everybody how’s everybody doing Pedro great speech you couldn’t have set
Pedro great speech you couldn’t have set
Pedro great speech you couldn’t have set set me up better as I as I talk to you
set me up better as I as I talk to you
set me up better as I as I talk to you guys today about the future of business
[Applause]
[Applause] great who can tell me what just happened
great who can tell me what just happened
great who can tell me what just happened okay that’s what movement building is
okay that’s what movement building is
okay that’s what movement building is all about and what’s happening today
all about and what’s happening today
all about and what’s happening today with the future of business is all about
with the future of business is all about
with the future of business is all about movements and what we do at the Hult
movements and what we do at the Hult
movements and what we do at the Hult prize which I founded about a decade ago
prize which I founded about a decade ago
prize which I founded about a decade ago is inspire people like Pedro to do what
is inspire people like Pedro to do what
is inspire people like Pedro to do what they do and do it best because all it
they do and do it best because all it
they do and do it best because all it takes is one I’m going to talk to you
takes is one I’m going to talk to you
takes is one I’m going to talk to you today about why impact is changing
today about why impact is changing
today about why impact is changing everything we know or used to know about
everything we know or used to know about
everything we know or used to know about business a little bit about me while
business a little bit about me while
business a little bit about me while some of you may or may not have heard
some of you may or may not have heard
some of you may or may not have heard about the Hult prize in our foundation
about the Hult prize in our foundation
about the Hult prize in our foundation I’ve probably been invited to Georgetown
I’ve probably been invited to Georgetown
I’ve probably been invited to Georgetown because of founding falafels Inc you
because of founding falafels Inc you
because of founding falafels Inc you know ten years of impact work and
know ten years of impact work and
know ten years of impact work and venture funding and 50 million dollars
venture funding and 50 million dollars
venture funding and 50 million dollars invested and little brown three cents to
invested and little brown three cents to
invested and little brown three cents to make falafel balls is what puts you on
make falafel balls is what puts you on
make falafel balls is what puts you on the map and get you to Georgetown but
the map and get you to Georgetown but
the map and get you to Georgetown but it’s uh it’s ironic bite size impact
it’s uh it’s ironic bite size impact
it’s uh it’s ironic bite size impact I’ve had I’ve had a very wonderful
I’ve had I’ve had a very wonderful
I’ve had I’ve had a very wonderful career in this space we have had the
career in this space we have had the
career in this space we have had the pleasure my organization of hope prize
pleasure my organization of hope prize
pleasure my organization of hope prize and I’ll talk to you a little bit about
and I’ll talk to you a little bit about
and I’ll talk to you a little bit about that but more so been able to advise and
that but more so been able to advise and
that but more so been able to advise and great companies I’m on the board of the
great companies I’m on the board of the
great companies I’m on the board of the United Nations Development Program and
United Nations Development Program and
United Nations Development Program and been recognized across the Middle East
been recognized across the Middle East
been recognized across the Middle East by some super-duper publications I’ve
by some super-duper publications I’ve
by some super-duper publications I’ve got this book how many books and writing
got this book how many books and writing
got this book how many books and writing and Millennials it’s called the pursuit
and Millennials it’s called the pursuit
and Millennials it’s called the pursuit of impact and I’ll talk to you a little
of impact and I’ll talk to you a little
of impact and I’ll talk to you a little bit more why I think this is today
bit more why I think this is today
bit more why I think this is today life’s greatest pursuit my career
life’s greatest pursuit my career
life’s greatest pursuit my career started in the impact space about ten
started in the impact space about ten
started in the impact space about ten years ago I launched something called
years ago I launched something called
years ago I launched something called the whole prize and the whole prize is
the whole prize and the whole prize is
the whole prize and the whole prize is the world’s largest program which gives
the world’s largest program which gives
the world’s largest program which gives students college students around the
students college students around the
students college students around the world a risk-free platform to do the
world a risk-free platform to do the
world a risk-free platform to do the things that Pedro did and some of the
things that Pedro did and some of the
things that Pedro did and some of the other great impact entrepreneurs and
other great impact entrepreneurs and
other great impact entrepreneurs and I’m super shocked I’ve got the winner of
I’m super shocked I’ve got the winner of
I’m super shocked I’ve got the winner of the 2016 halt prize in the front row
the 2016 halt prize in the front row
the 2016 halt prize in the front row stand up like left everybody should meet
stand up like left everybody should meet
stand up like left everybody should meet you yeah and I swear I swear to you it’s
you yeah and I swear I swear to you it’s
you yeah and I swear I swear to you it’s totally random that he’s here
totally random that he’s here
totally random that he’s here but Wyclef was a student and that whole
but Wyclef was a student and that whole
but Wyclef was a student and that whole prize we run thematic challenges every
prize we run thematic challenges every
prize we run thematic challenges every year and we have young people who don’t
year and we have young people who don’t
year and we have young people who don’t necessarily have an idea come together
necessarily have an idea come together
necessarily have an idea come together as a team and try to solve a challenge
as a team and try to solve a challenge
as a team and try to solve a challenge that we set every single year so in 2016
that we set every single year so in 2016
that we set every single year so in 2016 it was doubling the income of urban
it was doubling the income of urban
it was doubling the income of urban populations through connectivity and why
populations through connectivity and why
populations through connectivity and why clefts company was formed as a response
clefts company was formed as a response
clefts company was formed as a response to the whole prize challenge we have
to the whole prize challenge we have
to the whole prize challenge we have almost a hundred thousand participants
almost a hundred thousand participants
almost a hundred thousand participants every year between volunteers who
every year between volunteers who
every year between volunteers who organize on campuses and participants
organize on campuses and participants
