Khanya Okumu is a 2019-20 Oxford MBA candidate and participant on our co-curricular Impact Lab programme. She reflects on one of the Impact Lab Masterclasses taught in the autumn term, an ever growing and popular discussion by social entrepreneurs, impact measurement.
For quite a while now, in the world of ‘impact’, there have been many opinions on whether impact can be measured. Even more contentious views exist on how it should be measured and if there is scope for these measurement metrics to be standardized. To address this specific topic, the Skoll Centre for Social Entrepreneurship hosted a masterclass on the ‘Theory of Change and Impact Accountability’ as part of its Impact Lab Masterclass speaker series.
In a room of 100 people, less than a quarter were confident to admit they know everything there is to know about impact measurement and have the requisite skills to implement impact measurement well. This created fertile soil for speakers Nick Andreou and Francesco Valente (MBA 2018-19 candidates) to plant some ideas on how impact measurement works and how it should be applied to different initiatives.
The ‘why’ for impact measurement is relatively clear, imagine being a business owner or manager who did not monitor income, expenses, employee productivity or customer satisfaction, you would have no idea whether the business should continue or if you should just close shop. In the same way then it makes sense for social impact projects, programmes and investments to monitor and measure whether they are adding value in the way intended.
It’s the ‘how’ for impact measurement where things start to get blurry, and this is where a theory of change becomes important.
The logical steps in a theory of change start off with a needs assessment which identifies specific inputs or activities. These activities when done well lead to a specific set of outputs and outcomes. The result, therefore, should be impact.
I resonated with the initial definition provided by Nick and Francesco on what impact measurement is, as I am an accountant by trade, they defined it as ‘data collection and analysis – the accounting of the impact world’.
In order to do any kind of impact measurement well, the metrics need to be focussed on programme design, delivery and effectiveness. The three approaches covered in the masterclass are outlined in the figure below:
What is clear is that because of the varying outcomes to be measured different measurement tools such as reports, proxies and triangulation can be used. The challenges in adding rigour to the tools are the increase in costs and additional time required. Many ‘impact-first’ programmes tend to rely on external funding, funding which is intended to implement not necessarily for monitoring and evaluation. This is an opportunity for a work-around in the way funding is currently allocated by funds, donors and project sponsors.
By the end of the session, one thing was clear to me: there is a better understanding overall of impact measurement within the impact sector. Furthermore, our impatience with how metrics and measures could be standardised will draw us closer to a world where the metrics and measures are used in a way that adds value to all stakeholders.
noted above was part of a curated series of masterclasses for the Skoll Centre
for Social Entrepreneurship’s Impact Lab 2019-20 cohort. This session was run by
Nick Andreou and Francesco Valente and co-created by MBA students Marvin
Tarawally and Aupah Makoond.
Tara Sabre Collier is not only a 2012-13 Skoll Scholar and Oxford MBA graduate- in 2019 she joined the Centre as a Social Entrepreneur in Residence. She has extensive experience in the world of social finance and international development, as a social entrepreneur and impact investment advisor. As we begin a new year and decade, Tara Sabre shines a light on how far we’ve come (and how far we have to go) in achieving the UN SDGs.
This January kicks off an inflection point to consider the realities we have created since 2010 and those we aim to create by 2030. As of 2020, we now have ten years remaining to reach the UN Sustainable Development Goals, which serve as guiding pillars for envisioning a better future for the world.
Twenty years ago, the last time the UN set forth the ambitious Millenium Development Goals, we fell short of accomplishing some of the outcomes we envisaged. 2020 is different and can be a watershed moment for global development. Today, the private sector and public sector have partnered at historically unprecedented levels to tackle the world’s challenges. New allies have emerged, leveraging far greater amounts of philanthropic and commercial capital and every kind of vehicle in between. Impact investing, which was valued over $500 billion in 2018, continue to grow by leaps and bounds. By 2025, 30% of family offices expect to allocate 25% or more of the funds to social impact investments.
One important tactic that impact investors can take on is to pursue synergies across multiple SDGs. Researchers at Aberdeen University and University of Potsdam have already embarked upon fascinating research to analyze and forecast the synergies and trade-offs across the SDGs. This provides an evidence base for impact investors to accelerate and measure progress investing in multiple-SDG strategies, from gender-smart agribusiness development to climate-friendly infrastructure.
