The moral marketplace how mission driven millennials and social entrepreneurs are changing our world

ASHEEM SINGH THE MORAL MARKETPLACE HOW MISSION-DRIVEN MILLENNIALS AND SOCIAL ENTREPRENEURS ARE CHANGING OUR WORLD THE MORAL MARKETPLACE THE MORAL MARKETPLACE How mission-driven millennials and social entrepreneurs are changing our world Asheem Singh First published in Great Britain in 2018 by Policy Press North America office: University of Bristol Policy Press 1-9 Old Park Hill c/o The University of Chicago Press Bristol 1427 East 60th Street BS2 8BB Chicago, IL 60637, USA UK t: +1 773 702 7700 t: +44 (0)117 9​ 54 5940 f: +1 773 702 9756 pp-info@bristol.ac.uk sales@press.uchicago.edu www.policypress.co.uk www.press.uchicago.edu © Policy Press 2018 British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book has been requested ISBN 978-1-4473-3774-4 paperback ISBN 978-1-4473-3776-8 ePub ISBN 978-1-4473-3777-5 Mobi ISBN 978-1-4473-3775-1 ePdf The right of Asheem Singh to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988 All rights reserved: no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of Policy Press The statements and opinions contained within this publication are solely those of the author and not of the University of Bristol or Policy Press The University of Bristol and Policy Press disclaim responsibility for any injury to persons or property resulting from any material published in this publication Policy Press works to counter discrimination on grounds of gender, race, disability, age and sexuality Cover design by Andrew Corbett Front cover: image kindly supplied by Jessica Miles Printed and bound in Great Britain by TJ International, Padstow Policy Press uses environmentally responsible print partners For Mum and Dad Asheem Singh is an internationally renowned campaigner, speaker, broadcaster and author He was the first Director of Policy and Strategy at the UK’s leading venture philanthropy fund, Impetus-PEF and was CEO of the UK’s leading network for charity and social enterprise leaders, Acevo He has written widely on social entrepreneurship, leadership, technology, poverty and creativity for a range of international think tanks and publications including The Guardian, The New Statesman, The Scotsman, and The Spectator vi Contents Acknowledgements viii Introduction: Behold, the social entrepreneur 1 The man who invented a chicken: Introducing a global generation of entrepreneurial social activists 13 Raising the voices of girl-children: Pyramids, incubators and the fight for equality 46 The incredible rise of co-operatives: Conscious consumption… slow fashion… ethical exploration… and more… 64 How you know you are making a difference? The metrics and measures that keep the social entrepreneur on-mission 84 A trip to the favela: 108 The death and life of traditional charity Inside the social enterprise city: How change happens, locally and globally 137 The bull market of the greater good: Fact, fiction and the rise of big-money activism 160 The digital device in the wall: #peoplepower meets the block-chain 200 Reclaiming the heart of government: Power in the age of the moral marketplace 215 Conclusion: Creating a new kind of capitalism 245 Notes and references 255 Index 267 vii Acknowledgements The below is just a snapshot of all the thanks I owe but it is the best I can with the space I have Thank you to my researchers, especially Simon Dixon who retrieved all manner of statistics for me Also Emily Wymer, Rosalie Warnock, Kate Brittain and James Wilderspin My thanks also to the publishing team at Policy Press It is a real privilege to release this book through a publishing house that is itself a social enterprise I couldn’t have asked for more Thanks to Alison Shaw, who encouraged me to stick with it, Isobel Bainton, Laura Vickers, Jess Miles, Jo Morton, Phylicia Ulibarri-Eglite and Rebecca Tomlinson Thanks to Sally Holloway, of Felicity Bryan Associates, who believed in this project from the start My interviewees and contributors from all over the world – thank you for giving your time and sharing your stories with such candour and grace Special thanks to Vipin Malhotra, CEO of Keggfarms, and all the people there who treated me so well