and supporting social entrepreneurs are being handed over to government ministries and agencies like the FSA. Because of this, mentions of these issues in the Basic Policies and the New Fundamental Principles are decreasing. SIIF has also shaped sector-specific initiatives. For instance, the METI Small and Medium Enterprise Agency’s Basic Guidelines for Promoting Regional Issue-Solving Projects incorporated input from SIIF’s Kudo and Yoshi Tabuchi (now of Zebras & Company). Both organizations are recognized as key players in providing accompaniment support for regional development. Beyond direct advocacy, SIIF shares data and insights to inform government decision- making. In the healthcare sector, for example, SIIF has supported METI’s exploration of performance-linked private contracts, contributed to project formation, and delivered expertise through seminars for municipal leaders. SIIF has also provided the Ministry of Justice with data to shape their reports. While SIIF’s influence on policy documents became evident mainly after 2020, this delay reflects the time needed to build trust and establish itself as a credible voice in the field. As SIIF continues to grow, advocacy remains a cornerstone of its strategy, ensuring that impact investing stays at the forefront of Japan’s policy agenda. Lessons Learned from Pilot Initiatives After laying a strong foundation and establishing key partnerships, SIIF was able to test its vision through pilot initiatives. Pilots provide a small organization the chance to experiment with new ideas on a manageable scale, gathering insights and data before wider implementation. The successes and challenges of these initiatives serve as valuable lessons, informing future projects and contributing to a growing repository of knowledge for Japan’s impact economy. SIIF drew inspiration from global leaders in impact investing, particularly from the UK. Since the United States has a longer history of driving impact investing, SIIF exchanged ideas with institutions like the Rockefeller Foundation and the Global Impact Investing Network early on. However, SIIF’s strongest ties were with the UK, primarily through Sir Ronald Cohen, Bridges Fund Management, and the UK government. These connections informed SIIF’s early pilots, Social Impact Bonds (SIBs), Dormant Account Utilization, and thematic funds.
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Ten Years in the Making
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