2022 Annual Report

In 2022 we worked every day alongside our partners to consciously construct a dynamic portfolio believing that we build better strategies for our portfolios when we challenge false assumptions about returns and how best to maximize impact by demonstrating financial return and social impact are not mutually exclusive.

Our mission is all about improving access. Therefore, we have built a complex and adaptive structure to respond quickly and evolve as the market evolves. It is complex…but not complicated. And it’s complex because communities are complex and deserve thoughtful approaches.

“We must build a more inclusive economy.”

We must build a more inclusive economy. The economy represents not just an engine for industry, but an opportunity to demonstrate the inalienable dignity of all people and a system that prioritizes people will be more equitable, dynamic, and resilient. If we can achieve that goal, we will see increased economic prosperity, opportunity, and participation.

We’ve seen the word ‘unprecedented’ used a lot to describe this year. It’s true and not true at the same time. Racial injustice has been at the forefront of our national conversations for decades. Presidential elections happen every four years without fail. Perhaps ‘unprecedented’ is more about describing the unique overwhelming, fear, and strain of not knowing the outcome of these narratives as they converged into a single season.

For many of us whose work is to align values and mission with investments and strategies (what we refer to as having a one-pocket mindset), ‘unprecedented’ holds a slightly different meaning. What is ‘unprecedented’ for us is the growth in the tension between meeting the immediate needs of our community, and the recognition that the events of this year are merely symptomatic of much deeper issues.

We at Access Ventures believe that we can effectively hold and mitigate that tension. After all, at a smaller scale, we’ve been doing so for years now. 2020 represented an opportunity for us to prove our mission at scale. We believe that duality can be achieved across impact issues and focus areas. Our one-pocket mindset is an integrated approach across all asset classes and programs and is uniquely equipped to both feed and house local families while also making headway on the global climate crisis. Even as challenges continued to unfold throughout the year, we were able to lean in and create real short-term impact combined with long-term change.

We dispel the notion that one cannot generate competitive financial returns while pursuing mission-driven investing. We have worked hard over the years to consciously construct a dynamic investment portfolio to achieve both impact and our custom financial benchmark returns and are proud that 91% of our assets are invested in ESG and impact investments that reflect our values across asset classes and geographies. The remaining assets include cash and other ‘impact-neutral’ assets.

“2020 represented an opportunity for us to prove our mission at scale.”

As we look back at 2020, we chose to highlight the areas that we felt best exemplified the tension of short and long-term work. We are proud of the work of our team, portfolio companies and partners and hope that this report would share a small taste of the outcomes we are working to achieve. Throughout this work, our one-pocket mission statement and vision-guided everything we accomplished.

Increasing Access To Capital

The widest category of today’s business community does not fit the sensationalized Silicon Valley model of zero to exponential value in a short timeline. It’s a model that, while viable for some, has created an unintended gap in access to capital for the majority. Furthermore, traditional lending has proven exclusionary to many start-ups for a variety of reasons. Investors and entrepreneurs alike are requiring new and more diverse approaches to financing.

Our goal throughout this paper is to explore the ways in which innovation can create new means for entrepreneurs to access capital, as opposed to merely being a product of entrepreneurial activities. By examining the evolution of entrepreneurship and its associated infrastructures, we can reach a better understanding of what challenges exist. Further, we can uncover ways in which alternative funding approaches mitigate those challenges. Finally, our discussion of existing infrastructures points us to areas where innovation into new, exciting approaches to funding are possible.

To us, building a more inclusive economy means working to ensure the economy functions for all people.

To us, building a more inclusive economy means working to ensure the economy functions for all people, and that all people have the financial mobility to pursue their visions, goals, and dreams— not just for themselves, but also for their communities. We believe true inclusion involves seeing all people, of diverse identities and backgrounds, as valuable and offering unique contributions to our communities and economies.

Our work spans the diverse and vibrant needs of the communities in which we are rooted, with particular emphasis on creating equitable, innovative access to resources ranging from capital to networks to physical spaces. Access Ventures’ investments are centered around the belief that the economy represents not just an engine for industry, but an opportunity to demonstrate the inalienable dignity of all people. We envision an economic environment guided not by narrow-minded self-interest, but by the pursuit of equitably distributed growth opportunities—opportunities that provide upward mobility to every citizen. We believe that by prioritizing relationships over isolation, and by offering a seat at the table to the underserved and underrepresented, we build the community we all desire to live in.