Finance. Feminism’s New Frontier

As published on LinkedIn on March 8th, 2020.

Happy International Women’s Day 2020. For over 100 years, March 8th has been a designated day to call attention to Women’s Rights. For anyone who needs a refresh, this term is meant to include the “right to bodily integrity and autonomy; to be free from sexual violence; to vote; to hold public office; to enter into legal contracts; to have equal rights in family lawto work; to fair wages or equal pay; to have reproductive rights; to own propertyto education.”

In other words, Human Rights.

If you are a regular reader of my posts, you will know that my tradition every March 8th is to call attention to the research that I collect, aggregate, and share that supports ideas, strategies, policies, and practices that will help us move closer to a more gender inclusive world. This year is the biggest and boldest report list yet, and contains 650 studies, organized into 21 different categories, and spanning nearly 200 pages. Categories include agriculture, entrepreneurship, girls, leadership, investing, philanthropy, and much more. You can download that report HERE.

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A relevant question that I’m often asked is, “Jacki, why the heck do you do this?” The three page answer can be found at the opening pages of this document in the section called, “My Story”, but allow me to summarize it for you.

Over 20 years ago, when I began my journey to mobilize all my resources, including my time, treasure, and talent, towards the advancement of women and girls, I began by seeking out research, data, and an understanding that could inform how to do this. For the first few years, while still at Goldman and focused on women’s leadership and advancement, my interest was primarily on practices that improved the hiring, retention, and promotion of women professionals. While on that journey, I started to discover broader categories of research, including one of the earliest corporate produced reports that highlighted the economic impact of empowering females. Proudly, it was actually from my own firm, Goldman Sachs, and was called Women-omics: Buy the Female Economy. This groundbreaking report was written by Kathy Matsui and her team in 1999.

It was then that I began to gather and share.

My personal path led me to depart from Goldman in 2002, and for the next decade; while I began to fund women’s organizations more actively, join non-profit boards, become more active in managing our family’s philanthropic and investment assets; the gathering, or as some call it, obsessing, continued. This journey was summarized in my 17 minute TEDxWomen Talk I gave in 2012, which can be found HERE.

I also championed and co-funded my own research report, titled Women in Fund Management: A Roadmap to Critical Mass and Why It Matters, in partnership with The National Council For Research on Women where I served on the board (much love to their Executive Director at the time, Linda Basch, who remains a friend and mentor to this day). That paper sought to unpack the question of why there are so few women in decision making roles around investment capital, and to provide a list of solutions for the industry. On the back of the great financial crisis of 2008, it was what I could do to try to have a positive impact, aligning my passions for advancing women, the financial markets and systems, and the great march towards gender equality. I do believe that that paper stands the test of time and is still very relevant today. One of the things I would like to do in my next phase, which you will hear about below, is to revive and modernize its insights, and work with the financial industry more broadly to implement them.

It was around this time that I also started to hear the term gender-lens investing, which was being pioneered by two incredible women, Joy Anderson and Jackie Vanderbrug, at the Criterion Institute.

From Criterion – Since our founding in 2002, we’ve created various tools and resources focused on transforming relationships of power in finance. We connect with social change leaders across different sectors, to bring people together to reframe and demonstrate new ways to shape our financial systems.

At the time, these concepts were revolutionary, and I loved it. I immediately connected with Joy and Jackie, provided some funding for their field building work, and championed their insights and approaches. Be sure to check out their website to find some incredible resources, including one of the first guides to gender-lens investing that they created in 2012. And of course, a shout out to Jackie’s book, written in 2016. I had started to employ a gender lens around my portfolio, as well began my own angel investing in support of women entrepreneurs, which is a practice that I continue to this day with a current portfolio of 14 direct investments and multiple funds. If you want to see some of my portfolio companies you can find them here. You can also find robust sections in the current report list on women’s entrepreneurship, the state of the funding for females, impact investing, gender-impact investing, and much more.

I have written a lot about my philanthropic journey over the years, including my role and retirement as the founding President and Co-Founder of Women Moving Millions (WMM), a global community of over 300 people who have given charitable gifts of a million dollars or more for the advancement of gender equality. For over a decade, ending in 2018, my primary work in the world was to be a champion and community builder for gender-lens philanthropy. Through it all, my grounding in research was invaluable as I traveled the world, literally, giving talks and writing about the importance of gender in one’s philanthropic giving. I could not be more proud of the role WMM has, and will continue to play, in mobilizing that kind of capital. But for me, my focus has now shifted. Of course I will continue to give, but going forward, how I will spend my time and talent will be as a champion for Gender-Impact Investing. This will no longer be my side-hustle, but rather a full time commitment!

Why?

Philanthropic capital will never be enough to solve the world’s problems, especially when fighting against traditional investment capital that continues to fund businesses that create and perpetuate the problems that non-profits and governments exist to solve. Financial tools and products have been created and used, bought and sold, without enough accountability for outcomes and impact. In a world increasingly defined by inequality more generally, and income and asset inequality specifically, we simply have to do better. Our very lives depend on it. 

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Therefore, as I release this latest and final version of my BEST REPORTS, which were produced by educational institutions, foundations, think tanks, governmental organizations, and/or corporations that are primarily focused on women and girls and in honor of International Women’s Day, I once again invite you to dig in! It is incalculable how many resources from brilliant and caring people went into each and every included report.

Value it. Use it. Share it. Hold yourself and others accountable for it. 

And… partner with me to see all our financial resources as tools to express our values to help create the world we want to live in. For me that will always mean seeking justice and equity for half of the worlds population that has been left behind, left out, marginalized. The what and the how will change and evolve, but the vision remains the same. A gender inclusive, gender balanced, gender valuing world will be a better world for everyone. Promise.

