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Women + Impact: The Multiplier Effect
Will 2018 be the year of the woman? We’ve heard rumblings of this in the past, however, there has never been cross industry and demographic momentum of this scale. On January 1st, we entered the new year with the announcement of Time’s Up marking the solidarity and commitment of the most powerful women (and some great men too) in media in response to the #metoo movement. In addition to the increasing media and industry coverage of women’s issues, we know that for every dollar earned by a woman, 80% is invested in her family. The McKinsey Global Institute projects that by 2025, $12 trillion could be added to global GDP by advancing women’s equality. We know that female entrepreneurs and portfolio managers often outperform their peers, yet receive less than 5% of investment capital. We have more quantitative evidence than ever, yet why have we still not made more progress?
Following the Wharton Social Impact Gender Conference and High Water Women Investing for Impact Symposium at the end of 2017, pioneers, philanthropists and entrepreneurs in the financial services space and related businesses—including leaders within its feminist movement and various leaders in impact investing, the media, and philanthropy—convened to celebrate the launch of Work Capital. The women invited to this intimate dinner all are materially making a difference in the lives of women and girls through their professional and personal endeavors.
The dinner conversation was a facilitated discussion and focused on the unrealized economic power and significance that women have in global economies, and how to solve for it. The robust dialogue formally lasted for hours and informally into the wee hours of the morning. What we arrived at: in order to achieve ‘multiplier effect’ goals, and create significant material progress for women, we need cross-disciplinary action and solutions, and the movement of capital on a scale never seen before.
Hosted by Pamela Jacobs, Head of Impact Investing at Envestnet, the inspiring conversation explored the opportunity to leverage and scale investment dollars with a particular focus on gender equality. In attendance were Melanie Schnoll Begun of Morgan Stanley, Marty Cordes of the Cordes Foundation, Alfa Demmellash of Rising Tide Capital, Janet Hanson of 85 Broads, Deborah Jackson of Plum Alley, Jennifer Kenning of Align Impact, Patricia Lizarraga of Hypatia Capital, Amber Nystrom of SDG Impact Marketplace, Alexandra Poe of Hughes Hubbard and Reed, Mackenzie Colgan Reinoso of Work Capital, Ruth Shaber of the Tara Health Foundation, Carol Van Atten of the Charles Hayden Foundation, Sara Weinheimer of BroadMic, and Jacki Zehner of Women Moving Millions.
Work Capital, founded in May 2017 by Allyson McDonald and Jason Britton, is a female led and majority owned asset management firm delivering performance with purpose. Helping investors make the world a better place through the thoughtful deployment of capital.
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