Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing...

33
Changing what it means to be an investor in the 21 st century. Promoting principles of soil fertility, sense of place and cultural, ecological & economic diversity.

Transcript of Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing...

Page 1: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Changing what it means to be an investor in the 21st century. Promoting principles

of soil fertility, sense of place and cultural, ecological & economic diversity.

Page 2: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

To create true wealth we must bring money back down to earth.

Root money in a real place, over time, and prosperity will follow –

healthy enterprises,

communities,

ecosystems,

and returns.

2

Page 3: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

What’s Inside

1 Opportunity, Mission & Operating Strategy Public response, extensive groundwork, participation numbers, strategy, earned income strategy.

18 Next Steps Management team, 2011 initiatives, measuring success, financials.

25 Why Slow Money? Why people are interested, leveraging the power of the “Slow Money” brand.

32 Funding Request Short term, medium term, long term, looking ahead.

3

Page 4: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Opportunity

•  Global economic and food systems are out of balance.

!  People have lost faith in financial systems and managers.

!  People are hungry to invest their money in new ways that are meaningful, tangible, transparent, and close to home.

•  Slow Money makes it possible for people to invest directly in local food systems.

!  Investing in local food systems is a powerful entry point to making structural fixes to economic problems. Agriculture and food are the largest components of local and global economies.

We are at a historic turning point.

“Every 200 years or so, it seems, we arrive at a threshold moment in the history of capital and culture.”

- Woody Tasch Inquiries into the Nature of Slow Money

!  Fixing food systems concurrently addresses many of the other problems we face globally – climate change, fossil fuel reliance, health, unemployment, environmental degradation, community development and more.

!  Food has tangible, intrinsic value.

4

Page 5: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Mission

To catalyze investment in local food systems.

“Becoming conscious of the power of your consumer dollars is key to building healthy local economies. So is becoming conscious of the power of your investment dollars. Slow Money inspires and empowers us to connect our values to our investments and our investments to local food systems.”

-  Judy Wicks, Co-Founder, Business Alliance for Local Living Economies (BALLE)

5

Page 6: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Public Response

“Slow Money is one of the big ideas for 2010.” - Business Week, December 2009

“The Slow Money revolution…” - ACRES USA, November, 2009

“One of 25 Visionaries Who Are Changing the World: Woody Tasch, Free-Range Capitalist”

- Utne Magazine, October 2010

“Slow Money gets right to the heart of everything that's ailing our economy and corroding our culture.”

- Kerry Trueman, Huffington Post

6

“The Slow Money movement…” - NPR, March, 2009

Page 7: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

"Speed – appropriate velocity for water, for information, for money – is one of the most

fundamental issues of ecological design. What is needed is someone, some group, some system

that is able to translate a deep understanding of these issues into entrepreneurial, effective solutions. Woody and Slow Money are that

person, that group, that system.”

-  David Orr, Distinguished Professor of Environmental Studies, Oberlin College

7

Page 8: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Extensive Groundwork

Three Regional Slow Money Feasibility Studies

!  Vermont, Wisconsin, New Orleans.

!  Copies of these reports are available upon request.

Five Regional Slow Money Institutes !  California, Vermont, Washington,

New York, Wisconsin.

Two National Gatherings !  Santa Fe, NM, September 2009 !  Shelburne Farms, VT, June 2010

193 Founding Members !  Many leaders in food and finance:

Judy Wicks, Gregory Whitehead, Greg Steltenpohl, Robert Zevin, Eliot Coleman, Peter Kinder, George Siemon.

Interactions with many thousands of people in scores of communities – book tour, speaking engagements, radio, television, online, print media.

Over the past two years we have tested our ideas around the country and engaged thousands of individuals working at the intersection of food and finance.

“As the local foods sector grows, it will offer fertile ground for both philanthropic and profit-seeking investors. One entry point is Slow Money, a rapidly growing network of investors and entrepreneurs seeking to catalyze investments into local food enterprises around the country.”