organize on campuses and participants and his team emerged through multiple
and his team emerged through multiple
and his team emerged through multiple rounds on campus in country in region
rounds on campus in country in region
rounds on campus in country in region and then went to our incubator and then
and then went to our incubator and then
and then went to our incubator and then finally won and today I’m super excited
finally won and today I’m super excited
finally won and today I’m super excited to announce that why clefts company boo
to announce that why clefts company boo
to announce that why clefts company boo paths since winning the whole prize just
paths since winning the whole prize just
paths since winning the whole prize just in 2016 when 12 months before that had
in 2016 when 12 months before that had
in 2016 when 12 months before that had never even thought of becoming
never even thought of becoming
never even thought of becoming entrepreneurs impact entrepreneurs is
entrepreneurs impact entrepreneurs is
entrepreneurs impact entrepreneurs is today one of Africa’s largest
today one of Africa’s largest
today one of Africa’s largest transportation companies and they’ve
transportation companies and they’ve
transportation companies and they’ve just won a contract which makes them the
just won a contract which makes them the
just won a contract which makes them the official ticketing agent using their
official ticketing agent using their
official ticketing agent using their technology which connects people in
technology which connects people in
technology which connects people in rural to people in urban for increased
rural to people in urban for increased
rural to people in urban for increased economic opportunities in all of Kenya
economic opportunities in all of Kenya
economic opportunities in all of Kenya okay
okay
okay that’s the power of the Hult prize
that’s the power of the Hult prize
that’s the power of the Hult prize platform we’ve partnered up with the
platform we’ve partnered up with the
platform we’ve partnered up with the United Nations this is if you can’t
United Nations this is if you can’t
United Nations this is if you can’t really see the picture but we’ve got
really see the picture but we’ve got
really see the picture but we’ve got President Bill Clinton right there in
President Bill Clinton right there in
President Bill Clinton right there in the middle and behind them is the winner
the middle and behind them is the winner
the middle and behind them is the winner of this past year’s hall prize which was
of this past year’s hall prize which was
of this past year’s hall prize which was all about refugees and a team out of
all about refugees and a team out of
all about refugees and a team out of Rutgers University for Muslim Americans
Rutgers University for Muslim Americans
Rutgers University for Muslim Americans from Rutgers won by creating a
from Rutgers won by creating a
from Rutgers won by creating a point-to-point ride-sharing system and
point-to-point ride-sharing system and
point-to-point ride-sharing system and that’s what we do a whole prize but
that’s what we do a whole prize but
that’s what we do a whole prize but again I’m going to talk to a little bit
again I’m going to talk to a little bit
again I’m going to talk to a little bit more about why this business the
more about why this business the
more about why this business the business of impact is on the rise 2012
business of impact is on the rise 2012
business of impact is on the rise 2012 we were recognized what seems like an
we were recognized what seems like an
we were recognized what seems like an ages ago as one of the top five ideas
ages ago as one of the top five ideas
ages ago as one of the top five ideas changing the world I wasn’t exactly sure
changing the world I wasn’t exactly sure
changing the world I wasn’t exactly sure I knew we were having impact then but I
I knew we were having impact then but I
I knew we were having impact then but I didn’t realize it until about a year ago
didn’t realize it until about a year ago
didn’t realize it until about a year ago why President Clinton had the foresight
why President Clinton had the foresight
why President Clinton had the foresight to tell us and tell the world that the
to tell us and tell the world that the
to tell us and tell the world that the platform we had set up again a risk-free
platform we had set up again a risk-free
platform we had set up again a risk-free platform which allows young people
platform which allows young people
platform which allows young people around the world to dream and create and
around the world to dream and create and
around the world to dream and create and then we provide the shortcuts to
then we provide the shortcuts to
then we provide the shortcuts to entrepreneurship around it was something
entrepreneurship around it was something
entrepreneurship around it was something that was gaining global recognition and
that was gaining global recognition and
that was gaining global recognition and soli but surely we begin cracking the
soli but surely we begin cracking the
soli but surely we begin cracking the code we’re on the front page of this
code we’re on the front page of this
code we’re on the front page of this newspaper front page of that right what
newspaper front page of that right what
newspaper front page of that right what was it about
was it about
was it about and then the Vatican came knocking and I
and then the Vatican came knocking and I
and then the Vatican came knocking and I was lucky enough with a group of
was lucky enough with a group of
was lucky enough with a group of founding partners to design a program
founding partners to design a program
founding partners to design a program called the Lada Tosi challenge
called the Lada Tosi challenge
called the Lada Tosi challenge co-founder along with one of my dear
co-founder along with one of my dear
co-founder along with one of my dear friends trusted brothers Eric heart of
friends trusted brothers Eric heart of
friends trusted brothers Eric heart of this program that empowers young people
this program that empowers young people
this program that empowers young people again to solve climate change in
again to solve climate change in
again to solve climate change in migration issues inspired by His
migration issues inspired by His
migration issues inspired by His Holiness Pope Francis so now you’ve got
Holiness Pope Francis so now you’ve got
Holiness Pope Francis so now you’ve got politicians you’ve got religious
politicians you’ve got religious
politicians you’ve got religious institutions and you’ve got everyone in
institutions and you’ve got everyone in
institutions and you’ve got everyone in the world talking about young people and
the world talking about young people and
the world talking about young people and developing business that both serve
developing business that both serve
developing business that both serve humanity and serve capitalists
humanity and serve capitalists
humanity and serve capitalists simultaneously right and then there was
simultaneously right and then there was
simultaneously right and then there was this about six months ago falafel Inc
this about six months ago falafel Inc
this about six months ago falafel Inc right how many of you been to falafel
right how many of you been to falafel
right how many of you been to falafel amazing you know again I’m always
