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[Music] it's great to have you here and again I hope you're all staying safe and healthy doing this this extraordinary times and I think it's the perfect time and I'm very happy you're you're joining us to talk about the power of private capital to spark novel solutions that come from social environmental growth problems and we're gonna have a very special guest today a fabulous Agora from the Jacobs foundation I will introduce him in a little bit to talk about SD g4 and some of the very specific challenges that that work in this arena or that work when you enter SSDs last week we had a webinar and we talked about systemic view of days GDG Sunday 17th activities and today we're going to focus on SVG 4 so if you're a little bit like me and you feeling confined and had the privilege of Thoroughly to be in confinement because I don't feel out in the streets working and do not also have the privilege to do that maybe you resorted to this pretty amazing superfood that is chocolate too and we actually use chocolate in many special occasions for for presents for gifts for love no one and we tend to associate it with very happy memories and with with rewards many times but what would happen if you know that the chocolate that you're actually eating comes from places work children are working and in many cases a very hazardous solutions and in situations where Tyler is utilized and it's interfering on there will be and under education and the possibilities of a better future so if we talk about when we think about the chocolate there is a lot more behind chocolate and I think something that may arise very well from this cava crisis is to understand much better the importance and the value of a resilient value chain know and what is behind the products on the goods and services we have another issue that I think I'm - mine is also education since most schools along around the world i think only sweden is not the case are closed and many of the schools had to put everything online obviously with inequality that comes out with that because some people do not have access and or even if they have access they don't have the right environment to flourish in an online environment so we all worry that in my case my two daughters i have teenage daughters started working online and i wonder many times if professor some teachers were actually training and unable to give quality education for that just by chance yesterday i received and since i told you I love chocolate I can brag a little bit about my daughter's to today and we see the note from the school again from my very privileged life telling that ale and so we have been doing very well in this demanding environment etc and how the quality of education is not being it is not suffering but clearly this is not something that that everybody can afford no so talking about even from my beautiful home with a beautiful garden and I'm having my daughters with access to quality education is one of the luxury so that probably most of us are sitting here in this webinar hub and sometimes we may take for granted so I think a special issue were going to talk today and we have really a very special speaker and that is Fabio Segura from the Jacobs foundation it's really a very difficult topic to to try to understand how do you invest and how do can you assure more equity when we talk about this in FTD for a quality education no failure has been with the Jacobs foundation since 2015 where he was the head of international programs and since July of 2002 2019 he's a co CEO and you mean before he joined actually the jegos foundation he was a senior investment manager lgt venture philanthropy work him work on investment operations in Latin America and even before that and I think what I love about his background is precisely that mix of that you're gonna see now he also served in in Colombia for peace as a peace and development worker know and he collaborated he was a consultant for organizations in like UNICEF you netfile etc so really he combines this feel and this commitment to to improving the conditions of communities with the financial drought the economy's really privileged to have you here fabulous so pleasure to be here Vanina that is good so in this commit crisis brought also something since we're starting to talk about the reopening there are now if you look at the European environment we are talking a lot about what corpus I doing so what are you going to get from this if you're a corporate liquor from from our I am the network what are you get from this webinar and a little bit of the idea for me if to really support and to pick the brain of Ferrari on how can corporations transform I I participate in and I a couple just two days ago or one day ago and the head of investment analysis from Chios Bank and he will be here in another webinar in May he actually mentioned I'm part of a recommendation he said as we start the recovery recovery governments should actually select which companies they're gonna help and they're gonna support so if we know that companies are damaging the environment we should not be supporting them an investor should also be proactive when they put private capital in corporations and when we to gear and to support the transition to where sustainability so I thought that this was a very provoking a kind of a very provoking graph no and so how can we think of how can we move private capital with the purpose you know with intention we talked a lot about intention in one which other word impact investing in order to work on SGG for anesthesia first suddenly has very specific challenges if you look at you don't I know this can be a relatively small in your screen but just so you look this is say an evaluation or a graph that was showing how what was how devolution on SDG investment was going for the SDGs and SDG for is actually here at the bottom and if you look the tendency is actually started relatively well but the investment is dropping no so there is less really it's not gaining momentum and we hope that after the cava crisis this will actually change but it is a hard SVG to pull money and how you will tell us a little a little bit more why so this since you have joined with Huggins 170 people