-  Local Foods: A Guide for Investors & Philanthropists, by Amy Dickie, California Environmental Associates

8

Page 9: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Participation Numbers

•  In early 2010, Slow Money finished 13th out of 2,500 entrants in change.org’s “Top Ten Ideas for Change” competition.

•  1,596 Slow Money members.

•  10,939 Facebook fans.

•  12,365 people have signed the Slow Money Principles.

•  Over $1,000,000 donated to Slow Money.

With a home-made website, no professional PR help and limited social media assistance, we reached significant numbers of people and inspired them to action.

"Slow Money is not only vital to our survival, it is the link, the value shift, that will connect investment and philanthropic dollars to the real work of rebuilding our communities and our country. It’s big. It’s very big. And it’s going to get bigger."

-  Brook Le Van, Sustainable Settings 9

Page 10: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

What’s Inside

“I've attended countless conferences and seminars over the years, but it was not until I was under the Slow Money tent at Shelburne Farms that I found the community of individuals with whom I can truly connect and actually get something done! It was all there: from macro to micro, from climate change to soil fertility, from venture investing to philanthropic investing. The quality of the attendees was remarkable. I'm already collaborating with one of them on investing in farmland near where I live.”

- Leslie Barclay, Angel Investor Owner of Round The Bend Farm South Dartmouth, MA

10

Page 11: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Strategy

Leverage the power of local & national networks.

Design innovative for-profit & non-profit financial

products & services.

Local Networks

Slow Money

Seed Fund

National Leadership

& Networks

Soil Trust

11

Page 12: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Strategy: National Leadership & Networks

•  Strategic partnerships.

•  Social capital and shared principles.

•  Deal flow and co-investment relationships.

•  Infrastructure & Training – Online technology, legal, business development, membership, fund development, event design, identification of best practices.

!  Santa Fe, September 2009 – 400 people, 34 states and 6 countries. 26 entrepreneurs presented, $260,000 invested in 4 companies.

!  Shelburne Farms, June 2010 – 600 people, 26 entrepreneurs presented, $4 million+ invested in 11 companies.

-  Green Mtn. Creamery, Farmland LP, Vermont Sustainable Jobs Fund, Greenling, Mamma Chia, Lhasa Beer, Rhythm Superfood, The Carrot Project, City Fresh, Hometown Farms, COFED.

-  Investment advisors pooling client capital.

-  Accredited and non-accredited investors actively seeking immediate opportunities.

-  Three funded companies giving back to Slow Money.

12

Page 13: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Strategy: Local Networks

“Inspired by the first Slow Money national gathering in Santa Fe, my husband and I came home and started a Slow Money conversation in Penn’s Valley, in Centre County, PA. The second conference at Shelburne Farms powerfully reinforced our conviction that we're on the right track and increased our sense of urgency and commitment.”

- Lisa Marshall, Smart Work, LLC, Spring Mills, PA

•  15 “Slow Money” groups have self formed around the US.

•  Local food systems assessment and deal identification.

•  Regional gatherings & entrepreneur showcases.

•  Loans have been made in Maine, Pacific Northwest, Mass. and North Carolina.

•  Funds in formation in Vermont, Massachusetts, Madison, Seattle.

13

Founding members meeting, Shelburne Farms, Vermont

Page 14: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Strategy: The Soil Trust

•  Permanent, non-profit, 100% Mission Related Investment fund paving the way for a new generation of foundations whose primary activity is investing.

•  Money from the Soil Trust will be invested as guarantees, co-investment and seed capital for local Slow Money investors.

!  Guarantees will mitigate the risk of local investors and lending institutions, catalyzing increased investment at the local level.

•  The Soil Trust will be replenished annually by millions of small donations. This design is based on our belief that the answer to the following question is “Yes”.

If four million Americans contribute $35 per annum to the NRA, will one million Americans contribute $25 per annum to the Soil Trust to rebuild our local food systems?

