Recent developments from the G8, Small Business Association, The Affordable Care Act and B LAB Contribute to Broader Adoption of Social Impact
Submitted by: Social Capital Markets
Posted: Sep 03, 2013 – 06:14 PM EST
SAN FRANCISCO, Sep. 03 /CSRwire/ - The sold out Social Capital Markets Conference 2013 (SOCAP13) kicked off today, convening a diverse audience of over 1800 attendees, from more than 45 countries who represent the growing and expanding integration of social impact factors into everyday business, governing and investment. Developments since SOCAP12 include: a G8 forum on impact investment resulting in a framework for fostering the approach globally, increased dedicated funding for impact investment by the Small Business Association, the role out of social impact incentives as part of The Affordable Care Act, and expansion of B Corp legislation to Delaware – the state more than 50% of all publicly-traded companies in the United States call home.
SOCAP13 will prepare attendees for maximizing opportunities stemming from these developments and take a deep dive into key business sectors where social impact is becoming the norm. Dedicated themes at this year’s conference include the intersections of impact and innovation in health, oceans and local economies, the latest developments in impact investing and the overlap of money and meaning.
“In June, we witnessed a watershed moment when G8 governments committed to foster and grow the social impact investing markets,” said Matt Bannick, managing partner of Omidyar Network. “It signified international recognition that market-based approaches are an important tool for solving society's most intractable challenges. Moreover, the creation of the Social Impact Investing Taskforce provides a mechanism by which we can focus our efforts and build momentum toward realizing the potential of impact investing.”
As part of the G8 Social Impact Investment Forum Prime Minister David Cameron announced an international Social Impact Investment Task Force. The United States Organization for Economic Co-operation and Development (OECD) committed to an assessment of the potential of the global social impact investment market, with a preliminary report covering G8 countries expected in September of 2014. Further, the Small Business Association increased the amount it allocates to impact investment funds to $150 million from $80 million.
"Thanks to the Affordable Care Act it is finally financially advantageous to ensure that everyone, starting with under-served communities, receives quality healthcare,” said SOCAP Founder, Kevin Jones. “This is a rare opportunity where social good and market rate returns overlap, i.e. the Social Capital Market, and it’s a call for venture capital investment to pour into mHealth to help institutionalize what will be a game changer for our healthcare system."
In the U.S. 70% of medical care costs are for preventable conditions. The Affordable Care Act represents the largest transformation of the American health and medical care industry in three-quarters of a century. Its preventive approach to reducing Medicare costs is spurring companies like Ginger.io to find innovative approaches for reaching prospective patients before their health issues become critical. SOCAP13 will provide a close look at how the health sector is changing and what it means for investors, startups, NGO’s and healthcare companies. SOCAP Health, a pre-conference focused on shaping the emerging health impact economy, is being held in conjunction with the Federal Reserve of San Francisco.
Last year’s “Priming the Pump” report from the Omidyar Network emphasized the need to invest in scaling the sector, versus the tendency to focus on individual companies. A few of the upcoming launches at SOCAP13 will add infrastructure to the sector including:
Premier support for SOCAP13 comes from the Rockefeller Foundation, Omidyar Network, Halloran Philanthropies, David and Lucile Packard Foundation, Robert Wood Johnson Foundation, Case Foundation, Herman Miller, ImpactAssets, Vodafone Americas Foundation, and Wells Fargo. Those who cannot attend SOCAP13 in person can still view parts of the conference via Livestream.
About The Social Capital Markets Conference
Based in San Francisco, California, SOCAP is a multi-platform organization dedicated to expanding impact investing and the flow of capital towards social good. Our event series connects innovators worldwide – investors, foundations, institutions and social entrepreneurs – to build a market at the intersection of money and meaning. SOCAP has received global recognition as a leader in the impact investing space. SOCAP events are a part of an organization that includes Hub Bay Area, Hub Ventures and Hub Cities. For more information visit: socialcapitalmarkets.net or @SOCAPmarkets.
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