Integral Investing: From Profit to Prosperity (Springer, 2020)
Today, early-stage investors and entrepreneurs find themselves in a dilemma in which they must choose between profit and impact; between traditional, for-profit-only models on the one hand, and multiple-bottom-line structures with a positive social or environmental impact on the other. To help them, and in response to a time in which climate change, exponentially growing technologies, and COVID-19 are calling into question humanity’s priorities, the author proposes a new investment paradigm, namely Integral Investing.
Integral Investing incorporates and transcends the best practices of both traditional venture capital and impact investing. It provides a seamless integration and shows how technological progress need not be our rival, but can instead be our ally in ensuring the prosperous society we all want. Drawing on her own investments and stellar track record in Silicon Valley and Germany over the past 25 years, the author reveals the mechanism of Integral Investing. At the heart of it is a powerful, 360-degree de-risking tool called the Theta Model, which reveals how to make smart investment decisions based on the comprehensive integration of traditional due-diligence criteria, sustainability metrics, and assessments of the founders’ and team culture. But it doesn’t stop there.
In turn, the book demonstrates how to use human-centered AI to scale and digitalize the investment process. The goal here is to accelerate the use of exponential tech, capital, and consciousness leadership to transition to a sustainable global society: a process the author refers to as the Investment Turnaround. The 21 principles of Integral Investing, which she defines using Ken Wilber’s Integral Theory, lead to her manifesto on how to implement the UN Sustainable Development Goals within Planetary Boundaries by 2050 through early-stage investing and entrepreneurship.
Similar to the 15th century, when the Medicis inspired the Renaissance, today humanity is once again at a crucial turning point where pioneering financiers, investors, entrepreneurs, and other committed individuals have the opportunity to leave behind the legacy of a prosperous society. This handbook provides a source of inspiration, and shows how self-actualization, a positive mindset, and a consciousness that is backed by a world-centric desire can become the driving force for solving the global grand challenges.
Job Creation through Sustainable Investing Using Human-Centered AI: An Integral Approach (CADMUS Journal Vol. 4 Issue 2, June 2020)
Hedging Planetary Risks: From Weapons of Mass Destruction to Tools of Massive Social and Ecological Innovation (CADMUS Journal Vol. 4 Issue 4, June 2021)
Cost analyses and risk assessments in the Anthropocene era need to differ from those of the past. Future developments now are determined by opportunity costs and planetary risks. We provide a first comprehensive systematization that can serve as a template for blended finance and blended securitization in order to finance our global commons. We show that financing our future requires multiple new financial engineering techniques that build upon the experiences of the private sector, but need to be adapted to meet the criteria of force majeure and planetary risks.
Welcome to One of the Most Important Conversations of Our Time (CADMUS Journal Vol. 4 Issue 4, June 2021)
While emerging from the emergency of the largest pandemic in a century, many of us are at the end of our emotional ropes and are longing for normality in an uncertain world. We are troubled by the lack of leadership, poor behavior, and the inability of governments to address a pandemic that could have been prevented, had we heeded the warnings of experts and scientists. We feel left alone and the last thing we want to hear is that COVID-19 could possibly be a dress rehearsal for more existential threats which could arise from climate change, unsafe AI, nuclear arms race, or other grand global challenges.
AQAL White Paper
This paper makes the case for Integral Investing as a sustainable model for early stage investing and represents a summary of several academic articles published in prestigious publications over the past decade. It argues that more sustainable de-risking tools could shift mainstream VC investing toward delivering integral sustainability including higher financial returns. It introduces the Theta Model as a de- risking process that integrates financial criteria with Environmental, Social, and Governance criteria, but also with behavioral, cultural, and individual assessment metrics. First, traditional Venture Capital practice and performance are compared with current developments toward more sustainable investing practices including impact investing. The Theta Model, a de-risking tool based on Ken Wilber’s Integral Theory, is thenceforward introduced as a framework for the integration of people, planet, and profit in early stage investing. The paper shows, furthermore, how the Theta Model has been successfully applied in integral due diligence and explicates what were the causes for its outstanding ROI in our own family office. The paper concludes by sharing some lessons learned from positive and negative investment examples over the past two decades and highlights how all stakeholders could benefit from such de-risking, integral sustainability measurements.