14

Page 15: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Strategy: Slow Money Seed Fund

A “micro” fund-of-funds, investing in new and existing intermediaries. Providing modest long-term positive returns while maximizing support for Slow Money’s mission.

!  BSW Wealth Advisors - “Slow” Munis.

!  RSF - Slow Money Loan Fund.

!  Mission Markets - Slow Money private placement online platform.

!  Existing Funds - Vermont Sustainable Jobs Fund, Pioneer Valley Slow Money Fund, Seattle Slow Money Microloan Fund, Farmland LP, The Carrot Project, Great Spirit Ventures.

“What a pleasure to be part of a gathering that wasn't just talking about the future but bending it. Slow Money is one of the keys to a healthy future.”

-  Bill McKibben, Founder, 350.org, Middlebury, VT

15

Page 16: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Earned Income Strategy

•  Membership dues.

•  Management fees from the Soil Trust.

•  Management fees and advisory fees from incubated investment products.

“The appetite for investing in small food enterprises is growing and will create important new opportunities for values-driven individuals to put money to work directly in their communities. I look forward to participating in these efforts.”

- Matt Patsky, CEO, Trillium Asset Management, Boston

Through our diversified earned income strategy we will achieve financial self sufficiency by 2015, eliminating our need for philanthropic funding for core operations.

•  Contributions from Slow Money funded enterprises.

!  Share of funds raised. !  Share of profit.

•  Consulting.

16

Page 17: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

What’s Inside

“There's a huge desire to bring our money home and reconnect it with our values, our place and our food. Slow Money has ignited

a prairie fire of interest.”

- Grant Abert, Angel Investor & Former President, Threshold Foundation

17

Page 18: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Chairman and Founder

Woody Tasch

Woody Tasch, Founder and Chairman,!pioneered the integration of asset management and philanthropic purpose in the 1990s as treasurer of the Jessie Smith Noyes Foundation and founding chairman of the Community Development Venture Capital Alliance (CDVCA).!For ten years, through 2008, Tasch was chairman of Investors' Circle, a network of angel investors, family offices, and social purpose funds and foundations that has invested $133 million in 200 early stage sustainability-promoting ventures and venture funds, since 1992.

For thirty years, Woody has been a thought leader whose vision and work have played a pioneering and entrepreneurial role in the social investment field.! He coined the term! “community development venture capital” and was founding Chairman of the CDVCA. He was one of the first to develop and apply the concepts of “mission-related investing” and “patient capital” in the 1990s.

He has also enjoyed success as a small scale venture capitalist, with two “home runs” to his credit, as well as the Blue Dot Fund, which invested $12 million of Noyes Foundation assets and delivered single-digit returns, out-performing most of its cohort of first generation social venture capital funds. He has served as a Board member or advisor to many small private companies.

Woody is the author of “Inquiries into the Nature of Slow Money: Investing as if Food, Farms and Fertility Mattered”. In 1980, he co-authored Food Production and Public Policy in Developing Countries (Praeger).!He is the author of many articles and essays and has been frequently featured on public radio and in a wide variety of speaking venues. In 2010, Utne magazine recognized Woody as one of 25 Visionaries Who Are Changing the World.

18

Page 19: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Executive Director

Ari Derfel

Ari Derfel, Executive Director,!is an entrepreneur, restaurateur, organic chef, activist, mountain guide & public speaker. His academic career spans the University of Wisconsin, Harvard, Georgetown, UCLA & Cambridge. Ari co-owns Gather, the critically acclaimed all-organic restaurant in Berkeley, California, with his business partner, Eric Fenster. Gather was named one of fifteen “Best New Restaurants in the United States” by Esquire Magazine in 2010, and Gather’s Chef, Sean Baker was named “Chef of the Year”.

