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FOCUS ON...Grants and beyond: growing social capital markets
Following the 2006 Skoll World Forum, which focused on social capital markets, this Alliance special feature takes forward debates from the Forum and looks at the full spectrum of funds available for social change, from grant funding to fully commercial financial instruments. It is produced in conjunction with Postings, the new magazine of the Skoll Centre for Social Entrepreneurship.
While Steve Godeke looks at the US, the world’s most developed social capital market, Tony Wainaina suggests that in developing countries social enterprises need to compete in the mainstream capital markets and Sheela Patel argues that it’s time for community-level organizations in the South to start voicing their demands. This special feature also includes: Peter Wheeler wondering if we’re barking up the wrong tree when we talk about developing a social stock exchange; leading investment advisers talking about why more foundations don’t practise mission-related investing; and an interview with Rodrigo Baggio of CDI in Brazil.
The issue also includes Maria Chertok, Pavol Demes and Svitlana Kuts debating whether Western donors are partly responsible for the new Russian NGO Law; Douglas Rutzen and Catherine Shea on the increasing number of governments clamping down on civil society; and Rod Schwartz questioning the holier-than-thou attitude of the social enterprise world to for-profit initiatives like Justgiving.
CONTENTS
- Editorial 2
- Letters 3
- News from around the world 6
- What's new at … 15
- Conference reports 19
- Spotlight on business in Pakistan 21
- Opinion - Bruce Sievers 22
- Books 62
FEATURE
BCAF ten years on
Ten years after the founding of BCAF (Bulgarian Charities Aid Foundation), Director Elitsa Barakova and a group of Bulgarian leaders consider what BCAF has achieved and what remains to be done Centrefold
ARTICLES
Learning from each other 
Yousry Moustafa on a London meeting of emerging human rights organizations 24
Opinion
Simon Collings 26
The associational counter-revolution
Douglas Rutzen and Catherine Shea on the increasing number of governments clamping down on civil society 27
Where are the limits of donor accountability?
Are Western donors partly responsible for the new Russian NGO Law? Maria Chertok, Pavol Demes and Svitlana Kuts 29
Profit taboo in social enterprise country? FREE ARTICLE
Rod Schwartz questions the holier-than-thou attitude of the social enterprise world to for-profit initiatives 31
In conjunction with Postings from the Skoll Centre for Social Entrepreneurship
FOCUS ON … GRANTS AND BEYOND: GROWING SOCIAL CAPITAL MARKETS
The guest editors for this Alliance special feature are:
Rowena Young Director of the Skoll Centre for Social Entrepreneurship
Tony Wainaina Founder and managing partner of Origins Venture Capital Fund for Africa and a board member of K-Rep Bank
Market virtues and market vices FREE ARTICLE
Is the development of social capital markets set to be one of the big stories of social change or the over-hyped hobby of a few enthusiasts, wonders Rowena Young 33
Opinion
Barbara Kibbe 36
Interview
Rodrigo Baggio of CDI, Brazil 38
Time for the South to make demands
Sheela Patel on why big organizations with financial clout need to work with community organizations to find solutions to their financing needs 43
Building enterprise trusts in Africa
Laurence Cockcroft describes the work of the African trusts established by the UK’s Gatsby Charitable Foundation 45
Towards a Social Stock Exchange – barking up the wrong tree?
Peter Wheeler 46
Case studies
Social investment in Kenya; BRAC microfinance securitization 48
Hybrid transactions in the US social capital market
Steve Godeke looks at the world’s most developed social capital market 49
Case studies
Media Development Loan Fund; GEXSI – making development investment safe; Grameen Danone: a case for ‘hybrid’ models 52
Foundation investment managers, it’s up to you
Why don’t more foundations practise mission-related investing, Alliance asked a number of investment advisers 54
Developing an equity capital market for social purpose businesses
Jessica Brown and Mark Campanale describe recent UK research 57
Towards ‘socializing’ mainstream capital markets
Tony Wainaina argues that in developing countries social enterprises need to compete in the mainstream capital markets 59
From Alliance, Vol 11, No 3, September 2006
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