The Criterion Institute Podcast

#75: When the Moment Arrives: Acting on Systems Opportunities

Thu, 26 Mar 2026 00:00:00 -0400

In this episode, we share how Criterion approaches systems change—by paying close attention to where leverage actually lives, how power moves through relationships, and why timing matters as much as ideas. You’ll hear how we think about staying close to the people and systems that can shift outcomes, even when it looks like we’re waiting. This perspective reframes strategy as readiness: noticing signals, building trust, and being prepared to step forward when the moment to act genuinely arrives.

Episode Highlights

00:00 Introduction to Systems Change and Strategy

03:01 Understanding Systems Opportunities

05:49 The Role of Timing in Systems Change

09:13 Defining System Tensions and Opportunities

12:06 Strategic Posture and Approach

14:58 The Importance of Relationships in Systems Change

17:55 Conclusion and Call to Action

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Criterion’s Strategic Plan
Donella Meadow’s Leverage Points

If this episode resonates, you may also want to listen to “Clarity Is Relational,” which explores how sense‑making and strategy emerge through relationships, and “Navigating Paradoxes,” which looks at how leverage and emergence show up in real market systems.

Part of the ImpactAlpha Podcast Network https://impactalpha.com/podcasts

#74: No Permission Required: Volunteerism as a Power Shift

Thu, 12 Mar 2026 00:15:00 -0400

In this episode of The Criterion Institute Podcast, Joy Anderson reflects on the often-overlooked power of volunteerism and voluntary association as a foundational force in civic life, democracy, and systems change. Drawing on history, personal experience, and Criterion’s own organizational design, Joy explores how spaces that are not governed by markets, paychecks, or formal permission create access, shift power, and allow people to learn, belong, and act together. She traces the evolution from early American voluntary associations to modern professionalized nonprofits, questioning when expertise became a gate and why unpaid work is so often dismissed as less valuable. At its heart, this episode is an invitation to reconsider freedom of association—not as charity or secondary labor, but as a vital way we build communities, share power, and sustain ourselves beyond our formal professional lives.

Episode Highlights

00:00 Introduction

00:29 Joy Anderson's Background and the Foundation of Criterion

01:25 The Significance of Access and Volunteerism in Civic Life

02:25 Historical Roots of Voluntary Associations in America

03:11 Early 19th Century Social Reform Movements

04:05 The Proliferation of Voluntary Associations in the 19th Century

05:28 The Shift to Professionalization of Nonprofits

07:21 Benefits and Barriers of Professionalism in Volunteer Work

09:35 The Value of Informal Economies and Voluntary Association

10:53 Community and Volunteerism at Criterion Institute

12:47 The Power of Free Association and Its Social Impact

14:13 Volunteering as a Form of Community Building

16:39 Opportunities for Engagement with Criterion Institute

18:22 Closing Remarks and How to Get Involved

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Volunteer at Criterion

Part of the ImpactAlpha Podcast Network https://impactalpha.com/podcasts

#73: Search Funds Reframed: Expanding Access to Business Ownership

Thu, 26 Feb 2026 00:15:00 -0400

In this episode of the Criterion Institute podcast, Joy Anderson explores the concept of search funds as a transformative financial tool for entrepreneurship. The discussion highlights the potential of search funds in different contexts, particularly in Africa and the U.S., emphasizing the importance of power dynamics, governance, and the role of impact investing in business ownership. The conversation also addresses the challenges and opportunities of entrepreneurship through acquisition, advocating for a shift in how we perceive and support business ownership.

Episode Highlights

00:00 - Introduction to Search Funds and Power Dynamics

02:48 - Search Funds in Africa: Opportunities and Challenges

06:14 - Entrepreneurship Through Acquisition in the U.S.

09:08 - Rethinking Entrepreneurship: The Case for Buying Businesses

11:59 - The Mechanics of Entrepreneurship Through Acquisition

14:48 - Power Dynamics in Business Transactions

18:05 - The Role of Impact Investing in Business Ownership

20:59 - Navigating the Entrepreneurial Landscape

24:11 - The Future of Entrepreneurship and Ownership

27:02 - Conclusion and Call to Action

Relevant Links

• Criterion Institute website and LinkedIn

• Joy’s LinkedIn

• Eric's LinkedIn

• Allegra's LinkedIn

• Lindsay's LinkedIn

• Joy's Post on Search Funds

Part of the ImpactAlpha Podcast Network https://impactalpha.com/podcasts

#72: From Add-on to Operating System: Rethinking the Role of Services in Local Value Creation

Thu, 12 Feb 2026 11:00:00 -0400

In this episode, Joy Anderson is joined by Entrepreneurial Solutions Partners co-founders Eric Kacou and Charity Kabango to explore what it truly takes to build thriving businesses and markets across Africa. Together, they challenge familiar impact investing narratives and offer a radically different way of thinking that centers entrepreneurs as human beings embedded in complex ecosystems.

The conversation ranges from hope and value creation to the often overlooked power of the service economy, asking what markets need in order to actually work. With insight drawn from years of partnership through the Mastercard Foundation Africa Growth Fund, this episode invites listeners to rethink expertise and imagine what becomes possible when we design economies around dignity, choice, and investable hope.

Episode Highlights

Chapters

00:00 Introduction to the Criterion Institute Podcast

02:14 The Genesis of Entrepreneurial Solutions Partners (ESP)

06:21 Centering Entrepreneurs in Their Context

10:16 Understanding the Ecosystem and Entrepreneurial Challenges

14:25 The Survival Trap and Systemic Change

18:30 Collaboration and the Role of Service Providers

22:16 Power Dynamics and Choice in Entrepreneurship

26:08 Investable Hope and Capital Allocation

30:41 Pre-Investment Value Creation Services

34:32 The Importance of Service Providers in the Economy

38:04 Investing in Service Businesses

40:54 Building Infrastructure for Productivity

42:56 Hope and Future Aspirations

Relevant Links

• Criterion Institute website and LinkedIn

• Joy’s LinkedIn

• Eric's LinkedIn

• Charity's LinkedIn

• Episode #57: Investable Hope: A Conversation with Susie Pan on Financing the Future

• Investing in Africa’s Future: A Roadmap to Dignified and Fulfilling Job Creation

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#71: Time to Pause: How We Learn to Let Go, Listen and Pivot

Thu, 29 Jan 2026 00:15:00 -0400

In this episode of the Criterion Institute podcast, Joy Anderson reflects on the power of letting go—of beliefs, assumptions, and fixed identities that may no longer serve us. Through a personal story about guided meditation, she explores how releasing long-held ideas can create the conditions for more grounded leadership. As we enter 2026, this reflection becomes an invitation to reassess what we think is necessary or unchangeable, and to hold space for discernment, listening, and imagination. Letting go, Joy reminds us, is not about abandoning values—it’s about making room for clarity in a shifting world.

The second half of the episode turns to a live example of that clarity in practice: Criterion’s decision to postpone its 22nd Convergence event. Joy walks us through how this decision emerged from sustained listening and a willingness to pivot. Rather than centering an annual convening, Criterion is shifting toward deeper partnership, extended collaboration, and more focused engagements to address gender-based violence through finance. This change reflects a discipline of responding to what is truly needed—and offering more precise, actionable invitations that align with the urgency and complexity of this moment.

Episode Highlights

00:00 - Welcome to 2026: A New Era of Action

05:51 - Letting Go of Outdated Beliefs

12:02 - Listening and Pivoting: The Power of Adaptation

18:09 - Building Trust Through Change

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#70: Financing Patience: Movements, Markets and the Long Game

Thu, 15 Jan 2026 00:15:00 -0400

In this episode, Joy explores the surprising parallels between funding social movements and financing market formation companies. Joy Anderson, along with guests Katharina Samara-Wickrama and Medina Haeri, dives into what movement funding really requires: patient, long‑term investment; flexible core support instead of short‑term project grants; and a commitment to relationship‑building and collective strategy. They highlight how change often emerges after decades of groundwork and emphasize that breaking out of siloed thinking is essential because justice issues are deeply interconnected.

Joy then connects these insights to the logic of market formation, where organizations must build demand for something that doesn’t yet exist—requiring long time horizons, experimentation, narrative shaping, and capital that tolerates uncertainty. The episode frames this moment as a turning point, with feminist movements beginning to engage more intentionally with innovative finance. Through the Helia Collaborative–Criterion partnership, activists and finance practitioners are learning to speak each other’s language and co-create more resilient, systems‑level approaches to financing long-term change.

Episode Highlights

00:00 Funding Movements and Market Formation

10:05 The Role of Patience in Funding Movements

19:54 Building Relationships Across Sectors

30:09 Innovative Finance and Movement Collaboration

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Medina’s LinkedIn
Katharina’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#69: The Stories We Choose: Finding Meaning in the Broken Glass of 2025

Thu, 01 Jan 2026 00:15:00 -0400

In this episode, Joy reflects on the past year and the importance of storytelling in shaping our future. She discusses the common practice of making New Year's resolutions and how they often fall short, advocating instead for a broader perspective that encompasses multiple narratives. Joy introduces the concept of viewing our experiences through a kaleidoscope, allowing for a richer understanding of the past and its impact on our future. She emphasizes the need for resilience and energy as we move into the new year, encouraging listeners to consider the stories they tell about their experiences and how these narratives can inform their goals and aspirations.