Another tactic is to innovate cross-sector partnerships. When impact investors pour capital into agriculture or education enterprises that impact SDGs, the business enabling environment can make or break the potential financial success and social impact of said ventures. This is why alignment between impact investors and public sector will continue to be crucial; innovation can play a vital role in amplifying these alignments. Development impact bonds were the last decade’s major step towards innovating cross-sector alliances. The 2020s are an opportunity to bring technology, such as big data, blockchain and AI modalities, to continue innovating these alliances for more effectiveness.
Twenty years ago, there was no impact investment industry, no development impact bonds, no blockchain, no social impact certification agencies and barely any smartphones! And yet, despite the shortcomings, the period of the Millennium Development Goals was marked by biggest drop in global poverty in recorded history. Today, we have a fleet of new technological advancement, more supportive business enabling environments and a thriving new asset class supercharging our progress towards global development. Even with the enormous scope of the Sustainable Development Goals, with continued progress we may be on pace to accomplish them this decade.
Rangan Srikhanta is a 2019-20 Skoll Scholar and MBA. He is dedicated to equal and fair education for all as a catalyst for future progression and access to opportunities for the world’s most marginalised communities. Rangan shares the story of how this came to be his passion and how he ended up at the University of Oxford doing his MBA.
My journey to Oxford isn’t a typical one,
but then again – as I soon found out, no one’s is!
Born in Jaffna, Sri Lanka, my family and I
fled a civil war that would change the lives of millions of people. Arriving in
Australia, it took me many years to realise that social disadvantage transcends
nations and disproportionately affects minorities.
Many government policies when combined with
externalities, in whatever their form, first manifest as minor differences in
education and health in early childhood, but snowball into much wider social divides
later in life (lower life expectancy, lower employment opportunities and so on).
Layer in the rapidly changing landscape, thanks to technology – a fast forming
digital divide, would also become synonymous with an opportunity divide.
As fate would have it, in 2005, I found an opportunity to do something to contribute to improving access to educational opportunities for thousands of children by closing the digital divide. One laptop per Child (OLPC), was a partnership among businesses, NGOs, and governments to produce the world’s least expensive laptop and to distribute that device to children all around the world. I was intrigued by OLPC’s vision of bringing those sectors together to solve social problems. I was equally impressed by the low-cost laptop that OLPC proposed to create.
The device, which came to be called the XO,
would cost just $100 a piece to manufacture, had free and open software,
ultra-low power usage, a sunlight-readable screen and be field repairable.
Inspired on so many levels, I chose action
over theory, opting to make numerous late-night phone calls to MIT to figure
out what we could do to bring the project to Australia. Armed with what would
be my greatest asset, my child like naivety on how these projects came in to
being, I set upon a journey that would not only improve educational
opportunities for thousands of primary school children but also change my
entire trajectory in life.
Whilst our early days were focused on
advocacy, it wasn’t until after our volunteer group formalised into One Laptop
per Child Australia that I realised that the OLPC initiative needed a re-think
to some of its core principles.
After delivering computers to many remote
communities, it was clear that flying in, dropping off computers for free and
then leaving was not sustainable and would undermine our ability to improve
access and usage.
A major challenge facing remote schools in
Australia is the tenure of teachers. On average teachers last 8 months. Any
model that required face-to-face training was not scalable, would only serve to
build a dependency relationship on our organisation, and do little to build
local capacity to overcome teacher turnover.
In fact, we found there were many
dependencies on suppliers (by design) that resulted in schools being forced to
come back for repairs, support etc. This was a market failure that increased
the cost of technology and reduced access to those that needed it most.
After evolving our programme over 10 years,
raising just under $30 million to train over 2,000 teachers and deliver over
70,000 computers, it became clear that I needed time and space to reflect on my
journey into the future.
Truth be told, after the management
rollercoaster I’d been through over the past decade, I wasn’t convinced I
needed an MBA. But to classify Oxford’s MBA with its deep connection to the
Skoll Centre as ‘just another MBA’ is a career limiting move for anyone who wants
to lead an organisation deep into the 21st Century. It forms the
reason why I wanted to come here – this MBA, is a place to consider how
externalities need to be core business for all executives.
