, companies benefit from the higher sales numbers.
Barter:
Exchanging goods or services with no transfer of money.
Behavior
Change: Stimulating
customers to embrace new behaviors, such as reducing consumption or
modifying daily habits. Building
a Marketplace:
Reinforcing the marketplace through the use of social programs, local
market adaptation, and other services such as financing mechanisms or
technical assistance. Buy
One, Give One:
Using a portion of the profits from the sale of a product or service
towards donating a similar product/service to those in need.
Cash
Machine:
Customer pays upfront for the products sold before the company has to
cover any associated expenses.
Circular
Supplies:
Using renewable, bio-based or fully recyclable materials to replace
single-lifecycle inputs.
Closed-Loop
Production:
Virtuously recycling the material used to create a product back into
the production system. Collection
Service:
Providing a service to collect old or used products from customers in
a convenient manner.
Consumer
Lock-In:
A value proposition that entices customers to continue using a
specific product or service regularly.
Cooperative
Ownership:
Where companies are owned by members.
Cross-Selling
Services or products from outside the business are added to the
offerings.
Crowdfunding:
Enabling entrepreneurs to tap into the resources of a wider network
of people to raise money. Crowdsourcing:
Solutions to tasks or problems are generated via an anonymous crowd,
with contributors receiving some incentives.
Customer:
Loyalty:
Customers are retained by providing value over and above the actual
product or service itself.
De-Materialization:
Reduction in the amount of materials used in the production of
products.
Differential
Pricing:
Charging more to those able to afford, and subsidizing those who
cannot.
Digitization
Turning:
existing products or services into digital versions of themselves,
offering advantages such as more rapid distribution. Direct
Selling
Where products are available directly from the manufacturer or
service provider. Savings from cutting out the middleman are passed
on to the customer. E-Commerce:
Traditional products or services are delivered through online
channels only. Experience
Selling:
Value of a product or service is increased by an additional customer
experience.
Flat
Rate:
A single fixed fee is charged for a product or service, regardless of
actual usage.
Fractional
Ownership
Sharing of a certain asset class among a group of owners.
Franchising:
Independent franchisees bear the risk of local operations whilst
being licensed to use the franchisor’s brand name, products and
corporate identity.
Freemium
Allowing users to access a proprietary product or service for free,
but charging a premium to access advanced functionalities.
From
Push to Pull
Decentralization, adding flexibility to a company’s processes in
order to be more customerfocused. Guaranteed
Availability
Makes the customer’s needs central to decisions within the
enterprise and the shaping of the value proposition. Hidden
Revenue
Main source of revenue comes from a third party who cross-finances
any free or low-priced offering that attracts users. Advertising is
a common application.
Inclusive
Sourcing:
Shifting the focus of sourcing from volume and price, to supporting
the farmer or producer.
Increased
Functionality/Services:
Uncovering multiple, alternative, uses for an existing product,
resulting
in fewer products required.
Industrial
Symbiosis: Sharing
of services, utility, and by-product resources among industries to
improve resource efficiency.
Ingredient
Branding:
Inclusion of a branded ingredient to a
product and stressing the added value or positive association.
Innovative
Product
Financing:
Leasing
or renting products to customers.
Integrator Company:
has command of the majority of steps in the value-adding process,
including all resources and capabilities in terms of value creation.
Layer Player:
A specialized company limited to providing one value-adding step to
different value chains, thus benefiting from economies of scale, more
efficient production and specialized expertise.
Lean
Production:
The elimination of waste within a manufacturing system, or the
creation of more value for customers with fewer resources.
Leverage
Customer: Data
Creating new value by collecting customer data and preparing it in
beneficial ways. Licensing:
Developing intellectual property that can be licensed to other
manufacturers, transforming intangible assets into money.
Local
Loop: Co-locating
of production processes in countries or regions where the businesses’
main markets are.
Localization:
Favoring local and/ or community-based production and consumption.
The
bulk of revenue is generated through a “long tail” of niche
products, which individually, demand neither high volumes nor a high
margin.
Make
More of It:
Where know-how and other assets in a company are offered to other
companies, creating additional revenue using slack resources.
Mass
Customization: Customizing
products through mass production using modular production systems
that enable efficient individualization.