Episode Highlights

00:00 Reflecting on the Past Year

09:04 The Kaleidoscope of Stories

18:03 Energy and Resilience for the Future

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#68: Clarity is Relational: Leadership in Complex Systems

Thu, 18 Dec 2025 00:15:00 -0400

In this episode of the Criterion Institute podcast, Joy Anderson begins with a provocation about clarity, questioning how calls for “being clear” often place responsibility on the speaker, rather than asking listeners to stay with complexity and do the work of understanding. The episode then shifts into a conversation with systems change leader Rachel Sinha, where the two explore communication as a relational and systemic practice. Together, they reflect on the role of relationships in systems change, the responsibilities of leadership in complex contexts, and the importance of imagination in making alternative futures possible. Throughout, the conversation emphasizes that transformation depends not on simplifying what is hard, but on cultivating connection, attention, and shared sense-making.

Episode Highlights

00:00 Questioning clarity and staying with complexity

02:56 A conversation with Rachel Sinha: communication as a relational practice

06:06 Leadership in systems change

08:59 Imagination as a catalyst for alternative futures

11:47 Creating space for meaningful conversation

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Rachel Sinha’s LinkedIn
Leaders Shaping Systems Market Systems
https://www.criterioninstitute.org/resources/leaders-shaping-markets
Reflection: Leaders Shaping Market Systems – London Dialogues https://www.criterioninstitute.org/resources/reflection-leaders-shaping-market-systems-london-dialogues

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#67: Financing the Reduction of GBV: From Insights to Infrastructure

Thu, 04 Dec 2025 00:15:00 -0400

In this episode, Joy Anderson discusses the intersection of finance and gender-based violence, emphasizing the need for transformative systems change. She reflects on the insights gained from Donella Meadows' work on leverage points in systems change and the importance of building infrastructure to support gender-based violence solutions. The conversation highlights the role of data and predictive models in investment decisions and calls for a collective effort to address gender-based violence as a material risk in global finance.

Episode Highlights

00:00 – Introduction to Transformative Finance and Gender-Based Violence
01:46 – The Role of Infrastructure in Addressing Gender-Based Violence
08:29 – Insights and Collisions: Bridging Finance and Gender-Based Violence
19:02 – Building Systems for Sustainable Change in Gender-Based Violence

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Donella Meadows Leverage Points

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#66: Designing Finance for Context: A Conversation with Joanna Levitt Cea

Thu, 20 Nov 2025 00:15:00 -0400

In this episode, Joy sits down with Joanna Levitt Cea, Founder and Principal of Valiente Capital Design and lead of the Gender Funders CoLab report Moving Beyond Grant Capital: Meeting the Moment with Innovative Finance. Together, they unpack what it means to truly design finance for context - not just replicate existing models - and explore how fund design can become a tool for shifting power and advancing gender justice.

The conversation dives into the challenges of translation between finance and community knowledge, the pitfalls of “landscape mapping” without real co-design, and the importance of experimentation over perfection. Ultimately, Joy and Joanna invite listeners to imagine finance as an evolving language of possibility - one rooted in courage, care, and collaboration.

Episode Highlights

00:27 - Introduction
04:37 - Start with context, not track record
08:49 –Separating design from management
12:27 - The danger of hidden rules in design
16:34 - Translation: finance language and context
24:43 - Valiente’s brave translation work
31:15 - Move resources now: plurality and iteration

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Joanna's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#65: Investing as if Hope Mattered: The Church, Finance, and the Imagination to Act

Thu, 06 Nov 2025 00:15:00 -0400

In this episode, Joy reflects on the deep connections between faith, finance, and imagination - exploring how churches and faith communities can play a transformative role in shaping economic systems that reflect their values.

From the wake of 9/11 to the founding of Criterion Institute, Joy traces the journey of learning to “invest as if hope mattered,” challenging listeners to see finance not as neutral, but as a tool for justice and systemic change. Through stories of faith-driven action and institutional courage, this episode invites us to imagine what’s possible when belief and capital move in the same direction.

Episode Highlights

00:27 - Introduction
04:03 - Historical Context and Early Initiatives
12:07 - Innovative Financial Structures and Community Impact
17:46 - Bridging Theology and Finance
20:03 - Addressing Gender-Based Violence through Finance
21:49 - Imagining a New Economic Future

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#64: Joy as an Act: Birthday reflections on what is in a name

Thu, 23 Oct 2025 00:15:00 -0400

In this special birthday episode, Joy reflects on the meaning behind her name and what it represents in her life and work. The episode begins with her parents, Herbert and Phyllis Anderson, sharing the touching story of how they met unexpectedly in 1964, fell in love quickly, and decided early on that their first daughter would be named Joy - a name that symbolised their gratitude, faith, and delight in life’s surprises.

Joy then reflects on growing up with such a name, exploring the tension between joy as a noun - a state of being - and as a verb - something active and dynamic. Through personal stories, linguistic insights, and reflections on joy as both resistance and resilience, she connects her name to broader ideas of purpose, social change, and finding light in the unexpected.

Episode Highlights

00:27 - Introduction
02:18 – Surprised by Joy
06:56 – Faith and Financial Grace
09:07 – Owning the Name
13:37 – Joy Is Not the Goal
16:01 – Joy as Resistance

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Is joy an act of resistance? - Code Switch - NPR
Audre Lorde, Joan Wylie Hall (2004). “Conversations with Audre Lorde”, p.92, Univ. Press of Mississippi

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#63: From Scarcity to Power: Reimagining Finance for Feminist Movements

Thu, 09 Oct 2025 00:15:00 -0400

In this episode, Joy reflects on the crisis in funding for feminist and justice-focused non-profits, where traditional philanthropy has dramatically declined in recent years. She explores the need for organisations to move beyond simply plugging funding gaps and instead build financial power by rethinking how assets are used to generate revenue.

Drawing on examples such as the Equality Fund, Joy makes the case for a feminist financial imagination, one that sees finance as a system of power to be reshaped rather than just a source of grants. Using metaphors from South Park to foundations’ endowments, she outlines how organisations can leverage assets strategically, shift power dynamics, and create more durable, resilient structures for social change.

Episode Highlights

00:27 - Introduction
05:41 - Rethinking Financial Power Dynamics
07:50 - South Park "Underpants Gnomes" episode
11:30 - Assets, Revenue, and Sustainability
17:37 - Creative Solutions for Financial Stability

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#62: Pipelines of Trust: Rethinking Local Capital Mobilization in Africa

Thu, 25 Sep 2025 00:15:00 -0400

In this episode, Joy chats with Elizabeth Howard about the transformative potential of finance in the context of African investments. They discuss the challenges faced by women fund managers, the importance of local capital mobilization, and the need to rethink traditional investment models that often exclude innovative approaches. The conversation highlights the significance of trust in financial markets and the necessity of adapting investment strategies to local contexts.

Episode Highlights

00:27 - Introduction
05:10 - Elizabeth Howard's Impact
09:00 - Local Capital and Women Fund Managers
15:00 - Challenges and Innovations in Investment
21:00 - Trust and Regulatory Frameworks
27:00 - Future of Investment in Africa

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Elizabeth's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#61: In Conversation: Building the Future of the Field from Convergence to Action

Thu, 11 Sep 2025 00:15:00 -0400

This episode dives into the creation of the new report: “Reimagining Gender Lens Investing Futures: Possibilities and Perspectives from the Field” and the pivotal role of the 2025 Convergence event. Joy is joined by some of the authors of the report - Sanjana Chhantyal and Susie Pan - to discuss how the original plans for Convergence shifted, leading to a focus on reimagining the future of the gender lens investing field. They highlight the need to expand beyond dominant narratives and bring in a diverse range of voices and strategies.

Together, they look at how the report can be used as a fundraising and strategy tool, encouraging field builders to reflect on their own roles, share their stories, and collaborate toward shaping the future. Looking ahead, they share excitement for Convergence 2026 and the collective opportunities to advance innovation, imagination, and systemic change in gender lens investing.

Episode Highlights

00:27 - Introduction
05:26 - Diversity and Representation in the Field
08:48 - Standardization vs. Contextualization
11:46 - The Role of Power Dynamics
14:27 - Navigating Expectations and Responsibilities
17:39 - The Future of Gender Lens Investing
20:26 - Call to Action for Funders
23:28 - Imagination and Innovation in the Field
26:48 - Conclusion and Reflections

Relevant Links

Read the report
Criterion Institute website and LinkedIn
Joy’s LinkedIn
Susie's LinkedIn
Sanjana's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#60: Building Momentum: Convergence 2026 and the Future of Finance in Ending GBV

Thu, 28 Aug 2025 00:00:00 -0400

In this episode, Joy reflects on Criterion's ongoing work to leverage finance as a tool to reduce Gender-Based Violence (GBV). She discusses the progress made in building evidence, creating tools, and training thousands of investors and social change leaders worldwide. She emphasizes that reducing GBV is complex and requires deep, collaborative strategies — not quick fixes.

The episode outlines the next phase of Criterion’s work: scaling action by amplifying success stories, providing more advanced education for both investors and practitioners, and creating spaces for collaboration, such as the February 2026 Convergence conference, which will focus entirely on GBV.