amazing you know again I’m always
amazing you know again I’m always humbled when I talked to be like oh what
humbled when I talked to be like oh what
humbled when I talked to be like oh what are you going to George how you talking
are you going to George how you talking
are you going to George how you talking about Holt prize and your portfolio of
about Holt prize and your portfolio of
about Holt prize and your portfolio of amazing I was a no no I’m talking about
amazing I was a no no I’m talking about
amazing I was a no no I’m talking about falafel and hummus and it’s been it’s
falafel and hummus and it’s been it’s
falafel and hummus and it’s been it’s been a great honor but here we’ve built
been a great honor but here we’ve built
been a great honor but here we’ve built a business model which validates that
a business model which validates that
a business model which validates that the future of businesses impact to date
the future of businesses impact to date
the future of businesses impact to date we’ve been open less than six months
we’ve been open less than six months
we’ve been open less than six months we’ve fed over 35,000 refugees we employ
we’ve fed over 35,000 refugees we employ
we’ve fed over 35,000 refugees we employ to refugees full-time and we’ve just
to refugees full-time and we’ve just
to refugees full-time and we’ve just secured enough backing to open a minimum
secured enough backing to open a minimum
secured enough backing to open a minimum of 100 stores around the world
of 100 stores around the world
of 100 stores around the world after opening those hundred stores will
after opening those hundred stores will
after opening those hundred stores will literally be feeding more than five
literally be feeding more than five
literally be feeding more than five million refugees a year okay every store
million refugees a year okay every store
million refugees a year okay every store employs about ten we have publicly
employs about ten we have publicly
employs about ten we have publicly traded companies trying to acquire our
traded companies trying to acquire our
traded companies trying to acquire our brand today what that means is the idea
brand today what that means is the idea
brand today what that means is the idea of social innovation premium is true
of social innovation premium is true
of social innovation premium is true it’s not just about how much money goes
it’s not just about how much money goes
it’s not just about how much money goes to your bottom line you can achieve
to your bottom line you can achieve
to your bottom line you can achieve market validation and maximizing
market validation and maximizing
market validation and maximizing shareholder wealth which is what every
shareholder wealth which is what every
shareholder wealth which is what every business is meant to do
business is meant to do
business is meant to do maximize shareholder value by achieving
maximize shareholder value by achieving
maximize shareholder value by achieving impact what’s driving this you don’t
impact what’s driving this you don’t
impact what’s driving this you don’t take anything away from today’s TEDx
take anything away from today’s TEDx
take anything away from today’s TEDx talk it should be this slide by 2060 60
talk it should be this slide by 2060 60
talk it should be this slide by 2060 60 trillion dollars will be transferred
trillion dollars will be transferred
trillion dollars will be transferred from our parents and grandparents and
from our parents and grandparents and
from our parents and grandparents and great-grandparents generation to
great-grandparents generation to
great-grandparents generation to Millennials the first five trillion by
Millennials the first five trillion by
Millennials the first five trillion by 2022 what does that mean that means that
2022 what does that mean that means that
2022 what does that mean that means that the people controlling the money will be
the people controlling the money will be
the people controlling the money will be in charge and why it is them being in
in charge and why it is them being in
in charge and why it is them being in charge matter because Millennials make
charge matter because Millennials make
charge matter because Millennials make decisions differently than every single
decisions differently than every single
decisions differently than every single generation before them here’s the data
generation before them here’s the data
generation before them here’s the data that proves it this is Hult prize data
that proves it this is Hult prize data
that proves it this is Hult prize data plus nielsen global research eight out
plus nielsen global research eight out
plus nielsen global research eight out of ten Millennials choose brands that
of ten Millennials choose brands that
of ten Millennials choose brands that they can associate and affiliate impact
they can associate and affiliate impact
they can associate and affiliate impact to all else being equal they don’t have
to all else being equal they don’t have
to all else being equal they don’t have to go out of their way they get at least
to go out of their way they get at least
to go out of their way they get at least that minimum the same quality and
that minimum the same quality and
that minimum the same quality and service or product and the cost is equal
service or product and the cost is equal
service or product and the cost is equal sixty percent pay a premium and these
sixty percent pay a premium and these
sixty percent pay a premium and these numbers are going up every single day
numbers are going up every single day
numbers are going up every single day every single year so corporations of the
every single year so corporations of the
every single year so corporations of the future understand and that’s why people
future understand and that’s why people
future understand and that’s why people say the idea of social entrepreneurship
say the idea of social entrepreneurship
say the idea of social entrepreneurship versus regular entrepreneurship the
versus regular entrepreneurship the
versus regular entrepreneurship the lines are no longer black and white
lines are no longer black and white
lines are no longer black and white they’re coming together as one because
they’re coming together as one because
they’re coming together as one because if you want to be relevant in the next
if you want to be relevant in the next
if you want to be relevant in the next decade I assure you look at the data the
decade I assure you look at the data the
decade I assure you look at the data the sixty trillion dollars in wealth
sixty trillion dollars in wealth
sixty trillion dollars in wealth transfer and the Millennial buying
transfer and the Millennial buying
transfer and the Millennial buying behavior right it’s not just purchasing
behavior right it’s not just purchasing
behavior right it’s not just purchasing guys my friends right now I’m born in 82
guys my friends right now I’m born in 82
guys my friends right now I’m born in 82 so I’m on the very tail end of the
so I’m on the very tail end of the
so I’m on the very tail end of the millennial generation so my friends now
millennial generation so my friends now
millennial generation so my friends now are taking over come I have friends who
are taking over come I have friends who
are taking over come I have friends who run publicly traded fortune 1000
run publicly traded fortune 1000
