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 "text": "Impact 1.0 foundations developed plutocratic power structures because their leaders and trustees were never democratically elected, and Impact 3.0 addresses this by adding WEB3 collaborative democratic measures on top of the existing foundation structures.",
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 "citation": "Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567",
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