Most impact funds follow the typical venture capital (VC) model, an approach that requires rapid growth, high returns, and clear exit opportunities. It’s a model that is fundamentally misaligned with many impact-focused startups, especially those led by underrepresented founders or in emerging markets. Yet the underlying myth within the impact investing community is that "you can have your cake and eat it too." Really? Is there no trade-off between financial returns and impact?

The funding gap for social enterprises is estimated at $1.1 trillion. How can we close this gap? This interactive workshop probes innovative financing instruments beyond traditional VC, such as concessionary loans, recoverable grants, and first-loss layers designed to mobilize investment and bridge the gap between philanthropy and market-rate returns.

We'll explore how venture philanthropy - an enabler of patient, risk-tolerant capital for long-term impact - presents an opportunity to catalyze sustainable change. Like peas and carrots, venture philanthropy and impact-first investing can play complementary roles. Join us as we interrogate the "cake" myth, examine mechanisms for catalytic funding, and shape the future of impact investing.

This session is brought to you in partnership with Miller Center for Social Entrepreneurship.