Root Capital is partnering with an Australian Program to provide loans for women in agriculture in South East Asia.
While some feminist thought leaders such as Chief Executive of Women’s World Banking of Ghana, Charlotte Baidoo, are calling on microfinance institutions to do more when it comes to lending to women, Root Capital is beginning a new partnership with the Australian Government to do just that.
Root Capital will partner with the Australian Government’s program, Investing in Women, to deploy $2 million AUD (approximately $1.49 million U.S. dollars) in a ten-year program to support women business owners in South East Asia. As a partner of Investing in Women, Root Capital plans to bring in private sector co-investments for women’s small and medium-sized agricultural businesses in Indonesia, the Philippines, and Vietnam.
A recent report from the Carnegie Endowment helps identify specific approaches to accelerate women’s representation in American politics. (Image courtesy of the Carnegie Endowment for International Peace)
While there has been a recent rise in the number of women running for offices across the United States, the journey towards gender equality in politics is not moving fast enough. Statistics shown in a recent paper written by Saskia Brechenmacher, an associate fellow in Carnegie’s Democracy and Rule of Law Program, prove that gender equality in politics is still far from reach, yet many European countries have come significantly closer to this goal. Brechenmacher’s paper provides research about the efforts of such countries and identified moves the United States can make to reach gender equality sooner.
Screenshot from a scene in “The Co-Worker,” one of six short films directed by Sigal Avin.
There’s the philanthropy that happens when people invest money to promote social change, and then there’s the philanthropy that happens when people take their money and their talent, and employ them in a way that addresses a social problem. Celebrities, particularly multi-talented and highly educated ones, have a unique capacity to combine their financial capital, talent, and public stature in order to push for needed social change.
That appears to be part of what happened when Israeli-American filmmaker Sigal Avin teamed up with several feature actors including David Schwimmer, Cynthia Nixon and Bobby Cannavale, to film a series of six short films called, “That’s Harassment.” In each of these three to six minute cinéma verité shorts, the viewer is positioned as a cringing voyeur while scenes of sexual harassment unfold. Since debuting in the spring of 2017, these films have been adapted into 30 second public service announcements that are getting wide visibility.
While Michelle Obama was First Lady, she launched Let Girls Learn, a global campaign to improve education for girls. Now the Obama Foundation has a new program targeting education for adolescent girls worldwide.
Yesterday, International Women’s Day, was packed with events acknowledging the value of women in the world and calling for more women’s leadership across all sectors. It was also a great day to celebrate the role that gender equality movements are increasingly playing in social change that advances peace and justice for humanity.
How Women Rock
Here are just 5 of the philanthropy-related happenings that made #IWD2018 a significant day of partying for women’s equality:
Virtual Happy Hour, hosted by Take the Lead, is a once-a-month event spotlighting women leaders.
Last evening, I had the pleasure of being a panelist on Take the Lead Virtual Happy Hour, hosted by Gloria Feldt. The topic for discussion was The Many Faces of Love: How Women & Philanthropy Can Change the World. Here are my responses:
What are the challenges for you in philanthropy?
Like everyone, my challenges are fundraising. I knew when I launched Philanthropy Women, I couldn’t do it on my own. I needed key stakeholders, so reached out for support from women who I knew who wanted to grow the sector of media attention for gender equality philanthropy.
For my own personal philanthropy, like many couples, I work in a team with my husband. Our giving has tended to center on the Episcopal church and related social justice initiatives, music education, and independent journalism. Now we also give to The Women’s Fund of Rhode Island, and the Rhode Island Coalition against Domestic Violence. My husband and I also support organizations doing global gender equality work, and we have funded local arts initiatives for women and girls through a giving circle I formed, which I hope to do more with in the future.
How can a woman get started? And is there a way for her to align her job and a philanthropic cause she believes in?
My advice is to start small and celebrate new breakthroughs in the progress for your business development. In any business, it takes several years to get traction, to build your skills, your identity, and your reputation.
Also, be flexible with yourself. Change course if needed. I’ve seen friends decide to end their startup and go back to working full time, and sometimes that’s what needs to happen. Give yourself what you need.
