Mapping the Field is an Act of Systems Change

Much has been written about how the maps taught in most schools – and what they distort or omit – can shape our perceptions of the world in subtle and problematic ways. The same is true when mapping a field in innovative finance, such as gender lens investing. The way that the map is drawn – and what is and isn’t included in its boundaries – can shape credibility and perceptions. It can make visible the power dynamics within flows of capital, which are complex and usually unexamined, sometimes even purposely obscured. Mapping a field also involves bringing a range of stakeholders into discussion and partnership with one another. It reminds us that behind the statistical analyses there are real people.?

There are three major components in Criterion’s definition of a ‘field’: ideas, activities, and individuals and organizations all in relationship with one another. Mapping the field involves gathering and organizing data across all three categories to understand current trends, connections, and opportunities. Sometimes discussed as a ‘landscape’ of the field, this ‘map’ can be presented as a visual diagram (such as this interactive map from 2018 built by Nexial ) or in a report form. In finance, a field map is used by investors to determine areas of growth, challenges and needs, and opportunities.??

Criterion Institute’s decades of work building the field of gender lens investing has shown us that how a field is viewed and understood deeply influences its potential for growth and impact. Our financial system has an embedded power imbalance that privileges wealth holders: in adjusting how a financial field is viewed, we aim to disrupt that status quo.?

More equitable maps?

The decisions around what data should (and should not) be included in a map of the field, as well as where and how the data is collected, how it is validated, and how it is analyzed, are all rife with power dynamics and vulnerable to bias. The development of our approach has been informed by a wide range of gender lens investing stakeholders and case studies. It is rooted in feminist theories that support the awareness and analysis of anticolonial systems of power and privilege impacting all people. Our methodology-in-progress for mapping the state of a financial field aims to address unequal power dynamics head-on and promote the full integration of gender and localized expertise as a core and influential component. Because of our broad and explicitly place-based and intersectional approach, this methodology is equally applicable to other fields in innovative finance such as child lens investing or climate finance.??

Criterion’s approach to gender lens investing includes, but is not limited to, the role of women in leadership and women investors, women’s access to capital, and women-led businesses. A broad scope of gender lens investing incorporates attention to products and services that benefit or impact women, and the inclusion of gender equality considerations in value-chain development and investment design. For the purposes of this work, we define gender lens investing holistically; as a comprehensive and intersectional lens that accounts for dynamics of power, privilege, and bias impacting all parties across the investment process from pipeline development, investment design, deal flow, and exit. This comprehensive and intersectional definition influences how we map the field, and, consequently, what gender lens investment risks and opportunities we see emerge.??

Revealing new opportunities?

In order to accurately map the state of gender lens investing in national or regional contexts, the relationships between power, privilege, and bias in place are particularly important. Therefore, our approach incorporates the perspectives and expertise of women’s rights organizations and community-based organizations as essential to the financial decision-making and investment design processes that impact them. In a recent state of the gender lens investing field overview for Kenya, for example, we found that the timing of existing investor networking events often exclude women, who are disproportionately responsible for care work and unlikely to be available after traditional working hours. Conversely, there is currently no investor training or networking that provides insight into gendered market opportunities . This lack highlights a failure to tap into a robust market in the country and shows what can be lost through bias or lack of awareness.??

The methodologies used in traditional landscape reports are varied and generally not transparent. Most fail to account for the complexity and interrelation of activities and embedded dynamics of power and bias. We are working on designing a new methodology for mapping the state of a field that is simultaneously systematic and inclusive, one that accounts for geographical and social contexts and power dynamics. ?

Our methodology: early thinking?

Our approach integrates the three core elements of an innovative finance field as comprised of the who, what, and how of investment. The ‘who’ represents the core stakeholders (both people and organizations) that maintain the convenings and networks and facilitate relevant training, those whose expertise is valued and consulted. The ‘what’ underscores the ideas that shape the cultural and political understanding of the field. This includes areas such as choices around which research and data are utilized and how the packaging of field information is curated and amplified. Finally, the ‘how’ encompasses the investment designs and applications, including the products and vehicles put in place, and the standards and metrics used to evaluate them. ?

Across each of these three elements we integrate an analysis of power and bias. Our power analysis around stakeholders and activities aims to uncover any biases influencing investments with attention to pipeline development, accessibility in networking events and training, and embedded assumptions driving investment analyses. A power analysis of investment processes aims to capture examples such as whether diverse voices are being sought and incorporated into investment decision-making, if or how gender and local knowledge and expertise are being valued? in analyses, and whether there are feedback loops in place to ensure that the inclusion of diverse perspectives is actually being integrated into investment design and deployment.??

An invitation?

We are working to design and refine our methodology this winter and seek to apply this approach to co-conducting in-depth regional and country-level field mapping with local partners in Spring 2024. If you are interested in learning more or in engaging with us on the development of this methodology, please reach out directly to [email protected].??