Sixteen years ago, IIX was born out of a vision—a bold, passionate belief that finance could be a force for good. We didn’t just see a need for change; we felt it deeply, as a fire in our hearts. We wanted to show the world that finance, this seemingly cold and inaccessible world of numbers and deals, could actually uplift lives, empower women, and build a more inclusive, sustainable economy.
This passion wasn’t just a word or a fleeting emotion. It was what drove me, day after day, to pull together the most brilliant and driven minds I could find. It’s what made my students at the Lee Kuan Yew School, like William Chua and Sikander Malik, rally around the idea that academia could embrace the real world and spark transformation. It’s what made me ask my friends—like Su Su, who had just left the Rockefeller Foundation, and Matt Kasdin, a senior lawyer who would later become our general counsel—to bring their expertise and their hearts into a venture that didn’t yet have a name. And it’s what made me turn to my husband, Robert Kraybill, a brilliant Wall Street banker who balanced his keen financial acumen with an unwavering belief in justice, to help dream up a business plan that dared to put inclusion and equity at the forefront.
When we launched, “impact investing” wasn’t even a term most people recognized. It wasn’t glamorous. It wasn’t popular. But we knew we were onto something. We knew that finance had the power to break down barriers, to level playing fields, and to bring resources to those who had been locked out for too long. And that belief—our passion—sustained us, even when we faced skepticism, rejection, and the sheer enormity of what we were trying to do.
Now, as we celebrate our 16th anniversary, we’re not just looking back on what we’ve accomplished. We’re also looking at the challenges that lie ahead. In a world where traditional powers are withdrawing from the global stage, it’s clear that we can’t rely on the old structures to lead the way. If anything, these shifting dynamics mean we must act with even greater passion, stepping in to fill the gaps and carving out new paths for inclusion, equity, and sustainability.
Lesson 1: Partnering Rather Than “Saving”
At the heart of our journey has been the understanding that change doesn’t come from swooping in to “save” others. The world doesn’t need saviors—it needs partners. It needs people who show up, listen, and build solutions together. That’s where our passion has truly shone: in creating partnerships that uplift communities rather than imposing one-size-fits-all answers.
One early example still stands out. In the Philippines, a group of women were crafting solar lanterns. They didn’t need handouts; they needed financing and access to markets. Together, we worked to find the right investors, people who saw their potential. The results were nothing short of inspiring. Those women lit up their communities—literally and figuratively—creating jobs, sending their children to school, and showing others what’s possible.
Lesson 2: The Power of Continuously Showing Up
Passion is not a one-time spark. It’s a constant, driving force that keeps you moving forward, especially when the path is full of obstacles. In those early days, I knocked on so many doors. I faced countless rejections from financial institutions that couldn’t see the potential in what we were doing. “This won’t work,” they said. “You’ll never get investors.”
But we showed up. Again. And again.
This resilience wasn’t mine alone. It was the social entrepreneurs who kept pushing even after setbacks. It was the IIX team, our PREMs —those late-night warriors—who wouldn’t rest until our ideas became reality. And the thousands joined the Orange Movement™, taking a stand for gender equality and proving that each pledge, each action, could drive real, systemic change. Over time, our passion turned into impact: over $402 million in investments flowing to previously overlooked communities, touching more than 150 million lives. That’s the power of showing up, fueled by the passion to keep going no matter what.
Lesson 3: Staying True to Our Vision, Even When It’s Unpopular
Sometimes passion means standing firm when others tell you you’re wrong. When we introduced the Women’s Livelihood Bond™, people said it was too ambitious, too risky. But we knew—deep down—that it had the power to change lives.
I can still remember presenting our bond concept to skeptical bankers. Their questions were sharp, their doubts palpable. But we knew what we were offering: a financial product that could empower women farmers in Vietnam, garment workers in Sri Lanka, and so many more. Today, that bond stands as proof that when you stick to your vision, you can reshape the way capital markets work.
A Future Fueled by Passion
As we look ahead, the challenges are immense. Climate change, economic inequality, and social unrest demand bold solutions. The global stage is shifting, and the old powers are stepping back. But if we’ve learned anything in these 16 years, it’s that passion can fill those gaps, drive innovation, and show the world that finance can be a force for good.
So here’s to our journey and the road ahead. It’s not easy, but it’s fueled by a fearless, unyielding passion for creating a more inclusive, equitable, and sustainable world. And we will continue to walk that path, not because it’s simple, but because it’s worth it. What better use of passion?
Prof. Durreen Shahnaz
CEO and Founder, Impact Investment Exchange