Doing more with less development dollars, plus a tribute to Andrew Kassoy

·21 min·2 clips

Andrew Kassoy argues the corporate duty to maximize shareholder value is a 'duty of carelessness' that leaves people angry and the planet on fire.

The episode opens on July 4th, with hosts Brian Walsh and David Bank framing the discussion around 'doing more with less' in development finance. They reference reporter Jessica Pothering's coverage of the FFD4 conference in Seville, Spain, where participants suggested 2025 might see the private sector take over development finance due to declining overseas development assistance. David Bank clarifies that private sector commitments remained stable at about $7 billion, while public sector support has retreated. He explains this creates a market opportunity for more bankable projects but leaves humanitarian needs unaddressed. The conversation explores how reduced concessional financing may allow private investors to earn market returns without subsidized competition, though this is a sensitive topic. They distinguish between humanitarian aid without a business model and economic development that can attract commercial capital. The hosts discuss the need for coordination, scale, and smarter use of scarce catalytic capital, mentioning efforts by Norway and Convergence to streamline processes. Transparency among Development Finance Institutions is highlighted, with the group Publish What You Fund ranking their disclosure practices. After a break, the topic shifts to defense investing in Europe. David notes defense is the fastest-growing venture capital segment since Russia's invasion of Ukraine, driven by initiatives like the 'Rearm Europe' plan. The debate centers on whether defense investments can qualify as sustainable under European ESG regulations, touching on concepts like 'dual-use' technologies (e.g., internet, GPS). Brian recalls an anecdote about tobacco being called sustainable in North Carolina, illustrating how perspective shapes definitions. David argues the core issue is ensuring investors in defense act responsibly, not excluding the sector entirely. Another break leads to a tribute for Andrew Kassoy, co-founder of B-Lab, who passed away at 55. David recounts Kassoy's work beyond B-Corp certification, including his vision for an impact holding company to preserve social missions during exits. He mentions Kassoy's recent involvement with Nine Dean, a holding company focused on quality jobs. The episode concludes with a clip from Kassoy's 2024 Paris speech, where he criticizes shareholder primacy as a 'duty of carelessness' causing systemic failures like climate change and worker marginalization.

As heard by us

A grounded look at shrinking aid, catalytic finance, European defense, and Andrew Kassoy's impact legacy.

ImpactAlpha's This Week in Impact looks at development finance as public aid contracts and private capital is asked to shoulder more of the work.

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Why you'd press play

You want impact finance under pressure, European defense in the spotlight, and a purpose-driven legacy worth remembering.

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