Chapter 5: Case Studies
Case Study 1: Insights into Japan’s First Impact Funds
Introduction Experimentation, testing, and field-building are the watchwords of the Japan Social Innovation and Investment Foundation (SIIF) as it works to build out Japan’s Impact Economy. SIIF’s efforts in field- building began with helping create GSG Impact JAPAN, a global network of impact investors; it supported the first Social Impact Bonds and Dormant Accounts. Creating venture capital funds was a next step for SIIF and this case examines the launch and learnings of two of Japan’s impact funds—the Hataraku Fund and the Wellness Fund. In 2013, now SIIF executive committee leaders Shuichi Ohno, Nanako Kudo, and Mitsuaki Aoyagi at the Nippon Foundation, launched the Japan Venture Philanthropy Fund. This case examines impact funds spearheaded by SIIF staff. The case reviews and analyzes three sets of activities that SIIF followed to create the fund: (1) Plan and Partner—How did SIIF analyze the current market and decide where it could have the most impact? (2) Act and Assess—Once the plan was in place, how did SIIF review potential investments using the fund’s established criteria? and (3) Reflect and Recalibrate—Over time, how was the fund’s portfolio performance achieving the goals established in the Partner and Plan phase? These three phases are key features of the Deliberate Leader Learning Process, and can be seen in Figure A.
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Ten Years in the Making
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