Episode Highlights

00:27 - Introduction
02:29 - Financing Gender-Based Violence Reduction
05:34 - Building Evidence and Mobilizing Action
09:24 - Teaching and Learning for Social Change
13:12 - Engaging New Allies and Resources
17:18 - Convergence 2026 and Community Building

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#59: The Art of Dialogue: Transforming Conferences into Conversations

Thu, 14 Aug 2025 00:15:00 -0400

In this episode, Joy discusses the often-overlooked potential of conference panels and networking. She reflects on how panels can be transformed from mundane presentations into engaging dialogues that prioritize audience interaction.

Joy also recounts some memorable advice she got from Van Jones over 20 years ago about the importance of genuine networking, encouraging attendees to connect with those they might overlook, and fostering a culture of hospitality and openness.

Episode Highlights

00:27 - Introduction
02:43 - Reimagining Conference Panels
14:35 - Advice from Van Jones - The Art of Networking at Conferences

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
What is a Panel Discussion and Is it Relevant for Today's Meetings?

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#58: Check List or Trust List: Power, Performance, and the Politics of Procedure

Thu, 31 Jul 2025 00:15:00 -0400

In this episode, Joy explores the complexities and paradoxes surrounding checklists in the context of gender lens investing and systems change. She highlights their limitations in fostering understanding and meaningful action, but also discusses how checklists can serve as tools for compliance and control.

Joy advocates for a shift from traditional checklists to 'trust lists' that prioritize relationships, safety, and transparency in systems, ultimately aiming for transformative change in financial practices and power dynamics.

Episode Highlights

00:27 - Introduction
03:15 - A rant on Checklists
06:37 - Checklists: Control vs. Understanding
09:54 - Checklists Redeemed: Tools for Safety and Trust
16:28 - Compliance and Relationships in Systems
19:47 - Rethinking Checklists: Trust Lists vs. Checklists

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#57: Investable Hope: A Conversation with Susie Pan on Financing the Future

Thu, 17 Jul 2025 00:15:00 -0400

In this episode, Joy and the Vice President of the Criterion Institute, Susie Pan, explore the concept of 'investable hope' - a compelling idea that combines finance with the notion of hope for a better future. They discuss the importance of hope in times of crisis, the shift from individual to collective hope, and how investments can be a pathway to creating a more equitable society.

And finally, Joy discusses Criterion's practice of prioritising relationships with people who are responsible for their own hope.

Episode Highlights

00:27 - Introduction
02:17 - The Role of Hope in Crisis
07:48 - Collective vs. Individual Hope
11:42 - Investing in a Better Future
17:48 - Practice - Responsibility for One's Own Hope

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Susie's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#56: Maybe I’m Just Cranky: Burnout, Autonomy, and the Cost of Leadership

Thu, 03 Jul 2025 00:15:00 -0400

In this episode, Joy explores the complexities of existential crises, burnout, and the importance of self-reflection. She discusses the challenges of feeling overwhelmed in today's world, the difference between self-diagnosis and honest reflection, and the significance of autonomy and control in one's work life. Joy emphasizes the need for structure and accountability to find freedom in decision-making and the power of choice in shaping one's path.

Episode Highlights

00:27 - Introduction
02:59 - Understanding Burnout and Its Causes
05:55 - Self-Diagnosis vs. Honest Reflection
09:02 - The Role of Autonomy and Control
12:07 - Finding Freedom in Structure
14:59 - The Power of Choice

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#55: If You’re Here, You Must Be Fine: Watching HBO's Hit Show 'The Rehearsal' with Power in Mind

Thu, 19 Jun 2025 00:15:00 -0400

In this episode, Joy discusses the HBO show 'The Rehearsal' and its parallels to power dynamics in finance and aviation. The conversation explores themes of communication, vulnerability, authority, and the importance of diversity in decision-making environments. Through the lens of the show, Joy highlights how rehearsing new scripts and norms can lead to better outcomes in high-stakes situations.

Episode Highlights

00:27 - Introduction
02:48 - Aviation Safety and Communication Dynamics
05:18 - Power Dynamics in Cockpits and Finance
10:28 - The Role of Vulnerability in Decision Making
18:11 - Diversity and Communication in High-Stakes Environments
22:38 - Rehearsing New Norms and Scripts in Leadership

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#54: Parallel Lives Born Q4 1967: A Conversation with Joyce-Ann Wainaina on Purpose, Family, and Finance

Thu, 05 Jun 2025 00:15:00 -0400

In this episode, Joy engages in a rich conversation with Joyce-Ann Wainaina, founder of Chui Ventures. They explore their personal journeys, the impact of their backgrounds, and the role of finance in transformative systems change.

The discussion delves into the importance of confidence, the challenges of navigating career transitions, and the need for gender equity in investment. They emphasize the significance of supporting African founders and the power of community in fostering innovation and change.

Episode Highlights

00:27 - Introduction
02:43 - Personal Journeys and Shared Experiences
07:01 - The Role of Religion in Shaping Identity
13:43 - Career Transitions: From Teaching to Finance
22:21 - The Importance of Learning to Learn
32:07 - Investing in African Founders
42:00 - Grounded Leadership and Authenticity

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Joyce-Ann's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#53: Looking at Costs: Why Gender Isn’t Expensive—But Resistance Is

Thu, 22 May 2025 00:15:00 -0400

In this episode, Joy explores the perceived costs associated with integrating gender into investments and the expenses related to control in community building. She argues that gender integration can be cost-neutral in the long run, emphasizing that the real costs arise from resistance and bias.

Additionally, Joy discusses how control can be expensive in collaborative efforts and how reducing control can lead to more effective community engagement and lower costs.

Episode Highlights

00:27 - Introduction
02:28 - Gender as Cost Neutral
06:05 - The Costs of Control

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#52: Reimagining Resourcing for Social Transformation - Part Two

Thu, 08 May 2025 00:15:00 -0400

In this episode, Joy engages in a deep conversation with Katharine Im-Jenkins, managing director of the Equality Fund. They explore the innovative financing strategies behind the Equality Fund, the power dynamics within endowments, and the importance of sustainable funding for grassroots organizations working on gender equality.

The discussion highlights the challenges and opportunities in feminist funding, the role of governance in managing endowments, and the need for collaboration and trust in the philanthropic landscape. They also reflect on the current challenges facing feminist movements and the importance of imagining new models for future resourcing.

Episode Highlights

00:27 - Introduction
02:11 - The Equality Fund: A Bold Initiative
04:22 - Power Dynamics in Endowments
10:30 - Designing for Sustainability and Resilience
18:04 - The Role of Endowments in Social Change
25:13 - Navigating Financial Norms and Challenges
32:56 - Responding to Current Challenges in Feminist Funding
38:46 - Building Trust and Collaboration in Governance
45:20 - Imagining New Models for Future Resourcing

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Katharine's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#51: Reimagining Resourcing for Social Transformation - Part One

Thu, 24 Apr 2025 00:15:00 -0400

In this episode - part one in a two-part series on this topic - Joy and Yifat Susskind (Executive Director of MADRE) discuss the importance of a feminist financial imagination in the context of social transformation and funding for women's rights organizations.

Joy then reimagines and explores the challenges faced by current funding systems, the role of philanthropy, and innovative financial tools and investment strategies that can support social justice movements. The discussion emphasizes the need for new ways to finance work, optimize cash flow, and create community-owned economic models, all while fostering a hopeful future for feminist movements.

Episode Highlights

00:27 - Introduction
04:04 - The Role of Philanthropy in Social Change
12:11 - Challenges in Current Funding Systems
18:04 - Exploring Financial Tools for Social Justice
29:54 - Innovative Investment Strategies for Feminist Movements
41:47 - Conclusion and Call to Action

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Yifat's LinkedIn

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#50: Celebrating 50 Episodes: Joy & David Bank on Impact, Media, and the Future

Thu, 10 Apr 2025 00:15:00 -0400

In this celebratory 50th episode of the Criterion Institute podcast, Joy engages in a heartfelt conversation with David Bank, CEO of Impact Alpha. They reflect on the power of voice in impact investing, the importance of language, and the role of media in shaping community narratives.

Joy then shares her personal journey of finding her voice and invites listeners to explore their own. The episode highlights the significance of partnerships and the continuous evolution of impact investing discourse.

Episode Highlights

00:27 - Introduction
02:45 - The Power of Voice in Impact Investing
06:03 - Navigating the Landscape of Impact Media
09:00 - The Importance of Language and Communication
12:03 - Building a Community Through Shared Voices
14:56 - Reflections on Personal Growth and Voice
17:55 - An Invitation to Find Your Voice

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
David's LinkedIn
Impact Alpha website

Part of the ImpactAlpha Podcast Network

https://impactalpha.com/podcasts

#49: When Optimism Meets Uncertainty: Finding Grace on a Monday Morning

Thu, 27 Mar 2025 00:15:00 -0400

In this episode, Joy reflects on the role of hope in times of uncertainty. She shares how the practice of acknowledgment at the recent Convergence conference created space for courageous conversations about power, privilege, and resilience. Joy also recounts a candid exchange that reminded her of the importance of showing up, even when hope feels distant. Through moments of vulnerability and connection, this episode explores how we can find grace and strength in community.

