IMPACT
Impact Investing Needs Better Success Metrics Than Unicorns
Stanford Social Innovation Review published Jacqueline Novogratz's argument that impact investing should stop borrowing venture capital's unicorn metric. She points to companies such as Hatch Africa, which has created income, nutrition and market access while operating profitably, even without fitting the billion-dollar valuation narrative.
This is a direct purpose piece because it asks what money is for after it moves. Valuation can show investor expectation, but it cannot measure whether lives, communities or systems changed. Patient capital needs success language that captures worth, not just price.
Source: Stanford Social Innovation Review · September 10, 2026