Here’s to International Women’s Day 2020.

#IWD2020 #financialfeminism #genderequality #genderequity

*A shout out to my dear friend Ruth Ann Harnisch as it relates to the title of this piece. She was the first one to frame finance for me in this way. Thank you.

** And an additional shout out to my friends and family who have supported my journey to use my time, treasure, and talents to make a difference in this world. You know who you are, and I love you!

500 Reasons to Support International Women’s Day

As published on LinkedIn Influencers on March 8th, 2018.

Every March 8th, the world celebrates International Women’s Day, a celebration first held in 1909 in New York, but which was formally declared an annual international celebration by the United Nations in 1975 during the International Women’s Year. Today, March 8th is officially a public holiday in numerous countries around the world, including Cambodia, Afghanistan, Vietnam, Nepal, Mongolia, Ukraine, and Belarus, and there are events scheduled to mark this occasion in nearly every country across the globe. International Women’s Day is both a celebration of the accomplishments of women worldwide, and a call to action for gender equality and world peace, and I hope you all join me today in celebrating the incredible women in your life.

Every year, the United Nations picks a theme for the celebrations, and this year’s theme for International Women’s Day is Time is Now. I can’t think of a better mantra coming off of the year we’ve just had. Incredible strides have been made, yes, but we still have so much farther to go. Gender inequality is not yesterday’s business, it is today’s. The Time is Now. This past year was, for me, the year that moments became movements, and movements are about people moving together towards a better future.

So what makes people move, individually and collectively? Many things, including personal experiences, values, stories of others, and yes, data. Prior to my extensive work in philanthropy, I worked in the finance industry as a trader, and I relied on numbers, statistics, and data to inform my decisions and my actions. As I transitioned out of the financial sector and into the philanthropic space, I brought this mindset with me. Though I personally did not need evidence to prove what I know to be true; that a more gender balanced and inclusive world will be a better world for all, when I truly dug into the research, I learned the depth of the need, the depth of the inequities, the depth of the opportunities, and the depth of proven interventions in need of resources. A road-map for positive change is in the research. It is not hypothetical, it is real. So not only did I search out, collect, and aggregate research and studies, but I shared them. Last year, in honour of International’s Women’s Day 2017, I published the Top 400 Reports on Women and Girls. 

The response to this publication was fantastic, and over this past year it has been an invaluable resource on more occasions than I can count. However, it quickly became clear that 400 reports, as high a number as that may seem, did not nearly encompass the scope of the research available. I continued to collect and gather research, studies, and reports, and before I knew it, that list had grown to 500 reports across 20 different categories, including Arts, Entertainment, Film & Media, Impact Investing with a Gender Lens, Philanthropy, Violence Against Women & Trafficking, Entrepreneurship, and Political Representation. There’s even a section for Masculinity and Engaging Men in Gender Equality.

I cannot promise that this list will be updated and republished every March 8th to celebrate International Women’s Day, but I’m hoping it will, so please send me any missed or new reports for inclusion in future editions to @researchonwomen and #researchonWandG on twitter, or post the link below.

Happy International Women’s Day!

The Evidence is In: 400 Reports to Support Gender Lens Giving and Investing

As published on LinkedIn Influencers on March 8th, 2017.

Today is International Women’s Day, which is observed every year on March 8th. The first known observance of International Women’s Day was in 1909 in New York, and although it may have humble origins, this day has since grown into a worldwide movement, a day of activism, and in some countries, a public holiday. Since 1996, an official theme for International Women’s Day has been chosen by the United Nations, and this year, the theme is Women in the Changing World of Work: Planet 50-50 by 2030. Not coincidentally, this year’s celebrations will be marked by worldwide women’s strikes, dubbed A Day Without Women, as well as protests for equal pay and gender equality. Every year brilliant people write impassioned pieces about women’s rights, why it matters, and what needs to change going forward, so be sure to follow the conversation online at #IWD2017 and #beboldforchange.

So what can I add to this conversation? Research. Before I became a full-time philanthropist and investor, I worked on Wall Street. I was a trader at Goldman Sachs, and I relied heavily on research to inform my investment decisions. Which securities and sectors had value and which did not? The answers to these questions were to be found in the research. After leaving Wall Street and turning my attention more fully to the issue of gender equality, and more specifically women’s inclusion, empowerment, and leadership, I found myself once more looking to the research to inform my decisions and my path. I not only wanted to know the facts in order to be able to “make the case” for investing in gender based issues, but I wanted to find out which strategies for social change had the most impact. So I began collecting and reading research, and quickly discovered that there was a lot of it out there. There were times when it felt like a new study was coming out every day, and I grew increasingly frustrated with the fact that there was no centralized location, a hub of sorts, that aggregated all of these reports on women and girls. I spent so much time forwarding on links that I knew others would want access to that I finally began collecting these links all together in one location.

Today, in honor of International Women’s Day 2017, I am releasing the current version of this document, which features 400 of the best reports I have been able to find across 18 different categories, including arts and entertainment, economic empowerment, health and reproductive rights, science and technology, and political representation. For years I have simply called this document the best reports on women and girls, but today I have a new name: Top Reports on Women and Girls: Supporting Gender Lens Giving and Investing. I hope that this aggregated work will serve as a great resource for those currently working on research on women and girls, both to see what is already out there so as to not needlessly repeat research, as well as to get a better picture of what questions still need to be answered.

I am quite sure that I have not captured every possible study that is available, so please feel free to message me with your favorites that I have missed or post them in the comments section. I also created a Twitter handle specifically to spread the word about the research I find, so please tweet any additional studies to @researchonwomen using #researchonWandG. I hope you find this list as inspiring as I do, and I wish everyone, man or woman, a wonderful International Women’s Day.