on my visit Vinod Kapur, of course Stephen Burks’ team at ReadyMade studios Cliff Prior of Big Society Capital, Nick Temple of Social Enterprise UK, Tom Fox of UnLtd, Dan Corry of New Philanthropy Capital, Daniela Barone-Soares, Jenny North and Lizzie Pring of Impetus Trust, Rob Owen of St Giles Trust, Catherine Howarth of SharedAction and others too modest to be named here My eternal thanks to various advisers and mentors throughout this journey: Baron Glasman of Stoke Newington and Stamford Hill, Lord Low of Dalston, Will Hutton, Nick Hurd MP, Sir viii Acknowledgements Stephen Bubb and others too numerous to mention We learn and learn again A big shout out to my script readers You so much to help dictate the flow and pace of a piece Thanks especially to Jonathan Lindsell of Charity Futures whose comments were truly insightful To the staff and fellow writers and readers at CLR James Library, Dalston Square, a great community facility where the final drafts of this book were written; the Candid Arts Café, a wonderful social enterprise in Angel where ‘i’s were dotted and ‘t’s were crossed To Adam Glass, my friend and business partner, and to the rest of you, especially you, you and you You know who you are ix Notes and references 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Defoe, D (1719, 2010) The anatomy of Exchange-Alley: or, a system of stockjobbing Proving that scandalous trade, as it is now carry’d on, to be knavish in its private By a jobber.The second edition corrected Gale ECCO Print Editions (online) Retrieved 29 June 2017 from: www.friendslife.co.uk Under an amendment to the UK 1995 Pensions Act which came into effect in 2001, pension funds have been required to state in a Statement of Investment Principles ‘the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments’ Governments had long ago began to sense that this movement might be worth something to them and their own social objectives In the UK for example pension funds must invest in ethical stocks (though an amendment to the UK’s 1995 Pensions Act allowed funds to include, for example, the shares of supermarkets that sell tobacco and alcohol only as a small proportion of their revenue) Further details can be found in The Association of Chief Executives of Voluntary Organisations (2014) Good with Money, https://www.acevo.org uk/news/goodwithmoney (accessed 29 June 2017) Retrieved 29 June 2017 from: www.eiris.org/media/statistics/ Solomon, A (2003) Is a Virtuous Circle for Corporate Social Responsibility arising from the New Socially Responsible Investment Disclosure Requirement for Pension Fund Trustees?, https://pdfs.semanticscholar.org/e4d8/ b63c6f9cfd1b3a0a2f7168abdb0433729a4d.pdf (accessed 29 June 2017) Retrieved 29 June 2017 from: www.unpri.org O’Donohoe, N., Leijonhufvud, C., Saltuk, Y., Bugg-Levine, A and Brandenburg, M (2010) Impact Investments: An Emerging Asset Class, JP Morgan/Rockefeller Foundation/GIIN, https://www.jpmorganchase com/corporate/socialfinance/document/impact_investments_nov2010 pdf (accessed 29 June 2017) Economist (2011) ‘Happy returns: the birth of a virtuous new asset class’, 10 September See www.aravind.org/ (accessed 29 June 2017) More on David Green and his journey through social entrepreneurship with Auroblab can be found at www.schwabfound.org/content/david-green The interview was with FastCompany and is available at www.fastcompany com/42111/perfect-vision-dr-v (accessed 29 June 2017) All reports can be accessed at http://www.ronaldcohen.org/initiatives/ social-investment-task-force Retrieved 29 June 2017 from www.triodos.co.uk See www.bridgesventures.com (accessed 29 June 2017) 263 The moral marketplace 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 See www.bigsocietycapital.com (accessed 29 June 2017) O’Donohoe, N., Leijonhufvud, C., Saltuk, Y., Bugg-Levine, A and Brandenburg, M (2010) Impact Investments: An Emerging Asset Class, JP Morgan/Rockefeller Foundation/GIIN, https://www.jpmorganchase com/corporate/socialfinance/document/impact_investments_nov2010 pdf (accessed 29 June 2017) Prahalad, C.K (2004) The Fortune at the Bottom of the Pyramid, University of Pennsylvania,Wharton School Publishing Sullivan, P (2010) With Impact Investing, a Focus