Routledge: Integral Sustainability or how Evolutionary Forces are Driving Investors' Trust and the Integration of People, Planet, and Profit
The missing investors’ trust in the stability of economic development could be one of the main reasons for the current investment gap in developing countries. This paper contends that investing is driven also by emotional intelligence, which depends upon the levels of consciousness of participating agents. Research performed on 136 global investors is presented and the hypothesis that vertical development could influence investors’ confidence is subsequently tested. The paper asserts, furthermore, that investors’ trust could be enhanced and cultivated through the integration of appropriate metrics for people, planet, and profit. The Theta Model, a de-risking tool based on Ken Wilber’s Integral Theory, is thenceforward introduced as a framework for the integration of people, planet, and profit in early stage investing. The paper concludes by sharing some lessons learned from positive and negative investment examples over the past two decades and highlights how stakeholders could benefit from such de-risking, integral sustainability measurements.
ACRN Paper: De-risking VC Investing for outstanding ROI
This paper makes the case for Integral Investing as a sustainable model for early stage investing. It argues that more sustainable de-risking tools could shift mainstream VC investing toward delivering higher financial returns and integral sustainability. It introduces the Theta Model as a de-risking process that integrates financial criteria with Environmental, Social, and Governance criteria, but also with behavioral, cultural, and individual assessment metrics. First, traditional Venture Capital practice and performance are compared with current developments toward more sustainable investing practices including impact investing. Then, the Theta Model is introduced as an evolutionary-based investment model rooted in Wilber’s Integral Theory. The paper shows how the model has been successfully applied in integral due diligence and what were the causes for its outstanding ROI. The paper closes by sharing the lessons learned from positive and negative investment examples and by offering a discussion on how all stakeholders from entrepreneurs to investors could benefit from such integral sustainability metrics in the future.
ACRN: Venture Capital 2.0: How the Integration of People, Planet, and Profit Could Lead to Sustainable Returns
This paper argues that the lack of investors’ trust in the stability of economic development could be one of the main reasons for the current global stagnation. It contends that investing is driven by emotional intelligence that depends upon the levels of consciousness of participating agents. The research performed on 136 global investors is then presented and tested the hypothesis that more trust in the future could be achieved through vertical development. The paper asserts, furthermore, that more trust in investing could be cultivated through the integration of appropriate measurements for people, planet, and profit on the investment side. The Theta Model is then introduced as an evolution-based, de- risking tool based on Ken Wilber’s Integral Theory. The paper concludes by sharing some lessons learned from positive and negative investment examples and how all stakeholders could benefit from such integral sustainability measurements in the future.
JITP Paper: Demystifying the Future of Investing: Part I: An Investor's Perspective AND Part II: An Evolutionary Approach
This two-part article proposes using Integral Theory as the foundation of a more sus- tainable investing practice, named here integral investing. This evolving investment concept, which crystallized over the past two decades in my personal investing practice, is a condensation of sev- eral papers presented at various finance, economics, and sustainability conferences. Part 1 sup- ports the proposal through investigations performed on 1) current investing structures, 2) global initiatives and trends, and 3) 132 leading-edge individual investors who have apparently evolved to later stages of human development. This research is revealed using Joseph Campbell’s conception of the hero’s journey. Based on the Integral framework, Part 2 of the article introduces a possible path toward a more sustainable investing practice that is based on evolution and the essence of all existence, considering interior as well as exterior realities. In this model, financial returns must be inseparable from a deep impact on the social, environmental, cultural, and behavioral aspects of reality as well as human development and evolution.
ILR Paper: The Power of One: How Influential Business Executives Transform and Lead into a Sustainable Future
This paper highlights the major collective and individual threats faced by humanity today and argues that money alone will not provide the desired relief. Instead, it contends that only sustainable solutions that consider all life perspectives and are rooted in higher levels of consciousness can succeed. After introducing Wilber’s Integral Framework as a theoretical foundation for this kind of sustainability, the paper emphasizes the importance of leaders and leadership. It presents leading edge research performed with top business executives from Fortune 500 and other companies. Furthermore, it explores the phenomenon of becoming a consciousness leader as a premise for creating sustainable businesses that transcend the current socio-economic, geo-political, and environmental challenges. Consciousness leaders are people who have evolved beyond post-conventional levels of human development. As a result, they have become integrally informed human beings who feel, think, and act in globally sustainable ways for the benefit of all. The exploration of becoming a consciousness leader in business reveals not only the interiority of exceptional leaders, but supports a paradigm shift in leadership, business, and sustainability. This understanding may also provide encouragement, inspiration, and hope to those who are actively involved with wealth creation in a business environment as well as to those who struggle to live a life of meaning within the same context.
