WEBVTT 00:00:00.000 --> 00:00:03.409 align:middle line:90% [MUSIC PLAYING] 00:00:03.409 --> 00:00:08.280 align:middle line:90% 00:00:08.280 --> 00:00:13.830 align:middle line:84% RONALD COHEN: I'm Ronald Cohen, co-founder and leader of Apax 00:00:13.830 --> 00:00:16.470 align:middle line:84% partners, chair of the Global steering 00:00:16.470 --> 00:00:21.750 align:middle line:84% group for impact investment, and passionate 00:00:21.750 --> 00:00:23.430 align:middle line:90% about the subject of impact. 00:00:23.430 --> 00:00:29.740 align:middle line:90% 00:00:29.740 --> 00:00:33.790 align:middle line:84% We're all aware that the world cannot continue to function 00:00:33.790 --> 00:00:35.560 align:middle line:90% in the way that it's doing. 00:00:35.560 --> 00:00:40.210 align:middle line:84% Capitalism has lifted billions out of poverty, 00:00:40.210 --> 00:00:45.160 align:middle line:84% but it's sole pursuit of profit it's creating now 00:00:45.160 --> 00:00:50.000 align:middle line:84% huge negative consequences climatically and socially, 00:00:50.000 --> 00:00:53.800 align:middle line:84% which are actually too huge even for governments to cope with. 00:00:53.800 --> 00:00:59.110 align:middle line:84% And so you begin to look at how our system is evolving 00:00:59.110 --> 00:01:02.200 align:middle line:84% and you realize that our system has already 00:01:02.200 --> 00:01:07.840 align:middle line:84% started an evolution to counter these negative consequences 00:01:07.840 --> 00:01:11.680 align:middle line:84% and it's an evolution from the economic model that 00:01:11.680 --> 00:01:16.420 align:middle line:84% has served us so well for more than 200 years, a model based 00:01:16.420 --> 00:01:20.920 align:middle line:84% on risk return to one based on risk return 00:01:20.920 --> 00:01:22.645 align:middle line:90% and measurable impact. 00:01:22.645 --> 00:01:25.485 align:middle line:90% [MUSIC PLAYING] 00:01:25.485 --> 00:01:39.007 align:middle line:90% 00:01:39.007 --> 00:01:40.840 align:middle line:84% GEORGE SERAFEIM: My name is George Serafeim, 00:01:40.840 --> 00:01:43.180 align:middle line:84% and I'm the Charles Sam Williams Professor 00:01:43.180 --> 00:01:46.030 align:middle line:84% of Business Administration at Harvard Business School. 00:01:46.030 --> 00:01:48.940 align:middle line:84% I became interested in this area and I'm 00:01:48.940 --> 00:01:51.160 align:middle line:84% leading the impact way that accounts initiative 00:01:51.160 --> 00:01:53.740 align:middle line:84% because all organizations are having 00:01:53.740 --> 00:01:56.140 align:middle line:84% positive and negative environmental 00:01:56.140 --> 00:01:58.360 align:middle line:84% and social impact, and those impacts 00:01:58.360 --> 00:02:00.400 align:middle line:84% are becoming increasingly important 00:02:00.400 --> 00:02:03.730 align:middle line:84% for the competitiveness of organizations around the world. 00:02:03.730 --> 00:02:07.210 align:middle line:84% But organizations cannot manage those impacts if they cannot 00:02:07.210 --> 00:02:08.110 align:middle line:90% measure them. 00:02:08.110 --> 00:02:12.010 align:middle line:84% As a result, our mission is to advance the measurement 00:02:12.010 --> 00:02:14.260 align:middle line:84% of the positive and negative impacts 00:02:14.260 --> 00:02:17.410 align:middle line:84% that organizations are having on society and the environment. 00:02:17.410 --> 00:02:20.760 align:middle line:90% [MUSIC PLAYING] 00:02:20.760 --> 00:02:28.000 align:middle line:90%