Wharton Private Equity & Venture Capital Conference
Finding the Edge: Succeeding in a Turbulent and Increasingly Competitive Global Landscape
Friday, February 3, 2012 - Hyatt at the Bellevue Philadelphia
Team
The 2013 Wharton Private Equity & Venture Capital Conference will take place on Friday, February 1, 2013 at the Hyatt at the Bellevue Philadelphia. Our website will be updated shortly. For any questions regarding the 2013 conference, please contact the PEVC Team at pevc-conf-2013-chairs@wharton.upenn.edu.
Co-Chairs
Stew Campbell
Co-chair, Panelists & Keynotes
Stewart Campbell is a 2nd year MBA student at Wharton. Prior to Spectrum, Stew spent three years as a management consultant with L.E.K. Consulting in San Francisco. Over the past summer, he worked with SurveyMonkey, assisting the company with corporate and business development initiatives. In his spare time, Stew enjoys traveling, rugby, cooking and supporting his Philadelphia sports teams unconditionally.
Roman Leifer
Co-chair, Marketing
Roman Leifer is a second year MBA student at Wharton. This past summer, Roman was an intern at the CPP Investment Board’s Relationship Investing Group, to which he will be returning after graduation. Prior to Wharton, Roman worked for three years as a management consultant with Oliver Wyman. He provided strategic and operational advice to clients in a variety of industries, including Healthcare, Energy, and Transportation and has worked with private equity sponsors on a number of transactions. Roman graduated with an honors Bachelor’s degree in Electrical Engineering from the University of Toronto.
Sanaz Memarsadeghi
Co-chair, Operations
Sanaz Memarsadeghi is a second year MBA student triple-majoring in Accounting, Finance, and Management. Prior to Wharton, she worked in international development, serving as a Peace Corps Small Enterprise Development Advisor in Burkina Faso and subsequently as the Senior Program Officer for Microfinance at The Hunger Project. She has also conducted economic research and policy analysis for USAID and UNDP and holds a master’s degree in International Economic Policy from Columbia University’s School of International and Public Affairs. After graduation, she will join Houlihan Lokey’s Financial Advisory Services Group in New York.
Krishna Nandigam
Co-chair, Corporate & Media Sponsorships
Krishna is a second year MBA student at Wharton with a focus on Entrepreneurship. Currently, she is the co-founder at UrbanCargo.com, an e-commerce site focused on men’s grooming. Before Wharton, Krishna worked at Coach, a luxury leather goods retailer, for the Consumer Insights and Strategy team where she focused on international growth opportunities and launching the men’s business. Prior to Coach, Krishna worked for two years as an investment banking analyst at Jefferies & Company, where she worked predominantly with the Financial Sponsors Group and the Restructuring Group. Krishna graduated from the Stephen M. Ross School of Business at the University of Michigan where she quickly became a passionate fan of college football.
Tessa Truex
Co-chair, Panelists & Keynotes
Tessa is a second year MBA student at Wharton and is pursuing a dual major in real estate and finance. Prior to Wharton, she worked for two years at Revstone Industries, an industrial buyout firm, as a Vice President focused on Corporate Finance and M&A.; Before Revstone, Tessa was as an Analyst at Lehman Brothers in the Real Estate Solutions Group where she worked with HNW real estate clients on commercial real estate financing and investing opportunities. Tessa graduated with a Bachelor of Arts in Economics from Middlebury College.
Directors
Yulia Alekseeva
Marketing Director
Yulia is a first year MBA student at the Wharton School at the University of Pennsylvania, with a double major in finance and management. In addition to being an Intercultural Leadership Fellow, she is actively involved in organizing several Wharton-led conferences and holds a key position at Europa! Club. Yulia is a chartered accountant with solid experience in financial services. Prior to Wharton, she was an audit manager in charge of complex assurance engagements of major European banks, investment firms, hedge funds, real estate holdings and other financial institutions. Outside school, Yulia is a Professional Development Director for Rotaract Philadelphia, promoting community service and helping develop next generations of young leaders.