ITC Paper: Integral Venture Investing: An inclusive and Sustainable Model for Investing in our Future
This paper makes the case for Integral Ventures as an example for integral sustainability in Venture Capital. It is a contribution to the current financial crisis from the perspective of high-risk venture financing as a specific asset class. Part 1 sets the scene by presenting the global context in which current crises occur from the financial, social, and environmental perspectives. It introduces the concept of exponential growth to explain the mathematical complexity behind current problems and why it is difficult for most people to understand them until it could be too late to respond. Part 2 summarizes current developments toward sustainable finances, banking, reporting, and investing. It introduces Integral Investing as the application of Wilber’s Integral Model in investing and makes the case for its value add. In Part 3, we show how Integral Investing is being applied in Venture Capital in an effort to help make to make this particular asset class integrally sustainable.
Nachhaltig und verantwortlich investieren – ein Leitfaden. Die UN Principles for Responsible Investment (PRI)
The future of investing and business: an integral view from an investors' perspective
The future of global capital and business is tightly connected to the future of investing. This paper presents the latest research and development in capital, philanthropy, investing, and business leadership from an investor’s perspective. Based on current trends, the paper argues that the future of both business and investing must be integrally informed and be based on the essence of all existence, the interior as well as exterior reality; a reality in which high financial returns are inseparable from high social, environmental, cultural, ethical, as well as the individual happiness impact. Moreover, the paper contends that the current crises such as economy, finance, ecology, climate, water, health care, educational, food, security, energy, natural resources, poverty, and bio-diversity can be reduced to one common denominator, namely a consciousness crisis. This crisis manifests as lack of global leadership of traditional players. Therefore, this paper contends that only a quantum leap in consciousness evolution of global leaders has the opportunity to unleash the leadership qualities necessary to overcome the current challenges and catapult humanity toward the next level of existence. From an investing perspective, the paper shows why the financial crisis has and will continue to shaken the dominant position of the so-called High Wealth Countries whereby accelerating the trend toward a more even playing field between the wealth of developed and developing countries. After introducing the notion of integral investing, integral investor, and integral business as the next evolutionary step, the paper highlights the barriers to aggregating more capital toward integral investing worldwide and presents several ways out.
Why some investors care about the parity of people, planet, and profit and others do not
This paper contends that to address humanitys various crises today, we must include also interior dimensions such as cultural and individual development in our financial, economic, business, or other sustainability models. By presenting current research performed on the interior development of leading edge investors, the paper argues that a major change in consciousness evolution is currently taking place. According to the presented study, the researched investors have developed to later stages of consciusness. The researched individuals appear to act from a world-centric rather than an ego-centric or ethno-centric perspective. Through their inner transformation, they contribute to the resolution of the current crises by implementing the parity between people, planet, and profit, using their passion and purpose.
Contribution Dr. Mariana Bozesan in - Club of Rome Report 2017: Come on!
- Optimistic assessment of global environmental crisis
- Climate policy despite Trump
- Smashing new Report from the Club of Rome
Current worldwide trends are not sustainable. The Club of Rome’s warnings published in the book Limits to Growth are still valid. Remedies that are acceptable for the great majority tend to make things worse. We seem to be in a philosophical crisis. Pope Francis says it clearly: our common home is in deadly danger. Analyzing the philosophical crisis, the book comes to the conclusion that the world may need a “new enlightenment”; one that is not based solely on doctrine, but instead addresses a balance between humans and nature, as well as a balance between markets and the state, and the short versus long term. To do this we need to leave behind working in ”silos” in favor of a more systemic approach that will require us to rethink the organization of science and education. However, we have to act now; the world cannot wait until 7.6 billion people have struggled to reach a new enlightenment. This book is full of optimistic case studies and policy proposals that will lead us back to a trajectory of sustainability. But it is also necessary to address the taboo topic of population increase. Countries with a stable population fare immensely better than those with continued increase. Finally, we are presenting an optimistic book from the Club of Rome.
The Club of Rome Report "Come On!" is available here.
Beitrag Dr. Mariana Bozesan in - Club of Rome Bericht 2017: Wir sind dran!