this will be the first webinar where we actually give you money to invest okay it's fake money it's moving our money now but we are gonna ask you to do a little poll so you are think that you are a sustainability executive or a midsize chocolate company and we just gave you 200 K to invest in sustainability in in cocoa know so where would you invest and you have this option so I will open the poll right now for you to choose and you can use choose one so will force it to choose just one so we have 34% will actually decide to put the 200k to increase the farmers income for you and then another one is 37 40 % building schools so infrastructure so we build schools to give access in community and then we have with 15% helping farmers children's increased reading and then we use in the first station and last but not least their healthy chocolate cyber this morning if we're gonna think about this how do you how do you do this no you know we are seeing that it's not easy to decide so what one of the reasons that made and with this I will finish up the topics that that I'm that I'm talking is just to share one concept then is the concept of materiality so when we see in sustainability or or a lot on ESG integration there is a lot of research showing right now that companies that focus their sustainability efforts on material issues actually perform better at they align the the impact with the financial return so there is a portion there is a lot of effort from companies to really focus on material issues what is materiality materiality is an accounting concept came from accountant it's really the issues that substantially affect our organization in the short medium and long term when we move from the financial sector and you have sass we materiality map that you can check and you will have the reference it is really those issues that affect the financial and operational performance and if you look at GRI that were starting to look at integrative reported it added the idea those issues that also influence stakeholders so when you need to pick from the broad arena of ESG or sustainability issues the ideas that you should pick issues that are financially material and that matter to your stakeholders to the problem with this is when companies think about education what happens in in this area is that if you look and you look at materiality I will say no stocks you materiality SDG for really is material in just four of the topics and it is the one that is the lowest at all and if you look at GRE crossing between the the issues that you have to report and SDGs only in two areas and one is employee development so really will not be child labor and the other is communicating agent so really very few one for other SPG's you really have lots of interests a lot lots of I would say I alignment with material issues so since we are here we clearly see that there is a problem is so fabulous how do you deal with this because you have your work in precisely on building a collaborative solution with eleven companies or with the industry of cocoa industry so how do you get them or how do you work and how do you get them to focus on quality education excellent thank you very much and welcome everyone to this call it's a pleasure to be in presence of so many people from around the world to answer your question Vanina we have to build a bridge between the promise of Education and what is material for businesses being a risk they're facing bata costs that they are incurring in or bid a better way of doing business or a future way of business and so this is what we've tried to do and where the presentation today focuses and how we have tried to build that business case the cocoa and chocolate industry excellent so I love a quote that you that you presented and that you who are going to talk about with us so so why that's quality location matter why because you would have all the other options and you seen it was our third option it was more about building schools about so what are they needs what what can you tell us Oh quality education matters for many reasons basically the promise of education is one that societies and individuals will be better off with quality education there is nothing that has been more documented in terms of social change so individuals in lives to better income it leads to holding for longer term better quality jobs for societies means income distribution however how do you translate those macro economic benefits to having an individual company with a profit-seeking interest and a mission to invest on it that is where you have all of the materiality issues you have been discussing a it is perceived to be the matter of state B it is the benefits of that materializing are too far in time and see there's a freeriders dilemma so if you as a single company invest in our community and the benefits of that are shared widely amongst your competitors or basically you're not capturing them there's no way in which you can make the business case before your board and investment committees so how has the daytime hold on quality education and what research because I know when you choose the type of interventions that you're going to make and that are going to be working you have worked with a lot of research what is the date and you that you share with us that you can share with our participants today excellent so it this slide if you can take the the cover of the of the graph here that we grade and these graphs you can see how education has really grown tremendously over the last 200 years you have seen here the numbers of primary education students grow faster than any other sector however secondary and university students are also growing in the gaps here you see the world or periods and also probably we're going to see one of those periods now and last few weeks because 1.5 billion learners have stopped going to the schools however if you go to the next slide you will see that there is any issue with education today and it is that most systems around the world independently of high or low income countries are failing a vast majority of students a because we're not learning the basics on during primary education be because students are not prepared to enter the school and then they're missing their developmental