Episode Highlights

00:27 - Introduction
01:55 - Acknowledgment and Power Dynamics
09:55 - Finding Grace in Vulnerability
13:18 - Pathways to Hope and Leadership

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#48: The Future We Demand: Organizing, Mobilizing, and Resisting Together

Thu, 13 Mar 2025 00:15:00 -0400

In this episode, Joy discusses the critical role of organizing and mobilizing in creating transformative change within finance. She reflects on insights gained from recent conversations and emphasizes the need for collective action, particularly in the context of sustainable finance. The discussion covers various strategies, including shareholder activism, pledges, and community organizing, while also addressing the challenges of resistance and the importance of hope in driving future actions.

Episode Highlights

00:27 - Introduction
00:57 - The Importance of Organizing and Mobilizing
07:05 - Strategies for Sustainable Finance
10:57 - Collective Action and Resistance
14:59 - Hope and Future Directions in Finance

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#47: Spelling it out: Gender Lens Investing Deserves Words, Not Acronyms

Thu, 27 Feb 2025 00:15:00 -0400

In this episode, Joy discusses the significance of acronyms in communication, particularly in the context of finance and social change. She emphasizes the importance of clarity and meaning over brevity, arguing that acronyms can obscure understanding and create exclusivity. Joy critiques the use of acronyms in Gender Lens Investing and other initiatives, advocating for a more explicit and meaningful approach to language that fosters better communication and understanding.

Episode Highlights

00:27 - Introduction
01:01 - The Power and Pitfalls of Acronyms
04:46 - The Impact of Acronyms on Communication
10:01 - Rethinking Gender Lens Investing and Its Acronym

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#46: Challenging Toxic Masculinity: Is there a Business Case for Investing in Good Men?

Thu, 13 Feb 2025 00:15:00 -0400

In this episode, Joy explores the complex relationship between masculinity and finance, emphasizing the need for a business case for good men. She discusses the challenges faced by men in today's society, including the impact of toxic masculinity and the importance of mental health. Joy is then joined by her father, Herbert Anderson, who shares his insights on masculinity and vulnerability, advocating for a reimagining of masculinity that includes justice and shared power.

Episode Highlights

00:27 - Introduction
02:34 - The Business Case for Good Men
12:40 - Exploring Masculinity with Herbert Anderson
25:11 - Reimagining Masculinity in Modern Systems

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Herbert Anderson's Book – Jacob's Shadow: Reimagining Masculinity
Shawn Lesser's LinkedIn
Shawn Lesser's Foundation

#45: Making Sense of Complexity: Frameworks That Work (and Those That Don’t)

Thu, 30 Jan 2025 00:15:00 -0400

In this episode, Joy discusses the significance of frameworks in understanding and driving social change. She reflects on the comfort that frameworks provide in navigating complex information and the challenges posed by inherited frameworks that may no longer serve their purpose. The discussion highlights the iterative and sometimes frustrating process of developing frameworks, but also celebrates the joy and intellectual stimulation that comes from creating new ways to categorize and analyze information.

Episode Highlights

00:27 - Introduction
02:17 - The Importance of Frameworks in Analysis
06:11 - Inherited Frameworks and Their Limitations
10:05 - Creating New Frameworks for Social Change
15:47 - The Joy of Framework Development

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#44: Four Futures: Reimagining Gender Lens Investing in a Changing World

Thu, 16 Jan 2025 00:15:00 -0400

In this episode, Joy reflects on the future of gender lens investing, discussing the barriers and opportunities within the field. She outlines four potential futures for gender lens investing, emphasizing the need for a nuanced understanding of how gender intersects with various sectors. The episode highlights the current challenges faced in the investment landscape, while also encouraging listeners to envision a more equitable future.

Episode Highlights

00:27 - Introduction
06:01 - Barriers and Opportunities in Gender Lens Investing
12:04 - Diverse Futures of Gender Lens Investing
17:53 - Navigating Challenges and Imagining Possibilities

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#43: Building Resilient Economies with Lilian Mramba: The Power of Funky Banking

Thu, 02 Jan 2025 00:15:00 -0400

In this episode, Joy engages in a deep conversation with Lilian Mramba, the Chief Investment Officer at Grassroots Business Fund. They discuss the challenges and opportunities in transformative finance, particularly in the context of gender lens investing and the needs of small businesses.

The conversation highlights the importance of creating flexible capital solutions and the concept of a 'funky bank' that can address the unique needs of underserved businesses. They emphasize the significance of impact returns over financial returns and the resilience required in fragile economies. Ultimately, the discussion reflects on the long-term commitment needed to drive systemic change in the financial landscape.

Episode Highlights

00:27 - Introduction
09:30 - Creating Flexible Capital Solutions
14:30 - The Concept of a Funky Bank
22:10 - Resilience in Fragile Economies
30:11 - Living in Purpose and Impact

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Lilian's LinkedIn

#42: 10 Years On: Reflecting on the State of Gender Lens Investing

Thu, 19 Dec 2024 00:15:00 -0400

In this episode, Joy reflects on the 10-year anniversary of the State of the Field report on gender lens investing, co-authored with Katherine Miles in 2015. She revisits the report's framework, which categorized the field into three key areas: ideas, activity, and people and organizations. Joy highlights the progress made over the past decade, including advancements in metrics, new products, and the emergence of organizations driving the field forward.

With Criterion’s Convergence XXI conference on the horizon, Joy calls for renewed energy to push the field further. She emphasizes that while the structure and groundwork are in place, continued experimentation, critical dialogue, and collective effort are essential to reimagine a future where gender lens investing can drive transformative systems change. Join the conversation as we reflect on where we’ve come from, and where we need to go.

Episode Highlights

00:27 - Introduction
03:02 - Reflecting on the State of the Field Report
05:55 - Understanding the Framework of Gender Lens Investing
09:01 - The Evolution of Ideas in Gender Lens Investing
11:52 - Activity and Progress in the Field
14:51 - Standards, Metrics, and Accountability
18:06 - Building Community and Organizations
21:02 - Training, Expertise, and Future Directions

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#41: On Being Christian: Identity and Action Through Investments

Thu, 05 Dec 2024 00:15:00 -0400

In this episode, Joy discusses the intersection of faith and finance, particularly in the context of addressing gender-based violence. She reflects on her Christian faith and its implications in a world where many voices misrepresent Christianity.

The episode also delves into a roadmap created for Christian denominations to utilize their investments to combat gender-based violence, highlighting the importance of aligning financial practices with social justice values.

Episode Highlights

00:27 - Introduction
01:55 - Joy's Faith and Its Impact
08:38 - Addressing Gender-Based Violence through Finance
16:04 - Conclusion and Call to Action

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#40: Gender Lens Investing in a Time of Backlash: Why it Matters Now More Than Ever

Thu, 21 Nov 2024 00:15:00 -0400

In this episode, Joy discusses the implications of the recent U.S. elections on transformative systems change, emphasizing the need to look beyond government solutions. She advocates for gender lens investing as a crucial strategy in the current socio-political climate, urging listeners to analyze gender norms and structural inequities in investment decisions.

Joy also highlights the importance of long-term investments in communities and the economy, while also addressing the complexities of societal structures that influence investment strategies.

Episode Highlights

00:27 - Introduction
02:15 - Government vs. Investments in Creating Change
10:14 - The Case for Gender Lens Investing
12:36 - Understanding Gender Norms in Investment Strategies

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#039: Financial Tools for Social Change: Ending Gender-Based Violence

Thu, 07 Nov 2024 00:15:00 -0400

In this episode, Joy discusses the intersection of finance and gender-based violence, presenting five strategies for using financial systems to reduce violence against women. The conversation emphasizes the importance of integrating gender considerations into investment decisions and the potential for finance to act as a tool for social change. Joy reflects on the insights gained from working with activists and advocates around the world, highlighting the need for innovative approaches to address this pervasive issue.

Episode Highlights

00:27 - Introduction
00:57 - Reflections on Gender-Based Violence and Finance
04:47 - Five Strategies for Financing Gender-Based Violence Reduction
10:01 - Assigning Value: The Role of Finance in Gender-Based Violence
16:06 - Structural Changes in Financial Instruments
20:59 - Expanding Expertise in Investment Decision-Making
25:12 - Integrating Gender-Based Violence into Investment Metrics

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#038: A Birthday Reflection: Embracing the Limitations and Possibilities of Aging

Thu, 24 Oct 2024 00:15:00 -0400

In this episode, Joy reflects on her 57th birthday, exploring the themes of aging and the paradox of limitations versus possibility. She discusses societal perceptions of aging, the desire for permission to embrace limitations, and the importance of hope in driving transformative change. Joy emphasizes the need to recognize human finitude while also believing in the potential for a better future.

Episode Highlights

00:27 - Intro
02:02 - Reflections on Aging and Limitations
13:08 - Celebrating Aging and the Possibility of a Better Future
20:09 - The Power of Hope and Conclusion

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#037: Making the Invisible Visible: Advocating for Widow Rights in Africa

Thu, 10 Oct 2024 00:15:00 -0400

In this episode, Joy shares a profound conversation with Roseline Orwa, a champion for widow's rights in Africa. They explore the unique challenges faced by widows, particularly the cultural stigma and financial exclusion that render them invisible in discussions about gender and investment.

Roseline shares her experiences and insights on how financial systems can better support widows, emphasizing the need for tailored interventions and the importance of recognizing widows as a distinct category of women.