Tegh Bedi
Marketing Director
Tegh is a first year MBA student at the Wharton School, University of Pennsylvania, majoring in Entrepreneurial Management and Finance. Prior to Wharton, Tegh started-up a business in the logistics industry in India providing warehousing and record management services to corporate and public sector clients. He started his career as a management consultant for Oliver Wyman’s financial services practice. Based out of London, UK and Singapore, he advised corporate & investment banks, private equity funds and insurance firms on strategy and financial risk issues. Tegh received a B.Sc. in Economics from the University of Warwick, UK. In his spare time, he enjoys playing music on his DJ decks and travelling to exotic locations.
Neha Singania
Marketing Director
Neha Singhania is a 1st year MBA student at Wharton. Neha spent two years as a management consultant with McKinsey & Company in their Midwest office, and worked on projects in a variety of different industries including Healthcare, Retail, and Agribusiness. Neha has a keen interest in international development and emerging economies, and worked as a consultant with the rural development NGO in India, PRADAN. While at PRADAN she led a team to create a livelihood improvement strategy for one of the most impoverished districts in India. Prior to coming to Wharton, Neha interned at the social venture capital firm - Acumen Fund in Mumbai. At Wharton, Neha holds leadership positions in the India Club and the Wharton International Volunteer Program. She is also an active member of the PEVC club, Innovation and Design in Business, Dealmakers (Sales), and Yoga club.
Mukta Darera
Operations Director
Mukta Darera is a first year MBA student at Wharton with a focus on Strategy and Management. Prior to Wharton, she founded iReboot which enabled individuals to experience dream careers and consulted with companies on employee engagement. Prior to iReboot, she worked as an engineer at Intel Technologies, Bangalore. She holds a bachelors degree in computer science and engineering. Mukta has also worked as a Radio Jockey for All India Radio, a travel guide and a professional theater actor. Her interest in PE and VC started when her company got angel funded. In her vast network of budding entrepreneurs in India, she actively helped a few get funding and thoroughly enjoyed the process.
Joel Hwang
Operations Director
Joel Hwang is a first year MBA student at the Wharton School, majoring in finance and entrepreneurial management. Prior to Wharton, Joel worked as an associate in the secondary investment group at HarbourVest Partners, a global private equity investment firm based in Boston. During his time there, Joel focused on analyzing, structuring, and monitoring portfolios of direct investments, structured transactions, and other secondary private equity opportunities. Prior to HarbourVest, Joel was an analyst with Citigroup’s Technology Investment Banking Group, where he focused on mergers and acquisitions and equity and debt financings for companies in the IT services, software, and communications equipment sectors. Joel received a B.A. in Economics (magna cum laude) from Dartmouth College in 2006.
Anh Tran
Operations Director
Anh Tran is a 1st year MBA student at Wharton. Prior to Wharton, Anh spent two years at DFJ VinaCapital (DFJV), a member of the DFJ Network located in Ho Chi Minh City, Vietnam that invests primarily in the Asia Pacific region. At DFJV, Anh sourced, executed and managed early and growth stage investments in companies in the TMT (technology, media and telecom), consumer Internet and green technology space. Prior to DFJV, Anh spent four years as a management consultant with Lake Partners Strategy Consultants in Seattle, where he worked on strategic initiatives for clients in a variety of industries including private equity, investment management and technology. In his spare time, Anh enjoys reading up on investment trends, emerging markets and international affairs. He also enjoys traveling and playing sports, especially soccer, rugby, boxing and yoga.
Oren Isacoff
Sponsorship Directors
Oren Isacoff earned a B.S. in Economics and a B.A. in Political Science at Penn in 2006. He is currently pursuing an M.D. and an M.B.E. (Master of Bioethics) along with the M.B.A. The summer before starting at Wharton, Oren worked at Biogen Idec Hemophilia as an MBA intern in the global commercial strategy group and spent time developing plans for the company’s launch of long-lasting recombinant factor products. Prior to attending medical school, he worked full-time as a research associate for the Healthcare Team of the Global Growth Equities Group at AllianceBernstein L.P. where he played a dual role of providing research support and generating investment ideas for over $50 billion in long-only funds. Before his time at AllianceBernstein L.P., Oren worked as a summer global investment research analyst in the Biotechnology sector at Goldman Sachs and Co. He has also done a fair amount of academic medical research in the laboratories of Mitch Lazar, Chief of the Division of Endocrinology, Diabetes & Metabolism, Jordan Orange, Children’s Hospital of Philadelphia, and Lewis Chodosh, Chair of Cancer Biology at Penn. For four years he has been a board member on the Institutional Review Board (IRB), a committee that evaluates the scientific, ethical, and clinical implications of human research trials. Oren is originally from New York City and enjoy running, playing tennis, and cooking on the weekends.