One thing I didn’t anticipate was how the power of such a resilient institution like Oxford could be a catalyst for my own change. In my short time on campus, not onlyhave I been able to reflect on why I came here, but have also started to reflect on where I will be going.
Mike Quinn is a 2007-08 Skoll Scholar and Oxford MBA alumnus, he is also the co-founder and former CEO of Zoona, one of Africa’s earliest fintech companies. With over 10 years of experience running a successful social business, Mike shares his hard-learned tips and experiences on how get a purpose-driven venture started, built and scaled. This is the first article in the series, how to ‘start’.
In October 2019, I had the privilege of being a Social Entrepreneur in Residence at Oxford’s Saïd Business School. I delivered three talks and coached dozens of entrepreneurial MBA students who were seeking practical advice on how to start, build and scale a purpose-driven venture. This blog summarizes my first talk, ‘How to Start,’ with the others to follow.
Start by falling in love with a big problem
When starting a new venture, there’s a lot of
pressure to come up with that one novel idea that nobody has ever thought of
before. It can be discouraging at the idea formation stage to hear comments
like, ‘Oh that’s not very unique!’ or ‘There’s another company already doing
that!’ This pressure can lead to you spending a lot of your time trying to come
up with a unique solution before choosing and understanding the problem you
want to solve.
This is a backward approach for a few reasons. First, it’s almost impossible to come up with an idea that someone else hasn’t thought of or tried already. Second, if another company is already doing it, that means there is a real-life analog to learn from. And third, trying to come up with a solution before fully understanding the problem is the fastest way to start-up death.
A better approach is to spend time up front falling in love with a big problem. Pick a problem that you are passionate enough to spend the next decade of your life solving. Make sure it is big enough that no one solution will solve it completely. And be confident that if the problem no longer existed, the world would be a better place and you would be proud to have contributed to the solution.
Falling in love with a big problem is what will keep you motivated through all the investor rejections, people challenges and product failures that will surely come.
Pick the right co-founder(s)
There is a saying that ‘Founder’ is the loneliest number for good reason. There is so much to do when starting a new venture that having a team of 2-4 co-founders can make a huge difference in both the venture’s success and everyone’s well-being. However, finding the right co-founder(s) can be fraught with challenges, especially for first-time entrepreneurs.
Before you look to find others to work with,
you should start by finding yourself:
What is your purpose?
What are your core values?
What is your personality type?
What are your strengths and weaknesses?
Which tasks do you jump out of bed for, and which drain your energy and cause you to reach for the snooze button?
I like to capture these on a ‘Me on a Page’ document that I review monthly to keep me grounded.
Next, understand that the ideal co-founder(s) enables you to be the best version of yourself (and vice versa). Find people who share your passion for the problem, resonate with your values and are equally committed for the long haul. Make sure they have complementary strengths and weaknesses and are people you enjoy being around.
This is a high bar to meet, and so it should be. Over my ten years at Zoona, I spent as much, if not more, time with my three co-founders as I did with my wife. We experienced exhilarating highs and gut-wrenching failures together. We had to work in a pressure-filled environment that was never stable, even when things were going well. Working in a start-up will either bring co-founders together or destroy relationships, so it’s critical to be purposeful about the people you will share this special bond with.
It takes time to know if you have the right co-founder(s), so in the interim there are some practical steps you can take. For example, ‘try before you buy’ by agreeing up front to test for fit and working relationships before formalizing anything. Build in staged check-ins and exit off ramps where people need to either commit or leave. When splitting equity, introduce share vesting so that a departing co-founder returns their unvested shares back to the company. Have honest conversations and learn how to give each other feedback. This all takes courage and maturity but is absolutely necessary if you want to build a successful venture.
Rapid prototype to discover product-market fit
With the right problem and co-founder(s), you will have solid foundations in place to shift your focus to discovering product-market fit. Your goal is to develop a minimum viable product (MVP) that solves a major pain point for your targeted customers. You also need to validate that they are willing to pay for your product above what it costs you to deliver it. If you’re lucky, they will start telling other people who are like them to try your product, and you will achieve lift off.
