影响力市场是一种慈善投资的新模式，它类似于风险投资基金，但投资对象是慈善项目。慈善项目创始人会出售其项目股份，投资者则购买他们认为会成功的项目股份，从而为项目提供资金。如果项目成功，慈善机构或个人会购买项目的“影响力”，补偿投资者。这种模式能够更好地利用资金，并激励投资者参与慈善事业。

🤔 **影响力市场：慈善投资的新模式** 影响力市场是一种新颖的慈善投资模式，其核心思想是将风险投资的理念引入慈善领域。慈善项目创始人可以通过出售项目股份筹集资金，而投资者则购买他们认为会成功的项目股份，从而为项目提供资金支持。 例如，假设某人想要在塞内加尔消灭疟疾，他们需要100万美元的资金。他们可以将项目股份出售给风险投资机构，这些机构拥有生物技术方面的经验，并愿意为他们提供资金。如果项目成功，慈善机构或个人会购买项目的“影响力”，补偿投资者。 这种模式能够更好地利用资金，并激励投资者参与慈善事业。

🤝 **慈善项目的风险与回报** 传统的慈善捐赠模式存在着风险，因为捐赠者无法确定资金的最终用途以及项目是否能够取得成功。而影响力市场则通过将慈善项目转化为投资项目，将风险与回报捆绑在一起，从而吸引更多投资者参与进来。 投资者可以通过购买项目股份来获得回报，而慈善机构则可以通过购买项目的“影响力”来确保资金的最终用途，并获得项目的社会效益。

💡 **影响力市场的优势** 影响力市场能够有效地解决传统慈善捐赠模式的弊端，并为慈善事业带来新的发展机遇。它能够： * 吸引更多资金流入慈善领域； * 提高慈善项目的资金效率； * 激励投资者参与慈善事业； * 促进慈善项目的创新与发展。

📊 **影响力市场的挑战** 尽管影响力市场拥有诸多优势，但也面临着一些挑战： * 如何评估项目的社会效益？ * 如何确保项目的透明度和可信度？ * 如何激励投资者参与长期项目？ * 如何建立完善的监管体系？

https://astralcodexten.substack.com/p/impact-markets-the-annoying-details

I said last year that I’d like to try running this year’s ACX Grants through impact markets. Since then, some people have expressed interest in the technical implementation, and - to nobody’s surprise more than my own - it’s starting to look like it could happen.

A reminder: impact certificates are like a VC funding ecosystem for charity. Charity founders with good ideas sell shares in their proposed projects. Profit-seeking investors buy shares of (“invest in”) projects that they expect to succeed. This funds the project; if it does succeed, altruistic people/foundations (“final oracular funders”) buy the impact, compensating the investors.

For example, suppose I come up with a great idea to end malaria in Senegal. I need $1 million to make it work, and when it works it will be worth $5 million in benefits to the Senegalese. Ordinary charitable foundations don’t appreciate my genius, so I pitch it to VCs with biotech experience. They like it and buy 100% of the shares for $1 million. I take my million dollars, do the project, and cure malaria in Senegal. Foundations see that I have done a great thing with $5 million in benefits, so they give me $5 million. I pass this along to my investors, who make $5 million on a $1 million investment. They’re very happy, and incentivized to do more things like this in the future.

Why is this useful? Try running a grants program and you’ll find out! You, a person who is presumably very altruistic but not necessarily an expert in epidemiology, will be asked to make decisions about which diseases to cure how. If you get it wrong, you’ve wasted your donors’ money. You can ask epidemiologists for help, but it turns out there is no easy way to get in contact with a consensus of all the world’s epidemiologists - let alone with the all the developmental economists, political scientists, etc who might have useful insights. Very large charitable foundations will have hired these people or built relationships with them, but even they don’t always feel confident in their decision-making process.