Decks matter

I liked this piece by Bill Gurley ‘In Defence of the Deck’. The great storytellers have an unfair competitive advantage. They are going to recruit better, they will be darlings in the press, they are going to raise money more easily and at higher prices, they are going to close amazing business developer partnerships, and […]

Impact investment versus positive investment

Every discussion about impact investment tends to includes somebody asking ‘what do you really mean by impact?’ or it focuses on the potential returns from impact investment compared to ‘conventional’ investment — the assumption being that there is a trade-off when you make social investments. The first is a live issue for us at the moment because […]

The optimist, the pessimist and the realist

I’ve started to think that every good impact investment decision needs an optimist, a pessimist and a realist involved. The optimist instinctively thinks what’s the best that could happen — often imagining the venture developing in ways that even the founders haven’t yet considered. At BGV, unless we can think of an optimist’s case for something becoming […]