NESsT Glossary of Terms

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1 NESsT Glossary of Terms Base of the Pyramid (BoP): The World Resources Institute defines the base of the economic pyramid (BoP) as those with annual incomes below USD 3,000 in local purchasing power approximately 4 billion people who live in relative poverty. Their incomes in current U.S. dollars are less than $3.35 a day in Brazil, $2.11 in China, $1.89 in Ghana, and $1.56 in India. The Next 4 Billion: Market Size and Business Strategy at the Base of the Pyramid, Executive Summary, World Resources Institute, Business Advisory Network (BAN): a group of leaders who provide pro-bono advice and assistance to NESsT and the NESsT portfolio of social enterprises. Business Plan: a concrete and comprehensive implementation strategy undertaken by the principal agents of a prospective enterprise to assess the existing market and the enterprise s proposed entrance. Capacity-building or capacity support: refers to the development of an impact/social enterprise s core skills and capabilities -including leadership, management, financing, infrastructure, systems, program implementation, and evaluation- in order to enhance its effectiveness and ability to further its impact. Civil Society Organization: refers to the wide range of not-for-profit, non-state organizations as well as community-based associations and groups (distinct from both the governmental and business sectors) that advance a collective or public good. These organizations are also referred to as nonprofit organizations, non-governmental organizations (NGOs), charities, voluntary organizations, etc. Corporate Social Responsibility: A corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups ( Double Bottom Line: a term referring to businesses that pursue both financial and social goals ( triple bottom line includes environmental objectives as well). Early Stage Impact Enterprise/Social Enterprise: NESsT defines early stage enterprises as ones that are 1-4 years into their development and show potential to be financially selfsustainable and scalable. Some might have started the growth or replication process but are still not ready for a pure market investment and need to rely on patient capital (grants, soft loans, quasi equity) and nonfinancial support to get to the next phase of growth. Equity: financing in exchange for shares or partial ownership of the impact enterprise/social enterprise. To obtain equity investment, an enterprise must have the appropriate legal form NESsT 2014 Page 1

2 (usually a company). The investor has voting rights and a certain level of control, and may receive dividends if the impact enterprise generates profit. The investor can get the initial investment back if they sell their shares in the company. Feasibility Study: a formal and comprehensive analysis of the viability of a proposed enterprise. Financial Capital: general, multi-year financial support from donors. Financing: the strategic pursuit of funding that may include fundraising, investment, or the operation of for-profit enterprises. First-Stage Scaling: the first true attempt of the social enterprise to evolve its model to grow within their communities and/or replicate from one community to a select number of additional ones. This process leads to significant increases in the level of impact and activities compared to incubation, typically in the order of magnitude of four of five times. Grants: monetary aid given from a grantor to a grantee, in many cases a nonprofit organization. Grants are usually conditional upon certain qualifications as to the use, maintenance of specified standards, or a proportional contribution by the grantee or other grantor(s). Guarantees: promises of payment to support debt-financing applications. The guarantor may guarantee the entire loan request or a portion only. The lender calls upon the guarantee when repayment by the debtor is late or never takes place. Guarantees are used to facilitate loan finance from third-party lenders. High Net Worth Individuals (HNWI): a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of USD 1 million. Impact Enterprise: businesses designed to solve critical social problems and/or businesses created to further a social purpose in a financially sustainable way. Impact Investment: impact investing consists of investments made into companies, organizations, and funds with the intention to generate measurable social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances. However, impact investing occurs at later stages of business development, the amounts of investment are higher and also includes financial first investments which is never the case in social investing. Inclusive Business: a business initiative that reduces poverty through the inclusion of lowincome communities in its value chain. Incubation Stage: second stage of the portfolio approach, providing tailor-made capacitybuilding support, mentoring, and financing to launch and consolidate the impact enterprise/social enterprise. Intellectual Capital: non-monetary philanthropy based on orientation, coaching, and consulting around strategic planning, business planning, and expansion. NESsT 2014 Page 2