A lot of things have to come together for this to happen, and it’s typically a race against time and running out of cash. If you spend all your time building a perfect product in your office, you are destined for failure.
Rather, take a rapid prototyping approach. Start with a small and consistent customer segment. Get to know who they are, their pain points, and the root causes of their pain points. Learn from them about how they already overcome these pain points on their own. Then, design hypotheses for how you could help reduce or eliminate their pain. Test hacked solutions that require the least amount of time and money to develop and seek quantitative and qualitative feedback. Make adjustments on the go and keep iterating as fast as possible until you have a working MVP and delighted customers.
With any new venture, there is never a
guarantee of success and always a high probability of failure. But if you get
these three foundations right – falling in love with a big problem, picking the
right co-founder(s), and rapid prototyping to discover product-market fit, you
will be off the starting blocks and living the entrepreneur lifestyle!
2018-19 Impact Lab student, Puja Balachander, spent the summer of 2019 assisting with the development of our Impact Lab programme. As a participant of the inaugural cohort and with a background in design, she helped the Centre to improve on what had been successful, ensuring that future MBA students would get the best out of Impact Lab. She shares with us her methods for improving impact-focused programming.
Before I came to the MBA, I was a service designer and user researcher in public sector innovation labs at the White House, World Bank, and later the City of Austin, working on making public services more user centered and user friendly. I came to the MBA at Oxford to complement my design skills with the business and operations skills I needed to take my prototypes to scale.
When I got to the Saïd Business School, I joined the small but mighty group of “social impact” MBAs looking to take our work to the next level with business skills. Over my year as a student, and now as an intern at the Skoll Centre working on impact talent development, I’ve learned a few lessons that I think apply to any business programme hoping to support their social impact students:
1. Understand your “impact-MBA” personas, and design programming accordingly
There are a lot of us
that get lumped together as social-impact focused MBAs.
the impact-curious who are looking to enter the field
those who are committed to impact but looking to move into a new sector
and those who want to accelerate their careers in their sectors
The same support doesn’t
work for everyone.
A lot of MBA
programming around impact assumes that we need to be convinced that social
challenges are worth caring about and working on. That is effective for the
impact-curious, and converts some who are on the edge, but it doesn’t cater to
the impact veterans who are already convinced.
That’s why one of the key, but more difficult choices we’ve had to make at the Skoll Centre this year, is to focus the Impact Lab on those who have deep impact experience. This might feel exclusive, but in fact, it ensures that different impact MBAs with different needs and expectations get what they want and need out of the programming. The more we realize there isn’t a single, one-size fits all “impact-MBA”, and design programming that serves more niche needs, the more meaningful students’ engagement will be.
2. Look beyond impact investing and impact consulting
Just as there are
different impact MBA personas with different levels of interest and experience,
there are personas that bring different skills, experiences and interests
within impact. There are former policy makers hoping to bring back a business
perspective, software engineers looking to lend their skills to a social tech
firm, marketers wanting to help rebuild trust in business… the list goes on.
Yet, the MBA impact career pathways can tend to mirror those of the broader
MBA, and overemphasize finance and consulting.
It’s important that
all MBAs, especially the broadly impact curious who might be convinced to
pursue a career in impact, see that they have a place and role in the impact
ecosystem. Impact investing and consulting are each fulfilling and prestigious
careers, but they certainly aren’t for everyone, and don’t begin to cover the
breadth of options and needs in the impact space.
Keeping this in mind, this year the Skoll Centre is collaborating more closely with the careers team at Oxford Saïd to help MBA students navigate through the many different pathways and careers in impact. We’re particularly focused on engaging our incredible network of impact MBA alumni working in every sector from government to NGOs, tech companies, and marketing agencies to banks and consulting firms to share their learnings and advice with the incoming MBA class of 2019-20.