For me, being a social worker naturally aligned me to pursue writing about social justice, and my interest in women’s studies goes back to both my undergraduate education at Hunter, and my graduate education at Smith. The internet is helpful for aligning your job and your philanthropy, since it helps connect you to a wider population and find the people who share your particular interest.
How can women make their contributions count?
The beauty of working in online media is that all of your efforts are documented. I encourage women to build their reputations online, whatever they do, as it is a powerful tool, and by default, your contributions are counted. It becomes easier over time to find the paper trail that leads to you, and the more you do online, the more that paper trail can show.
What have you learned from the women you’ve worked with?
From the women I have helped treat in my private practice, I have learned about the amazing resilience of the human spirit. The #Metoo stories coming out today help me realize how much women have suffered in silence through the years of my lifetime. Many important #MeToo stories are surfacing, and every woman has to choose for herself whether to make her story public and consider the potential legal ramifications. We all have to figure out how to navigate forward at our own pace.
From leaders in women’s philanthropy, I’ve learned to keep challenging myself. I do this by staying in touch with many remarkable women leaders in philanthropy, who inspire me with their attention to social issues, particularly the needs and rights of vulnerable communities.
What are the passions driving women in philanthropy?
I can only speak about gender equality givers, since that is the sector that I focus on. The passions driving gender equality women givers are outlined well by WPI’s recent report on high net-worth women. These women are driven by deeply ingrained values that often come from a religious upbringing. They’re very research-driven and yet empathetic. They’re risk-takers. They see the added value of philanthropy directed at women and girls. They are focused on systemic and structural change. All of these things make gender equality givers, in my opinion, the best givers. That’s why I study them and practice gender equality giving myself.
Is philanthropy a gender-neutral field? Are there parity issues here as in other industries?
Philanthropy is absolutely not a gender neutral field! Philanthropy exists within the patriarchy, and is borne of a capitalist economic system that, sadly, leaves many people locked out. As the stories are now surfacing about sexual harassment and abuse in the nonprofit sector, hopefully the sector will begin to recognize that there is much work to be done internally.
How has the philanthropic world changed—what issues have driven that change?
Philanthropy is starting to pay more attention to the pivotal role that women’s leadership can play within the sector. But more importantly, philanthropy is calling attention to the transformative role women can play in global economies, and within global health and public policy. It’s not a new realization, but there’s renewed emphasis on making gains in seeing the value of women’s leadership because we see under President Trump what can happen when an anti-feminist gets into the highest office in the country.
Opportunities and challenges women face in philanthropy?
I think what women offer the field is a stronger inclusive vision of the world, and this can be translated into opportunities not just in philanthropy, but in the crossover between socially responsible business and government collaboration. Women can be the bridge builders between the different sectors. They have the ideas and the mentality to change the world, but first they need to rise to critical mass in leadership. That is our big challenge now. To rise to that challenge, we need to ensure that more women are elected. That’s why we are seeing a lot of new investment in philanthropy in preparing women to run for office.
Advice for women looking to break into this world?
Be kind to yourself and to others. Build your authority over time by your ongoing kindness, as well as your strict attention to the ideals of justice and equality. Value all of your feelings, particularly your anger about injustice. That anger is telling you something important, and when employed strategically, it can fuel social change. That is part of what #MeToo is teaching us — the importance of valuing our own anger.
Recommendations for women seeking leadership roles. What was your secret to making it?
Persistence through difficulty is key. Not every day is a barrel of laughs. There is drudgery in every profession, and some people need more outside structure to function at their best professionally. But there is also great value in building your career as much on your own terms as possible, so that in the end, you are the sole owner of what you have built. The traditional trajectory to leadership for someone in my profession is to work for several decades in a large agency or in government. Instead, I chose to become an independent provider for my clinical services, and from there realized that I could use the knowledge and experience I gained in my practice to add to the data on vulnerable people. At the same time, I could become a more visible public advocate for gender equality.