run publicly traded fortune 1000 companies they’re my age they’re making
companies they’re my age they’re making
companies they’re my age they’re making decisions differently
decisions differently
decisions differently right you think when Pedro is 23 by the
right you think when Pedro is 23 by the
right you think when Pedro is 23 by the way congratulations you think when when
way congratulations you think when when
way congratulations you think when when Pedro is going to sell its company
Pedro is going to sell its company
Pedro is going to sell its company eventually guys don’t don’t get it
eventually guys don’t don’t get it
eventually guys don’t don’t get it twisted he’s going to put a handsome
twisted he’s going to put a handsome
twisted he’s going to put a handsome paycheck in his pocket do you think he’s
paycheck in his pocket do you think he’s
paycheck in his pocket do you think he’s just going to
just going to
just going to chase bottom-line he’s gonna make every
chase bottom-line he’s gonna make every
chase bottom-line he’s gonna make every single decision hiring spending R&D okay
single decision hiring spending R&D okay
single decision hiring spending R&D okay his cofounders are all going to spin off
his cofounders are all going to spin off
his cofounders are all going to spin off other companies that all do the same the
other companies that all do the same the
other companies that all do the same the world is changing right now okay now
world is changing right now okay now
world is changing right now okay now let’s go to my story I wasn’t always
let’s go to my story I wasn’t always
let’s go to my story I wasn’t always this shared value economy guy I actually
this shared value economy guy I actually
this shared value economy guy I actually began my career on Wall Street and I
began my career on Wall Street and I
began my career on Wall Street and I enjoyed it I didn’t choose Wall Street
enjoyed it I didn’t choose Wall Street
enjoyed it I didn’t choose Wall Street because I wanted to make the most amount
because I wanted to make the most amount
because I wanted to make the most amount of money that I could in my time right
of money that I could in my time right
of money that I could in my time right one of my time
one of my time
one of my time it’s like forever ago I graduated in
it’s like forever ago I graduated in
it’s like forever ago I graduated in 2000 high school and my parents
2000 high school and my parents
2000 high school and my parents immigrated to the u.s. from Palestine
immigrated to the u.s. from Palestine
immigrated to the u.s. from Palestine pretty much nothing and as the child of
pretty much nothing and as the child of
pretty much nothing and as the child of immigrants I wanted to repay mom and dad
immigrants I wanted to repay mom and dad
immigrants I wanted to repay mom and dad all right
all right
all right not literally figuratively I wanted mom
not literally figuratively I wanted mom
not literally figuratively I wanted mom to be proud when she called her sisters
to be proud when she called her sisters
to be proud when she called her sisters and brothers and family back home what
and brothers and family back home what
and brothers and family back home what does your son do and she had to give
does your son do and she had to give
does your son do and she had to give them the bad news that I wasn’t an
them the bad news that I wasn’t an
them the bad news that I wasn’t an engineer or a doctor
engineer or a doctor
engineer or a doctor right they had come to the US and you
right they had come to the US and you
right they had come to the US and you know we were five and none of us studied
know we were five and none of us studied
know we were five and none of us studied medicine right but I thought if I
medicine right but I thought if I
medicine right but I thought if I maximized wealth then we’d have a great
maximized wealth then we’d have a great
maximized wealth then we’d have a great store in her hands it’s not because I
store in her hands it’s not because I
store in her hands it’s not because I love money it was because back then
love money it was because back then
love money it was because back then society told us that maximizing income
society told us that maximizing income
society told us that maximizing income was a way of success social success
was a way of success social success
was a way of success social success that’s what I was after the money and I
that’s what I was after the money and I
that’s what I was after the money and I was a damn good investment banker so I
was a damn good investment banker so I
was a damn good investment banker so I graduated undergrad played college
graduated undergrad played college
graduated undergrad played college football and went on first first stop
football and went on first first stop
football and went on first first stop New York I had my Series seven in 63
New York I had my Series seven in 63
New York I had my Series seven in 63 before I got in right my last year of
before I got in right my last year of
before I got in right my last year of college I took literally graduated in
college I took literally graduated in
college I took literally graduated in three and a half years and that last
three and a half years and that last
three and a half years and that last half year I got my securities licenses
half year I got my securities licenses
half year I got my securities licenses by the age of 25 I was one of the top
by the age of 25 I was one of the top
by the age of 25 I was one of the top investment bankers trading CMBS
investment bankers trading CMBS
investment bankers trading CMBS commercial mortgage-backed security who
commercial mortgage-backed security who
commercial mortgage-backed security who knows what those are right are we are we
knows what those are right are we are we
knows what those are right are we are we now too old
now too old
now too old right this is the financial instrument
right this is the financial instrument
right this is the financial instrument which collapsed the financial market
which collapsed the financial market
which collapsed the financial market okay March 6 2009 a day I won’t ever
okay March 6 2009 a day I won’t ever
okay March 6 2009 a day I won’t ever forget
forget
forget Dow Jones 6200 some points I’m commuting
Dow Jones 6200 some points I’m commuting
Dow Jones 6200 some points I’m commuting now between Washington DC and New York
now between Washington DC and New York
now between Washington DC and New York and the Middle East I’m raising money
and the Middle East I’m raising money
and the Middle East I’m raising money from the Arab world because of my
from the Arab world because of my
from the Arab world because of my background and fluent in Arabic and
background and fluent in Arabic and
background and fluent in Arabic and placing it against us real estate I had
placing it against us real estate I had
placing it against us real estate I had a portfolio of over three billion
a portfolio of over three billion
a portfolio of over three billion dollars and a pipeline three times as
dollars and a pipeline three times as
dollars and a pipeline three times as big right getting paid commissions on
big right getting paid commissions on
big right getting paid commissions on every deal boom boom boom boom boom and
every deal boom boom boom boom boom and
every deal boom boom boom boom boom and then the market all came crashing down I