on More Returns, http://www nytimes.com/2010/04/24/your-money/24wealth.html?dbk (accessed 29 June 2017) See www.toniic.com (accessed 29 June 2017) See www.impactassets.org (accessed 29 June 2017) See www.socialstockexchange.com (accessed 29 June 2017) UNDP (2006) Human Development Report 2006, http://hdr.undp.org/en/ content/human-development-report-2006 Retrieved 29 June 2017 from: www.gavi.org Light, D.W (2010) ‘GAVI’s Advance Market Commitment’, The Lancet, vol 375, no 9715, p 638 Duflo, E and Banerjee, A (2011) Poor Economics, New York, NY: Public Affairs See www.iffim.org (accessed 29 June 2017) Bateman, M and Chang, H.J (2012) ‘Microfinance and the Illusion of Development: From Hubris to Nemesis in Thirty Years’, World Economic Review, 1: 13–36 Rowell, S (2015) Good Pensions, London: Social Market Foundation De Soto, H (2001) The Mystery of Capital, London: Black Swan See www.Clearlyso.com (accessed 29 June 2017) Chapter Eight See www.hole-in-the-wall.com/Beginnings.html A number of interesting papers by Professor Heeks on this subject can be found at www.manchester.ac.uk/research/richard.heeks/publications (accessed 29 June 2017) See www.goodgym.org (accessed 29 June 2017) See www.mysociety.org (accessed 29 June 2017) See www.paulocoelhoblog.com (accessed 29 June 2017) Oren Yakobovitch is another Ashoka Fellow: www.ashoka.org/fellow/ oren-yakobovich (accessed 29 June 2017) www.videreonline.org (accessed 29 June 2017) 264 Notes and references See https://hbr.org/2009/02/breakthrough-ideas-for-2009 (accessed 25 September 2017) Retrieved 29 June 2017 from: http://blog.zopa.com/2007/09/25/opaquebanking-practices/ Chapter Nine 10 11 12 13 14 15 Correspondance diplomatique, vol Paris: Michel Lévy frères libraires éditeurs, 1860, p 196 See www.nationalservice.gov/programs/social-innovation-fund (accessed 29 June 2017) See www.nokidhungry.org (accessed 29 June 2017) FOMIN (2016) ‘Ecosystem for Supporting Social Business in South Korea’, 10 May, www.fomin.org/Home/FOMINblog/Blogs/DetailsBlog/ ArtMID/13858/ArticleID/7098/Ecosystem-for-supporting-socialbusiness-in-South-Korea.aspx Ibid Leadbeater, C and Cottam, H (2007) The User Generated State, http:// charlesleadbeater.net/wp-content/uploads/2007/03/PSRG3.pdf See www.in-control.org.uk (accessed 29 June 2017) See www.m2m.org (accessed 29 June 2017) Small, M (2010) Unanticipated Gains: Origins of Network Inequality in Everyday Life, Oxford: Oxford University Press Acevo (2016) Coming in from the Cold, https://www.acevo.org.uk/sites/ default/files/Coming%20in%20from%20the%20Cold%20Full%20Report pdf (accessed 29 June 2017) Cawley, J and Meyerhoefer, C (2012) The Medical Care Costs of Obesity:An Instrumental Variables Approach, available at: http://www.nber.org/papers/ w16467.pdf (accessed 29 June 2017) Szabo, L (2014) Cost of not caring: Nowhere to go, see, eg https://www usatoday.com/story/news/nation/2014/05/12/mental-health-systemcrisis/7746535/ (accessed 29 June 2017) NHS England (2013) A Call to Action, available at: https://www.england nhs.uk/2013/07/call-to-action/ (accessed 29 June 2017) Action for Children (2010) The Red Book, available at: https://www actionforchildren.org.uk/resources-and-publications/reports/the-redbook-review/ (accessed 29 June 2017) Hutton,W., Owen, R and Singh, A (2015) Remaking the State, available at: https://www.acevo.org.uk/sites/default/files/REMAKING%20THE%20 STATE%20RESEARCH%20REPORT%20FINAL_1.pdf (accessed 29 June 2017) 265 The moral marketplace 16 17 18 19 20 21 22 Ravallion, M and Chen, S (2004) China’s (Uneven) Progress Against Poverty, September,World Bank Policy Research Working Paper No 3408 Available at SSRN: https://ssrn.com/abstract=625285 (accessed 29 June 2017) Pritchett, L (2015) ‘The New Global Goals Spell the End of Kinky Development’, Center for Global Development, 20 October, www.cgdev org/blog/new-global-goals-spell-end-kinky-development (accessed 29 June 2017) Retrieved October 2017 from https://www2.deloitte.com/global/en/ pages/about-deloitte/articles/social-progress-index.html Kubaznasky, M., Cooper, A and Barbary, V (2011) Promise and Progress: Market-based Solutions to Poverty in Africa, available at: http://web.mit.edu/ idi/idi/Africa-%20PromiseAndProgress-MIM.pdf (accessed 29 June 2017) Singh, A (2011) ‘Support is Key to Success in Early Years Intervention’, Guardian, 11 July See www.ripplez.co.uk (accessed 29 June 2017) See www.theguardian.com/public-leaders-network/2014/aug/11/ jobcentre-plus-dwp-long-term-work-social-enterprise (accessed 29 June 2017) 266 Index A Abundance 210 Accion 162 Acevo 117, 130–1 Ackoff, Russ 239 activism 2, 36, 38, 40–3 Advance Market Commitment (AMC) 194–5 Afghanistan 105 Africa mobile phones 147–8 Mothers2Mothers (M2M) 225–6 One Acre Fund 56 poverty 245 social enterprises 236 tele-centres 201 see also individual countries Africa Venture Philanthropy Association 61 Age UK 38, 115–16, 117 aid 25–6, 234–7, 243 Aid to Artisans 1–2, 36–7, 64–8, 82 Alemu, Tilahun 82 Alexander, Lesley-Anne 115, 133 AltCity 55 Alter, Kim 31–3, 36, 116 Alternative Commission on Social Investment 186–7 Amsterdam 146 Amul 70 Andrews, Giles 210–11 Aravind Eye Care 37, 38, 160, 178–81 Aristotle 118 Arizona State University 20 Artecnica 66 Ashoka Foundation 41, 59–60, 61, 63, 175–6, 180, 183 Asia Venture Philanthropy Network 61 Atkinson, Dick 141, 142 Australia 29, 119 B B Corps 33, 74–5, 78, 222 Balsall Heath 141 Ban Ki Moon 71 Banco Compartemetos 166 Bangladesh 40, 142, 162 Bannerjee, A 194 Barcelona FC 72 Barnett, Henrietta 84 Barnett, Samuel 84 Barone Soares, Daniela 108–9, 111, 132, 134–6 Bateman, Milford 167–8 Bayern Munich 73 benefit corporations (B Corps) 33, 74–5, 78, 222 Berger, Ken 124 Besser, Mitchell 225–6 Bharat Financial Inclusion 165 Big Lottery Fund 221 Big Society Capital (BSC) 183–5, 186, 191, 198, 219, 220, 231–2 Bilbao 40, 139–40 267 The moral marketplace Bill and Melinda Gates Foundation see Gates Foundation Birmingham 141 Bitcoin 211–12 Blair, Tony 203 Blankfein, Lloyd 132 blockchain 211–12 Boontje, Tord 66 Borello, Jean-Marc 23 Bornstein, David 28, 252 bottom of the pyramid social enterprises 38 Bridges Ventures 182–3 British Waterways 241 Brokaw 132 Brooklyn 39 Burks, Stephen 1–2, 36–7, 64–8, 81, 82 buses 1, 152–7, 176 business corporate social responsibility (CSR) 76–7 and government 25 mistrust of 74–5 shared value 77–9, 82 social regard 82–3 see also socially responsible business Buy Social campaign 80 C Calegari, Ninive 157–8 California 75 campaigning 130–1, 241–4 Campana, Fratelli 66 capitalism 6, 83, 246–8, 249 CareShops 148–9 Carpenters Arms, The 122 Carttar, Paul 216–17 cell phones see mobile phones Centre for Effective Altruism 99 Centre for Giving and Philanthropy (CGAP) 165 Centre for Social Initiatives Promotion 55 Chang, Ha Joon 167–8 charitable foundations 93, 97–8 see also Gates Foundation charities 9, 111, 132–3 campaigning 130–1, 242 consolidation 121–3 diversification and the donations dilemma 125–7 and failure 151 feedback and community voice 129–30, 135 the future 121–31 golden rule 123–5 impact measurement 89–90, 93–4, 97 limits of giving 119–21 professionalisation 127–9 scientific charity movement 84–6 and social enterprise 38, 116–19 social impact 124 and technology 131 trading 114–16 and venture philanthropy 133–6 Charity Navigator 124 Charity Organization Societies (COSes) 84–5 Charity Star 89 chickens 1, 13–22 Chickmaster 21 child poverty 9, 119 China charitable donations 119 Freegate 206 poverty 235, 236, 245 social entrepreneurship 42 Church of England 171 cities see social enterprise cities citizen journalism 206, 208 Clarke, Martin 171 CLIC Sargent 127 Coelho, Paulo 206 Cohen, Sir Ronald 181–2, 183, 184, 185, 191, 197, 229 collaboration 44 CommonBond 210 Commonwealth Development Corporation 176 community assets 140–3 community interest companies (CICs) 72, 75, 78 community land trusts 39, 70 268 Index companies see business conscious consumption (CoCo) 24, 79–81 constructive journalism 252 co-operatives 6, 7, 39, 68–73, 246 B Corps and more 74–6 principles 68, 69 public sector 238–41 shared value 78 corporate social responsibility (CSR) 76–7 Corry, Dan 90–4, 96–7, 103–4, 105–6 Cottam, Hilary 224 Crabtree, James 242 Credit Agricole 70 Croke, Kevin 89 cross-subsidy social enterprises 37–8 crowdfunding 24, 209 Czech Republic 29 D Dahl, Roald 169 data 204–5 Davies, William 102–3, 249 Dawson, Stephen 133 de Soto, Hernando 198 Defoe, Daniel 160, 169 Delman, Lorian James 