In my preview post to SoCap, I indicated that I was looking forward to understanding better how the demand side of impact investing was evolving. I was hoping to get a better understanding of how investors and intermediaries are collaborating to source and close deals, and how entrepreneurs are increasingly more (visible) about what their needs are.

Well, SoCap11 has not disappointed so far. Right from the first couple of pages of the program agenda, where Kevin Jones articulates his vision for SoCap11, it is clear that there is an enhanced focus on entrepreneurs:

“Well, the really new thing we’re bringing you this year is an unprecedented gathering of vetted, early stage and beyond, potentially investable social enterprise startups who are using the market to alleviate poverty and create resilient systems. We’ve picked some of the best startups who’ve made it through programs like the Unreasonable Institute, Echoing Green, and Slow Money. And we are giving them a place to tell their story at SOCAP11.”

At the opening plenary, the theme continued. Santiago Halty, founder of Sendal Athletics, literally kicked us off (kicking ethically-sourced soccer balls into the crowd) by introducing his organization and the supports he has received at The Hub. Kevin Starr of the Mulago Foundation then provided a dose of pragmatic advice in his remarks, delivered in emphatic fashion. Among his messages, he noted proposed several observations that were critical to organizational success:

• Know your mission
• Measure the right thing
• Get real numbers
• Make sure it was you

In another concise set of points, Kevin posited some simple tenets to pick the right opportunity to invest in:

• Is it needed?
• Does it work?
• Will it get to those that need it?
• Will they use it well?

Entrepreneurs Saba Gul (of Business and Life Skills School) and Mathieu Senard (of Alter Eco Fair Trade) talked about their motivations, successes, and challenges in a panel discussion that included Kevin Starr and Steve Wright, who mentored both Saba and Mathieu respectively. There were many sessions that had an entrepreneur focus, and I was especially looking forward to "Village Capital: What if Microfinance and Angel Investing had a Baby?" hosted Ross Baird of Village Capital (not only because of its provocative title). Anoj and Jen, two entrepreneurs involved in the Village Capital process, were impressive in their articulation of what it took to succeed, but in also recognizing how their peers were vital to their success, often in ways that they may not have predicted.

It was also noted, interestingly, that when investors and participants ranked each other at the start of the process around their prediction of the most successful entrepreneurs, their rankings were effectively reversed. By the end of the 9-month process, they were quite well-aligned. This anecdote demonstrates the potential of the peer-based model as an interesting (and relatively inexpensive) example of alternative due diligence, and a key reason why the Village Capital program is expanding globally. If you're interested in learning more, see Ross' article in the Innovations Journal SoCap11 edition.

Day 1 certainly delivered on the demand side, and it was evident that entrepreneurs were more front & centre than they ever have been at prior SoCap conferences. Yes, there were discussions about money, but there was a notable focus on meaning, and what lies at the intersection of the two.

Photo credit: http://www.flickr.com/photos/jdlasica/6125976609/in/set-72157627621538074

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