Ann Lee
Sponsorship Directors
Ann is a first year MBA student at the Wharton School. In addition to being a Sponsorship Director for the PEVC Conference, she is a First Year Career Fellow and member of the Alumni Relations Advisory Council. Prior to Wharton, she worked in the Corporate Business Development group at Ralph Lauren on acquisition and expansion strategies in Asia. Before working at Ralph Lauren, she was an investment banking analyst at UBS. Ann graduated with an A.B. in the Woodrow Wilson School of Public and International Affairs and a Certificate in Finance from Princeton University. In her spare time, Ann enjoys golfing and baking.
Le-Quyen Lee
Sponsorship Directors
Le-Quyen Le is a first year MBA student at Wharton. Prior to Wharton, Quyen spent two years at CIM Group, a private equity firm with approximately $9.5 billion AUM focusing on real estate and infrastructure opportunities. She was involved in the acquisition, asset management and reporting processes, covering assets across the firm’s various real estate and infrastructure funds. Before joining CIM, Quyen worked for two years at Bank of America Merrill Lynch in the Real Estate, Gaming and Lodging Group. Quyen graduated with a B.S. in Business Administration and a B.A. in Economics at the University of California, Berkeley. She enjoys camping, playing badminton and solving Sudoku puzzles.
Mariya Nikiforova
Sponsorship Directors
Mariya Nikiforova is a 1st year MBA student at the Wharton School. Prior to attending Wharton, Mariya spent over three years as a project manager in a search engine marketing start-up firm, isoTree LLC, where she shaped the strategy and operations of the pay-per-click marketing team. Mariya is an MBA Analyst with the Wharton Customer Analytics Initiative, and is currently writing a white paper that aims to address the role of online consumer behavior in purchasing decisions off-line. As a project leader of the Dean’s Graduate Student Advisory Committee, Mariya is also deeply involved in driving information architecture changes at the Wharton School.
Panel Managers
Sachin Bavishi
Leveraged Buyouts Panel Manager
Sachin is a first year MBA student at Wharton majoring in Entrepreneurship and Finance. Prior to Wharton, Sachin was an associate at Olympus Partners where he focused on leveraged buyouts, equity and debt investments in companies across a variety of sectors. Sachin began his career as an analyst at Piper Jaffray, advising healthcare services and information technology clients on mergers, acquisitions, and capital raises. Sachin graduated with Highest Distinction from the University of Wisconsin, earning a B.S. in Electrical Engineering. His interests include traveling, technology news, and Wisconsin football.
Daniel Pang
Leveraged Buyouts Panel Manager
Daniel is a first-year MBA student at Wharton. Prior to Wharton, Daniel was an associate at GTCR Golder Rauner in Chicago, where he focused on healthcare investments. Daniel began his career as an analyst at Merrill Lynch’s Global Mergers and Acquisitions group in New York City. Daniel graduated from Cornell University, earning a B.S., magna cum laude, in Applied Economics and Management.
Mark Spatt
Value Creation through Portfolio Companies Panel Manager
Mark Spatt is a 1st year MBA student at Wharton. Prior to Wharton, Mark was an Associate at Centerview Capital, an operationally-oriented private equity firm investing in consumer-focused businesses, where he took an active role in sourcing, evaluating and monitoring Centerview’s investments, including Del Monte Foods and The Nielsen Company. Mark began his career as an analyst at J.P. Morgan’s Mergers and Acquisitions Group in New York, where he advised large-cap clients on complex domestic and cross-border transactions. Mark received an A.B. in Politics from Princeton University.
Georgios Theophanous
Value Creation through Portfolio Companies Panel Manager
Georgios Theophanous is a first-year student at Wharton, focusing in finance and accounting. Prior to Wharton, Georgios worked as an associate at Vector Capital, a middle market private equity fund focused on investments in technology and technology-enabled businesses. During his time there, Georgios managed several public market investments and helped facilitate the sale of Register.com to Web.com. He served as a board observer for Precise Software and Register.com, and spent six months working in marketing strategy with Printronix, the leading manufacturer of line matrix printers worldwide and a Vector portfolio company. Prior to Vector Capital, Georgios was a Business Analyst at McKinsey & Company in Palo Alto, where he focused on operations and strategy work for technology and financial services companies, as well as advising private equity clients on prospective acquisitions. Georgios holds an A.B. with honors in economics from Harvard College.
