In the age of data, numbers are king. Athletes, politicians, and businessmen – everyone seems to be moving toward a metric-driven approach to improve. To some degree, they should be; numbers can be and often are the best way to measure success, track movement and progression, and make sense of a situation. But it has also become very easy to forget about intangibles.
Jonathan Teo most certainly has not forgotten.
According toa recent article in the New York Times, Teo recently launched a group called Binary Capital, which seeks to partner with organizations who value their mission and their ability to create a global impact, on an equal level with their income statements.
Teo told reporter that the companies in which his organization will invest fit a certain profile: “They want to succeed commercially, but also want to succeed at improving the lives of others, and they want to do that at scale.”
And it seems the idea has caught fire. According to the article, in only three months Binary Capital raised a sum of $125 million in early funding… But what’s perhaps more impressive is that they declined investments valued at roughly $60 million.
Binary Capital will create their own global impact, the author writes, by giving a portion of their carried interest to charitable organizations around the world. They hope to be able to partner with worldwide organizations in the future to contribute to improving conditions in developing parts of the world.
The article goes on to discuss the approach Teo and Binary Capital are taking to find partners with whom to invest. Like their ideas on metrics and mission, it’s a bit atypical. Rather than focus primarily on the firms actively searching for investors, they work backchannels, following popular apps and websites to determine what developers are saying about a company or project, and then move in to pitch to teams where they think they can make a difference.
“The deals we want to do aren’t already in play,” said Mr. Teo told the Times, “We want to make them happen.”