# kaal:claim:4685567-027

**Claim.** 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.

**Type.** predictive  **Support.** speculative

**Holds when.**

- multiple listed dependencies must be satisfied

**Source quote.**

> Given these dependencies, a smaller subset of the philanthropy market will be attracted to impact certificate markets. It may take five to ten years for the impact certificate marketplace to fully establish itself and scale in impact donor circles.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Impact Certificate Marketplace, page 43

**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

**Topics.** economics

**Keywords.** adoption-timeline, market-dependencies, impact-certificates, scaling

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