The conversation also highlights the necessity of addressing the root causes of widowhood, including the need for safety measures for men in high-risk jobs, to create a more supportive environment for families.

Episode Highlights

00:27 - Introduction
03:02 Understanding the Challenges Faced by Widows
06:12 The Invisible Women: Young Widows in Africa
08:57 Cultural Stigma and Financial Exclusion
11:51 The Role of Financial Systems in Supporting Widows
15:00 Creating Supportive Structures for Widows
17:49 Addressing the Root Causes: Protecting Men to Support Families

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Roseline's LinkedIn

#036: Advanced Practices to address gender and power dynamics in African Finance: A Conversation with Dr. Ola Brown

Thu, 26 Sep 2024 01:00:00 -0400

In this episode, Joy chats with Dr. Ola Brown, a leader in gender lens investing and healthcare innovation in Africa. They discuss Dr. Brown's journey from emergency medicine to founding Africa's largest emergency services company and her current work in venture capital focused on empowering women and addressing systemic barriers in finance.

The conversation highlights the importance of gender lens investing, the unique opportunities in Africa's fintech and healthcare sectors, and advanced practices for creating equitable investment strategies.

Episode Highlights

00:27 - Introduction
02:08 - Dr. Ola Brown's Journey and Impact
10:08 - The Importance of Gender Lens Investing
20:12 - Advanced Practices in Gender Lens Investing
25:56 - Key Takeaways and Future Directions

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Ola's LinkedIn

#035: The Core Pillars of Our Strategic Plan: Valuing the Future of Equality

Thu, 12 Sep 2024 01:00:00 -0400

In this episode, Joy discusses how to reimagine investments to support a future of equality. She explores the Core Pillar of the Criterion Institute's Strategic Plan: Value the Future of Equality, and the importance of recognizing the potential of social change organizations.

Joy also highlights the need for investment methodologies that name and value a future of equality, and the role of partnerships and data in building robust investment theses. She outlines how to build an effective investment thesis which challenges biases and assumptions about risk, and the importance of aligning with policy changes and building alliances to ensure a hopeful future.

Episode Highlights

00:27 - Introduction
04:29 - Challenging Biases and Assumptions about Risk in Investments
07:49 - Building Robust Investment Theses through Partnerships and Data
13:30 - Building an Investment Thesis

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#034: Disrupting Fields: How to Build Frameworks for Analyzing Power Dynamics

Thu, 29 Aug 2024 01:00:00 -0400

In this episode, Joy discusses the Criterion Institute's paper "Disrupting Fields", and the power dynamics that shape the development of ecosystems and fields of thought. She firstly introduces the idea of a 'thinking all the thoughts' document as a way to explore ideas and create frameworks when writing a paper of this kind.

Joy then explores the paper in more detail, including the six categories of power dynamics in field building: cultural norms determining value, leaders signalling authority, experts naming what knowledge matters, connections that define inclusion, structures that solidify control, and resources reinforcing privilege. She emphasizes the importance of understanding and addressing these power dynamics in order to create transformative change.

Episode Highlights

00:27 - Introduction and Background
03:22 - The Practice of 'Thinking All the Thoughts'
10:18 - Disrupting Fields: Understanding Power Dynamics
12:46 - Cultural Norms and Value in Field Building
15:38 - Leadership and Authority in Field Building
18:04 - Experts and the Power to Define Knowledge
21:00 - Creating Inclusive Connections in Field Building
22:53 - Structures: Solidifying or Challenging Power Dynamics
25:16 - Resources and Privilege in Field Building

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#033: The Core Pillars of Our Strategic Plan: Inviting Financial Imagination

Thu, 15 Aug 2024 01:00:00 -0400

This episode focuses on the Core Pillar of the Criterion Institute's Strategic Plan: 'Invite Financial Imagination'. Joy explores the reasons behind this pillar, the importance of inviting a financial imagination, and the concept of a feminist financial imagination.

The episode also highlights the need for social change leaders to be at the centre of designing solutions involving finance and the role of finance in creating social change. The goal is to inspire organizations, governments, and investors to use a broader financial imagination to achieve gender equality and social justice objectives.

Episode Highlights

00:27 - Introduction
03:50 - The Role of Finance in Social Change
06:10 - The Importance of Including Social Change Leaders
13:38 - Implementing a Feminist Financial Imagination

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#032: Pioneering Collaboration: The Story Behind the 2024 Joan Bavaria Award

Thu, 01 Aug 2024 01:00:00 -0400

In this episode, Joy Anderson reflects on her journey to the US SIF conference and receiving the Joan Bavaria Award. She discusses the collaboration between herself, Jackie VanderBrug, and the late Suzanne Biegel in building the field of gender lens investing.

The episode highlights the importance of radical collaboration, the challenges faced in integrating equity and gender considerations into financial systems, and the long-term dedication required for transformative systems change.

Episode Highlights

00:27 - Introduction
04:04 - The Journey Together
08:06 - Accidental Beginnings
15:17 - Long Distance Running
16:33 - The Power of Collaboration

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#031: From Cards to Contracts: Innovating Legal Structures for Impact

Thu, 18 Jul 2024 01:00:00 -0400

In this episode, Joy revisits the pioneering Structure Lab, an initiative that guided thousands of entrepreneurs in balancing complex business paradoxes. From understanding the foundational relationships and assets of an enterprise to navigating the dualities of autonomy and engagement, constancy and nimbleness, complexity and simplicity, and security and risk, we'll uncover how these elements shape the strategic decisions of social enterprises.

Then, in conversation with with Sara Wolfe, the crucial role of legal structures in financial innovation is discussed. Through a thought-provoking discussion sparked by an unforgettable panel experience, they examine how legal precedents are both constructed and challenged.

Episode Highlights

00:27 - Introduction
02:39 - Structure Lab and business paradoxes
12:22 - Sara Wolfe conversation - Questioning Existing Norms in Legal Structures
16:00 - The Impact of Legal Contracts and Privilege in Finance

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Sara's LinkedIn

#030: You Are Welcome: Hospitality, Strangers, and Family Myths

Thu, 04 Jul 2024 01:00:00 -0400

This episode explores the impact of everyday language and family sayings on our perception of life, money, and investments. Joy delves into her recent experiences in Kenya and Ghana and outlines some key cultural differences in the way we exchange pleasantries.

Then, Joy's conversation with her father highlights the importance of understanding deep-rooted beliefs when considering investments and partnerships. Joy also reflects on the power of hospitality and the need to welcome strangers, knowing that they can change us.

The episode encourages everyone to reflect on their own cultural and familial sayings and how they influence their approach to money and social change.

Episode Highlights

00:28 - Intro
03:23 - "You are Welcome" - travels to Kenya and Ghana
05:46 - Joy's conversation with her father on family sayings
16:19 - Reflection on welcoming the stranger
21:00 - The need for openness and understanding

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#029: Words of Kindness: Language and Systemic Change

Thu, 20 Jun 2024 01:00:00 -0400

In this episode, Joy interviews BE Alink, the CEO of Alinker Inventions and inventor of the Alinker bike. They talk about the power of language and how it can be used with kindness, and delve into the impact of diagnosis in healthcare and the financial systems surrounding it. The concept of language as a lens is discussed, along with the importance of understanding and empathy - with a reflection on the relationship between empathy and competition. Finally, the conversation advocates for surrendering power over money and fostering more organic relationships.

Episode Highlights

00:28 - Intro
03:25 - How do we use language with kindness?
12:33 - Gender analysis and gender lenses
20:32 - Changing the mode of interaction
25:30 - Money as nutrients and BE's story about the flow of capital

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
BE's LinkedIn

#028: Investing in Trust: Creating Safe Containers for Unlearning and Healing

Thu, 06 Jun 2024 01:00:00 -0400

In this episode, Joy's conversation with Vanessa Roanhorse looks at the importance of creating safe containers and building right relationships, friendships, and trust when navigating the complexities of the financial sector and creating transformative systems change. They explore strategies for healing and empowerment - from the neuroscience of trauma to the power of friendships and trust in financial transactions. This conversation promises to challenge conventional wisdom and inspire new ways of thinking about finance.

Episode Highlights

00:28 - Intro
03:10 - Definitions of trauma-informed approaches
13:33 - The importance of friendships and trust
18:10 - Reframing the efficiencies of friendship
21:45 - Honoring the safety and speed of trust
25:20 - Promoting diversity and the challenge of change

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Vanessa's LinkedIn

#027: The Core Pillars of Our Strategic Plan: Financing the Reduction Of Gender-Based Violence

Thu, 23 May 2024 01:00:00 -0400

This episode explores the journey of creating an investment portfolio intentionally designed to address gender-based violence. The discussion highlights the importance of finance as a tool for transformative systems change and the reduction of gender-based violence in the Core Pillar of the Criterion Institute's Strategic Plan. Joy's conversation with the InFaith Foundation delves into the process of designing the portfolio and selecting the fund managers. Joy then discusses the intersectionality of gender-based violence with other issues, and the need for flexibility in framing the issue in a way that balances complexity with simplicity.