Jeff Abramoff
Middle Market Panel Manager
Jeff Abramoff is a 1st year MBA student at Wharton. Prior to Wharton, Jeff spent three years with AEA Investors, a global private equity firm based in New York. While at AEA, Jeff focused on the buyout of middle market companies in the consumer products and business services sectors, performing business diligence as well as portfolio management. Previously Jeff worked as a Senior Associate Consultant for Bain and Company in their Atlanta office helping to increase profitability and growth for companies in a variety of industries and performing due diligence for private equity companies. Jeff received a BBA from Emory University in 2005 with a double concentration in Finance and Management.
Brian Peterson
Middle Market Panel Manager
Brian Peterson is a 1st year MBA student at Wharton majoring in Finance and Strategic Management. Prior to attending Wharton, Brian spent three years as an associate at Metalmark Capital, a New York-based private equity firm, where he focused on healthcare and energy investments. Previously, Brian worked for two years as an analyst at Lazard, where he specialized in Mergers & Acquisitions. Brian graduated Phi Beta Kappa from the Ross School of Business at the University of Michigan, where he received a B.B.A. degree with concentrations in Finance and Accounting.
Charles Chen
Venture Capital Panel Manager
Charles is a first-year MBA student at the Wharton School majoring in Finance and Entrepreneurial Management. Prior to Wharton, Charles was an Investment Associate at Technology Crossover Ventures (TCV), an $8Bn technology-focused growth equity fund, where he identified and executed investment opportunities. Before TCV, Charles was an investment banker at Morgan Stanley’s Technology Investment Banking Group in Menlo Park. While at Morgan Stanley, Charles worked with companies in the software, enterprise hardware, semiconductor, and communications sector on a variety of strategic advisory assignments, financing, and M&A; transactions. Charles received a B.S. in Business Administration from the Haas School of Business at the University of California, Berkeley.
Ramji Sundararajan
Venture Capital Panel Manager
Ramji Sundararajan is a 1st year MBA student at the Wharton School majoring in Entrepreneurial management and Finance. Prior to Wharton, Ramji worked for 4 years in Management Consulting with McKinsey & company in its Singapore office as an Engagement manager. He primarily served Telecom, Media, Private equity and High technology clients across Asia on strategy, sales/marketing and operational improvements in traditional mobile/fixed line telecommunications, IPTV, Fiber to the home, Cloud computing, Lean IT services and B2B strategy. He was also a core member of a new service line, “ONE Cent per minute” focused on improving Telecom network operations and helped launch the world’s best-in-class IPTV operator. Prior to this, he worked with General Electric in their Information Management Leadership Program(IMLP) where he implemented ERP Fixed assets solutions, ITIL standards, Automated testing on CRM and Sales digitization across India, US and Europe. He has a Bachelors of Technology in Electrical Engineering from Indian Institute of Technology (IIT) Madras and is a trained Six Sigma Black Belt from GE.
Matthew Dunnigan
Distressed Investing Panel Manager
Matthew Dunnigan is a first-year MBA student at the Wharton School majoring in Finance and Strategic Management. Prior to Wharton, Matthew was an Investment Associate with Bayside Capital, the distressed debt and credit opportunities affiliate of H.I.G. Capital. While at Bayside, Matthew focused on evaluating and executing distressed middle market investments across a wide range of industries. Prior to joining Bayside, Matthew worked as an investment banking analyst in the Technology, Media and Telecommunications group at Bear, Stearns & Co. in New York. Matthew received a B.S. in Business Administration from Bucknell University in 2006 with a concentration in Finance and minor in Economics.
Alyza Tarmohamed
Distressed Investing Panel Manager
Alyza Tarmohamed is a first-year MBA student at Wharton. Prior to Wharton, Alyza was an associate at Capital Dynamics in New York, where she worked on special situations transactions in the media sector. She began her career as an analyst at Tri-Artisan Partners, a private equity firm focused on investments in retail and consumer-focused businesses. Alyza graduated from the Richard Ivey School of Business at the University of Western Ontario.
