Investing In The Pathways To Employment
Investingin thePathways toEmploymentFor adolescent girls and young womenin low and middle-income countriesA Guide for InvestorsUnlockingGender-Smart CapitalAt Scale
AcknowledgementsThis report was initiated and coordinated by theGenderSmart team and UNICEF, in partnership with VOLTA,and published in July 2020.VOLTA conducted the research and interpreted the results.This report was also made possible by the generous timeprovided by our interviewees: multiple enterprises, topicalexperts and investors from various parts of the education toemployment ecosystem, many of whom we were connectedto by Suzanne Biegel, Catalyst At Large.Olivia Iloetonma (VOLTA) authored this report. Furtherreviews and valuable insights came from Liesbet Peeters,Lily Han (CFA), Joseph DiSilvio and Aaron Skonecki of VOLTA,Swatee Deepak (With and for Girls), Rebecca Calder (KoreGlobal), Suzanne Biegel (Catalyst At Large & GenderSmart)and Patty Alleman and Ingrid Sanchez Tapia (UNICEF).Design and layout by Debbi EvansCover image by Andrea Piacquadio, Pexels2
ContentsExecutive Summary4Investing in the Pathways to Employment (P2E)9Overview10The Role Of Private Capital11Lessons From Other Actors In The P2E Ecosystem15Education20Skills28Jobs36Cross-Cutting Themes44Endnotes56Annex59Key Terms60How We Chose the P2E Themes61Size Estimates of Markets Related to P2E Themes62Overview of P2E Ecosystem Actors63References653
Executive SummaryExecutive SummaryThis guide provides practical insights for individualsand institutions on how to approach investing inpathways to employment of adolescent girls andyoung women in low- and middle-income (LMIC)countries. Many investors already invest in women’seconomic empowerment and youth employment as acritical lever for economic development. Yet rarely arethese investment portfolios designed to address thecatalytic promise of longer-term economic outcomes byintentionally looking at the period of adolescence andyoung adulthood for females — one in eight people inthe world1. Adolescent girls and young women are asignificant global market that is currently underserved,especially in LMICs with young populations2. Theyare future employees, customers, decision-makers,influencers, suppliers and leaders — investing in theirsuccess makes economic sense and has social impact.The common perception is that there is a linear pathwayfrom formal education to employment. However, ourassessment reveals a more complex story about anetwork of factors that influence how girls and youngwomen transition to work – and presents opportunitiesfor a gender-smart investment approach that addressespersistent gender gaps in economic participation.Our assessmentpresentsopportunitiesfor a gendersmart investmentapproach thataddressespersistent gendergaps in economicparticipationThe proportion of adolescent girls and young womenthat are not in education, employment or training (NEET)is twice as high for female youth in many LMICs. In subSaharan Africa, NEET is 24% among adolescent girls andyoung women (aged 15 to 29) and 13% among males3.Our objective is to: Inspire investors and investment intermediaries toadopt a more intentional strategy for investing inthe economic empowerment of adolescent girls andyoung women Contribute insights on the role that private capitalproviders can play along with the broader ecosystemof non-profit and public sector actors. This mayinclude participating in blended-financing structuresand public-private partnership investments Provide real examples of investable opportunitiesthat generate positive impact and are gender-smart4
Executive Summary UNICEF/UN0294853/Frank DejonghThe appropriate role for investment capital in anygiven intervention on the pathways to employmentfor adolescent girls and young women (P2E) willbe dependent on the degree to which benefitscan be captured as private gains rather than longterm, diffuse public goods. Typical venture capitaland private debt or equity investing focused onadolescent girls and young women is difficultbecause this consumer segment has limited economicassets, face deeply ingrained barriers with manyinterdependencies, and much of the financial returncan only be realized in the long-term, in the formof an increased tax base and/or local economicdevelopment. All that said, there are business modelswith the ability to preserve and return capital whileachieving impressive P2E impact.Investing in P2E is necessarily complex, given thenetwork of socio-ecological factors that impactyoung women’s choices, agency, and ability tomake a safe transition on these pathways towardseconomic empowerment. We have identified threecore and three cross-cutting P2E themes thatfacilitate successful transitions, based on key lifestages and milestones during adolescence andadulthood:Core themes: (a) formal education, (b) multidisciplinary skills development, (c) decent andproductive jobs – including self-employmentCross-Cutting themes: (d) sexual and reproductivehealth, (e) safety and (f) social inclusion.Investors