potential and see because basically students are not staying in schools given the lack of relevance the lack of ability of their parents to finance their attendance to it and the lack of infrastructure around them so if you look at the next slide the other thing that we know is that there are three main reasons why this is the case a we already talked about infrastructure school supply training of teachers and also of macro social events like conflict and crisis so insufficient as access remains in these days a major barrier for quality the second one is in the relevance the the the instruction within classrooms and the quality of the materials as well as the pedagogy as well as the management of the education matter per se is very low and lastly there is lack of accountability because many uneducated or illiterate parents have no means to us says the outcome and the quality of the education and beyond that many are unable to trace the government's decision-making as well as the effectiveness of the program sort of packages to their choosing so these are some of the challenges and historic data were saying so how do you do it then how do you build a coalition to speed up this change what data you see additional that that kind of work with it well at the macroeconomic level one of the things that was done is just to trace the correlation between education and girls domestic product or GDP so one of our researchers professor honochick Eric Hanushek have been studied studying for a long time country's GDP increase as well as per capita years of schooling and if you can show that slide a b-grade here ended in the top right top left corner you see in the axis in the x-axis is years of school per capita and in the y-axis you see an increase in GDP and I'm not expecting you to read that each of these dots represents the country and the data here represented is 40 years of evolution on both sides so you see a direct correlation between education growth in terms of years per capita and gross domestic product zero point five eight percentage point now that is to imagine that education in Norway or education in Cote d'Ivoire have the same quality oftentimes they don't so one other way of looking at is to see the standardized test results and what you can see here in the top right corner on the on the x-axis is standard deviations in test scores it is how much can we improve performance of students in tests like pizza and you can see that the correlation is much higher it's two percentage points if you can increase one standard deviation in those tests so if you control one against the other if you just want to know how much does a year of schooling in absence of quality education contribute to GDP is almost zero so this is the bottom left corner zero years and many countries in the world which are not paying attention to quality of education all of that investment is producing the zero returns for the economy now the good news and we can go to the next slide is that we can actually see with very minor standard deviation increase a very direct increase in GDP of up to 20 to 30 percent in twenty to thirty year reforms and the other good news there is that it doesn't depend on how much money do you have to invest in it this it depends more on what you do with that money good so I think I find very interesting and if you see we had many many of the people investing on building infrastructure so we do need to have access and you mention our that's a problem but it's not only that so just if we don't prove the quality obviously it's very clear that we will not have a correlation so so how do you do it because as you mentioned sometimes it's hard the investment may take time and to know how quality of education effect lies so to really co vince a corporate to invest in this area long term because when you see a school is there you build it etc so how this problem between an activity or an income and an out an output on an outcome how that affects and what is the journey so what is important when you build a fund in order to effect and to have a positive income quality education great so I would like to share with you the journey that we have taken in in Cote d'Ivoire where 40% of the world's cocoa comes from and where you see all of the multinational and medium-sized large sized small companies involved in the business of of cocoa and cocoa production and then chocolate transformation this is where the supply chain of cocoa begins Cote d'Ivoire and Ghana together accounting for the majority of the cocoa of the world so let's start with the one thing that you said when we have arrived in 2015 to try and talk about quality education that was the first thing we heard from government and from companies why would you be talking about quality education when there are not schools so you have to first build schools and that's why the choice is made in this webinar by all of you present here are very much reflecting the choices being made by openes in many in many domains firstly you need to be aware that there is an issue of poverty of farmers producing cocoa these are not companies hiring personnel to work in plantations these are small holder farmers trying to produce sometimes in suboptimal let's say size cocoa but also this lack of infrastructure not only schools hospitals wells and so on and so the dilemma that seems to be obvious in the eyes of policy and decision makers is you either build infrastructure or you work in quality and what we're trying to bring here is a different dimension that you have to work on both otherwise all of your investment would be generating negative returns we have some questions of how do you measure a quality education so what what kind of because we talked about for impact investing you need intention SVG but you also need to measure your outcomes after they do that well the most direct way of measuring quality education and this is not a perfect proxy but it's a is there is a better more efficient way we have to do it is to measure at the primary education level numeracy and literacy this is to say how many words can you read can you understand a basic sentence when you see it can you do a double-digit simple mathematical equation and just to give you an illustration of where the basis is