Benevolent Disruption
The Fortune in Solving the World's Biggest Problems
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Allocators

Barry Sternlicht

CEO, Starwood Capital

“The greatest economic value comes from investing in mission-driven brands that don’t just follow the market – they redefine it. I’ve seen it firsthand: When people believe in your mission, it attracts employees who stay, customers who care, and investors who win in the long run. These principles are self-sustaining — they keep us centered and help us turn a profit.”

Maya Chorengel

Co-Managing Partner, TPG Rise Fund

“The Rise Funds pioneered impact investing and have demonstratively proven that competitive returns can be delivered by solving the world’s biggest social and environmental problems. TPG has a three-decade track record of “problem-solving investing” and believes that private enterprise has a role to play in addressing societal challenges. We support research and data highlighting the performance of impact investing strategies and applaud this work.”

Diana Guzman

Head of Sustainability, Prudental PLC

“The long-term alpha is only secured when true financial and societal returns converge as businesses innovate and grow while safeguarding the people and the systems they impact. If we fail to solve today’s environmental and social crises, there won’t be a market to operate in. This is not a trade-off between doing good and doing well; it’s a matter of business longterm competitiveness and growth.”

Katherine Davidson

Investment Manager, Baillie Gifford

“There’s a big push from regulators for more auditable numbers, more objective measures. As an industry, however, we need to be honest that sustainability means different things to different people and is inherently subjective. Look at the ESG ratings agencies — they’re all intended to be objective but still come out with wildly different views on the same company because of which data points they include and how they weight them.”

Madeleine Evans

Director, Generation Investment Management

“The most valuable companies of the future will be those that turn today’s externalities into tomorrow’s core business models. Investing in solutions to environmental and social challenges isn’t just responsible — it’s essential for resilient, long-term returns.”

Nigel Morris

Co-founder, QED Investors; Co-founder, Capital One

“Since the Global Financial Crisis, fintech has emerged as one of the most powerful forces for good in financial services. Bold founders are rewiring the system, rethinking how money moves, how credit is accessed, and how financial relationships are built. The opportunity ahead is enormous. Fintechs continue to innovate, expanding access, increasing transparency, leveling the playing field, and earning higher customer satisfaction than many incumbent banks.”

Marisa Drew

Chief Sustainability Officer, Standard Chartered Bank

“Speaking in my personal capacity as someone who is working to drive more capital allocation towards companies that can leave a positive mark on society, I am a firm believer that innovation is vital for solving our most prescient issues. The gap continues to widen for environmental and social stability and prosperity, so we need to think differently and invest differently if we want different outcomes.  For too long allocators have inaccurately assumed there to be a trade-off between competitive returns and achieving positive change — I am intrigued by the simple thesis underpinning this work and it great to see more research delving into this topic.”

Marcus Stuttard

Head of AIM & UK Primary Markets, London Stock Exchange

“At the London Stock Exchange, we have a core objective of building a seamless funding continuum, enabling visionary entrepreneurs and companies to access the capital needed to become globally consequential. Supporting them across their journey means they can fund innovation, create jobs and drive economic growth, thereby shaping a better, more sustainable future for society.”

Meraj Sepehrnia

Former Head of Total Returns Sustainability, Pictet Asset Management

“ESG was a marketing fad but making money never goes out of style. By focusing on sustainability, you create a ‘circle of competence’ — a deep understanding of industries and themes where sustainability drives outsized returns.”

9900 Capital thanks Mr. Sepehrnia for his role in inspiring the term ‘Benevolent Disruption’. 

Michiel Scheffer

President, European Innovation Council Board

“Europe’s strength lies in our ability to turn innovation into impact — by connecting visionary capital with transformative ideas, we shape a resilient and sustainable future.”

Rishi Kapoor

Vice Chairman & Chief Investment Officer, InvestCorp

“It is always great to see researchers, innovators, and investors all continuing to focus on solving society’s biggest challenges with commercially scalable solutions that bring value to all stakeholders.”

Patrick Pichette

Partner, Inovia Capital; Former CFO, Google

“Technology has always been a driver of progress — from the internet and search engines to today’s AI breakthroughs. Used intentionally, it has the power to solve some of the world’s biggest challenges. Venture capital plays a critical role in backing consequential companies early and helping them scale, ensuring innovation translates into real-world impact.”

Keith Robinson

Former Chairman EMEA Technology Banking, Barclays

“Banking and capital allocation are not just about financial returns — they are about fuelling the ideas, innovations, and institutions that move humanity forward. When capital finds big societal problems, human progress and long-term economic value follows.”

Henry Ritchotte

Former COO, Deutsche Bank

“The best investments don’t just generate returns — they create resilience. In today’s world, business and society are inseparable, and long-term value comes from building systems that serve both.”

Henrik Persson

Co-founder, Sprints

“Sprint’s mantra has always been that the value of a company is the sum total of the problems it solves. The best investments are the companies that never stop building and improving and grow into platforms that meaningfully improve society.”

David Clarke

Chief Investment Officer, Vencap International

“One of the most powerful advantages we have at VenCap is our proprietary dataset covering the leading VC funds and the companies they back.  This dataset tells the true story of venture capital – one that cuts through the hype and competing narratives to reveal the true drivers of venture returns.  The insights gained from this data aren’t just “nice-to-have”.  They are essential in separating myth from reality in an increasingly noisy asset class.”

Carolyn Patton

Head of Private Market Client Solutions, TIFF Investment Management

“I have always believed business and innovation has an important role to play in solving the world’s biggest problems. Technology has often stepped in to solve some of the most pressing issues and I’m optimistic this should continue.”