then the market all came crashing down I
then the market all came crashing down I laid off 50 people overnight and then
laid off 50 people overnight and then
laid off 50 people overnight and then began to rethink everything and I said
began to rethink everything and I said
began to rethink everything and I said there has to be more but what is it
there has to be more but what is it
there has to be more but what is it right I thought it was money right and
right I thought it was money right and
right I thought it was money right and in the ten years since I had graduated
in the ten years since I had graduated
in the ten years since I had graduated from high school and had this kind of
from high school and had this kind of
from high school and had this kind of peak of my career in finance
peak of my career in finance
peak of my career in finance the world changed right all of you guys
the world changed right all of you guys
the world changed right all of you guys came into being right inter connectivity
came into being right inter connectivity
came into being right inter connectivity ICT information communication technology
ICT information communication technology
ICT information communication technology kept us now from being able to turn a
kept us now from being able to turn a
kept us now from being able to turn a blind eye to the social challenges
blind eye to the social challenges
blind eye to the social challenges people were blaming Wall Street business
people were blaming Wall Street business
people were blaming Wall Street business school and every other profit-making
school and every other profit-making
school and every other profit-making entity for the collapse of what was the
entity for the collapse of what was the
entity for the collapse of what was the greatest financial recession in history
greatest financial recession in history
greatest financial recession in history her second biggest depending on who you
her second biggest depending on who you
her second biggest depending on who you ask
ask
ask so what was it so I went back to
so what was it so I went back to
so what was it so I went back to business school because I wasn’t sure
business school because I wasn’t sure
business school because I wasn’t sure along with all my other friends right
along with all my other friends right
along with all my other friends right and those that any go back to business
and those that any go back to business
and those that any go back to business school they were looking for something
school they were looking for something
school they were looking for something also but maybe they had not thought it
also but maybe they had not thought it
also but maybe they had not thought it was money
was money
was money they thought it was fame this was the
they thought it was fame this was the
they thought it was fame this was the advent now you’re talking 2009 in 2010
advent now you’re talking 2009 in 2010
advent now you’re talking 2009 in 2010 right a lot of people were beginning to
right a lot of people were beginning to
right a lot of people were beginning to get on you talking about snapchat right
get on you talking about snapchat right
get on you talking about snapchat right before that you add the Facebook and you
before that you add the Facebook and you
before that you add the Facebook and you had other technology platforms which
had other technology platforms which
had other technology platforms which were creating social media networks and
were creating social media networks and
were creating social media networks and people were trying to beginning to for
people were trying to beginning to for
people were trying to beginning to for the first time to build these great
the first time to build these great
the first time to build these great social profiles online and fame became a
social profiles online and fame became a
social profiles online and fame became a huge motivator but they were getting
huge motivator but they were getting
huge motivator but they were getting that and people were still coming up
that and people were still coming up
that and people were still coming up empty so certainly it’s not making money
empty so certainly it’s not making money
empty so certainly it’s not making money and it’s not getting famous it’s got to
and it’s not getting famous it’s got to
and it’s not getting famous it’s got to be pedigree right I’m gonna go to
be pedigree right I’m gonna go to
be pedigree right I’m gonna go to Harvard and we come to Georgetown right
Harvard and we come to Georgetown right
Harvard and we come to Georgetown right nothing wrong with coming to school here
nothing wrong with coming to school here
nothing wrong with coming to school here but a lot of folks in my generation
but a lot of folks in my generation
but a lot of folks in my generation thought you know what it’s not going to
thought you know what it’s not going to
thought you know what it’s not going to work making money let me go down the
work making money let me go down the
work making money let me go down the path a pedigree they were kind of right
path a pedigree they were kind of right
path a pedigree they were kind of right right some of them went to business
right some of them went to business
right some of them went to business schools some went to foundations others
schools some went to foundations others
schools some went to foundations others went
went
went back maybe to their home countries that
back maybe to their home countries that
back maybe to their home countries that were immigrants to have this idea of
were immigrants to have this idea of
were immigrants to have this idea of pedigree helping people achieving social
pedigree helping people achieving social
pedigree helping people achieving social status social inclusion but you come up
status social inclusion but you come up
status social inclusion but you come up empty until you pursue impact and what
empty until you pursue impact and what
empty until you pursue impact and what we discovered whether it’s falafel Inc
we discovered whether it’s falafel Inc
we discovered whether it’s falafel Inc the Lada Tosi challenge or the whole
the Lada Tosi challenge or the whole
the Lada Tosi challenge or the whole prize
prize
prize unlocking the pursuit of impact can get
unlocking the pursuit of impact can get
unlocking the pursuit of impact can get you wealth can get you fame and can get
you wealth can get you fame and can get
you wealth can get you fame and can get you all this thinking pedigree you need
you all this thinking pedigree you need
you all this thinking pedigree you need because there is no better gift to
because there is no better gift to
because there is no better gift to humanity than helping the world and
humanity than helping the world and
humanity than helping the world and impacting people’s lives what is impact
impacting people’s lives what is impact
impacting people’s lives what is impact changing the trajectory of people
changing the trajectory of people
changing the trajectory of people business society culture you change the
business society culture you change the
business society culture you change the trajectory so I have impact on your life
trajectory so I have impact on your life
trajectory so I have impact on your life maybe not today but at any time in your
maybe not today but at any time in your
maybe not today but at any time in your lifetime this presentation changes your