Episode Highlights

00:28 - Introduction
02:38 - Core pillar: The reduction of gender-based violence
06:15 - InFaith Foundation interview
18:26 - GBV and balancing complexity and simplicity

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#026: Convergence: Stories of Dialogue and Transformation

Thu, 09 May 2024 01:00:00 -0400

This episode begins with a reflection on the inception of Convergence, highlighting its origins as a space for transformative dialogue. Convergence is a series of hour-and-a-half-long conversations that bring together people from different fields to discuss topics related to impact investing, development finance, grassroots activism, and social justice campaigns.

Then Sana Kapadia shares her experiences of Convergence, emphasizing its role in fostering meaningful conversations among diverse stakeholders. Finally, in the Practices section, Joy explores the significance of scripted acknowledgments at the beginning of each conversation, which set the tone for inclusive and respectful dialogue.

Episode Highlights

00:28 - Introduction
02:45 - The birth of Convergence
06:59 - Interview with Sana Kapadia
17:13 - Practices: Scripted Acknowledgments

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Sana's LinkedIn

#025: Choirs of Change: Harmonizing Finance for Systemic Impact

Thu, 25 Apr 2024 02:00:00 -0400

In this episode, Joy Anderson explores strategies for building movements and the tension between going broad and going deep. She discusses the concept of preaching to the choir and the importance of engaging with new audiences while also supporting those already doing the work. Sana Kapadia then joins Joy in conversation about working within mainstream systems and the balance between incremental progress and transformative change. Finally, in the "Practices" section, Joy looks at the cost of excitement and the responsibility of follow-through. The episode emphasizes the need for power analysis, resilience, hope, and collaboration in advancing meaningful impact.

Episode Highlights

00:27 - Introduction
03:55 - Preaching to the choir
10:43 - Interview with Sana - Balancing Broad and Deep Strategies
21:39 - Power Analysis, Resilience, Hope, and Collaboration in Advancing Impact
24:55 - Practices - The cost of excitement

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Sana's LinkedIn

#024: The Power of Informality: Redefining Innovation Over Tea

Thu, 11 Apr 2024 02:00:00 -0400

In this episode, Joy Anderson and Sara Wolfe discuss the concept of the kitchen table as a space for creativity, collaboration, and transformative change. They highlight the importance of relationships, informal processes, and listening, and challenge traditional norms of success. Then, in a new section called "Practices", Joy explores the practice of carrying around ideas and testing them in conversations, being open to feedback and learning. The episode emphasizes the need to redefine success and think about innovative ideas that can create change in specific contexts.

Episode Highlights

00:27 - Introduction
03:25 - Interview with Sara - the kitchen table
10:05 - Practices: Carrying around a set of insights
14:48 - Building Relationships and Inclusion

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Sara's LinkedIn

#023: Systemic Shifts: Rethinking Risk in Investment Strategies

Thu, 21 Mar 2024 09:00:00 -0400

In this episode, Joy Anderson and Teresa Wells discuss systemic risk in finance and the need for different choices to address it. They explore the evolving understanding of risk in investment decisions, the short-termism of financial decision-making, and the challenges with benchmarking. They also emphasize the importance of better data to identify systemic risks and the role of indexes in driving investment decisions. The conversation concludes with a discussion on representation versus equity in leadership, and using retention as a metric for companies that are good for women and diverse gender identities.

Episode Highlights

00:00 - Introduction
03:49 - Systemic Risk in Finance
06:12 - Short-Termism in Financial Decision-Making
08:04 - Challenges with Benchmarking
10:00 - Long-Term Investing and Valuation
14:22 - Data and Systemic Risks
22:20 - Using Data to Drive Investment Decisions
26:27 - Organizational Systems Change
29:58 - Retention as a metric and leadership
33:44 - Conclusion

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Teresa's LinkedIn

#022: Navigating Paradoxes: Competition, Collaboration, and Systemic Change

Fri, 01 Mar 2024 09:00:00 -0400

In this episode, Joy Anderson speaks with Denise Hearn about the role of finance in transformative systems change. They discuss various themes, including misconceptions about competition and collaboration, identifying leverage points in market systems, unmasking the narrative of free markets, the power of paradoxes in systems change, understanding emergence in market systems, and envisioning alternative pathways for change.

Episode Highlights

00:00 - Introduction
02:54 - Misconceptions about Competition and Collaboration
08:09 - Identifying Leverage Points in Market Systems
09:05 - Unmasking the Narrative of Free Markets
13:20 - Anthropomorphising markets
19:06 - Understanding Paradoxes and Emergence in Market Systems
29:13 - Envisioning Alternative Pathways for Change

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Denise's LinkedIn

#021: Shifting Power in Investment Practice: Designing an Investment Thesis

Wed, 28 Feb 2024 02:45:00 -0400

As the fields of gender lens and impact investing mature, the need to advance the way we do analysis and set benchmarks for better practice has become ever more pronounced. We’ve seen a growing number of standard setters, from governments to investors, willing to use their power to ask for more from their investments, but not quite sure where to start. Meanwhile, progress towards critical social change outcomes remains painfully slow, with little certainty around attribution or indication of how we might actually get there.

The work of Criterion Institute is fundamentally about challenging power dynamics in finance as part of the work of social change. Today, we’re going to focus on how standard setters such as governments and other asset owners might disrupt power, privilege and bias within a very specific area of investment practice: investment thesis design. This and other standards were developed as part of the work that Criterion has done over the last several years, alongside many friends and funders including Global Affairs Canada, 2X Global, UNICEF, MEDA and ANDE.

Episode Highlights:

00:29 - Intro
01:54 - Investment thesis informed by gender

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#020: Shifting Power in Investment Practice: The Costs of Doing Business

Mon, 26 Feb 2024 09:00:00 -0400

The work of Criterion Institute is fundamentally about challenging power dynamics in finance as part of the work of social change. Today, we’re going to focus on how standard setters such as governments and other asset owners might disrupt power, privilege and bias within a very specific area of investment practice: how investors manage cost factors, and what is deemed an acceptable cost of doing business. This and other standards were developed as part of the work that Criterion has done over the last several years, alongside many friends and funders including Global Affairs Canada, 2X Global, UNICEF, MEDA and ANDE.

Episode Highlights:

00:29 - Intro
02:13 - Challenging Norms and Assumptions about Costs
03:35 - What the Standards are About
04:56 - A Second Power Dynamic
06:52 - What the Standard is Asking for
09:05 - Standard Setters Seeking Change

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#019: Shifting Power in Investment Practice: GBVH Risk

Fri, 23 Feb 2024 09:00:00 -0400

The work of Criterion Institute is fundamentally about challenging power dynamics in finance as part of the work of social change. Today, we’re going to focus on how standard setters such as governments and other asset owners might disrupt power, privilege and bias within a very specific area of investment practice: risk assessment. This and other standards were developed as part of the work that Criterion has done over the last several years, alongside many friends and funders including Global Affairs Canada, 2X Global, UNICEF, MEDA and ANDE.

Episode Highlights

00:29 - Intro
02:00 - Approach to GBVH Risk Assessment

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#018: Shifting Power in Investment Practice: An Introduction

Thu, 22 Feb 2024 09:00:00 -0400

Today we introduce something Criterion has been working on for years in partnership with various funders, but which has only started to really take shape more recently: the system of Standards of Practice, which looks at how to address power, privilege and bias across systems of finance. These are a particular focus of Criterion’s because we believe they are a missing piece of the implementation puzzle – one which has been holding back gender lens investing and other fields in innovative finance from achieving the impact they are focused on.

Episode Highlights

00:29 Intro
01:21 Opportunity for more
02:58 Assumptions behind the Standards
04:20 Our approach to offering choices
05:56 The 4 core principles of our process
06:41 Why we built the Standards
07:39 Implementing Standards

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#017: A Lens to See (Unintended Consequences) More Clearly

Wed, 31 Jan 2024 13:30:00 -0400

Lenses – like a gender lens - do not change reality. They just allow us to see what’s happening more clearly. They simply show us patterns, and then allow us to use those patterns to do a more careful, more appropriate, more comprehensive analysis to see what might happen - including unintended consequences. In this episode, we look at two examples of unintended consequences in the field of innovative finance, in which seeing more clearly would lead to better outcomes. The first segment focuses on the classic example of microfinance, which is often talked about in gender lens investing as one of the areas which could have benefited from a more thoughtful approach - how might we see the unintended consequences in microfinance? The second segment features Joy in conversation with Criterion’s Tia Subramanian, on the hidden consequences of passport requirements.

Episode Highlights:

00:29 - Intro
02:29 - Microfinance Succeeded in Putting More Women in Debt
09:37 - Passport requirements

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Tia Subramanian’s LinkedIn

#016: We Made This System Up, We Can Change It.

Thu, 30 Nov 2023 09:00:00 -0400

Criterion is a systems change organization. We’ve been working with governments, investors, and civil society for over two decades to create systems change that reduces inequities, by using or changing systems of finance and investments. We have figured out a lot about how to do systems change works. But undergirding that is the assumption that systems can change. Even finance. Markets and monetary flows are often naturalized, described as if they happen with out any interventions… but the reality is these are systems that humans operate. A gentle but important reminder that humans like us made this system up, so we can change it. We just need to believe it’s possible, and be willing to use our own power in the process.