I look for opportunities to tie my daily clinical practice work directly into the work we discuss on Philanthropy Women, and because I specialize in treatment for survivors of physical and sexual abuse, there are many opportunities for me to tie my work into writing about giving for women and girls. I also specialize in financial social work, helping people pay attention to how their financial lives impact their emotional lives and relationships, so again that ties heavily into gender equality and how women wield their power with money.
David Gough, CFO and Vice President of Grameen America, spoke with Philanthropy Women about Grameen’s new impact fund, which will make $140 million in loans over the next five years to low income women across the country.
With every day in America bringing news of regressive political changes that will negatively impact women, it’s important for those who want to increase gender equality to explore different strategies for reaching women who need resources. One strategy that recently caught my eye was Grameen America’s announcement that, in celebration of its 10-year anniversary in the U.S., it would enter the fray of impact investing and disburse an added $11 million in capital in microloans to low-income women across the country. With this new fund, over a five-year period, Grameen will make $140 million in loans to low-income women who are struggling to get a foothold in the U.S. economy as entrepreneurs. This is microfinance as a feminist strategy — and it has exciting implications for the future of feminist funding.
A new report from Oxfam outlines clear steps that governments and the private sector can take to create an economy that works for ordinary people.
A new report from Oxfam takes a hard look at our growing inequality problems, and outlines steps that governments and businesses can take to work toward a more equitable and healthy economy.
Endorsed by several experts in development and labor, the report also has a section devoted to addressing the overlap between “economic and gender inequality” that looks at how the gender wealth gap plays out in women having less land ownership and other assets, and observes that “the neoliberal economic model has made this worse – reductions in public services, cuts to taxes for the richest, and a race to the bottom on wages and labour rights have all hurt women more than men.”
And what are some of the solutions? That was the most interesting part of this report, so am sharing some of my favorites here:
Oxfam calls for governments to set targets for income distribution, and gives specific suggestions: “The collective income of the top 10% to be no more than the income of the bottom 40%.”
The report calls for ending extreme wealth. “To end extreme poverty, we must also end extreme wealth. Today’s gilded age is undermining our future. Governments should use regulation and taxation to radically reduce levels of extreme wealth, as well as limit the influence of wealthy individuals and groups over policy making.”
Use anti-capitalist business models that “incentivize business models that prioritize fairer returns, including cooperatives and employee participation in company governance and supply chains.”
There are lots of other recommendations I liked, such as pay ratios for keeping down CEO pay, but this was one also deserves particular attention:
Use tax to reduce extreme wealth. Prioritize taxes that are disproportionately paid by the very rich, such as wealth, property, inheritance and capital gains taxes. Increase tax rates and collection on high incomes. Introduce a global wealth tax on billionaires, to help finance the SDGs.
What a brilliant idea: financing the SDG’s, particularly SDG 5 for gender equality, with tax money that would end extreme wealth.
It all feels rather unobtainable now, while we are facing one of the most conservative and un-feminist governments ever in America. But it is helpful to read and consider recommendations from reports like this one. Leadership from Oxfam and others advocating for a fairer economy can provide critical guidance on how to make the economy work better for everyone.
Natalie Molina Nino is CEO of BRAVA Investments, which takes a value approach to investing in products and services that benefit women.
One of our goals at Philanthropy Women is to explore different ways to invest in reducing the gender gap and building a better economy — ways that operate in both philanthropy and in regular business markets. Alongside gender lens grantmaking, progressive women donors also have another important way they can deploy their capital for gender justice: gender lens investing. One new investment instrument that recently came to our attention is BRAVA Investments, headed by CEO Nathalie Molina Niño, with partners Trevor Neilson and J. Todd Morley.
BRAVA is not primarily focused on supporting women owned start-ups or getting more women into the c-suite of corporations (though this is something they look at), but on investing in industries that economically benefit employees or consumers that are disproportionately women.
“I don’t think investing in women will become mainstream and be taken seriously until we prove that it is lucrative,” said Molina Niño, in a recent phone interview with Philanthropy Women.
Founded in August of 2016, BRAVA brings together Molina Niño’s expertise in large-scale business development and operational growth, with a value-based approach to investing that contrasts sharply with what many other gender lens investors are doing today.