in Cote d'Ivoire of in a very well structure school with infrastructure in place and so on we did a test at the beginning of the rover program and of 100 students only 20 were able to read a sentence sorry only only 20% were able to go to the reading of words but they could not understand the symptoms and they could not even spell words correctly so the ability of students especially those in rural areas to to get the basic set of quality education is very low in place for that we created a trek program exactly how was the trip program is an approach we created the tram work in parallel with government with civil society and with industry and take evidence to actionable to test innovation from the field and then taking the innovation results to practice and to policy so in one hand to try and influence the way companies see their own sustainability and the way the government makes policy based on innovations and based on our and evidence oops sorry so why do you need this how do you do it well firstly we partnered with the government to see what were their policy objectives what were their plans and what were their aimed target results for education and what were their priorities and then we went around the world looking for models that would be able to support this government in this context in doing that also locally of course and we came up with 3600 models that would be able to address some of the issues that they were facing with the government then we narrowed this down to a list of 20 models from ECD or early childhood development to primary education to vocational training and with this sub list that was vetted with the government by the government we then went to the cocoa and sugar industry and started testing ways in which they could participate with us and try to roll them out along the supply chains and in line with their sustainability strategies and what were the main barriers that you think were identified so yes we started asking cocoa and chocolate executives back in 2016 not only what were their main barriers but why would they invest in quality education first and foremost everyone who was doing something on education and it's also very aligned with the poll here was building infrastructure so beyond infrastructure building there was very little done but the the main reason for that where regulatory pressure to end child labor they were also ethical concerns that they had and they were also preparing the next and future generations of cocoa farmers but the barriers were also very clear the first of them was a lack of trust and a lack of trust in government particularly but also a lack trust with each other so they felt that by investing in quality education they were taking over the role the government has legitimately given itself and it is also the obligation of state due to care for it a second important barrier was that companies that produced chocolate and transformed cocoa don't necessarily know what works and what is effective in increasing learning outcomes so lack of knowledge was a very clear barrier that we had to overcome as well and the third one was that the perception of benefits from this investment in education was materializing too far away in time so if you talk about the 20-year reform a ten-year reform you're you know not speaking to the year of executive who has to make decisions and expect a return or a results of that investment in months from the moment in which those funds are placed here sorry a question precisely on that from C but Ruth and essentially how do you determine that which company and why a company should be part of a CSR program on education or if found or should they do it through the foundation or why would corporates and is something you were mentioning before why why would a compress a corporate get in ball and something that you would maybe say that the government or the state should take care of so what you and that's precisely that's precisely at the bottom of this building of the business case first and foremost we don't believe in CSR so corporate social responsibility is something we try to avoid at the darkest foundation because that's something you do because you're you know somebody feels nice of doing it and it's the first thing that gets diminished or killed in the face of a crisis like we're seeing today we believe in core business investments so in order for us to make the business case for investing we have to make it appealable and valuable enough for companies to be able to put money that would actually come in despite crisis and because they are seeing the direct benefit and return return to their business and so this is how we have approached it and therefore we don't decide whether a company should be a part of a program we promote we invite companies and for those whom see the business case we welcome them on board and with them and I think it's interesting because we talked again now resilient and working with value change it's becoming a click a key and a core issue but the problems were there before I don't have a question from Ravi they're also asking do companies over market this maybe they do something brainwashing do they use it for marketing or building their image and that could actually be it would be favorable too because part of aligning if they're actually investing and creating the positive impact so do they get to capitalize on the growing or or or what they do in their businesses effectively companies use this in their sustainability reports they use this before their shareholders and their boards to basically talk about their effort in addressing some of the challenges there of their of their business I don't have a problem with that I think in order for us to really blend finance and address big issues we need a capital from the private sector from government and from the philanthropic sector and civil society so in order for us to be able to blend that effectively we need to be serving different interests and one of the interest is that companies who invest there get a return what is one currency credibility shareholder value and image and brand positioning so how because we talked a lot about corporates but I know you you actually have been working in a grand coalition like you're mentioning