Kartik Kaji
Private Equity in Emerging Markets Panel Manager
Kartik is a 1st year MBA student at the Wharton School of the University of Pennsylvania. Before attending Wharton, Kartik was an Associate Director at Temasek Holdings in Mumbai, where he focused on private equity investments across various industries in India. Prior to that, he was an Associate in the New York M&A; team at boutique investment bank Perella Weinberg Partners, where he was one the first junior professionals selected by the firm. He began his career as an Analyst at Merrill Lynch’s Financial Institutions investment banking group in New York. Kartik grew in Mumbai, and was educated in India, the UK and the US. He has a Bachelor of Arts degree in Economics from Dartmouth College.
Dimitrios Lagias
Private Equity in Emerging Markets Panel Manager
Dimitrios Lagias is a 1st year MBA student at Wharton. Dimitrios started his career as junior banker at Citi’s investment banking division in New York where he was covering Public Sector Financial Sponsors such as Pension Funds and Sovereign Wealth Funds. Before joining Wharton he worked at International Finance Corporation (IFC) where he advised clients on financing strategies including credit enhanced debt instruments and synthetic lending. He has participated in the origination, pricing and structuring of transactions with a cumulative volume of approximately US$5.0bn in 20 Emerging markets and helped in the creation of proprietary IFC local-currency financial products in Sub-Saharan Africa. Dimitrios holds a BA from Harvard College and is a Greek National.
Pardon Makumbe
Private Equity in Emerging Markets Panel Manager
Pardon Makumbe is a first year MBA student at Wharton. Pardon started his career in strategy and management consulting at Bain and Company in New York, where he worked with various Fortune 500 companies, and conducted deal due diligence for Private Equity clients. Before starting at Wharton, he worked at Emerging Capital Partners (ECP) in Johannesburg, where he was part of a small deal team that covered 15 Sub-Saharan Africa countries. He worked on various deals throughout the value chain from origination to portfolio management, and developed sector engagement strategies and investment theses spanning the region. Pardon holds a BSE in Electrical Engineering from Princeton University, with minors in Management Systems and African Studies. He hails from Zimbabwe.
Jason Tanker
Limited Partner Perspectives Panel Manager
Jason Tanker is a 1st year MBA student at Wharton. Prior to Wharton, Jason worked in private equity with Graham Partners, a middle market firm with $1.5bn under management. While at Graham, Jason was responsible for sourcing and evaluating new investments and providing ongoing support and supervision for a number of portfolio companies. Prior to joining Graham, Jason worked as an investment banking analyst in the Mergers & Acquisitions group at Deutsche Bank in New York. Currently, Jason remains actively engaged in finance as founder of an online finance forum and developer of an Excel macro solution that enhances the functionality of financial models. In his spare time, Jason enjoys playing hockey and tennis, following Philly and Big Ten sports, and travelling.
Jon Walters
Limited Partner Perspectives Panel Manager
Jon Walters is a 1st year MBA student at Wharton. Prior to Wharton, Jon spent two years in private equity with Lightyear Capital, a private equity firm in New York focused on financial services. Previously, Jon worked in the financial institutions investment banking group at Merrill Lynch for two years. Prior to that, Jon worked in energy investment banking at Barclays Capital for one year. In his spare time, Jon enjoys traveling, ice hockey, and squash.
Gustav Karlsson
Investing in Europe Panel Manager
Gustav is currently a 1st year MBA candidate at The Wharton School. Prior to commencing his MBA, Gustav spent four years at L.E.K. Consulting in London, where he worked on strategy and transaction engagements for both corporate and private equity clients. Originally from Sweden, Gustav has a Bachelor of Science from the University of Nottingham in the UK.
Esmond Greene
Investing in Europe Panel Manager
Esmond is a 1st year MBA student at Wharton. Prior to Wharton, Esmond was an associate at Evercore Partners in London where he focused on European M&A; across various industries. Prior to that, he was an analyst in the UK M&A; team at J.P. Morgan Cazenove. Esmond has a Masters in Law from Cambridge University and a Bachelor of Business and Legal Studies from University College Dublin.