can build a focused investment strategyin one or several of these themes. Looking acrossexisting impact investment flows in different sectors,more than US 21 Billion is relevant to the P2E themesidentified (see Figure 3, page 11).Within each theme, we: analyse how the barriers faced by adolescentgirls and young women constrain their ability toprogress to employment lay out the solutions that are needed to minimiseor eliminate these barriers and accelerateopportunities provide an example of an investment-readyintervention that private capital could support forincreased impact.Only interventions and enterprises with a strategicfocus on adolescent girls and young women, orthose with an explicit commitment to gender equity,are included. This may limit the opportunity set,but interventions and enterprises with a broaderdemographic focus frequently fail to deliver genderequitable outcomes.5
Executive SummaryOne key finding of our study is that P2E themes areoften overlooked as viable investment opportunities.While many investors may be aware of the value ofquality education for economic empowerment andgrowth, few have considered a meaningful genderlens in education financing. Similarly, safety is severelyoverlooked as a possibility for investment or even a lenson other investments. And yet safety-related constraintsseverely curtail participation, and advancement, ineducation, entrepreneurship and/or employment.We have also observed a growing number of enterprisesolutions relevant to P2E in emerging economies.Although estimates vary, this suggests the potentialfor investors to add as well as create value acrossnumerous markets interconnected with P2E themes.The figure below highlights a few key markets acrosseducation, skills, entrepreneurship and career links (i.e.jobs) and estimates of the opportunity size4.Figure 1: Investment-Ready MarketsInterconnected With P2E ThemesSmall andMicroenterpriseIncubators 0.73BRecruitment 0.55B 108BMicrolendingJOBSInfrastructure 18B 0.70BEDUCATIONEd FinancingSKILLS 0.17B 1.1BEdTech 55BTechnical andVocationalEducation andTraining (TVET) 3.9BCareer CoachingMassive OpenOnline Courses(MOOCs)6
Executive SummaryAcross all six themes, our analysis of theinvestment potential highlights the followinglearnings for investors:1234Investing in the educationto employment pipeline hasshown better results for longterm economic empowermentfor young women thaninvesting in the education toentrepreneurship pipelineSuccessful enterprises oftenfeature add-on offerings thathelp extend reach and impactand thus have a hybrid structureand financing strategyImproving both job-specificand transferable skills iscritical for successful and moreresilient employment outcomesThere are opportunities tolearn from the non-profitsector to transition what worksinto scalable and investableopportunities5The role of private capital, oftenblended with developmentor philanthropic capital, isto provide patient financialsupport to enterprises to delivermeaningful P2E results, whilealso designing a return oninvestment model.There is an opportunity for all investors – especially the increasingcommunity of private and public actors looking for gender-smartinvestments – to significantly contribute to a reimagined future foradolescent girls and young women today. We hope that, in reading thisreport, you join this community to unlock even more equitable economicopportunities for adolescent girls and young women, and broadereconomic growth.7
Executive SummaryHow to Read This ReportWe recognise that not all investors have the sameamount of investment experience in relevant sectorsand P2E themes we have identified. We havetherefore outlined relevant role(s) for private capitalwithin each theme to deepen investors’ awareness ofsectors and themes they know less about.If one of our six P2E themes is already inyour portfolio, use the report to deepen yourunderstanding of the gendered barriers, to checkthat the role you are playing, the investment toolsyou deploy, and your strategy unlock optimal impact.Or you may want to learn about a new and interrelated P2E theme. For example, if you are an investorin women’s health, you may want to look at the skillschapter (p28) for the cognitive, social and emotionalskills that inform the health choices of adolescentgirls and young women. The sexual and reproductivehealth theme in the chapter on cross-cutting themes(p44) also offers insights on how to extend impactto include adolescent girls and young women. Theirneeds are very different from those of adult womenin motherhood roles, where much of the blendedand innovative development financing has flowed todate.An investor in youth employment may want to lookat the chapter on jobs (p36) and the crosscuttingtheme on inclusion (p46) to understand how theircurrent investment activities may exclude vulnerableadolescent girls and young women and how tochange this at the investee level as well as in theimpact targets for the portfolio.The chapter on cross-cutting themes is relevantto all investors, to learn about how genderedbarriers to sexual and reproductive health, safetyand social inclusion affect their current investmentportfolios. These insights can inform pipeline criteria,post-investment portfolio management, technicalassistance provisions and key performance indicators(KPIs) for impact baked into the investment process.8