that you have government you have United Nation organizations that data must relate your organization or UNICEF and you have eleven companies in the control industry from Nestle Mars mandalas I'm going to forget because they're 11 so you can mention sorry and the government in hot divorce so how do you build this multi stakeholder collaboration to actually build a financial or a blended finance tool to address and to bring solutions to market how do you do that what is this co-investors approach that one that I think is quite a novelty that I wanted to share with the audience so in order for us to really be building a business case firstly we have to create a coalition of stakeholders that would act as Co investors and that having clearly defined roles for each of the parties and having clearly defined targets and uses of the capital that we would going to pull together the second part was about choosing real and effective models there for overcoming the barrier of not knowing enough about what works and what doesn't in education so bringing that knowledge to the table and making it easier for those investors the different stakeholders government multilateral organizations and companies to actually choose the right ones and the third part of that was to give increased visibility and value proposition to mitigate a business risk in this case the business risk that was very evident evident for the cocoa and chocolate industry was the upcoming regulation or is the upcoming regulation to tackle the issue of child labor in their supply chain so building the bridge between increasing quality of education and diminishing child labor was an important material aspect that actually made quality of education traditionally not a sector where companies put their money in quite relevant in this current date and time so if you again if you how do you put this together what is behind and can you tell us a little bit more how you build and I think we have it sorry I think we had because I heard that the chat is going like crazy and the commune is going like crazy we had two previous questions that I I may try to address for that I need to get out of here and one was how do you deal with teachers because sometimes there is a bottleneck of teachers for the quality education and there was another how do you choose is that are the investors of the purpose decided what quality education is or do you have people on the field and you can create with the communities that you work with and then we go back and get in today great so the first question about teachers this is a very relevant one because teachers and teacher quality teacher training is one of the most essential aspects of quality of education now that I am a daytime teacher and a nighttime co-ceo I can see and I can see the challenges of teaching when you have a malnourished children when you have oversized classrooms and when you yourself don't have material or training to to conduct that labor so one of the things that we do and we will see in this presentation a small clip from that is providing with methods that allow them to resource the teaching by having other students support each other in their learning process by going at their own level one example of that is teaching at the right level a methodology created by Pratham a very large Indian NGO that has helped over 60 million children learn better to that methodology so we can talk about that later but there was an interesting case that somebody is asking about do we have people on the ground conducting all of these processes and I'm going in the field and and carrying this out well we don't we have a very small team in Cote d'Ivoire here in Missouri we have three people who are basically managing this program and what we have done is leverage on the on the ground personnel that cocoa and chocolate industry has had so they all have cooperative work they all have managers on the ground and we have managed to have them be a part of the process of rolling out and managing the process per se also the government has participated through their own networks as well as the NGOs and implementers that we have on the ground so can you tell us a little bit how how these fans how these great how the cooperation because I know there is no Jago foundation there is a UBS optimist foundation you have different corporates so can you tell me a little bit how Trek partners who they are and how they go invest in one it is excellent so in this graph you see the blended financed that we have created to date at the bottom the yellow part is the Jackal foundation investment we committed 50 million Swiss francs or US dollars to conduct a transformation that will have three objectives one create a business case for investing in quality education the second one was to transform education in the country and the third one is to transform most of the way philanthropic the philanthropic sector of electronic institutions work so on top of that you will see other foundations like Euboea Septimus foundation and burner thunder foundation using all those little capital and adding funds to program we created without with a team on the ground that was not a Jacko foundation team it was a self entity who were who was tasked with maintaining government relationships and ensuring that the funds were used adequately and on top of that you see all of the funding that has come by virtue of creating that business case for others to invest one of the examples that we did was sorry it's taste and money's coming from the foundation like a paper performance how is it what is it it's to the risk and just if you can mention a little bit oh sure I was about to go there the first thing we did with the cocoa and chocolate industry was to create a payment by results mechanism and that is to say if you achieve these results this previously agreed results will pay this money towards that program if you don't achieve them will pay less or not at all and so only 5 companies when we study that process only four companies were brave enough to say we'll take the challenge of publicly committing to results and then publicly being judged for whether we got there or not and we felt that was great because there were four of the giant companies in the multinational space