Benjamin Lee: Facilitating economic and social mobility
This week, the TTI Interview Series covers our member Benjamin Lee. Ben is a venture capitalist focused on economic and social mobility. Previous to being a VC, Ben was a serial startup founder (11 companies, 3 exits) and also worked at the Royal Bank of Scotland. He serves as an advisor to several non-profits.
In this interview, Ben talks about financing and other forms of strategic support to enable technology ventures that can really scale.
Getting ahead in life regardless of what you do
Benjamin, tell us about how your work intersects with the impact space.
I am a venture capital investor focusing specifically on economic mobility. Simply put, social mobility is at an all-time low - the vast majority of millennials and Gen Z are unlikely to match the earnings of their parents (on an inflation-adjusted basis). When smart, ambitious and hardworking young people are unable to get ahead in life regardless of what they do, this is a recipe for disaster.
At Ixora, we provide financing and other strategic support to scalable technology ventures which facilitate economic and social mobility.
What is your own definition of impact?
Impact happens when we do something that leaves the world better off than without it!
We are headed for a very severe economic meltdown
Benjamin, what do you see as the most important issue to address in the next 10 years?
The fact that intelligent, ambitious, hardworking people are unable to get ahead in life despite their best efforts. The root cause of the problem is rentier economics, and I believe that unless something is done, we are headed for a very severe economic meltdown. History has taught us that this could possibly result in war/revolution.
Large corporations continue to dominate the agenda
What is the greatest challenge you face to scale your impact?
The fact that large monopoly corporations, who are the main cause of the problem, continue to dominate the agenda in most if not all impact-related conversations.
A decent, fair income in a self-directed way
Benjamin, what is your long-term vision and how do you measure & quantify your impact?
I hope to see a day when it is possible for any ordinary person to make a decent, fair income in a self-directed way - i.e. without relying on policy interventions from government.
Impact is not just about donations and philanthropy
What are some misconceptions you’ve noticed regarding what “impact” is all about?
My comments are in the context of the economic impact space, as I am not involved in environmental impact or sustainability. Firstly, some people believe that only disadvantaged/minority communities are affected by the reduction in social mobility. This is not true. This problem is prevalent across all ethnic/racial/gender demographics - and disproportionately affects the young (i.e. Millennials and Gen Z). Secondly, some believe that impact is all about donations/philanthropy. As the growth and returns in global impact investing show, this isn’t the case either.