3 Investment Readiness: Investment readiness may be defined as the capacity of an small or medium enterprise, social enterprise or entrepreneur who is looking for external finance, in particular equity finance to understand the specific needs of an investor and to be able to respond to these needs by providing an appropriate structure and relevant information, by being credible and by creating confidence. Loans: repayable forms of finance with varying structures, depending on the purpose (investment vs. working capital) and the provider(s) of the loan finance. Loans carry interest, which has to be paid to the lender on a regular basis, often along with regular installments of the principal (initially borrowed amount). Micro-enterprise A microenterprise is usually defined according to its level of investment, sales, or employment, but definitions vary widely from developed to developing countries. For the World Bank, micro-enterprises have fewer than 10 employees and less than $100,000 in assets or sales. For the EU, the employment criterion is the same, but sales can reach up to about USD 2.5 million annually. NESsT Portfolio: NESsT s own portfolio of impact/social enterprises that receive mixed financial and tailored capacity-building support at planning, incubation, and scaling stages. Organizational Readiness: an analysis of readiness for social enterprise upon entering the NESsT portfolio due diligence process. Methodology is applicable to all NESsT target groups. Patient Capital: capital investment designed to finance higher-risk enterprises for a longer term so that an enterprise can achieve sustained growth, making it more desirable for loan finance and commercial finance. Pipeline Development: activities taken by investors and incubators/accelerators to develop a stream of investment-ready and/or scalable enterprises. Planning Stage: first stage of the portfolio approach, which includes a series of workshops to help develop social enterprise ideas, assess the feasibility of the market, and create a business plan. Pre-feasibility Study: an initial investigation of the viability of an enterprise idea to determine if additional time, effort, and research are worth pursuing. Private Equity Shares: unique to NESsT, designed to make philanthropic giving easy and effective for the private equity industry and to promote excellence in philanthropy within the private equity industry and beyond. Quasi-equity: A special form of financing for impact enterprises that fills the gap between grant, loan, and equity. It has equity-like qualities without conferring ownership rights to the investor. Forms of quasi-equity include use of underwriting, royalty share finance, and repayable grants. It should be noted that some current definitions of quasi-equity also embrace the use of subordinated, unsecured debt. Scaling Stage: third stage of the portfolio approach aimed at significantly growing and/or replicating a consolidated impact/social enterprise to achieve greater social impact. NESsT 2014 Page 3

4 Self-financing: refers to a variety of types of entrepreneurial activities, including both mission-related and non-mission-related activities aimed at generating revenues (membership dues, fees for service, use of soft assets, use of hard assets, ancillary business enterprises, investment dividends). Unlike social enterprise, self-financing does not have to have significant mission impact. Social Capital: one of three types of capital NESsT and its supporters offer to social entrepreneurs (financial, intellectual, and social). Social Change Organization: an organization that addresses systemic-level political, social, and/or economic problems through innovative strategies designed to achieve the structural transformation of a society. Social Costs: costs incurred by social enterprises due to their social nature, which are usually not incurred by other similar business with no social goals. For example, the cost of social workers that assist disabled employees, the cost of creating accessible workplaces for disabled employees, or the cost of environmentally responsible technologies in order to reduce contamination. Social Enterprise: defined by NESsT as a business that solves a critical social problem in a sustainable manner. NESsT expects social enterprises to be well planned and have significant impact. A social enterprise is also referred to as a nonprofit enterprise, social-purpose business, or revenue-generating venture that operates with a double bottom line of generating financial return while simultaneously advancing a social mission. Social Entrepreneur: visionary or leader who addresses a critical social problem entrepreneurially. The social entrepreneur does not always use social enterprise or business to do this. Social Investment: social investment is the provision and use of capital to generate social as well as financial returns. Social investors weigh the social and financial returns they expect from an investment, and often accept lower financial returns in order to generate greater social impact. Social investment enables social sector organizations to develop activities that generate income used to repay investors. Social sector organizations may generate a surplus through trading activities, contracts for delivering public services, grants and donations, or a combination of some or all of these. Social Finance: an approach to managing money that delivers social and/or environmental benefits, and in most cases, a financial return. Social finance encourages positive social or environmental solutions at a scale that neither purely philanthropic supports nor traditional investment can reach. Strategic Partner: key ally capable of providing targeted support to the portfolio of social enterprises. Strategic Plan: an outline of future goals, methods, and actions designed to guide an organization in pursuing its mission. NESsT 2014 Page 4

5 Traditional Philanthropy: traditional grant making in which donor organizations (i.e., private foundations, trusts) contribute a fixed sum of money over a defined period of time to support civil society organizations; often consists of a one-time grant with the expectation that an alternative source, such as the government, will provide matching or continued funding. Venture Grants: grants provided by NESsT to assist with the launch, incubation, and scaling of a social enterprise. These grants are often used to pay for social costs associated with the enterprise (see definition of social costs). Venture Philanthropy: sometimes called engaged philanthropy, an emerging field of philanthropic investment that combines the policies and practices of long-term, engaged investment and venture capital models of the for-profit sector with the principles and publicbenefit missions of the nonprofit sector. Venture philanthropy strategies combine financial capital investments with some form of additional capacity-building or technical assistance to the nonprofits they support. NESsT 2014 Page 5

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