Investing in P2EIntroductionInvesting in thePathways toEmployment9
Investing in P2EOverviewSix pathways to employment for adolescentgirls and young women (P2E) investment themesfacilitate facilitate a successful transition toemployment, based on the key life stages andmilestones that adolescent girls and young womenexperience (Figure 2). Safety, health and inclusionprovide the best foundation for any interventionsin P2E. Then, at the core of the transition toemployment, we advocate for investments thatenable adolescent girls and young women to:1. Access secondary and tertiary education2. Develop foundational, digital, transferableand job-specific skills in any education and/ortraining setting3. Secure decent and productive jobs, includingfreelance work and entrepreneurship.The appropriate role for investment capital inany given P2E intervention will be dependent onthe degree to which benefits can be capturedas private gains rather than long-term, diffusepublic goods. Typical venture capital and privatedebt or equity investing is difficult because theadolescent girl and young women segment haslimited economic assets, face deeply ingrainedbarriers with many interdependencies, and muchof the return can only be realized in the long-term,in the form of an increased tax base and/or localeconomic development. Philanthropic funding andpublic investments remain necessary to addressmany of the effective interventions in the face ofthese challenges, as well as testing what works– especially in light of the limited ability to payamong many adolescent girls and/or the diffusebenefits from the interventions.All that said, there are business models withthe ability to preserve and return capital whileachieving impressive P2E impact.Figure 2: Six Themes For Investing in P2EJOBSEDUCATIONSEXUAL TTING THEMES10
Investing in P2EThe Role of Private CapitalInvesting in the pathways to employment foradolescent girls and young women (P2E) isnecessarily complex, given the network of socioecological factors that impact choices, agency, andability to make a safe transition on the pathwaystowards economic empowerment.However, no investor in any of the six P2E themeswill be starting from zero. There are existing impactinvestment sectors that intersect with the themes inthis report – and therefore investment flows alreadyreach, or have the potential to reach, adolescentgirls and young women. For impact investors whoseportfolio already fits within these sectors, there isan opportunity to look for ways of channeling more US Millionscapital to enterprises targeting the experiences ofadolescent girls and young women. Looking acrossexisting impact investment flows in different sectors(Figure 3), more than US 21 Billion is relevant to theP2E themes — shown in green below.For instance, how might an existing microfinanceprovider ensure that a dedicated proportion oftheir portfolio goes to young women refugeesbuilding home-based businesses? Similarly, howmight an infrastructure provider partner with largecorporations to provide safe transport links betweenjobs in urban centres and young talent in rural areas— and could such an opportunity tap into blendedfunding pools focused on reducing urban poverty,unsafe migration and youth employment?Figure 3:Asset Allocations InEmerging Markets BySector (GIIN AnnualSurvey 2019)11
Investing in P2EInvestors already have the means and can use thisreport as a guide on how to direct private capital flowsto better serve adolescent girls and young women. Inthis light, investing in P2E is as much as tapping intonew opportunities for impact investing as it is aboutanalysing existing capital flows with a gender lens tocreate impact for this underserved sub-demographic.We have also observed a growing number ofenterprise solutions relevant to P2E in emergingeconomies. Although estimates vary, this suggests thepotential for investors to add as well as create valueacross numerous markets interconnected with P2Ethemes (Figure 1 below).Ed Tech is one highly relevant market for P2Einvestments. Currently, about US 59 Billion flow intotechnology-enabled education products and services,from digital infrastructure to support the deliveryof education and training services to massive openonline courses (MOOCs) that enable service providersto reach underserved and/or remote consumers.Aggregate shocks such as COVID-19 have shownthe value and potential of EdTech and MOOCs toprovide resilient access to education for all, includingadolescent girls and young women who often havedisadvantages in access to education.The figure below highlights a few other key marketsacross education, skills, entrepreneurship and careerlinks (i.e. jobs) and estimates of the opportunity size5.Investors could choose to begin with any of thesemarkets to find the enterprises that serve adolescentFigure 1: Investment-Ready MarketsInterconnected With P2E ThemesSmall andMicroenterpriseIncubators 0.73BRecruitment 0.55B 108BMicrolendingJOBSInfrastructure 18B 0.70BEDUCATIONEd FinancingSKILLS 0.17B 1.1BEdTech 55BTechnical andVocationalEducation andTraining (TVET) 3.9BCareer CoachingMassive OpenOnline Courses(MOOCs)12