On this episode, we start by looking back to what teaching high school in Brooklyn New York taught Joy about systems change and continues to inform her 'Why’ at Criterion. Then, Joy unpacks why, in order to be able to reimagine systems of finance, you need to begin by breaking it down into its component parts – and a few places you might start. Finally, some reflections on a recent workshop Criterion did with WUSC in Kenya and who sees themselves as able (or unable) to change those systems.

0:29 - Intro
2:45 - Survive vs Change the System
5:14 - Breaking into component pieces
11:58 - Power and Parking Lots (referencing WUSC)

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s Linkedin

#015: The Core Pillars of Our Strategic Plan: Unleashing the Power of Policy

Thu, 17 Aug 2023 01:15:00 -0400

A few years ago, Criterion launched a ten-year strategic plan, which solidified our commitment to direct the power of the financial system to be a positive force against systemic injustice. This is part two of a five-part series on the core pillars of our 2020-2030 strategic plan. Each episode will give our listeners an inside look at how these pillars came into focus for Criterion, why it’s so important for us to do this work now and over the long-term, key partners who are working with us, and highlights of our impact to-date.

This week, our host Joy Anderson talks about “Unleashing the Power of Policy,” the pillar of our work that deals with government partners and supports them in utilizing their existing social policies to raise the bar for innovative finance initiatives. First, Joy will talk through the history of our work in this space and how we expand the imagination of governments to see that they can use their power and influence to improve gender and other social outcomes in both public and private finance. Then she will discuss a common misperception that a lot of innovative finance programs have taken on – that women-led businesses need to be de-risked. Finally, Joy ponders the need for a translation function within donor agencies to facilitate coordination between innovative finance and the departments working on gender and other social policies.

Episode Highlights:

00:28 - Intro
02:18 - About the Pillar: Unleashing the Power of Policy
13:30 - Paying to de-risk what isn’t risky
16:55 - The need for translation inside donor agencies

Relevant Links:

Criterion Institute website and LinkedIn

Joy’s Linkedin

#014: The Core Pillars of Our Strategic Plan: Reframing Narratives in Innovative Finance

Mon, 14 Aug 2023 03:00:00 -0400

A few years ago, Criterion launched a ten-year strategic plan, which solidified the organization’s commitment to direct the power of the financial system to be a positive force against systemic injustice. This episode kicks off a series on the five core pillars of Criterion's 2020-2030 strategic plan. Our host Joy Anderson will give listeners an inside look into how these pillars came into focus for Criterion, the importance of the work now and over the long-term, the key partners Criterion works with to accomplish our goals, and highlights of our impact to-date.

This week centers on the pillar, “Reframing Narratives in Innovative Finance.” It represents a long-term commitment to Criterion and something the organization views as a central tenet of field building. When we’re trying to shape perceptions and norms – and ultimately inspire investors to act differently – language matters. Joy talks about the kinds of work Criterion undertakes to reframe narratives in innovative finance. Then she digs into one of Criterion’s most prominent reframes: that finance is not just about moving money, but fundamentally about transforming power. Finally, she discusses what’s in a name, with a history of how the term “gender lens investing” came about.

Episode Highlights:

00:28 - Intro
02:18 - About the Pillar
11:36 - Finance Is Not Just About Money, It's About Power
13:50 - Naming Gender Lens Investing

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn

#013: Stories of Relationships

Mon, 10 Jul 2023 03:45:00 -0400

Today’s episode explores the power of relationships. Having relationships with people from different sectors, different disciplines, different countries, and different cultures can help us make sense of things we haven’t experienced ourselves. Hearing other’s experiences helps us to understand other worlds and the systems that drive them, and to make connections between ideas we may not see on our own.

Our host, Joy Anderson, begins today’s episode with a discussion of how all relationships begin with an invitation. Then she shares stories of a long-time friend, colleague, and master of relationships, Suzanne Biegel, and how she uses her power to tell the stories of diverse entrepreneurs and fund managers, ensuring those stories reflect the extraordinary value those actors bring to the finance sector and the world at large. The episode ends with a reflection on how we all have the power to choose the stories we tell.

Episode Segments

Intro
Relationships begin with an invitation
Suzanne Biegel’s hospitality
Choosing what story you tell

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Suzanne Biegel’s LinkedIn

#012: Valuing Expertise

Mon, 10 Jul 2023 03:30:00 -0400

It’s no secret that the finance sector tends to undervalue and even demean non-financial expertise, in particular expertise on gender equality, social justice issues, and local context. This failure to embrace the value of diverse expertise reinforces biases in financial decision-making and has a direct impact on the outcomes of investments. This leads to overlooked opportunities, unseen and therefore unmitigated risks, and a wide range of unintended consequences.

In this episode, Joy begins with a first-hand experience with this bias against gender expertise. She then interviews a very special guest, Dorothy Nyambi, CEO of Mennonite Economic Development Associates, about the value she brings to her role as an investor. Finally, she discusses Criterion’s approach to building bridges into the world of finance so that we can expand who sees themselves has having the power – and the extraordinarily valuable expertise – to truly change the financial system as we know it.

Episode Segments

Intro
Layer Cake
Constructing an investor with Dr. Dorothy Nyambi
Building bridges and the power of invitation

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Dorothy Nyambi’s LinkedIn
MEDA’s website

#011: Five strategies for using finance for social change

Thu, 18 May 2023 09:00:00 -0400

What if, when we think about finance for social change, we didn’t think solely about the amount of money we can move to a certain impact goal? What if we focused instead on HOW that money moves and who holds the power to influence financial design and decision-making processes?  

This episode discusses five strategies Criterion has developed to equip social change leaders across sectors and industries to better understand the role they can play in using or changing the financial system to create transformative social change.   

These strategies form the basis of Criterion signature TOOLKIT training, which over the years we’ve delivered to thousands of social change leaders across six continents. The strategies also appear in our Blueprints for Using Finance for Social Change and our recent report on “Fostering a Feminist Financial Imagination.” Future episodes will explore the application of these strategies to a variety of contexts.

Episode Segments

Intro
Five strategies for using finance for social change

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Criterion Institute’s online TOOLKIT
Criterion Institute’s series of Blueprints for Using Finance for Social Change
Criterion Institute’s report on “Fostering a Feminist Financial Imagination”

#010: A Couple Rants on Innovative Finance

Fri, 28 Apr 2023 10:00:00 -0400

At Criterion, we mostly try to focus on positives: possibilities, solutions, insights for how things could work better. But sometimes we need to call out when things just aren’t working.

This episode is comprised of three rants about approaches to impact investing and gender lens investing which Criterion founder Joy Anderson believes are fundamentally limiting the positive impact these remarkable fields could have on the world.

The episode will explore:

The role some of the big consulting firms played in building the field of gender lens investing and the lingering effects that’s had on who is able to engage, how expertise is valued, and what solutions are emerging;
The idea that impact investing should be entrepreneur centric and sector-agnostic; and
Why Criterion is calling it quits on the business case for gender lens investing

Episode Segments

Intro
The field that EY, Deloitte, and McKinsey built
Sector-agnostic impact investing is not working
Calling it quits on proving the business case

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Disrupting Fields: Addressing Power Dynamics in the Fields of Climate Finance and Gender Lens Investing

#009: Wandering Around Wondering

Fri, 28 Apr 2023 09:00:00 -0400

There is a common belief that, when we are creating something, we need to know specifically what to look for and how it will contribute to our end creation. In this episode, our host Joy Anderson flips that assumption on its head and focuses instead on the possibilities that can emerge when we allow ourselves to “wander around looking for nothing in particular.”

The first segment discusses how this concept can benefit the field of innovative finance as we seek to improve the ways in which we identify how a variety of social, racial, and gender issues connect to finance. The second segment illustrate this concept in action, drawing from an anecdote in which a chance meeting with a scholar conducting research in Rwanda surfaced insights on how to solve challenges in the US healthcare system.

Finally, the episode welcomes special guest Herbert Anderson, an influential theologian (and Joy’s father), who will discuss wonder and offer tips on how it can lead to curiosity that can, in turn, help each of us unlock new possibilities in our world.

Episode Segments:

Intro
Wandering around looking for nothing in particular 
Discovering the Cash Market  
Wonder (with Herbert Anderson)

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Herbert Anderson’s LinkedIn

#008: Silicon Valley Bank Collapse: An Opportunity for Change?

Tue, 04 Apr 2023 03:00:00 -0400

In March of 2023, Silicon Valley Bank suddenly collapsed after its sale of long-term US treasury bonds at a hefty loss triggered investor panic and a run on the bank. The collapse has had widespread and catastrophic effects on start-up companies and the technology sector and has led many to speculate that we may be heading toward a banking crisis like that of 2008.

On this episode, our host Joy Anderson talks with Pablo Freund, Managing Director of Endeavor Ecuador and a long-time friend of Criterion, about the still-unfolding events surrounding the Silicon Valley Bank collapse, how we got here, and how – like any good crisis – we can use this to explore opportunities for change.

The episode will discuss what it would mean for investors to focus on good equity instead of growth at all costs, the power and potential of 0% loans – widely used in the development landscape – to create both impact and shareholder value, and how we can seize the shifting norms underway within finance to fundamentally change the values that underpin the system and reset markers of success.

As we like to say at Criterion, we made up the rules of the financial system, so we can change them.

Episode Segments:

0:27 – Intro
2:10 – Silicon Valley Bank Collapse: An Opportunity for Change?