165 Denmark 68 Deshpande, Gururaj 54 Deutsche Bank 180, 181 digital social entrepreneurship 200–14 Disability Adjusted Life Years 99–100 disruption 44 Divine Chocolate 4, 75–6 donations dilemma 126 Drayton, Bill 13, 40–1, 52, 59–60, 61, 126–7, 183 Drishtee 37, 148–50, 201 Dubarah 38 Duffy, Simon 224, 227–8 Duflo, E 194 E Ealing Community Transport (ECT) 155, 176 Easy Money 165 Echoing Green 53–4 Edilbi, Ahmad 38 effective altruism 99–102, 103 Eggers, Dave 157–8 Egypt 205 826 Valencia 157–8 El Maghraby, Akef 179–80 Elizabethtown, Kentucky 151–2 embedded enterprises 116 employment social enterprises 37 entrepreneurship 27–8 see also social entrepreneurship Ethereum 211–12 ethical consumption 24, 79–81 ethical investment 7, 169–75, 196 Ethical Investment Research Services (EIRIS) 172 ethics 29 Ethiopia 21, 82 eudaimonia 118 Evitech 21 external social enterprises 116 F Fairphone 81 fashion 66, 81–2 Aid to Artisans 36–7, 64–7 soleRebels 82 favelas 108–9 Fifteen 1, 37, 156 Fight Club 67 finance see funding; investment financial sector 70 financial tech (fin-tech) 209–12 financial transactions tax 237–8 Finland 29 flexible purpose corporations (FlexC) 75 Floyd, David 186–7 food co-operatives 39, 71–2 football clubs 72–3 France 269 The moral marketplace financial transactions tax 237 Groupe SOS 23 mistrust of business 74 solidarity finance 24, 197 franchising 54–5, 149 Freegate 206 Freiburg 70–1 Frenkel, Talia 37 Friedman, Milton 77, 82 Friends Provident 170 FTSE (Financial Times Stock Exchange) 172, 173 Fukuoka 1, 137–9 funding 24, 42, 220–1 fin-tech and the future of social money 209–12 international aid funding 25–6 microfinance 6–7, 18, 37, 86, 160–9 SoCap 40, 61 see also investment G Gates, Bill 9, 98, 102, 119, 237 financial transactions tax 237–8 and GAVI 195 and Keggfarms 21 Gates Foundation 98, 114, 119 GAVI 193, 195 Keggfarms 20, 21 Gathering of Leaders 61 GAVI (Global Action for Vaccination and Immunisation) 192–5 Germany co-operatives 68, 70–1 football clubs 73 social enterprise cities 139 solidarity funds 197 Ghana 23–4, 148–9 Gibbon, Giles 76 gift economy 120 Girl Child Network (GCN) 1, 28, 47–9 GiveWell 97, 124 Global Action for Vaccination and Immunisation (GAVI) 192–5 Global Impact Investing Network (GIIN) 36, 61, 189 Global Impact Investment Reporting System (GIIRS) 75 Global Social Entrepreneurship Network (GSEN) 60 globalisation 62 Golden Lane Housing 184 golden rule 123–5, 221 Gonzalez, Adrian 166 Good Gym 203–4 Good Hotel, Amsterdam 146 Goodwill 38, 116 Gormley, Ivo 203 government 24–5, 218–19, 251 and charities 130–1 and community assets 143 and data 204 and failure 151 and grass-roots community campaigners 241–4 and infrastructure 219–23 mass co-operative public sector 238–41 and public service social enterprises 39 social entrepreneurship definitions 29–30 social first principle 223–9 social innovation fund 215–18 system change and social investment 229–34 welfare, aid and a financial transactions tax 234–8 Grameen Bank 36, 138, 150–1, 162–3, 165, 166–7 16 decisions 164 cell phones 142 Green, David 179–80 Green and Healthy Homes Initiative 232 Gregory, Dan 187 Groupe SOS 23 Gurteen, S Humphrey 84, 85 H Hackney Community Transport (HCT) 1, 129–30, 152–7, 176 270 Index Hackney co-operative Developments (HCD) 139 Harford, Tim 125 Harris, Charles ‘Chuck’ 113–14 Hattem, Gary 180 Heeks, Richard 201 Hilton, Steve 76 hole in the wall experiment 200, 213 hotels 32, 37, 146–7 housing 70, 184 Howarth, Catherine 173–4 Human Proteome Folding Project 203 I IBM World Community Grid 203 Ikea 67 impact investment see social impact investment impact measurement see social impact measurement Impact Reporting and Investment Standards (IRIS) 189 ImpactAssets 190 Impetus Trust 109, 123, 132, 133, 134 and St Giles Trust 111–13 and Teens and Toddlers 89, 231 In Control 39, 224–5, 227 incubators 53–6, 58–9 India Aravind Eye Care 37, 38, 178–81 co-operatives 70 Drishtee 37, 148–50 Keggfarms 1, 13–20, 21–2, 44 microfinance 165 Mirakle Courier Company 32, 37 poverty 245 Sandbox incubators 54 social entrepreneurship 25, 33, 34–5, 42 technology 200, 201–2, 213 water 178 Indovax 21 infrastructure 24, 219–20 globalised 60–2 social innovation fund 215–18, 219 integrated social enterprises 