»Wir verfügen über genügend Wissen, die erforderlichen Veränderungen für den Erhalt der Welt zu schaffen.« (Ernst Ulrich von Weizsäcker)
In seinem ersten, weltweit beachteten Bericht zur Lage der Menschheit (»Die Grenzen des Wachstums«, 1972) prognostizierte der Club of Rome den ultimativen Kollaps des Weltsystems in den nächsten 50 Jahren. Seitdem hat sich viel verändert und wir verfügen über genügend neues Wissen für die erforderlichen Veränderungen zum Erhalt unserer Welt. Sehr wohl sind laufende Trends aufzuhalten und sind wir in der Lage, bestimmte Philosophien und Überzeugungen ad acta zu legen. Somit können wir uns auf eine aufregende Reise in die Zukunft machen.
Der hier vorliegende neue Bericht des Club of Rome formuliert die Agenda für alle gesellschaftlich relevanten und möglichen Schritte der nächsten Jahre: faktenorientiert und debattenstark.
Der Club of Rome Bericht "Wir sind dran!" ist hier verfügbar.
Dr. Bozesan in Angel Investing at its Best - Investmentwende: Nachhaltig Investieren
Im 15. Jahrhundert inspirierten die de’ Medici die Renaissance, eine Zeitenwende, die die Welt nachhaltig veränderte. Heute steht die Menschheit wieder vor einem ent- scheidenden Wendepunkt, und wieder haben Investoren die große Chance, ihren Beitrag zu leisten: Durch einen Paradigmenwechsel können wir als Investoren nach- haltige Transformationen einleiten. Dazu ist aber nötig, dass bei Investitionen künftig die Gleichstellung von People, Planet und Profit gesichert werden. Wir können aber nur das erreichen, was wir messen, und zurzeit ist Profit das einzige Messkriterium für Investitionen [...]
Link zum Angebot des Taschenbuchs "Angel Investing at its best: Leitfaden für Business Angels II" hier.
Impact Investments: The Invisible Heart of Markets
The Social Impact Investment Taskforce is an independent taskforce launched in 2013 under the UK’s presidency of the G8. Over the last fourteen months, it has brought together government and sector experts from the G7 countries, the European Commission and Australia to fulfil its mandate to report on ‘catalysing a global market in impact investment’.
This report presents a summary of the Taskforce’s key findings and recommendations. It does not necessarily reflect the individual opinions of members of the Taskforce, its Working Groups or its National Advisory Boards, or the official positions of the organisations and governments they represent.
G8/G20 Social Impact Investment: Financing Social Change Paper
Dr. Mariana Bozesan was a Member of the German National Advisory Board on the G8/G20 Social Impact Investment Task Force (OECD), 2014. The work of this initiative is now being continued by the Social Impact Investment Steering Group http://socialimpactinvestment.org/
Summary Report Social Impact Investing: Financing Social Change
Can social impact investing strengthen Germany’s social sector? How can SII originating in Germany and aimed at developing countries be strengthened? This report offers an initial assessment of this funding approach within the German context. It is guided by the following questions:
I : Demand for funding:
Where exactly within Germany’s system of social services and among socially motivated organisations is there a need for social impact capital?
II : Supply of financing:
Under what conditions can social impact investment capital be mobilised to finance social impact in Germany and in developing and emerging countries?
III : Analysis and communication of impact:
How can the factors driving success in social programmes be captured and communicated in order to attract private actors to the SII sphere?
IV : Enabling conditions:
What support structures are necessary in order to facilitate or strengthen the use of SII both domestically (in Germany) and internationally (investments originating from Germany)?
The answers to these questions will provide an initial assessment of SII’s potential within the German context and outline its current limitations. On this basis, several recommendations will be made with the aim of developing and anchoring SII as a method for financing social outcomes both at home and abroad.
Spinkart, K.P., & Gottwald, F.-T., (2013). FairFinance: Das Kapital der Zukunft; Auswege aus dem Raubtierkapitalismus. (p. 162). München: Herbig.
Mörderische Risiken, Zinsmanipulationen, Rekord-Boni und Bankrotterklärungen die Exzesse des Kasino-Kapitalismus haben das Vertrauen der Menschen in die Finanzwelt zerstört. Wem kann man sein Erspartes noch anvertrauen, wer wirtschaftet verantwortungsbewusst?
Karl Peter Sprinkart und Franz-Theo Gottwald stellen echte Alternativen für all diejenigen vor, die ihr Geld nachhaltig anlegen und zugleich Gutes bewirken wollen. Das Spektrum reicht von Mikrokrediten und Regionalwährungen über Banken, die nach ethischen Kriterien in gesellschaftliche Zukunftsprojekte investieren, bis hin zu innovativen Fonds, die neben wirtschaftlichen auch soziale Renditen erzielen. So wird Geld wieder das, was es sein soll: ein Mittel, um die Zukunft sinnvoll zu gestalten.