Innovators 

Harley Finklestein

President, Shopify

“I’m convinced the biggest business play of our era is tearing down the old gate-kept rules of commerce. At Shopify we’re obsessed with bulldozing every barrier so any scrappy founder, anywhere on the planet, can spin up a brand and sell to the world. Leveling the playing field for entrepreneurs isn’t just good karma — it’s rocket fuel for the global economy.”

John Mackey

Co-founder, Whole Foods

“The very nature of capitalism is that business can and should be a force for good in the world. Business can solve systematic problems, produce value for customers, create new jobs and opportunities for team members, uplift communities, produce prosperity, and create positive change in countless ways. This has been the very nature of my work throughout my life and I very much endorse entrepreneurs, innovators and investors pursuing the similar goals.”

Greg Jackson

CEO, Octopus Energy

“At Octopus, we’ve always seen renewable energy as much more than a cause — it’s the future because it’s superior. By leveraging technology, we’ve made clean energy the obvious choice for consumers by making it cheaper, not just greener. With rapid innovation at every stage of generation, storage and consumption, there are endless opportunities for better service, lower costs and totally new products and services. The result is a business model where growth and decarbonization go hand in hand.”

Lila Ibrahim

COO, Google DeepMind

“The most enduring innovations come from working closely with the communities that technology is meant to serve. At Google DeepMind, we seek input from ethicists, academics, and local populations early to create technology that prioritizes users’ needs whilst addressing global challenges.”

Joel Perlman

Co-founder, OakNorth

“At OakNorth, driving positive societal change goes hand-in-hand with strong financial performance. We’ve lent over £12 billion to UK SMEs, delivering £214.8 million in profit before tax in 2024. More than 20% of our loan book supports sustainability-driven businesses — proving that purposeful lending can generate both economic and environmental returns.”

Matt Oppenheimer

Founder, Remitly

“At Remitly, we’re relentlessly focused on making the cost of sending money internationally fair and transparent, because every dollar saved is a dollar that stays in the hands of the families who need it most. Our capital-efficient model, built on trust and a per-transaction approach, ensures that as we grow, our customers benefit. We’ve shown that real impact isn’t at odds with financial success — it fuels it.”

Michael Acton Smith

Co-founder & Executive Chair, Calm

“Calm’s mission is to make the world happier and healthier. Our journey over the last decade hopefully shows that there is a significant market for addressing the most pressing needs of individuals and society. This same trend exists across all sectors and asset classes, and it is great to see investors and allocators getting involved.”

Oliver Kent-Braham

Co-founder & Co-CEO, Marshmallow Insurance

“The best businesses solve systemic problems at scale. By rethinking outdated risk models, we’ve built a fairer, faster, and more scalable insurance model that proves financial inclusion and profitability go hand–in–hand.”

Thomas Plantega

CEO, Vinted

“At Vinted, we’re making the change to second-hand. Second-hand is better than new, for the climate, and for your wallet. We’ve already helped tens of millions across Europe discover how easy it is to buy and sell second-hand fashion, and we’re just getting started. We’re now moving into electronics, furniture and more — and are building our own shipping and payments infrastructure to make second-hand as easy, safe, and convenient as new.”

Tom Lee

Founder, One Medical

“Much of the rhetoric these days skews toward binary perspectives, driving the assumption that businesses have to choose between impact and financial success. The real challenge isn’t balancing the two — it’s identifying models that benefit from the compounding effects of serving shareholders and society.”

Kaarel Kotkas

Founder, Veriff

“Reliable and scalable trust is one of the biggest opportunities in technology — to trust you need to verify. We at Veriff are on a mission to build trust infrastructure needed to unlock the full potential of the digital economy, allowing access to services.”

Tim Sadler

Co-Founder & CEO, Tessian

“In a world where cyber threats evolve faster than ever, security is no longer just a technology problem — it’s a human one. Protecting people is the key to protecting businesses.”

Thomas Elnick

Co-Founder, Tegus

“When you democratize access to real insight, you don’t just make better decisions — you accelerate human progress through global business. Knowledge, when shared openly, has the power to elevate entire industries and improve lives.”

Dorothy Kilroy

Chief Commercial Officer, Oura

“Wearable technology is transforming healthcare by shifting the focus from reactive sick care to proactive, preventative long-term wellness. At Oura, we empower our members with continuous access to vital health metrics, helping them take control of their well-being and become experts in their own health journeys.”

Close Menu
  • Executive Summary
  • Academic Contributors
  • Foreword
  • Background to Benevolent Disruption
    • 1.1. Introducing Benevolent Disruption
    • 1.2. The Hidden Pattern and the Implication for Capital Allocators
    • 1.3. Thesis Background: The Paradox of Progress
    • 1.4. Benevolent Disruption in Context
  • The Hidden Data Pattern
    • 2.1. The VenCap Dataset
    • 2.2. Methodology
    • 2.3. Key Findings: Big Problems are Big Business
    • 2.4. Drilldowns: Where do you find Benevolent Disruptors?
  • How to Spot Benevolent Disruptors
    • 3.1. They Prioritize Business Model Outcomes Over Optics
    • 3.2. They Exhibit Multiplier Effects, Not Trade-Offs
    • 3.3. They Put the Problem First and Avoid ‘Technology Solutionism’
    • 3.4. They Solve Systemic Problems, Generating Enduring and Outsized Value
  • Lessons for Allocators
    • 4.1. Benevolent Disruption in Action: Public Markets
    • 4.2. Conclusion: A Call to Arms for Investors
  • Academic Literature Review