Figure A: Timeline of SIIF’s First 10 years
The Nippon Foundation participates in G8 Social Impact Investment Task Force and then becomes secretariat for GSG Impact JAPAN.
Basic Survey for the Dissemination of IPOs by Impact-Driven Startups is published. SIIF releases new mid-term strategy (FY 2022-2025) and three vision papers for thematic focus.
Launches systems change collective and continues research studies on systems change. Receives “Gold” rating from a BlueMark evaluation on IMM.
FSA and GSG Impact JAPAN (with SIIF as secretariat) begin the “Impact Investing Roundtable” series.
Invest in the Healthcare New Frontier Fund initiated in Kanagawa Prefecture. Hiroshima Prefecture Colon Cancer SIB is launched.
The Social Impact Measurement Initiative (now the Social Impact Management Initiative: SIMI) is launched.
Japan Venture Philanthropy Fund begins funding.
Selected for more Dormant Account distribution.
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Pilot projects for Social Impact Bonds (SIBs) implemented in Yokosuka, Amagasaki, Fukuoka and other cities
The Japan Social Impact Investment Foundation is founded. SIIF helps with the Kobe City and Hachioji City SIBs.
Hataraku Fund is launched.
Japan impact-driven financing initiative launched, with twenty-one institutions signing on. Selected for another year of Dormant Account distribution.
SIIF Impact Capital (SIIFIC) is established and the Wellness Fund is launched.
Merger to become the Japan Social Innovation and Investment Foundation (SIIF).
Today, SIIF continues to drive change through targeted investments, fostering partnerships across sectors, and strengthening the field through policy advocacy and evolving IMM frameworks. As Fumi Sugeno points out, SIIF is a small foundation both in financial resources and staff, with an operating budget of ¥643,440,890 (about US$4.3 million) as of FY2024 and seventeen staff members. 2 Despite its small size, the organization has earned its reputation as a trusted leader in building the infrastructure for impact investing in Japan. This synopsis touches on the nuance and importance of SIIF’s leadership, culture, and values over the past decade—elements that have been critical in shaping its teams, building partnerships, and testing innovative strategies. These intangible, yet essential, factors underpin SIIF’s success and resonate with the Japanese concept of sanpo-yoshi . This principle emphasizes mutual benefit for the seller, buyer, and society, 3 paralleling SIIF’s holistic approach to systemic change. Similarly, Peter Drucker’s famous adage, “Culture eats strategy for breakfast,” reminds us that an organization’s culture—its values and beliefs—drives its ultimate success. Culture not only defines a “True North” but also influences behavior within and beyond an organization’s walls, as illustrated in Figure B. This framework, used in the Oxford Impact Investing Programme, highlights the critical role of culture in shaping strategies and outcomes.
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Ten Years in the Making
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