Back in 2014, she worked closely with trusted colleagues and mentors—Shuichi Ohno and Mitsuaki Aoyagi—at the Nippon Foundation, helping to launch the Japan Venture Philanthropy Fund, the Social Impact Bond Project, and the GSG Japan National Advisory Board (currently GSG Impact JAPAN). Ohno and Aoyagi shared Kudo’s interest and commitment to social change and the role of finance as a tool for public good. Ohno, who later became president of the Sasakawa Peace Foundation, also had experience at the OECD and in the corporate sector. Similarly, Aoyagi, armed with an MBA, had long been a leader in business and played a key role in Nippon’s disaster relief efforts after the Great Tōhoku earthquake. Today, Ohno and Aoyagi serve as chair and vice-chair of SIIF’s executive committee. While this chapter focuses on Kudo’s story, collaboration is at the heart of her work. Whether with peers, staff, or partners in the impact economy, she sees culture and relationships as fundamental to driving change. Her story underscores the power of internal and external partnerships and the shared passion for social impact. From the start, Kudo was committed to uniting social change with finance, driven by the team’s shared desire to create an organization that was inclusive and focused on system- wide, community-based change. For Kudo, the work of bringing impact investing to Japan aligns with her personal journey. Growing up, she and her family supported causes in Africa, but it wasn’t until she saw Sadako Ogata—a Japanese woman—appointed as the United Nations High Commissioner for Refugees that Kudo realized she could also pursue a career that would make a difference globally. She began to dream of working at the UN, where she could have a direct impact on people’s lives. After graduating from university, Kudo initially sought a job in international development but found no opportunities. Instead, she accepted a position at Mitsui, one of Japan’s five largest trading companies. Reflecting, Kudo says, “At the time it was a disappointment, but looking back it was a gift.” 4 Her time at Mitsui gave her valuable insights into the business world, which would later prove crucial in merging finance with social good. She went on to earn her master’s degree in the US, where she first encountered the concept of impact investing and the growing international movement around it. Kudo was particularly inspired by Jacqueline Novogratz, CEO of Acumen, who left Wall Street at 25 to move to Africa and focus on financing solutions for underserved communities. This vision deeply resonated with Kudo. She pursued an internship with Acumen in Pakistan, working for three months to gain hands-on experience in social impact.
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Ten Years in the Making
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