lifetime this presentation changes your
lifetime this presentation changes your view on the world than I’ve had impact
view on the world than I’ve had impact
view on the world than I’ve had impact on you the business of impact today for
on you the business of impact today for
on you the business of impact today for every dollar spent okay every one out of
every dollar spent okay every one out of
every dollar spent okay every one out of five is spent on impact and that number
five is spent on impact and that number
five is spent on impact and that number is just growing the business of impact
is just growing the business of impact
is just growing the business of impact is an eight trillion dollar industry
is an eight trillion dollar industry
is an eight trillion dollar industry today and remember by 2060 sixty
today and remember by 2060 sixty
today and remember by 2060 sixty trillion dollars is being transferred
trillion dollars is being transferred
trillion dollars is being transferred what’s the magic well this is what we
what’s the magic well this is what we
what’s the magic well this is what we teach a whole prize and this is the
teach a whole prize and this is the
teach a whole prize and this is the fundamental attributes that I built
fundamental attributes that I built
fundamental attributes that I built falafel Inc off of build businesses of
falafel Inc off of build businesses of
falafel Inc off of build businesses of the future that are impact centered
the future that are impact centered
the future that are impact centered profit minded and market driven impact
profit minded and market driven impact
profit minded and market driven impact centered means every decision you make
centered means every decision you make
centered means every decision you make yields in net impact hiring spending
yields in net impact hiring spending
yields in net impact hiring spending research product service all of it
research product service all of it
research product service all of it profit minded means you haven’t built a
profit minded means you haven’t built a
profit minded means you haven’t built a business which depends on charity you
business which depends on charity you
business which depends on charity you build businesses that have business
build businesses that have business
build businesses that have business models attached to them which means
models attached to them which means
models attached to them which means simply by existing you generate revenue
simply by existing you generate revenue
simply by existing you generate revenue and you have impact all you have to do
and you have impact all you have to do
and you have impact all you have to do is exist when your lights go on you
is exist when your lights go on you
is exist when your lights go on you don’t have to think it’s not literally
don’t have to think it’s not literally
don’t have to think it’s not literally selling a product taking a percentage of
selling a product taking a percentage of
selling a product taking a percentage of profits and donating it
profits and donating it
profits and donating it that’s 1.0 it needs to be designed for
that’s 1.0 it needs to be designed for
that’s 1.0 it needs to be designed for impact
impact
impact and finally market driven you’re solving
and finally market driven you’re solving
and finally market driven you’re solving a market-based challenge simple right
a market-based challenge simple right
a market-based challenge simple right the nice thing about building the
the nice thing about building the
the nice thing about building the companies correctly based on inputs is
companies correctly based on inputs is
companies correctly based on inputs is guess what the output that you need to
guess what the output that you need to
guess what the output that you need to measure is not the 31 or 60 or 100 that
measure is not the 31 or 60 or 100 that
measure is not the 31 or 60 or 100 that you often see it’s $1.00 make money at
you often see it’s $1.00 make money at
you often see it’s $1.00 make money at falafel Inc all we have to do is count
falafel Inc all we have to do is count
falafel Inc all we have to do is count how much money revenue comes through the
how much money revenue comes through the
how much money revenue comes through the door our charter for our company employs
door our charter for our company employs
door our charter for our company employs and empowers refugees for every 10 bucks
and empowers refugees for every 10 bucks
and empowers refugees for every 10 bucks spent in store we have a literally a
spent in store we have a literally a
spent in store we have a literally a contract signed with the World Food
contract signed with the World Food
contract signed with the World Food Program that they can take us to court
Program that they can take us to court
Program that they can take us to court over if we don’t fulfill our end of the
over if we don’t fulfill our end of the
over if we don’t fulfill our end of the obligation this is a company that’s
obligation this is a company that’s
obligation this is a company that’s designed for impact and there’s many
designed for impact and there’s many
designed for impact and there’s many many others the reason that measuring
many others the reason that measuring
many others the reason that measuring dollars matters is because folks the
dollars matters is because folks the
dollars matters is because folks the world is capitalistic you’re gonna grow
world is capitalistic you’re gonna grow
world is capitalistic you’re gonna grow up you’re gonna get out of school you’re
up you’re gonna get out of school you’re
up you’re gonna get out of school you’re gonna mature and your jobs whatever the
gonna mature and your jobs whatever the
gonna mature and your jobs whatever the case is and you’re gonna realize you
case is and you’re gonna realize you
case is and you’re gonna realize you need to make money cuz that’s the
need to make money cuz that’s the
need to make money cuz that’s the currency from now till bitcoin if you
currency from now till bitcoin if you
currency from now till bitcoin if you haven’t gotten to Bitcoin it’s not too
haven’t gotten to Bitcoin it’s not too
haven’t gotten to Bitcoin it’s not too early I just started buying shares about
early I just started buying shares about
early I just started buying shares about three months ago and I’m in the space
three months ago and I’m in the space
three months ago and I’m in the space like I took me that long to believe but
like I took me that long to believe but
like I took me that long to believe but for now right the only currency that you
for now right the only currency that you
for now right the only currency that you can remit you can’t go remix the social
can remit you can’t go remix the social
can remit you can’t go remix the social impact you’re having four dollars today
impact you’re having four dollars today
impact you’re having four dollars today you can only remit dollars right for
you can only remit dollars right for
you can only remit dollars right for impact
impact
impact you need money so if you build your
you need money so if you build your
you need money so if you build your company correctly then you just count
company correctly then you just count
company correctly then you just count the revenue
the revenue
the revenue here’s companies doing it today Paul
here’s companies doing it today Paul