that you can you can you can see in all the media however we wanted to transform the entire chocolate industry so we changed the approach and we said hey we will take the risk ourselves we will fund these models that we know from evidence work and if we manage to make them work in your supply chains then we together commit to taking them to scale at the next level and that was what we call the the second wave of funding which got us together with 900 con chocolate industries practically the majority of the provision of cocoa and chocolate in the world that was represented in this group and beyond that we started mobilizing capital you see here the blue big tall stacks there from multilaterals like World Bank who also had an interest in making programs more aligned with private sector money and so we have for the first time the opportunity to create out of these pilots national programs that would really impact policies at scale but we thought we still haven't created the business case for investing in quality education and I think this is very interesting because part of what this webinar is about this precise how'd this blended finance solutions you the philanthropic money can workers t the de-risking part of the process but the private money man is leveraged to scale and to bring corporate transformation because we know that the cocoa industry also wants to change and it's very that's a lot of scrutiny around a value chain issue so how you align all those incentives on how you do it in order to really achieve the goal that is quality education so how did you build that case different pieces were working I mean with the figures that you see you see here with the figures you're seeing here there is a huge problem at is that we're still working with each company individually so we're working with companies paying by results or taken to scale within the supply chain these models but if we want to really make a dent on the issue and transform the situation at the national level we need it to work with them together and to prove that business case if we go to the next slide we'll so to get to that next level we have to prove that companies are willing to put money into a pot that was not in their control as investors do with a company and then they transfer control to management that would actually be real money and not only managing the process or let's say transferring some of their programs to this program but actual cash and we basically created two pools hunting facilities with the support of UBS optimization and they are called clay Anolon play stands for child labor child learning and education facility and Ilan for early learning and nutrition and we told companies we are willing to put in a significant amount of funding towards a capitalization a target capitalisation of 150 million if you as an industry are willing to also do their part your part and contribute equally so we're asking them to put in some that 25 million the government some 25 million we would commit 25 million and then we would look for funding from other sources in an equivalent amount the board of the Jaco Salvation challenge does very critically on this and said if by end of February you have not obtained letters of interest from the cocoa and chocolate industry for at least 15 million we simply dropped the process we will claim that we have failed in this attempt to creating a business case and we will roll out a program as he was initially planned but we will not put additional funding and so there was a very interesting moment for us in which we said this is going to be either our biggest success or our most brutal failure and by Friday the day before the end of January February 29th it was Friday the 28th end of business day we have received one letter of intent for 1.5 million which is 10% of what we needed to achieve so I started drafting the mail to the board saying to them we have practically failed at creating that business case and it was only you can play that video because this is something that we played on social media during that week so if you can go back a little bit does it slide before veneer sorry and so basically we started we started really trying to you can play that one we're certainly trying to give the messaging that there is a strong connection between the Challenger trying to address a child child labor and what we're proposing to do which is treating the problem at the level [Music] at that point in time we were fearing that there would be not enough commitment and during that weekend we passed the minimum mark to launch it and I'm very happy to say that yesterday we released a media release launching cleanliness as facilities and this happened particularly in a very interesting time proving that business case which is a time where everyone is focused on the kovat crisis on restoring health systems and in directing funding towards everything else that has to do with a social impact rather than than quality of education so this is where the case stands today the work is still ahead of us but we're very confident that we're in the right path to get in there so what would be we're going out for a couple of questions but what will be the key takeaways if you want on how you build these grand coalition's with different incentives how do you make it stick well we heard that you need to make in the business case but what is the route the execution and the different interests what what do you think are the key pieces of the puzzle for other corpus that may want to apply this to different topics and to different issues no although the first takeaway is that ad for quality education has material effect on almost any business and any government but in the long term bringing that value the present day requires very careful analysis of opportunities related to either diminishing risks or increasing business returns in the present term sometimes that has to do with visibility as somebody was asking at the beginning sometimes it has to do with an effective way of doing things that is easy to engage in and sometimes and most times that has to do with building trust between different parties that can support each other to get more out of that investment that they would do individually but there is one more