Amid all the economic uncertainty in the asset management landscape, one thing is still clear: Our strongest capital ecosystem provides equal representation and equal access. Since launching the Material Change Institute less than two years ago, we’ve witnessed signs of progress — especially among our amazing Fellows, who have increased their confidence and their influence as early-stage investors. But with recent studies showing that decision-making roles are still the industry’s least diverse, there’s undoubtedly more work to do.
As we welcome our 2023 Material Change Fellows and prepare for our first in-person summit, we’re taking a moment to reflect on both the progress we’ve made and all the opportunities for impact on the horizon.
Our Fellows’ incredible progress
When we founded the Material Change Institute, we envisioned an asset management ecosystem that offers multiple pathways to increased influence. Our Fellows are the heart of this ecosystem, and they represent an incredible diversity of backgrounds and journeys.
From our inaugural class to this year’s cohort, we have now welcomed nearly 50 Fellows to the Material Change family. These Fellows embody diversity in so many ways: 51% identify as women, 21% as LGBTQ, and 8% as neurodivergent. 79% describe themselves as people of color. But this diversity also extends to our Fellows’ life experiences, which shape their approach to creating new value.
Our Fellows are entrepreneurs, MDs and PhDs, community advocates, angel investors, impact investors, fund founders, managing partners and incubator directors. They’re climate innovators, financial inclusion pioneers, diversity advocates, healthcare experts, and social impact leaders. They hail from every pocket of the U.S. — from coastal urban ecosystems to smaller, often-overlooked markets — and from across the U.K., and Mexico. What unites them? A passion for shaping a capital ecosystem fueled by equal representation and equal access.
Throughout the program, we ask our Fellows to share feedback that helps us refine and continually shape our approach. Our first two classes have shared clear signs of progress:
- 91% of Fellows increased their network, investment skills, and confidence
- 46% of Fellows are working in investment organizations or have started their own fund
- 29% of Fellows transitioned from operator to investor within five months
Although confidence may seem like a subjective metric, there is a widespread misconception about what’s required to achieve influence within the industry. An MBA isn’t a prerequisite for success; confidence is. We’ve seen how confidence has fueled numerous Fellows along their unique paths to decision-making roles.
Every day, our alumni are using their skills and perspectives to shape which ideas are brought to market, which founders get funding, and who these innovations serve. In each cohort, we’ve had Fellows transition from operator to investor roles within just five months — and we’re thrilled to continue supporting them as they reshape the investment landscape.
But like our teachers, mentors, and partner funds, our Fellows understand how much more work is required to achieve equal representation. Our Fellows will have these opportunities in mind as they travel to Canada for this week’s Material Change Institute Summit.
More impact on the horizon
Anyone who follows the asset management landscape has already witnessed the impact of economic uncertainty on early-stage investments. Resilience and leadership have never been more important as investors evaluate opportunities in healthcare, climate, and other areas with the potential to shape our future.
As we reflect on our ecosystem’s first three years, we’re excited to welcome teachers, mentors, angels, VC investors, and Fellows from all three classes to our first in-person event. As with our Fellowship itself, the summit will give our ecosystem an opportunity to network, learn, and draw from diverse experiences as we create new value together.