here’s companies doing it today Paul Paul Manzano advisory board he serves as
Paul Manzano advisory board he serves as
Paul Manzano advisory board he serves as a judge for the Hult prize he’s the CEO
a judge for the Hult prize he’s the CEO
a judge for the Hult prize he’s the CEO of Unilever he doesn’t talk about
of Unilever he doesn’t talk about
of Unilever he doesn’t talk about Unilever in terms of P&L he looks at
Unilever in terms of P&L he looks at
Unilever in terms of P&L he looks at social innovation pipeline he’s looking
social innovation pipeline he’s looking
social innovation pipeline he’s looking at the design of their product how much
at the design of their product how much
at the design of their product how much impact can have his products and
impact can have his products and
impact can have his products and services have on society and he knows
services have on society and he knows
services have on society and he knows that’s going to drive up market price
that’s going to drive up market price
that’s going to drive up market price another example you see here on the
another example you see here on the
another example you see here on the screen is a spire food group 2013 halt
screen is a spire food group 2013 halt
screen is a spire food group 2013 halt Prize winner I just took boo pass out
Prize winner I just took boo pass out
Prize winner I just took boo pass out Wyclef I had you
Wyclef I had you
Wyclef I had you on the screen to aspire food group folks
on the screen to aspire food group folks
on the screen to aspire food group folks is a company which is the largest
is a company which is the largest
is a company which is the largest manufacturer of insects as a human
manufacturer of insects as a human
manufacturer of insects as a human consumable they’ve got a valuation today
consumable they’ve got a valuation today
consumable they’ve got a valuation today of well over a hundred million dollars
of well over a hundred million dollars
of well over a hundred million dollars they started with nothing they were an
they started with nothing they were an
they started with nothing they were an entry into the whole price a medical
entry into the whole price a medical
entry into the whole price a medical student and engineer a former investment
student and engineer a former investment
student and engineer a former investment banker and a lawyer at McGill today
banker and a lawyer at McGill today
banker and a lawyer at McGill today they’re all millionaires and they’re
they’re all millionaires and they’re
they’re all millionaires and they’re getting livestock out of the ecosystem
getting livestock out of the ecosystem
getting livestock out of the ecosystem and by doing that they’re able to not
and by doing that they’re able to not
and by doing that they’re able to not just save the environment but they’re
just save the environment but they’re
just save the environment but they’re able to provide an equivalent
able to provide an equivalent
able to provide an equivalent like-for-like product in terms of
like-for-like product in terms of
like-for-like product in terms of protein right they’ve created a soluble
protein right they’ve created a soluble
protein right they’ve created a soluble powder colorless literally this despair
powder colorless literally this despair
powder colorless literally this despair that you can add in to anything and it’s
that you can add in to anything and it’s
that you can add in to anything and it’s made from crickets which take literally
made from crickets which take literally
made from crickets which take literally twenty-one over twenty five hundred less
twenty-one over twenty five hundred less
twenty-one over twenty five hundred less gallons of water to produce so the
gallons of water to produce so the
gallons of water to produce so the equivalent one pound of protein 2,500
equivalent one pound of protein 2,500
equivalent one pound of protein 2,500 gallons one pound of cricket protein one
gallons one pound of cricket protein one
gallons one pound of cricket protein one gallon of water by existing and making
gallon of water by existing and making
gallon of water by existing and making money they’re having that impact on the
money they’re having that impact on the
money they’re having that impact on the world right now falafel Inc right this
world right now falafel Inc right this
world right now falafel Inc right this put at the end it’s what you all been
put at the end it’s what you all been
put at the end it’s what you all been waiting for right what’s our story so
waiting for right what’s our story so
waiting for right what’s our story so falafel Inc folks was created about six
falafel Inc folks was created about six
falafel Inc folks was created about six months ago we had a refugee challenge at
months ago we had a refugee challenge at
months ago we had a refugee challenge at the whole price and a lot of our
the whole price and a lot of our
the whole price and a lot of our startups were asking us how do you build
startups were asking us how do you build
startups were asking us how do you build a company that could both make money and
a company that could both make money and
a company that could both make money and be profitable as well as impact the
be profitable as well as impact the
be profitable as well as impact the refugee crisis as the CEO of the whole
refugee crisis as the CEO of the whole
refugee crisis as the CEO of the whole price I thought well it’s my job to at
price I thought well it’s my job to at
price I thought well it’s my job to at least create a company that validates we
least create a company that validates we
least create a company that validates we asked young people like we do every year
asked young people like we do every year
asked young people like we do every year we challenge them with one problem and
we challenge them with one problem and
we challenge them with one problem and that problem was can we transform the
that problem was can we transform the
that problem was can we transform the lives and restore the rights and dignity
lives and restore the rights and dignity
lives and restore the rights and dignity of ten million refugees in five years
of ten million refugees in five years
of ten million refugees in five years right it’s a hard task right so I’m
right it’s a hard task right so I’m
right it’s a hard task right so I’m Palestinian we love eating hummus and
Palestinian we love eating hummus and
Palestinian we love eating hummus and falafel it’s all right
falafel it’s all right
falafel it’s all right it’s our street food so my wife was
it’s our street food so my wife was
it’s our street food so my wife was literally I live in Northern Virginia I
literally I live in Northern Virginia I
literally I live in Northern Virginia I call that home my wife was in Georgetown
call that home my wife was in Georgetown
call that home my wife was in Georgetown and she called me she said quick pitas
and she called me she said quick pitas
and she called me she said quick pitas for sale buy it and I said what am I
for sale buy it and I said what am I
for sale buy it and I said what am I going to do with it she said
going to do with it she said
going to do with it she said no don’t you always have this dream of a
no don’t you always have this dream of a
no don’t you always have this dream of a fatigue for that in the homeless shop
fatigue for that in the homeless shop