116 international aid 25–6, 234–7, 243 International Co-operative Alliance 68, 69 International Finance Corporation 176 International Finance Facility for Immunisation (IFFIm) 194 investment ethical 7, 169–75 three-dimensional investment 199, 247 see also social impact investment Iran 205–6 Ireland 110 Isenberg, Dan 20 Italy co-operatives 68 social enterprise cities 139 social entrepreneurship 29 J Japan 1, 137–9 John, Becky 39 Jones, Paul Tudor 110 JP Morgan 177, 187 K Kapur,Vinod 1, 13–22, 26, 28, 29, 36, 44, 86–7, 144 Keggfarms 1, 14–22, 23, 26, 36, 44, 86–7 Kenya 20, 21, 25 KidsCompany 123–4, 128 Kiva.org 37, 168, 209 Kleissner, Charly 250 Kopp, Wendy 53 Korea see South Korea Kramer, Mark 77–8, 79 Kuroiler 16–22 L L condoms 37 L3Cs (low-profit limited-liability companies) 33, 75 Labarthe, Carlos 161, 165, 166 271 The moral marketplace Language Line 40 Leadbeater, Charles 224 Lebanon 55 Light, Donald 193 listening 143–5 Living Wage campaign groups 39 Lloyd’s Bank Foundation 221 ‘Lobbying Act’ 2014 243 local currencies 228 Localism Act 141–2 London buses 1, 129–30, 152–7, 176 social enterprise 139, 140 low-profit limited-liability companies (L3Cs) 33, 75 Lowell, Josephine 84–5, 107 M MacAskill, Will 99 McCain, John 215 McGovern v AG 117–18 McLuhan, Marshall 120 Magdas Hotel,Vienna 32, 37, 146–7 Maimonides 118 Makoni, Betty 46–50, 60, 142 Malhotra,Vipin 20, 21 Manchester 157 mapping 221, 226 market 28 market access social enterprises 36–7, 67–8 Maryland 74–5 MA’s Tropical food Company 78–9 media 252–3 see also social media Methodist Church 170 microfinance 6–7, 18, 37, 86, 160–9 Migrants Rights Centre in Ireland (MRCI) 110 Millennium Development Goals (MDGs) 234–6 Miller, Doug 40, 60–1 Mirakle Courier Company 32, 37 Mises, Ludwig von 27 Mission Markets 205 mission-driven millennials 41, 56 Mitra, Sugata 200, 213 MIX (Microfinance Information eXchange) 166–7, 204 mobile phones Africa 147–8 Grameen Bank 142 M-Pesa 33, 105, 148 Mohammed, Amina 237 Mondragon 7, 68–9 Monitor Inclusive Markets 178 Monte di pieta 6, 160–2 moral marketplace 8–9, 120–1, 246–7, 250 see also social entrepreneurship Mortell, Deirdre 110 Mothers2Mothers (M2M) 225–6 M-Pesa 33, 105, 148 Mulgan, Geoff 91 Musk, Elon 100 mutuals see co-operatives Myckosie, Blake 37 MyPolice 242 MySociety 38, 204 N Namperumalsamy, P 180 Nanopix 54 National Extension College 40 Nebraska Children and Families Foundation 217–18 Neda 205–6 Nehru, Jawaharlal 201 neoliberalism 102–3 Netherlands 182 New Barn Raising 142 New Philanthropy Capital (NPC) 90–4, 96–7, 103–4, 106 New Teacher Centre 114 New York City 826NYC 158 Robin Hood Foundation 110 scientific charity movement 84–5 Nigeria 21, 213 non-governmental organisations (NGOs) 25 Norbury, Mark 57 O Obama, Barack 20, 215, 220 272 Index Obama, Michelle 53 Oliver, Jamie 1, 37, 156 Olympics 155 Omidyar, Pierre 161, 163, 166, 188 One Acre Fund 56 One Foundation 110 Open University 40 Ord, Toby 99 Overseas Development Institute 25 Owen, Rob 111–12, 132, 229, 230 public services 39, 223–9, 247 pyramids 53, 56–9 Q Quakers 170 Quality Adjusted Life Years 99–100 R P Pallotta, Dan 133 Park Slope Food Co 39, 72 payment on success bonds 229–33 peer-to-peer (P2P) lending 209–11 Penna, Robert M 124 People’s Supermarket 39, 72 personal budgets 224–5, 227–8 Perugia 6, 160–2 philanthropy 9, 24, 120 ancient Greece 118 and community assets 143 effective altruism 99–102, 103 social impact 94, 97 see also venture philanthropy Pistoia 139 place-based budgeting 222 Plastic Bank 81 PlayPump 143–4 Pledgebank.com 202–3 political action 205–9 Porter, Michael 77–8, 79 Potts, Gareth 142 poverty 9, 119, 120, 245–6 Charity Organization Societies 84–5 China 235, 236 and Keggfarms 1, 15–20 and social entrepreneurship 35 poverty premium 187–8, 245–6 Powell, Dai 130, 152–4, 155, 156 Prahalad, C.K 35, 144–5, 187 preventative services 233–4 Prior, Cliff 56, 57, 198 Private Equity Foundation 123, 134 Prudential 176–7 Rabobank Group 70 randomised controlled trials (RCTs) 88–9, 99 RDEF (Roberts Enterprise Development Fund) 95, 218 Readymade Projects 36–7, 64 Real Madrid FC 72 ReServe 140, 142–3 RippleZ 238–9 RNIB (Royal National Institute for the Blind) 115, 116, 117 Robin Hood Foundation 110, 132 Rochdale