Where did Molina Niño get the idea for her unique approach? To introduce her reasons for developing BRAVA’s approach, she referenced a recent study by Project Sage, which rounded up 58 gender lens investing instruments for a detailed analysis. Molina Niño said she did similar research in preparing for the launch of BRAVA.
“I did a mini-version of Project Sage a couple of years ago,” said Molina Niño. “What I saw was that a lot of my friends and colleagues were starting funds for women and they were struggling to raise cash, so they were these little micro funds worth like $2 million to $15 or $20 million tops. And they were all focused on early stage, very early stage, and higher risk. And they were doing it in the traditional venture capital way, where you invest in 100 companies and you hope that 10 of them will at least provide some return and one or two will really take off.” But Molina Niño didn’t want to take that approach.
“I wanted to do later stage investing, and I noticed nobody in the gender space was doing that,” she said. She liked later stage investing because it meant lower risk, and she also liked being more attractive to large scale institutional investors.
“For me it has always been about scale.,” said Molina Niño. “Even if you’re doing amazing work, but you’re doing it with $10 million a year, that’s pretty small potatoes. It’s never going be part of a big endowment or a big pension fund, it’s never going to be something that moves the needle in a big way. So for me, scale was important, as well as investing in companies that I think we can grow, and not expecting 90% of my companies to go bust.”
Another thing Molina Niño noticed, when she looked around at colleagues in gender lens investing, was that nearly all of the gender lens investing instruments created over the past 10 years are dominated by white women. “Even though I know many of the people who started these funds, and so I believe it’s in no way intentional, but it’s as though somebody wrote a memo and said, ‘Okay people, we’re only investing in white women.'”
So that was another challenge for Molina Niño. “Women of color get .1 % of venture capital,” she said. “You don’t hear many people talking about that.”
Molina Niño wanted to change that, but she also saw some problems in taking an approach of primarily funding women-led start-ups, since that also had limitations in terms of impact. “At BRAVA what we do is, we consider investing in women not to mean necessarily investing only in women entrepreneurs,” she said.
By way of example of the kind of business BRAVA is tracking, Molina Niño described a company called Honor in San Francisco that is a platform for matching people with elder care professionals. “They do a great job of building trust, because the site helps you find people who are vetted, and they have a great reputation for that. Part of how they got that reputation is by attracting and retaining their talent. ”
The way they do that, said Molina Niño, is by paying their workers $20 an hour, in a industry where workers generally receive no more than $12 an hour. “That’s huge. That’s life changing, the difference between $12 and $20 an hour.” Molina Niño also sees the writing on the wall for the need for elder care services in the US. “You have 10,000 people who are turning 60 every day in this country. This is a massive growth play.”
For Molina Niño, the litmus test for deploying capital is that the investment be measurably improving the economic lives of women, at scale, as part of their core business model. “It makes zero difference to me whether the founders are women. It makes zero difference if the board is made up of women. I would love for that to be the case, and maybe after I invest in them, I can influence that to be the case. But it doesn’t make all the difference to me, because they clearly have a model that takes large numbers of women and substantively changes their lives.”
BRAVA Investments hones in on opportunities for making the most impact in gender equality by investing in mid-level growth companies in health care, education, and consumer products, that are economically benefiting women. “If I think about how am I going to make the most impact, by making one woman entrepreneur successful, or by focusing on a company like Honor that is going to help thousands of women rise out of poverty, I’m always going to choose that latter model,” said Molina Niño.
BRAVA’s investment’s focus is on high growth business models that economically benefit women. “I don’t believe that making the one woman a billionaire is going to translate into thousands of women being better off,” said BRAVA’s co-founder and CEO, Nathalie Molina Niño.”I think if you believe that, you’re basically talking trickle down economics. And I don’t believe it.”
This graphic, courtesy of Brava Investments, shows where Brava’s focus differs from traditional investing, with its higher impact on women.
The good news about BRAVA’s approach is that it attracts serious investors with deep pockets, who hear that BRAVA is working at a larger scale and also using a strategy economically benefiting large populations of women. “We’re focusing on domains where women are the majority — either they have a majority of women in their workforce, or a majority of women in their consumer base.”