fatigue for that in the homeless shop you know it’s like sorry immigrants you
you know it’s like sorry immigrants you
you know it’s like sorry immigrants you know we love opening restaurants and gas
know we love opening restaurants and gas
know we love opening restaurants and gas stations once we’ve made it right
stations once we’ve made it right
stations once we’ve made it right everybody can attest to that
everybody can attest to that
everybody can attest to that so you know one thing led to another and
so you know one thing led to another and
so you know one thing led to another and we got into the business and then
we got into the business and then
we got into the business and then because I run the whole prize I had no
because I run the whole prize I had no
because I run the whole prize I had no other choice but to turn it into a
other choice but to turn it into a
other choice but to turn it into a social enterprise what we do so we
social enterprise what we do so we
social enterprise what we do so we thought how do we create a product so we
thought how do we create a product so we
thought how do we create a product so we said what are the three characteristics
said what are the three characteristics
said what are the three characteristics that people are looking for in food and
that people are looking for in food and
that people are looking for in food and thank you to Georgetown who actually put
thank you to Georgetown who actually put
thank you to Georgetown who actually put us on the map you want the truth we said
us on the map you want the truth we said
us on the map you want the truth we said we need to make it
we need to make it
we need to make it I have affordable but the reality that
I have affordable but the reality that
I have affordable but the reality that the word is cheap you just can’t use
the word is cheap you just can’t use
the word is cheap you just can’t use that in marketing right an affordable
that in marketing right an affordable
that in marketing right an affordable product right second is has impact
product right second is has impact
product right second is has impact because remember that slide I showed you
because remember that slide I showed you
because remember that slide I showed you about eight out of ten
about eight out of ten
about eight out of ten Millennials prefer it’s true whether you
Millennials prefer it’s true whether you
Millennials prefer it’s true whether you do it consciously or not so we designed
do it consciously or not so we designed
do it consciously or not so we designed the impact inside I just use our own
the impact inside I just use our own
the impact inside I just use our own framework not very complicated said how
framework not very complicated said how
framework not very complicated said how do we make sure there’s impact right and
do we make sure there’s impact right and
do we make sure there’s impact right and how do we create we went after vegan
how do we create we went after vegan
how do we create we went after vegan right away right and then we said ah we
right away right and then we said ah we
right away right and then we said ah we can’t get all the way there let’s at
can’t get all the way there let’s at
can’t get all the way there let’s at least go vegetarian right no sure where
least go vegetarian right no sure where
least go vegetarian right no sure where am i sorry guys for your protein eaters
am i sorry guys for your protein eaters
am i sorry guys for your protein eaters although we’re working now on a
although we’re working now on a
although we’re working now on a potential vegan Shoreham a product but
potential vegan Shoreham a product but
potential vegan Shoreham a product but we’ll go into that next a technique next
we’ll go into that next a technique next
we’ll go into that next a technique next year but it has to be good do not as
year but it has to be good do not as
year but it has to be good do not as you’re building social enterprises and
you’re building social enterprises and
you’re building social enterprises and thinking about the businesses of the
thinking about the businesses of the
thinking about the businesses of the future don’t sell yourself short do not
future don’t sell yourself short do not
future don’t sell yourself short do not create subpar products and services
create subpar products and services
create subpar products and services because you will only attract the
because you will only attract the
because you will only attract the millennial generation if it’s as good
millennial generation if it’s as good
millennial generation if it’s as good they will not sacrifice right you may
they will not sacrifice right you may
they will not sacrifice right you may have a minority but as a majority it has
have a minority but as a majority it has
have a minority but as a majority it has to be so for us it’s all fresh local
to be so for us it’s all fresh local
to be so for us it’s all fresh local tasty and good marketing so our hashtag
tasty and good marketing so our hashtag
tasty and good marketing so our hashtag which is picked up around the world is
which is picked up around the world is
which is picked up around the world is eat with dignity and we’ve now launched
eat with dignity and we’ve now launched
eat with dignity and we’ve now launched the food for good foundation where we’re
the food for good foundation where we’re
the food for good foundation where we’re encouraging other restaurants pubs some
encouraging other restaurants pubs some
encouraging other restaurants pubs some publicly traded to join the food for
publicly traded to join the food for
publicly traded to join the food for movement so that they could provide the
movement so that they could provide the
movement so that they could provide the same business model that we do because
same business model that we do because
same business model that we do because we are one store with one founder right
we are one store with one founder right
we are one store with one founder right and we’re able we’re on a trajectory to
and we’re able we’re on a trajectory to
and we’re able we’re on a trajectory to get to millions and millions of refugees
get to millions and millions of refugees
get to millions and millions of refugees a year if we had another 50 brands like
a year if we had another 50 brands like
a year if we had another 50 brands like ours the refugee crisis would disappear
ours the refugee crisis would disappear
ours the refugee crisis would disappear full stop right imagine the
full stop right imagine the
full stop right imagine the possibilities so I leave that with you
possibilities so I leave that with you
possibilities so I leave that with you guys today the future of business is
guys today the future of business is
guys today the future of business is real its impact centered profit minded
real its impact centered profit minded
real its impact centered profit minded and market driven and I wish all of you
and market driven and I wish all of you
and market driven and I wish all of you the best of luck as you move into this
the best of luck as you move into this
the best of luck as you move into this next generation which is the most
next generation which is the most
next generation which is the most exciting generation of our times thank
exciting generation of our times thank
exciting generation of our times thank you
you
you [Applause]
”
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