Horst, D. (2014). Nachhaltige Geldanlage als Problembegriff. In Faust, M. & Scholz, S. (Eds.) Nachhaltige Geldanlagen: Produkte, Strategien und Beratungskonzepte. (pp. 151-166). Frankfurt: Frankfurt School.
Der nachhaltige Anlagemarkt gibt Anlass zur Zuversicht: Gemäß einem aktuellen Marktbericht des Forums Nachhaltige Geldanlagen hat er in Deutschland erneut kräftig zugelegt. Sein Volumen lag Ende 2012 bei insgesamt 73,3 Mrd. Euro, was einem Plus von 16,3 % entspricht. Obwohl der Anteil des nachhaltigen Anlagevolumens im Verhältnis zum Gesamtkapitalmarkt noch nicht so groß ist, wird nachhaltigen Investments immer größere Aufmerksamkeit zuteil, so dass viele Martktteilnehmer davon ausgehen, dass in den kommenden Jahren ein Wachstum von 10 bis 50 % möglich sei.
Wie sieht eine erfolgreiche Zukunft der Nachhaltigen Geldanlagen aus? Welche Gefahren, aber auch Chancen werden auf den nachhaltigen Anlagemarkt und seine Akteure zukommen? Die vorliegende zweite Auflage des Handbuchs für Nachhaltige Geldanlagen gibt einen umfassenden und aktualisierten Überblick über derzeitige Entwicklungen und Herausforderungen, die für den nachhaltigen Anlagemarkt von Bedeutung sind.
Die Autoren sind renommierte Wissenschaftler sowie hochrangige Vertreter aus der Finanzdienstleistungsbranche und der Industrie. Das Buch richtet sich an Produkt- und Vertriebsverantwortliche sowie Kundenberater aus der Kreditwirtschaft und der Assekuranz, an Unternehmensberater, aber auch an alle Interessierten, die mit Nachhaltigen Geldanlagen in Berührung kommen.
The Making of a Consciousness Leader in Business: An Integral Approach
In this research, computer scientist and psychologist Mariana Bozesan explores the phenomenon of becoming a consciousness leader within a business environment. Consciousness leaders are people who have evolved to postconventional levels of interior development and are engaged in globally sustainable wealth creation for the benefit of all. The presented research employs Wilber's integral map of consciousness and the newly designed qualitative method named heuristic structuralism. The nature, meaning, and cause of transformative experiences of the researched executives-from companies such as Coca Cola, Colgate, Palmolive, and major venture capital firms-have been investigated along with the structural impact over time. The exploration of becoming a consciousness leader has not only revealed the interiority of exceptional leaders, but it supports a paradigm shift in leadership, business, and capitalism in general. This understanding provides encouragement, inspiration, and hope to those who are actively involved with wealth creation in a business environment as well as to those who struggle to live a life of meaning within the same context.
The book is available here.
Interview on Consciousness Leadership published in "Führung mit Sinn"
Wie Manager verantwortlich Zukunft gestalten
- Neuer Blick auf das bekannte thema Leadership: Was ist der Sinn von Führung?
- Basierend auf Coaching Gesprächen mit 14 Führungspersönlichkeiten aus 8 verschiedenen Ländern
- Für Führungskräfte auf der Suche nach einem sinnstiftenden Führungsbeitrag sowie Managern mit Interesse an sozialer Unternehmensverantwortung
Das Buch unterstützt Führungskräfte darin, den Weg zu nachhaltiger Führung zu gehen, unbequeme Fragen zu stellen und ihren Führungsbeitrag Schritt für Schritt neu zu definieren. Anhand von Coaching Gesprächen mit 14 Führungspersönlichkeiten aus acht verschiedenen Ländern und Interviews mit ausgewählten Persönlichkeiten zeigt Petra Künkel, wie wir wieder Verbindung mit unserer Suche nach Sinn aufnehmen können. Das Werk richtet sich an Führungskräfte, die sich als Folge gesellschaftlicher Entwicklungen, innerer Krisen oder Veränderungen ihrer Unternehmen die Frage nach ihren eigenen Werten stellen und wie sie diese mit ihrer professionellen Aufgabe in Einklang bringen.
The book is available here.