BRAVA is taking a much different lens than other gender lens investing instruments, capturing the value of investing in economic sectors that influence women’s lives instead of in corporate structures that value women’s leadership.
“I worry that gender lens investing has been too focused on women in the corner office,” said Molina Niño. “So if you look at Sheryl Sandberg and her book, she is focused on the fact that there’s a lack of women in the C-Suite. I step back and think, what percentage of the total women in the world are going to be worried about getting into the C-Suite?”
It’s not that Molina Niño does not want to see more women in leadership across all sectors, but there are different ways to create prosperity for women. “As a woman entrepreneur, I’m personally very impacted by issues around women’s leadership in business, and I co-founded a center for women entrepreneurs at Barnard College at Columbia University, so nobody can say I don’t care about women entrepreneurs, but I have a hard time making the entire story be about that tiny sliver of the population. What about the other 99% of women who will never start a business and who will never make it to the c-suite? They deserve to be invested in, too.” And she believes the evidence shows this broader lens also makes for better investment returns.
A final key point for Molina Niño is the essential role of strong alliances with men in the financial sector and beyond. “Men need to be a big part of this equation,” said Molina Niño. So while the end game is about benefiting women, Molina Niño sees plenty of room for men to be involved, especially when it comes to raising capital. “It’s silly to exclude the people who have all the power, influence, and capital, and so my business partners and co-founders are men. I did that on purpose.”
This graph from Veris Wealth Partners shows the remarkable growth in Gender Lens Investing over the past three years.
Great news for the gender lens investing sector — 2017 brought a massive 41% increase in public market securities that use gender lens strategies.
A report entitled Gender Lens Investing: Investment Options in the Public Markets produced by Veris Wealth Partners has the details. Suzanne Biegel, Founder of Catalyst At Large, is credited with collaborating and gathering the information used in the analysis, this being her second year working in partnership with Veris Wealth Partners to create the public market scan. The study pulls together information from over 23 gender lens investment instruments produced by a wide range of financial companies including Barclay’s, Pax Ellevate, State Street Global Investors, ThirtyNorth Investments, Morgan Stanley, and others.
The holiday season means different things to all of us, but one meaning I would like to suggest we share this holiday season is a renewed dedication to self-care.
The idea of self-care can seem trite, but it is definitely not all about getting manicures. When I work with clients in my therapy practice, I like to help them widen their definition of self-care to include acts large and small that we can do to bring ourselves to a healthier place emotionally and physically. Here are a few examples from my life:
Look through the gender lens at your own life, and realize that the holidays might mean extra work for you as a woman. Explore ways to delegate holiday work to those around you who are able to give with their time and attention.
Re-read a familiar book that helps to reset your mind. My book is Diary of A Nobody by George and Weedon Grosssmith. Reading it is like rinsing my brain with a conditioner that take out some of the toxicity and negativity of daily life.
Watch a sit-com or other TV/film that helps shift you into a more neutral state, if you are feeling stuck or overwhelmed. Cute animal videos can also do the trick.
Do 10 minutes of unscheduled aerobic exercise. Get your heart rate up, and then feel how it makes your brain work differently. (If you are in some work environments, this sometimes needs to be done in the bathroom to avoid undue scrutiny. Yes, I did aerobics and yoga in the bathroom at corporate jobs.)
Linger longer over an activity you enjoy. Bake or cook alone or with others. Play games. Go out to dinner. Take a walk. Feel glad about the value of your solitude as well as the value of your relationships, and find time at the holidays to celebrate both.
Take selfies. Paris Hilton may have invented the Selfie, but I’m inventing the selfie for self-care. Be your own model for pictures of good moments in life. Take more selfies at the holidays, to reinforce the experience of enjoying yourself a moment.
In particular for women in philanthropy, an important component of self-care involves investing in and amplifying our vision for a more loving and tolerant world. Use the holiday season to contemplate new ideas for your vision of a better world. Take time to imagine how your ideas might evolve, and allow your intuition to guide you about how to pursue them.