3. Don’t let us lose sight of the humans
There’s the danger
that when students are taught frameworks and tools for impact, they come out
bordering on technocratic. It’s hard not to drink the kool-aid and believe that
an impact consulting framework, or a human-centered design sprint could help us
fully understand and solve the problem. Or that using rigorous financial and
impact analysis will certainly help us identify the social innovations that
will scale. And when we’re sitting in our future jobs sending fancy PowerPoints
or building elaborate models, it has the risk of reinforcing what’s happening
really is this simple! The optimism of the MBA is great, but it’s important to
keep us connected to the humans at the core of all the challenges we want to
This is where the Skoll Centre is looking to deepen its ties to our community. Oxford has a tradition of walling itself off, and we’re working on breaking this down and connect with the community. A great example was through Map the System. When my teammate and I analysed the system that caused inequality in early childhood in Oxfordshire, we found through our research with a local community organization, the Oxford Hub, that promising solutions never made it to implementation because impact reporting frameworks didn’t match the phase of solutions. It’s easy in a classroom to be convinced that impact measurement is important (and it is!), but the nuance comes from interactions with the real world. Creating those opportunities leads to understanding (and employability!).
4. Help us be as rigorous about our personal impact as we would be about an organization’s
As a school focused on responsible business, Oxford Saïd’s theory of change is to pump out business leaders who can create change from within even the most “traditional” companies. But these leaders can’t live up to this vision unless they’re critical about their organization’s and their own activities and intentions.
The same theory
applies within impact as MBAs join impact organizations like the United
Nations, development banks, and corporate sustainability teams. These
traditional players are the natural and prestigious next steps befitting an
MBA, and it’s certainly possible to make significant change through these
positions, but it’s important that we’re as rigorous about our impact and
intentions going into these (or any other) organizations, as we are about our
actions as a responsible leader working for an investment bank or consulting
That’s why in Impact Lab over the next year, we’re putting a finer point on developing a critical perspective on different themes within impact. With every activity, our objective is to help leaders to challenge their assumptions and ask themselves and others the critical questions necessary to ensure they are having the impact they promise. Importantly, we’re extending this perspective to being self-critical, so that students examine the biases and privilege they’re bringing into this work, and how they can overcome and utilize them to help create a fairer, more sustainable and prosperous world.
5. Mainstream impact
Finally, the most
important thing that a business school can do to create a fairer, more
sustainable and prosperous world, is not only to support students that are interested
in impact, but also to mainstream impact within the broader business
curriculum. Oxford Saïd did a great job of this within the core accounting
course this year. Each week, our professor had a group of students research,
critically reflect and present on different themes within extra-financial
accounting and reporting. The school also organized a mandatory union debate
that examined the merits and limitations of mandated sustainability reporting.
It was exciting that ESG factors and sustainability were thoroughly
mainstreamed within our curriculum, and eye-opening (at least to me) to see how
most corporates are thinking about sustainability and impact. Students were
able to leave the accounting course, not only understanding the basics of
accounting, but understanding the current state of extra-financial reporting,
and how we might build on this progress in our careers.
It would be great to
see similar mainstreaming in other core courses like analytics, corporate
finance, and technology and operations. The school already offers elective
courses and co-curricular activities like the Skoll Centre’s Impact Lab for
those who are interested in impact, but it’s all too possible for students who
don’t come in with this interest, to avoid any content and reflection around
impact at all during their MBA degree.
If we want to support every student to become responsible leaders and to pursue purposeful careers, a critical, human-focused, impact education is key for every MBA student.
Puja Balachander is an Oxford MBA 2018-19 student. She is also the co-founder of Devie, a trusted digital service platform that guides parents on their journey from pregnancy to parenthood, equipping them to become their child’s best first teacher.
Sunday, 9 June 2019, the Skoll Centre’s Map the System Competition held its
Global Final in Oxford for another year. Making it to the final six teams out
of 20 overall finalists, the University of Oxford team, No Means No, took 2nd
place, winning £3,000 in cash prize money. But the money and the prestige of
being in the top three winners only came 2nd to the incredible
journey of learning and discovery this team of five Indian students, four of
which were Oxford MBAs.
Oxford MBA 2018-19, Prerna Choudhury and teammate and Duke University Sandford School of Public Policy alumna, Tanmayata Bansal, tell us how they mapped the system of gender-based violence in New Delhi, India.