pioneers 6, 68, 246 Rosenthal, Jack 140 Roshan 105 Ryan, Declan 110 S St Giles Trust 111–13, 117, 229, 230 Sandbox incubators 54 Sao Paulo 108–9 School for Social Entrepreneurs (SSE) 61 Schumpeter, Joseph 27–8 Schwab, Klaus 61 Schwab Foundation for Social Entrepreneurship 61 Schwartz, Rodney 199 scientific charity movement 84–6, 99 SDGs 235–7 SeaChange Capital Partners 113–14 Section 25 companies 34–5 Seddon, John 239 Sesan, Gbenga 213 Shaftesbury Partnership 54, 55 Share Our Strength 218 ShareAction 174 273 The moral marketplace shared value 77–9, 82, 247–8 Sherradan, Michael 145 Shop4Support 227 Silicon Valley 24–5 Singer, Peter 99, 100 Skidelsky, Robert 102, 249 Skoll, Jeff 61 Skoll forum 40 Skoll Foundation 61 SKS 165 slow fashion 81–2 Small, Mario 226 SoCap 40, 61 social activism 2, 36, 38, 40–3 social businesses 34, 41 social capital 225–9 social design 145–8 social enterprise cities 1, 137–40, 157–9, 222 community assets 140–3 culture of social design 143–57 Social Enterprise UK 80 social entrepreneurship 2–5, 62–3 bureaucracy and regulation 222–3 and capitalism 246–8, 249 characteristics 43–4 and charity 116–19 clientele 23–4 and conscious consumption 79–81 co-operatives 68–76 defining 26–30 as economic movement 5–8 future 248–50, 253–4 global ambitions 59–62 golden rule 221 and government 24–5, 215–44, 251 hubs 39–40 incubators and pyramids 52–9 infrastructure 24, 60–2, 219–20 legislative change 223 lost generation 51–2 mapping 221 own the conversation 251–3 place-based budgeting 222 rudiments of 22–6 skills and competences 50–1 and social first principle 223–9 social impact measurement 34–5, 84, 86–107 stakeholder approach 35–6 supporting 250–1, 253–4 tax breaks 222 and technology 200–14 typologies 31–40 venture philanthropy 109–11 see also funding; social enterprise cities social first principle 223–9 social impact bonds 229–33 social impact investment 7, 36, 70–1, 127, 175–8, 192–9, 219, 250 Aravind Eye Care 178–81 capitalist criticisms 181–92 data 205 GAVI 192–5 social impact bonds 229–33 social impact measurement 34–5, 57, 58, 86–9, 135–6, 189, 197 advocacy groups 89–95 challenges 95–104 and empowerment 104–7 social innovation fund (SIF) 215–18, 219, 220 social media 205–6 Social Progress Index (SPI) 236 social return on investment (SROI) 95–6 social tech 38 social value 82 socially responsible business 33, 74–5, 83 soleRebels 82 solidarity funds 7, 24, 71, 197, 241 Soros, George 132 South Africa 225–6 South Korea mistrust of business 74 social entrepreneurship 29, 30, 220–1, 242–3 Spain football clubs 72–3 Mondragon 7, 68–9 274 Index social enterprise cities 139–40 Sri Lanka 78–9 stakeholder approach 35–6 Stanford Social Innovation Review 124 Steel, Robert 113–14 Steinberg, Tom 38, 202, 204 Stewart, Jon 132 Stone, John 94 Sturz, Herb 140 sweat equity 225–6 Sweden 237 system change 229–33 systems thinkers 239–40 Szaky, Tom 80 T Tahrir Square 205 Takashima, Sochiro 1, 138–9 Tanzania 21 Tata Social Enterprise Challenge 35 tax breaks 222 Taylor, Matthew 91 Teach First 54 Teach for All 53, 54 Teach for America 53 technology 38, 200–2, 213–14 and charities 131 digital social entrepreneurship 202–5 fin-tech 209–12 online political action 205–9 Teens and Toddlers 89, 231 Teresa, Mother 117 Terracycle 80 theory of change 88, 92 Third Sector Capital Partners 232 three-dimensional investment 199, 247 Tides Foundation 39–40, 59 time banking 228 Tom’s Shoes 37 Toniic 190 Toynbee, Polly 185 Trashy Bags 23–4 Triodos Bank 182 tzedekah 118 U Uganda 20–1, 89 UK Social Investment Forum (UKSIF) 171–2 Uncommon Schools 114 United Kingdom (UK) campaigning 243 charitable donations 9, 119 charities 114, 116, 117–18, 121 child poverty 119 community interest companies 72, 75 ethical investment 171–2 financial transactions tax 237 food co-operatives 72 football clubs 72, 73 impact advocacy groups 90–4 In Control 39 inequality 245 Localism Act 141–2 mistrust of business 74 peer-to-peer lending 210–11 preventative services 233 social entrepreneurship 29, 30, 41–2, 63 social impact investment 182, 189, 219, 231–2 Teach First 54 UnLtd 56–8 United Nations Millennium Development Goals 234–6 Principles of Responsible Investment 173 United States (US) B Corps 74–5 campaigning 243 