aspect one last aspect that I have to mention here is a very critical enabler that we were not expecting and that is human ethics and morals so a lot of the people in companies today are there because they had an education that opened doors for them and just that very humbling reminder that somebody made that decision for you is sometimes powerful enough to go through the loops of studying making the case proposing and put it out on the table and making companies and decisions that institutions take be aligned with given that door and open for other generations to come we have a Stefania asking you to do you have a a gender lens or a gender side that you're working on the quality of education or an investor after them again yeah today we do I must say this is a new G and it's a new lens we put in about two years into the program because what we started seeing is that of the levels of discrimination and suffering of learners you have first the fact of being a rural learner secondly the fact of being a poor rural earner and third the fact to being a female er women a girl within the baldies community so is the one group that suffers the most and therefore where we have to focus as well in terms of the solutions of course and we have here a question from Ian Charles and he's asking how do you how can we better educate the public about the complexities to prevent knee jerking single focus action and that may do more harm than good in these issues like this no so then we don't divert funding into things that do not work well and this is one of the most underestimated problems in the philanthropic and impact investing industry a lot of the decisions about impact are made based on personal preferences or simple perceptions but not based on evidence and data and that is a painful fact because millions are being invested into solutions that haven't even been tested for effectiveness like EDX and so on and so forth 99.5% of all ethics in the world haven't had a taste for a sexiness so how do we go there let's look at what evidence is saying there are outlets of evidence like IPA innovations for poverty action who had basically collect randomized control trials about what works and what doesn't and why and I would just recommend to start looking at what that evidence tells us and then not reinventing will going with their own perceptions or preference Ravi is also asking do you feel that adding a vocational angle to quality education will shorten the pay but and there was another question - if that quality education helped he helps people to have better jobs in the future so do you make you work on that connection between better livelihood cyber jobs in the investments vocational training is well the most material areas of education much more than early childhood development or even primary education is more closely related to the core business you can have squads of youth for example doing pruning or spraying in a safe way in in the cocoa communities and therefore even increase in their income we tried with that area it's one of the failures we we have had to face but we didn't have enough let's say opportunities to take that to scale and part of that was the cocoa and chocolate industry was so overwhelmed by the pressure being put on them on the child labor issue that something that is closer to the core business got less less attention I'm sorry I love the second question no but I think that was ok so here I am here so I don't know the first name it's asking do you think the base is also replicable and scalable from your side either focus area or is justice for the cocoa sector can you land such a project in like with no cluster but mobilize major corporates and other stakeholders I usually this is her objective so as we begin a next strategic cycle in 2021 to 2030 we're going to invest half a billion dollars in learning and what we're going to do is to take the track approach or the clan Elan approaches to neighboring Ghana to see if in another coke on chocolate country the same dynamics can be seen but we're also going to take it out of there to a middle-income country that could be in Latin America or in Asia we're still trying to make a decision of where we could test that and we're going to take it to a high resource environment also to demonstrate that this approach does not depend on the level of income but rather on the type of partnership you create the trust that you put in place and the intersection between evidence and power there is also question if you're focusing too on health promotion it's that affects also quality education if you do any investments in that area from Sabrina from our side we don't do investments in health other than including health in the compendiums and the curriculum of the education programs that we support to develop but we ourselves done invest on on say wash or any other health interventions directly we partner with others who do in the school communities Juliana is asking what is the framework to monitor that if the investments are achieving the desired outcome so an improving child education through time no so what are you doing moving frame music oh this is one of the most exciting parts of this program we have an organization : Veritas who is doing a satellite imagery and underground surveys and building this rich data on maps that allows us to monitor over time what is changing in terms of schools quality of education as well as in child labour over time and that is you know a layered approach that can allow you to also see what investments have been done in other areas like health or infrastructure and therefore allowing everyone around the table to have a very clear very transparent tool to make decisions of efficiency of capital use Maria it's asking she saying it's often told in in Western Europe and I think we can hear this everywhere right now that educational systems are not prepared to meet the challenges of today and even less off tomorrow knows how we need to reform so what are the opportunities in developing countries where you're working and how do you work with that I think probably if you can mention some of how you work alliances with with a government or when other things you didn't be sorry well I mean we started this this talk by saying that most