In the words of the New York Times, “Ari Derfel and Eric Fenster were not yet born in 1971 when Alice Waters opened the seminal Chez Panisse, paving the road that brought local, seasonal cooking, into the mainstream. But with Gather, these self-described ‘pathological optimists’ are turning that road into something of a four-lane highway….Gather has the feel of a Michael Pollan book come to life.” Gather is an example of Slow Money in action, as Ari raised $2.5 million for the project using creative financing strategies during the height of the economic crisis.

In 2001, Ari & Eric founded Back to Earth Organic Catering, the first organic catering company in the US. In 2006 Ari and Eric were named “Top 25 Trendsetters in the Wedding Industry” by Modern Bride Magazine as they helped to usher in the era of the “Green Wedding”.

Ari is also internationally known for his work on waste and consumerism. As an experiment, he saved every single piece of trash & recycling he created during 2007 to see his footprint firsthand. His story garnered significant media attention and he was featured on CNN, MSNBC, Fox News, and myriad television and print media worldwide. Ari gave the trash and recycling to Kuros Zahedi, an artist in Bellingham, Washington, and in 2009 it was unveiled in Seattle as a sculpture and installation piece.

19

Page 20: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Staff & Board

Michael Bartner Director of Operations & Regional Initiatives Michael was the associate director of Investors' Circle from 2002 to 2008.! Michael previously worked with the Carter Center's Global Development Initiative, SustainAbility in London, and Park Pride in Atlanta, where he taught environmental science to underprivileged children. Michael has a BA in Environmental Science and Political Science from Emory University and the London School of Economics.! He is currently taking courses towards his MBA at Northeastern University.

David!earned his bachelor’s degree in Political Science from Yale University, where he also worked as a researcher for the Program on Agrarian Studies. While an undergraduate, David served on Yale’s Advisory Committee on Investor Responsibility, charged with ethical oversight of the university’s endowment. Most recently, David took administrative and operational responsibility for the start up of Gather Restaurant in Berkeley, California.

David Corson-Knowles Director of Communication & Technology

Cathy Berry Board Cathy is managing director and one of the founders of Baldwin Investment Group, LLC, a small boutique investment management firm with approximately $300 million under management. Since 1997, she has been the financial advisor to and active participant in The Sandy River Charitable Foundation, a family foundation with assets of approximately $40 million. Cathy is a passionate, seasoned leader in social finance and is a founding Board Member of Slow Money.

20

Page 21: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

2011 Next Steps

Finalize brand development, guide and communications strategy

Initiative

Launch new web platform designed for collaboration with local chapters

Finalize Soil Trust design and incorporation

Finalize Seed Fund design and identify first investments - Slow Munis, Loan Fund, Mission Markets

Regional leaders 2-day working conference

Third National Gathering – scaled to 1000 attendees, Ft. Mason, SF

Finalize local chapter structure, guidelines, relationship with national organization

Formalize strategic alliances with partner organizations

Expand Board, establish Steering Committee and Investment Committee

Q1

Target Date

Q1

Q3

Q3

Q1

Q2

Q2

Q1

Hire necessary staff Q2

Hire PR firm & design 2012 national ad campaign Q4

Launch regional working groups – due diligence, event design, development, local food systems assessment, technical assistance, education, local fund creation

Q1

Complete fundraising for 2012-2015 Q4

Q4

21

Page 22: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

What Success will Look Like in 2015

•  $25 million invested in enterprises that present at national and regional Slow Money gatherings.

•  100,000 people contributing $10 million per annum to the Soil Trust.

•  $250 million invested in aggregate in Slow Money bonds, loan funds, local funds and other vehicles.

•  Five regional Slow Money funds.

•  25 local Slow Money chapters.

•  25,000 members.

•  $3.5 million dollars of earned income, operating budget of $3.25 million.

“Slow Money aims to change financial markets – and enhance well-being – through investments in local food systems. It is to be celebrated. It has the potential to make a world of difference.”