charitable donations 9, 119 charitable foundations 98 child poverty 9, 119 community assets 140, 142 community development finance 182 conscious consumption 80 Echoing Green 53–4 826 Valencia 157–8 ethical investment 196 275 The moral marketplace food co-operatives 39, 72 inequality 245 Living Wage campaign groups 39 mistrust of business 74 non-profits 114, 116, 121 SoCap 40, 61 social enterprise fests 40 social entrepreneurship 6, 7, 29, 41 social impact investment 189, 232 social innovation fund 215–18, 219 Teach for America 53 Tides Foundation 39–40, 59 time banking 228 UnLtd 56–8, 60, 63, 204 upside-down capitalism 120 UpWorthy.com 252 V Vauban building project 70–1 Venkataswamy, Govindappa 160, 178, 180–1 venture philanthropy 24, 61, 109–11, 133–6 St Giles Trust 111–13 SeaChange Capital Partners 113–14 strategies 113–14 Venture Philanthropy Networks 40 Videre est Credere 38, 207–8 Vienna 32, 146–7 Magdas Hotel 32, 37, 146–7 Vietnam 55 Virtue Ventures 26–7 Vodafone 33, 105 Keggfarms 18–19, 44 social entrepreneurship 63 Who Made Your Pants 39 see also Girl Child Network Wood, Arthur 175–6, 189, 196 Y Yakobovich, Oren 38, 207–8 Yanai, Tadashi 138, 139 Yara 79 Youn, Andrew 56 Young, Michael 40 Young Foundation 40, 91 Yousufzai, Malala 49 Yunus, Muhammad 34, 138, 168, 185 Grameen Bank 36, 40, 142, 150–1, 161, 162–3, 165, 166, 167, 169 Z Zimbabwe 1, 28, 46–50 Zopa 210–11 W water 4, 143–4, 177–8 Wei, Nat 54 welfare 234 WGAC (Who Gives a Crap) 37–8 Who Made Your Pants 39 Wiesbaden 139 William, Prince 112 women Grameen Bank 142, 150–1, 163, 165 276 “A remarkable book in dangerous times.” Phillip Blond, Director, ResPublica and author of Red Tory “The rallying cry for the socially conscious, business-savvy radical.” Doug Miller, Asian Venture Philanthropy Network Chairman “The stories in this book show a way forward that really will change things.” Kate Welch OBE DL, Chief Executive, Social Enterprise Acumen CIC “A hopeful vision for turning enthusiasm into positive social action.” David Floyd, Managing Director, Social Spider   The moral marketplace “The most important work on social activism and the third sector to emerge this decade.” Sir Stephen Bubb, CEO of Charity Futures Enter the world of the social entrepreneur A global community of doers, thinkers and leaders who mix business with grass-roots activism to make social change possible Vinod Kapur created a new breed of chicken that feeds some of the world’s poorest villagers Betty Makoni empowers young women across Africa through her Girl Child Network Stephen Burks connects developing world artisans with high fashion brands They are but three Asheem Singh “Bursting with timely insights.” Professor Matt Qvortrup, Coventry University Asheem Singh the moral marketplace In this book, author and activist Asheem Singh explores how a movement of tiny ventures evolved into a global humanitarian and financial juggernaut, revealing new ways to fight privilege and inequality, rewire philanthropy, government and even capitalism itself This is a guide to an exhilarating and inspiring world where, through our giving, campaigning and even through our choices as consumers, we can all play a crucial role in taking on the biggest social challenges of our time Asheem Singh is an internationally renowned campaigner, speaker, broadcaster and author, and was the youngest ever Chief Executive of the UK’s leading network for charity and social enterprise leaders, ACEVO How mission-driven millennials and ISBN 978-1-4473-3774-4 changing our world www.policypress.co.uk @policypress PolicyPress Policy Press Singh-MoralMarketplace-Cover.indd social entrepreneurs are 781447 337744 14/12/2017 10:04 .. .THE MORAL MARKETPLACE THE MORAL MARKETPLACE How mission- driven millennials and social entrepreneurs are changing our world Asheem Singh First published in... to platform the people about whom they care They are campaigners, creatives, technologists … there are many flavours and scents Much of our lives are spent buying and selling things, and so, more... gender and race and improve the lives of so many each and every day There are the social entrepreneurs who take aim at what we buy, who bring the political into our lives, almost by stealth There are