In early January, we came together as a
team with a common thread that is unfortunately part of the lived narrative of
most Indian women—we all had either been victims of sexual assault or known
someone close to us who had. In 2012, the brutal gang rape and death of
23-year-old Jyoti Singh brought the city of New Delhi to the forefront. Seven
years later, Jyoti’s parents, who have now turned activists feel that change
has not occurred and that justice in India has failed Jyoti and women like her.
Not only were we frustrated by the lack of
progress made to address the problem in our country, but we were also
passionate about wanting to be a part of the change. Map the System offered a
public platform for us to break the societal taboo we had dealt with our whole
lives, using the lens of systems thinking, which was particularly relevant to a
problem as complex as ours that involved a diverse range of stakeholders and
was multi-faceted in its contributing causes and solutions.
We conducted extensive primary and
secondary research to help us map stakeholders and develop a narrative illustrating
the interplay between these stakeholders. This ongoing interplay contributes to
perpetuating sexual assault against women in New Delhi. We read news articles,
op-eds, reports, and academic literature to help us understand the history and
quantify the extent of the issue. We identified 20 distinct stakeholders that
were either experiencing, contributing to, or trying to prevent the problem.
The second phase included primary research
which included 31 interviews across our stakeholder spectrum. We started by
reaching out to our internal network and gradually progressed to sending out
cold emails. We received an overwhelming response to our cold emails, which
further strengthened our belief that the issue needs to be discussed on a
These interviews further tied to our
secondary research and gave us nuanced perspectives on the issue. The process
also contributed to our final systems map which underwent multiple iterations –
from a linear process map, to a rather convoluted and more accurate depiction
of the problem and aspects related to it.
So what were our findings? We’ve outlined
and synthesized our research and findings:
Widespread change can only be achieved if
the city of New Delhi implements a concerted city-level strategy that targets
solutions in education, policy, law, technology, and infrastructure:
All our interviewees advocated for education as key to fostering long-term
change in mindset. Solutions targeting education taking the longest to make an impact
but yield the highest probability of bringing about a paradigm shift.
Implementation and enforcement of policies takes time and is key to success.
comprehensive legal structure already exists in India to deal with crimes of
sexual assault. Reform should focus on expedition, reduction of errors, and
placing the victim at the center of the case.
Use of mobile phone apps and SOS emergency lines have provided women with an
avenue to report sexual harassment. Social media campaigns have also enabled
Physical infrastructure such as lighting, or social infrastructure such as
networks help reduce the incidence of sexual assault.
& Levers of Change
A lack of
prioritization and implementation can be addressed by prioritizing gender
equality as part of the national agenda through policy changes such as reducing
investigation times or portraying women in empowered roles in Bollywood movies.
A lack of
sensitivity and support is mitigated through the creation of a safe and
reliable place for women to fight against assault, achieved through repeated
gender sensitization trainings and the building of strong social networks and
cohesion among female professionals.
in staffing and representation are countered by increasing the agency and
representation of women across sectors.
A lack of
knowledge, awareness and accessibility can be addressed by increasing educators’
awareness of the importance of developing emotional intelligence in students.
Our systems map was divided into three
that promotes gender equality: A map tracing the way in which gender inequality
is deeply entrenched in Indian society and promoted from birth.
that normalizes sexual assault: A map analyzing the ways society, the political
and legal system engage in victim blaming and shaming and enable the attacker
through his ability to exercise control through power and bribery.
models and underlying structures that support the system such as a deeply
entrenched patriarchy, an outdated and rigid educational system, caste system,
religious and cultural traditions, weak institutional support, and social
Map the System empowered us to speak about a topic that was deeply personal to all of us. Ever since the competition, we noticed programs and campaigns happening in the city of New Delhi increasing awareness on the issue. Most notably, a leading radio station has started a campaign to make Delhi safe, especially at night by creating a sense of responsibility among its residents and urging them to be more vocal and actionable if they witness sexual harassment. We look forward to collaborating with such efforts and disseminate our findings and report among our stakeholders and organizations to take our efforts forward.
Authors: Prerna Choudhury Oxford MBA 2018-19 & Tanmayata Bansal Masters in Public Policy Analysis at Duke University.