Investing in P2Egirls and young women.The table below includes some of the enterprisesidentified in this report. Only enterprises with astrategic focus on adolescent girls and youngwomen, or those with an explicit commitment togender equity, were included6. Businesses withoutthis focus, e.g., broadly on youth employment,tend to disproportionately benefit male clients.Likewise, businesses focused on women’s sexualand reproductive health sometimes fail to reach thediversity of adolescent girls as these services aremarketed to older or married women7.From an investor perspective, one could play aproactive role as a significant investor in any fund orenterprise, to better address the needs and marketopportunities associated with adolescent girls andyoung women. However, for the purposes of thisreport, we’ve chosen examples of enterprises thatare already heading in that direction.More than US 21Billion in existingimpact investmentsflow into sectorsthat are relevant toP2E transitions foradolescent girls andyoung women inemerging markets UNICEF/UNI316605/Bongyereirwe13
Investing in P2ECORE THEMESEducationSkillsiMeritIndustreeKadAfricaJeeva Bikas SamajFuzuShortlistLabourNetZoonaEnlight InstituteMoringa SchoolsOmega SchoolsGrow SaloneVarthanaLending for Education in AfricaProgramLusaka Health InstituteAkilah Institute & Davis CollegeLumniSHRHSafetyInclusion Women in Digital BangladeshAfrica Leadership UniversityJobs FledglinkAfrica Digital Media Institute(ADMI)CROSSCUTTING THEMES KashaNiviBeGirlSecurellaGirls First Finance Table 1: Enterprises With Market-Based Solutions For Adolescent GirlsAnd Young Women On Their Pathways To Employment814
Investing in P2ELessons From Other Actorsin the P2E EcosystemAdolescent girls and young women face specificbarriers within each P2E theme which can form thebasis for targeted intervention and investment strategydesign. However, some barriers cut across themes (e.g.girls’ limited agency) and hence have varying impactson how girls and young women navigate transitions toemployment.The siloed approach to design, funding, and operationof existing enterprises/programs has been one barrierto their efficacy. Of the six P2E themes, safety andinclusion are the most underserved. Many educationfocused programs do not incorporate sexual andreproductive health education or life skills in theircurricula. The same applies to sexual health servicesand products, which often miss the opportunity tobuild a market through comprehensive education.Another result of this siloed approach is that ineducation and skills development, enterprises/programs often monitor their performance and impacton the number of students that complete educationand secure employment, but have no data on whetheror not those students were able to stay in those jobsafter six months or even a year, or whether the workis safe. Similar issues are seen in entrepreneurshipprograms – which can expose young women toincreased risk in their day-to-day activities – but theserisks are rarely identified, addressed, or monitored.Gender insensitive government policies can alsopose a notable constraint. Until recently, in Tanzaniaand Sierra Leone, education policy mandated thatschoolgirls who become pregnant are not allowed tostay in school9. Yet there are no substitute educationprograms to help bring young mothers back intoeducation10. Similarly, policies that limit the accessand affordability of sexual and reproductive healthproducts for young women and/or design learninginfrastructure that is blind to their safety also result inlimited effectiveness.Therefore, none of the P2E themes exist in isolation,and outcomes across all six are highly correlated.This has several important implications for investors,even as they design and implement more focusedinvestment strategies. Key among these is this:investment capital is just one tool in the toolkit toachieve lasting impact for adolescent girls and youngwomen on their pathways to employment.Public sector, non-profit and other P2E ecosystemexperts shared four notes on how investors shouldunderstand P2E:1The complex, multi-faceted array of factors thatinfluence P2E outcomes means that investorsshould think of investing in P2E as an impact themeor an investment approach – neither a financinginstrument,
Investing in P2E Investing in the pathways to employment for adolescent girls and young women (P2E) is necessarily complex, given the network of socio-ecological factors that impact choices, agency, and ability to make a safe transition on the pathways towards economic empowerment.
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