Relevant Links:

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Pablo Freund’s LinkedIn

#007: Knowledge and Power. Part One.

Fri, 03 Mar 2023 10:30:00 -0400

This is the first of many episodes around knowledge and power.

In the first segment, Joy reflects on a story when she was fundraising for good capital and a VC put her and her knowledge in its place.

In the second segment Joy has a conversation with Dorothy Nyambi, Executive Director of MEDA, an international NGO that works in investing and shifting the north/south power dynamics. They talk about the power dynamics around the “localization” trends. Dorothy names that it’s not just about shifting the location of your headquarters and hiring local teams, but it’s shifting whose knowledge is valued, and who has power in decision-making.

In the last segment, Joy tells a story from when she taught high school and what she learned from a student about alienation and the performance of knowledge. It’s called the weight of history and it’s about a history book.

Each of these names the bias and privilege operating day to day in what and, more importantly, whose knowledge counts.

Episode Segments

0:34 – Intro
2:11 – Your experienced, I'm opinionated.
6:11 – True localization is about shifting power.
17:30 – Weight of History

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Good Capital
Dorothy Nyambi
MEDA

#006: Why the Future Matters in Finance

Tue, 14 Feb 2023 16:00:00 -0400

In this episode, we’ll revisit a conversation Joy had with two amazing leaders in the field of sustainable finance back in September of 2021. They were simply recording a series of context sessions in advance of a conference on using finance to address gender-based violence with Daniella Jaramillo, who is at the time at HESTA, a superannuation fund or pension fund in Australia and Geeta Aiyer, one of the founders of the field of sustainable finance, the founder of Boston Common. The three have a conversation about why the future matters in finance. It dives into specific investment methodologies for being able to name potential futures that can affect the value of our investments and how we determine their materiality – and why so often we get the future wrong.

Episode Segments

0:34 – Intro
3:25 – Why does future matter so much in finance?
10:06 – Who are the people that are determining confidence? How are their own biases impacting their ability to truly capture a real idea of the future?
21:03 – What’s happening with the way we look at the future?
37:23 – What is the future that we’re creating indicators against?

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Daniela Jaramillo
HESTA
Geeta Aiyer
Boston Common Asset Management

#005: Imagining Alternative Futures and Contingencies

Tue, 14 Feb 2023 16:00:00 -0400

In this episode, we explore imagining alternative futures and thinking through the contingencies in those futures.

The first segment broadly introduces the importance of imagining alternative futures for gender as investors. As investors, we constantly are imagining what might happen in the future, what might change, but around issues of gender and social structures, in general, most investors assume that constructions of gender and context gender norms are static and she’ll explain why that’s not true.

In the second segment, Joy tells a classic story about a moment where she was giving a speech and she was called Pollyanna because she was imagining a future without gender-based violence.

The third segment is a conversation with Joy's father, Herbert Anderson, a theologian. They'll explore how much Joy learned from him. This conversation builds on the theme of alternative futures by digging into why we resist planning for contingencies.

Episode Segments

0:34 – Intro
2:28 – We need a future
9:19 – Pollyanna
10:54 – Contingency

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
AVPN – Asian Venture Philanthropy Network
herbertanderson.org

#004: Designing an Investment Thesis for Gender Lens Investing

Fri, 02 Dec 2022 01:00:00 -0400

In this episode, we have two segments that we're going to weave together both focused on investment theses. At Criterion, one of the most important levers of change, in our opinion, is to look at shaping, reshaping and creating the investment theses that reflect how investors see the future and therefore how they make investments in the present. The first segment is a broad exploration of an investment thesis and how it works, particularly when investing with a gender lens. In the second segment, we explore and an investment thesis we created for the Pacific Island region, with support of the Australian Government and the Department of Foreign Affairs and Trade. This investment thesis has served as a model for how to reframe how investors see value in a region.

Episode Segments

00:34 - Intro
03:40 - What is an investment thesis?
04:27 - How does an investment thesis work?
09:01 – What does it mean to be a gender lens investor?
11:42 – What is the Pacific Rise Program?
18:47 – How do we invest in the informal sector?
22:55 – How can analyzing gender patterns inform diversification?

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Department of Foreign Affairs and Trade
Pacific Rise
Investopedia
Asian Development Bank
Real Impact
Scaling Impact - GSG (gsgii.org) (Pacific Rise investment thesis is highlighted in this study)

#003: Bringing Financial Imagination to the Afghanistan Crisis

Mon, 14 Nov 2022 09:00:00 -0400

In this episode, Joy has a conversation with a colleague, Pablo Freund, who spent several months looking in depth at economic sanctions and investments tied to the realities in Afghanistan at the end of 2021, into the early part of 2022. Human rights were challenged by the shift in power that happened in August of 2021, as the Taliban took control of Afghanistan again. How can we bring a financial imagination to the work of looking at economic sanctions, one of the most complicated parts of our economic system? How can understanding how to use sanctions as a tool to create peace or end conflict to navigate a very complicated terrain. Where is there space for a financial imagination amidst a humanitarian crisis?

Episode Segments

00:34 - Intro
02:20 - What is the point of a sanction and what does it do?
08:26 - How the US is co-opting the struggle for women’s rights as a justification for the use of sanctions.
15:37 - How do we balance the power dynamics in a feminist foreign policy?
22:49 - What’s the tie between the informal economy and taxation? What are the parallels?

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Pablo Freund’s LinkedIn
Versailles Treaty
Haqqani Network
The Taliban in Afghanistan

#002: Checking Our Power in the Work of Building Fields

Mon, 14 Nov 2022 08:30:00 -0400

In this episode, we’re going to look at some of the power dynamics in field building organizations. Think of the sociology, the medical profession or gender lens investing as fields. There are three ways to think about fields: a field of activities, a field of ideas and a field of people and organizations. The first segment looks at the context around being a field building organization in which it is ridiculously difficult to fundraise because you're not the ones doing, you're the ones connecting. So how do you raise money? The second segment looks at a very important practice in field building, naming. We'll look at a particular case study in Criterion’s history around medical debt and think about the power of names. How do we decide what to call things? As we change how we understand them, how do we rename them? The third segment looks at teaching and how so many of us who are building fields are in a position where we are teachers. We need permission to teach, though. We often confuse the act of teaching with influence. We go out and when we influence people to take up activities like gender lens investing, we ask that people come to training where we're not actually teaching because nobody wants to learn yet. It is expensive to spend time in a teaching mode when folks are not yet ready to learn.

Episode Segments

00:34 - Intro
03:53 - Even pioneers have to check their power
13:46 - Celebrating naming, renaming, and the discoveries that come with it
20:25 - Asking permission to teach

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Brookings Institute

#001: Fix the Capital, Not the Company. Part One.

Wed, 09 Nov 2022 04:00:00 -0400

Show Notes:

In this episode, Joy weaves together three segments around one core idea: “how do we design investment vehicles that work for the context in which they're investing?”. In the first segment, we’ll look at a slogan that Criterion has been playing with for a while — “fix the capital, not the company”. This segment expands on the idea that the capital should be designed to meet the needs of the companies rather than fixing the companies to meet the needs of the capital. This leads to the second segment which is focused on normal growth businesses and why we struggle to have enough investment vehicles that meet their needs. In general, women tend to build and grow normal growth businesses, so we’ll analyze the gender dynamics to why we are prioritizing high growth businesses. Finally, in the third segment, we look at how we solve for the ecosystem, not the enterprise. As an example, we’ll discuss the menstrual health market in the Pacific Islands. How can we invest to address the problems in the market that are shared by many enterprises? How can we invest in an ecosystem – in shifting the patterns and power dynamics in a particular market — in such a way that the enterprises are more likely to flourish.

Episode Segments

00:35 - Intro
04:04 - Why we need to fix the capital not the company
10:11 - Normal growth businesses matter too
13:50 - Fixing the entire ecosystem not just a single enterprise

Relevant Links

Criterion Institute website and LinkedIn
Joy’s LinkedIn
Village Capital
Australian Government Department of Foreign Aid and Trade
PacificRISE Case Study (MHTFV)

#000: Welcome, Here’s What You Can Expect from this Podcast

Mon, 03 Oct 2022 09:00:00 -0400

We invite you to join us on a journey—an audio journey, to explore and expand how to use finance and investments as tools for transformative and equitable change in the world. Hosted by Criterion Institute’s founder Joy Anderson, episodes will include a variety of audio segments that can take many forms. Often these segments may comprise conversations with friends and co-workers or interviews with changemakers. At other times Joy may walk listeners through a framework or help us reframe a problem or narrative. And from time to time, they may even take the form of a famous Joy Anderson rant … our favorite!

As you tune in, you’ll often hear Joy discussing power dynamics and structural inequities at the intersection of gender, sexual orientation, race, faith, age, and many others. Conversations will also span the gamut of finance whether it’s impact investing, sustainable public equities, or municipal debt. She and her guests might dive into an infrastructure project or dip their toes into sovereign bonds.

If that sounds a little overwhelming, don’t worry. As Joy likes to say, systems of finance and investments are complex, often intentionally to exclude outsiders. That’s why Joy will use this podcast to break the systems of finance into their component parts and make them more easily understood, really get underneath the processes, structures, and analysis, so that we can put them back together in new ways to create more equitable outcomes.

Consider yourself invited to the Criterion Institute Podcast.