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 "text": "Because Impact 3.0 growth depends on donor realization, willingness to run parallel tracks, standardization, critical mass of listings, funding sources and credential tracking, only a smaller subset of the philanthropy market will be attracted to impact certificate markets, and full establishment may take five to ten years.",
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  "name": "Wulf A. Kaal",
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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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