systems independently off of the income level of the country are failing students and we are right now in a virtual seminar as opposed to a face-to-face one because we're all together in the largest experiment humanity has ever entered into the world of technology and virtual and taking this forward allows us to open possibilities that a month ago where I'm think for governments of different parts of the world middle-income countries have an advantage over the low-income countries which is received reception of phones and some basic infrastructure that allows us to really test what technologies can help us which the the lease advantage and the more rural populations but it won't happen just by putting technology on the table we have to put thoughts and we have to put evidence from what works in that case and what doesn't good so I'm gonna start wrapping up but getting into this last question from Christine oh if you have a cup like last was just please right now because we're almost reaching that time and she says currently actually asking are you only looking for funding from corporates and what other things can corporate bring to the table other than investment I think you mentioned a little bit about working on their value chain but if you can add or it's just a bit money from the foundation and has only come from corporates what what can you fall in love that's a very good question and thank you for asking that often times when everybody talks about SDGs we all agree that governments alone cannot fund them the philanthropic sector money is a drop in the bucket if you consider only foundations working on these issues and that you need private sector engagement and financing to do that however the challenge that we're seeing a lot of the times is that the discussion starts when you go to the corporate and say hey guys here is the G give me money to do it and that's all you ask of them if you don't add value if you don't use their logic their tools there are years of scaling businesses their focus on objectives their narrow view of managing efficiency of resources your leaving most of the contributions from the private sector on the table and outside and that could be mobilized towards the creation of impact so if you're able to create systems and programs that mobilise not only capital but knowledge and networks you will be machine up in a much better position to create impact that otherwise we're in a curve and in that side of mobilizing not only financial capital but other types of capital now what role do international annexations like UNICEF or ILO have on this do they broker trust how they how do you because I know this is a grand coalition UNICEF for example in the case for a program has been a key player providing the framework that enable everybody to speak the same language and start having a transaction of trust when you come from from a position of not being able to speak with each other because you don't know what the other is gonna ask you know this is the position of companies to the government or because you feel the government is gonna take over your agenda having a known name that has a mission to help children flourish like UNICEF provide the framework in which these transactions can happen is tremendously helpful and help us move forward the discussions otherwise won't have happened right and I think last question from Mary Ann is what kind of feedback do you receive I said I'm reading about your excellent work from the global organizations working with you like the w-h-o from the LMR Carter foundation OECD do you get any feedback from other NZ but we are sitting in the we're chairing the network of foundations working for development of OECD which is a pleasure to do so and I guess this is a feedback and recognition that something that we're doing can help us also mobilize change in the philanthropic sector the feedback that were receiving from UNICEF is that we will work together that they will back this process up in due time and that they will seek forms in which the trust can be continually build between different stakeholders and the feedback that were receiving from the World Bank is a coalition whereby we're blending finance from the private sector this is us and our partners to what their programs are in lending to governments according to their plan so I think the feedback is very much reflected in actions and and we are feeling that we're going in the right direction with these organizations as well so good so to close up and I want to really thank you for for you you're amazing and inspirational chat that you had with all of us today and we have just a little video to watch but I really hope we can extend this and I want to say this is part of the mission of the Lea Centre for Social Innovation imv is to have you all that are participating if you have great experiences to share and you want to be part of a future webinar in your story or if you want us to help you build these kinds of collisions because the idea is that this well inner should inspire action turnout post-commit crisis on how we can speed up the process of corporate transformation are not do it alone and how precisely we build a business case we align the different incentives and interests how interest organizations can be bringing in trust and knowledge and the language how can we bridge a philanthropic money that the risk projects for the private sector to scale those solutions and how the government creates a framework also to multiply and to leverage the access they have so how these very complex things and some I think in some cases may sound like science fiction's are becoming a reality and and I think are part of the dream that we have I am need to become enabler of this this kinds of process so I would love to share a last video [Music] excellent so thank you everybody for the participation and you have here my contact I don't know if you can see it let me share my contact if you can tell me thank you very much value for your extremely generous participation and I hope we can continue being partners in crime and building this type of collisions any time I'm thinking everyone to taking the time this morning to join us and to stick with us this morning bye-bye bye-bye thank you everybody good