A fund thesis is important, but it only goes so far. Fund managers are often focused on building the mechanics of a Theory of Change, but this Impact Measurement and Management (IMM) tool frequently lacks clarity on the “why” and “what” of measuring positive or negative impact—especially on communities most in need. Looking Back to Look Forward The Japanese idiom ( onko chishin ) teaches that by reviewing the past, we gain new insights for the future. Rooted in the idea that reflection is not just about remembering but about learning, it reminds us that progress is most meaningful when informed by the lessons of experience. Traditionally, onko chishin refers to drawing wisdom from well-established or historical knowledge, but its reflective nature can serve as inspiration for ongoing learning and adaptation. This case embodies the spirit of onko chishin as it explores the roles of experimentation, testing, and field-building in SIIF’s strategy for developing Japan’s impact economy. Over the past decade, SIIF has launched a series of firsts. In 2013, it introduced the Japan Venture Philanthropy Fund, bringing the concept of venture philanthropy to Japan. By 2019, SIIF added the Hataraku Fund, a venture capital (VC) model, building on the earlier success of the Childcare Fund. In 2023, it introduced the SIIF Impact Capital (SIIFIC) Wellness Fund, another VC fund designed to test systems change investment strategies. Yet onko chishin is not about simply looking to the past—it’s about acknowledging both successes and struggles, which can foster continuous improvement. SIIF staff have shared their learning journey, reflecting on how each fund evolved to address Japan’s most pressing social and environmental challenges. Each fund was both a response to urgent issues and an opportunity to refine approaches, question assumptions, and embed lessons into the next initiative. Through this lens, the case offers insights into how SIIF has contributed to shaping Japan’s impact economy and impact investing—and what its experiences mean for the future of the sector.
117
Ten Years in the Making
Powered by FlippingBook