Stephan Muecke
Investing in Europe Panel Manager
Stephan Muecke is a 1st year MBA student at the Wharton School. Prior to Wharton, Stephan was a Senior Associate at Bank of America Merrill Lynch (previously Merrill Lynch) in London. He spent the majority of his time working together with Financial Sponsors on both M&A; as well as equity transactions and focused on identifying and assessing investment opportunities across various industries, including financial institutions, industrials, and retail. Amongst other transactions, Stephan worked for Apax during the sale of logistics service provider IFCO, BC Partners during the IPO of chemicals distributor Brenntag, and Oaktree during the accelerated placement of its stake in real estate company Deutsche Wohnen. Currently, Stephan is Managing Partner at Impaqt Capital, an early stage investor in technology startups and Vice President at the Wharton Private Equity and Venture Capital club. He is PADI Master Scuba Diver and enjoys playing soccer, tennis, and golf.
Taeho Kang
Investing in Asia Panel Manager
Taeho Kang is a 1st year MBA student at the Wharton School. Prior to Wharton, Taeho worked at Morgan Stanley’s investment banking team in Korea from 2006 to 2011. During that period, he completed numerous M&A; transactions across diverse industries, including asset management, media & entertainment, and logistics. He also worked closely with private equities in the region, helping them identify potential targets and providing in-depth valuation / financial analysis. In addition to M&A; transactions, Taeho also worked on landmark IPO transactions in the Korean life insurance sector — Tong Yang Life IPO (the first Korean life insurance IPO) and Samsung Life IPO (the largest Korean IPO to date). Taeho is an avid sports fan having captained his collegiate soccer team and manages over US$200,000 of his family’s savings across various asset classes. Taeho also served in the Korean army as a translator in the Korean Special Forces where he completed airborne training and coordinated joint trainings with the US Rangers. Taeho is a member of the Korean Institute of CPA and worked as an associate CPA at PricewaterhouseCoopers during his senior year in university.
Siddharth Pisharody
Investing in Asia Panel Manager
Siddharth Pisharody is a 1st year MBA student at Wharton majoring in Finance and Entrepreneurial Management. Siddharth is also the 1st year Vice President — Asia for the Wharton Private Equity and Venture Capital club. Prior to Wharton, Siddharth spent four years in investment banking with J.P. Morgan. He first spent a year in the New York office covering North American financial institutions before moving to the Hong Kong office where he was part of the Asia financial institutions group. He executed a full-spectrum of transactions for banks, insurance companies, asset managers and securities firms across Asia. In 2010, Siddharth was promoted to Associate from Analyst. Siddharth received a BS in Electrical Engineering from Lehigh University in 2007. In his spare time, Siddharth enjoys traveling, music, reading, adventure and meeting people from diverse backgrounds.
Jay (Yoon-Jae) Shin
Investing in Asia Panel Manager
Jay (Yoon-Jae) Shin is a 1st year MBA student at Wharton. Prior to Wharton, Jay worked in Samjong Investment Advisory, a Seoul, South Korea based private investment advisor, where he advised global alternative investment opportunities in distressed credit and opportunistic investments to Asian institutional investors. Prior to that, he was based in New Delhi, India for the real estate investment initiatives the firm was involved with in India. Jay’s interests include golf, kendo, long distance running and community serving.
Eric Rechtshaffen
Secondaries Panel Manager
Eric Rechtschaffen is a 1st year MBA student at the Wharton School. Prior to Wharton, Eric spent two years at Merrill Lynch Investment Banking working in the Private Equity Directs Group and specializing in secondaries, minority private equity investing and Private Investment in Public Equity (PIPEs). He spent three years at UBS Wealth Management advising individuals and corporations on portfolio structuring and commodity hedging. In his spare time, Eric enjoys traveling, tennis, swimming, and reading. Eric graduated Summa Cum Laude from the University of Pennsylvania with a BA in History.
Madhu Srinivasan
Secondaries Panel Manager
Madhu Srinivasan is a 1st year MBA student at the Wharton School, pursuing a dual major in Finance and Strategic Management. Prior to Wharton, Madhu spent three years at Pomona Capital, a Secondary private equity firm with approximately $7 billion in assets under management. At Pomona Capital, she co-managed the firm’s Primary portfolio and analyzed Secondary investment opportunities. Prior to Pomona Capital, Madhu worked in the Securities and Fund Services division of Citigroup Markets and Banking. Madhu received a B.S. in Economics from the Wharton School. In her spare time, she enjoys traveling, running, music, and social entrepreneurship.