# kaal:claim:4685567-007

**Claim.** Because Impact 1.0 lacks a liquid and efficient funding marketplace, donors protect their interest by overinvesting in process rather than in impact outcomes directly.

**Type.** failure  **Support.** argued

**Holds when.**

- absence of a liquid impact funding marketplace

**Source quote.**

> Because Impact 1.0 does not support a liquid and efficient marketplace for funding, funding results in Impact 1.0 are logistically difficult to attain. To protect their interest in impact results, donors often overinvest in the process not in impact outcomes directly.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Impact 1.0, page 11

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Failure mode.** Overinvestment in Process  (family: liquidity-and-market-structure-failure)

**Topics.** defi, economics

**Keywords.** pay-for-process, market-liquidity, impact-outcomes, impact-1-0

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.