Microfinance:
Providing low-income, financially excluded, customers with small
loans, and at times access to other financial services.
Micro-Franchise:
Traditional franchising with a focus on creating economic
opportunities for the poor to become micro-entrepreneurs.
Modularity:
Designing a product based on smaller component parts that can be
independently created, purchased, used and replaced.
Multi-Sided
Platform: Creating
value by enabling direct interactions between two (or more) groups,
typically through an intermediary platform. Success is dependent on
attracting more users to all sides.
No
Frills: Focusing
on the necessary minimum to deliver the core value proposition, where
cost savings are shared with the customer.
Open
Business:
Where collaboration with partners in the ecosystem becomes a central
source of value creation. Open
Source: Where
the source code of a product is made freely accessible for anyone.
Orchestrator:
Where
a company focuses on core competencies within the value chain,
outsourcing and coordinating other segments.
Pay
for Success:
Performance-based contracting, typically between providers of social
services and governments.
Pay
Per Use:
Actual usage of a service or product is metered, and customers pay
for what is effectively consumed.
Pay
What You Want: The buyer pays
any desired amount for a given commodity, sometimes even zero. Seller
benefits from a larger number of customers. Personalization:
Personalization of products through the use of data. Peer
to Peer:
Based on cooperation among individuals in a group or community
connected via a meeting point, usually an online platform.
Physical to Virtual:
Replacing brick and mortar infrastructure with virtual services.
Produce on Demand:
Producing a product only when a customer order is made.
Product as a Service:
Customers pay for the functionality of a product, without the
responsibility of repairing, replacing or disposing it.
Razor and Blade:
Basic product is cheap or given away for free, while the consumables
are expensive and sold at high margins.
Rematerialization:
Sourcing materials from recovered waste to create entirely new
products.
Rent
Instead of Buy:
Customers rent the product, reducing the capital typically needed to
access it.
Repurposing
Excess: Capacity Excess
capacity is mobilized in new ways, or with new customers.
Revenue
Sharing:
Sharing revenues with ones stakeholders.
Reverse
Engineering:
Obtaining a competitor’s products, taking it apart and using the
information obtained to produce a similar or compatible product.
Products are offered at a lower price because of no investment in
research or development is required.
Reverse
Innovation:
Simple, inexpensive products that have been developed within and for
emerging markets.
Self-Service Part: of
the value creation of the service or product is transferred to the
customer in exchange for a lower price.
Shop in Shop: Instead
of opening new branches, a company finds a partner whose branches can
profit from integrating its offerings.
Solution Provider:
Offering comprehensive coverage of products and services in a
particular domain, consolidated at one point of contact.
Stewardship
Model: Where
products and/or services are delivered via means that take into
account biodiversity protection, ethical trade, consumer care, etc.
Subscription Model Customers pay a recurring fee to gain ongoing
access Sufficiency Model:
Where customers are encouraged to consume less – e.g. extending the
product life, encourage product take-back, product exchange, premium
branding, etc. Supermarket: A
company sells a large variety of readily available products and
accessories under one roof. Customers are attracted to the wide
variety, while economies of scale yield advantages for the company.
Trash
to Cash:
Used products are collected and either sold or transformed into new
products. Resource costs for the company are practically eliminated.
Ultimate Luxury:
Where a company distinguishes its products or services by offering
high standards of quality or exclusivity. User Design:
Where a company supports customers to apply their creativity and
preferences through services such as an online shop, or design
software – resulting in the customer being also the manufacturer.
White Label: A White Label
producer allows other companies to distribute its goods under their
own brand name.
Bron: http://volans.com/wp-content/uploads/2016/09/Volans_Breakthrough-Business-Models_Report_Sep2016.pdf
What prosperity is, where
growth comes from, why markets work, and how we resolve the tension
between a prosperous world and a moral one. By
Nick
Hanauer Eric
Beinhocker from Winter
2014, No. 31 & als McKinsey alumni in
https://www.mckinsey.com/featured-insights/long-term-capitalism/redefining-capitalism
Despite its ability to
generate prosperity, capitalism is under attack. By shaking up our
long-held assumptions about how and why the system works, we can
improve it.