- Amy Domini, President Domini Social Investment Fund, Quoted in Ode Magazine, October 2010

22

Page 23: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Budget

Our Financial Workbook details our 2011 Quarterly Budget and Five Year Projections. Please see the accompanying Excel Workbook for more information.

23

Page 24: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

"Slow Money has the potential to impact food policy and climate policy in profound ways. Connecting soil, food and money, really connecting them – this may just be a threshold moment in the history of sustainable agriculture.”

-  Mardi Mellon, Director, Food & Environment Program Union of Concerned Scientists

24

Page 25: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Why Slow Money?

Awareness is growing that the food system is broken.

•  Food, like water and shelter, is a fundamental asset – it is an essential human need, with tangible value.

•  Food recalls, food deserts, food miles, factory farms, farmers who get less than $.1 of every $1.

•  Fast food, artificial chemicals, hormones and antibiotics in our food, obesity, diabetes, cancer, heart disease and other diet-related health concerns.

•  Industrial agriculture is “floating on a sea of oil,” contributing 20%+ of U.S. greenhouse gases.

•  Monoculture, GMOs, loss of biodiversity.

•  Aquifer depletion, soil erosion, Dead Zone in the Gulf of Mexico.

25

Page 26: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Why Slow Money?

Awareness is widespread that the financial system is broken.

•  Ultra-fast trading, derivatives, sub-prime mortgages, the “1000 point drop in 20 minutes”, government budget deficits – all are symptoms of systemic failure, of money that is too fast, companies that are too big and securities that are too complex.

•  “The Efficient Market Hypothesis is no longer valid.” (Jeremy Grantham, The Economist)

•  Investor satisfaction with SRI portfolios is limited.

•  Foundation interest in Mission Related Investing and Program Related Investing is building.

•  “Our clients are desperate for opportunities to invest in local food.”

26

Page 27: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Why Slow Money?

We are living amidst a global shift in the world of finance and food. We bring a key, strategic ingredient to the table.

Slow Money has quickly gained significant mindshare as the “investment piece” of the local economy and sustainable food movements. Collaboration and strategic alliances are key.

27

•  Local Economies: BALLE has 82 chapters, connecting consumers to 20,000 local businesses and raising awareness.

•  Technical Assistance: Farm Aid provides support to farmers through the largest database of technical assistance resources in the world.

•  Policy: Organizations like Roots of Change and Food Democracy Now address systemic and structural issues at the government level.

•  Financial Management: Financial planners, wealth advisors, and investment managers are looking for slow money oriented investment opportunities for their clients.

•  Institutional Finance: CDFIs, non-profit lending organizations, credit unions and others are breaking ground with innovative products every day.

Page 28: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Why Slow Money?

When you put “slow” together with “money,” you get a brand.

•  Slow Money taps into visceral concerns that finance has run amok, that trillions of dollars a day flowing through capital markets in securities that no one fully understands is a core contributor to the systemic problems of our time.

•  AND: Investing in small food enterprises, close to home, is a tangible, direct, empowering way to begin to address these systemic problems.

•  Slow Money brings to market a vision of “millions of small acts of care and restraint” (Wendell Berry) that will preserve and restore soil fertility and culture.

•  People are hungry for this new discussion and for the opportunity it offers to connect with one another, with the places where they live and with the land.

“Slow Money has the irresistible power of an idea whose time has come.”

-  Beverly Becker Director of Individual Giving Pesticide Action Network 28

Page 29: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Leveraging the Power of the Brand

We are working with Free Range Studios to redesign our logo, build a state of the art web presence, and construct a brand guide that will drive our communication strategy.

29

Page 30: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Leveraging the Power of the Brand

Below is an example of an internal process Free Range is using to help us understand our organizational identity so that we can tell our story effectively.

30

“Slow Money is a brand of extraordinary potential.”

-  Jonah Sachs, Co-Founder, Free Range Studios

Page 31: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

“The morality of finance and the business of poverty are dominating all aspects of the discussions. Call it what you may – patient capital, slow money, entrepreneurial philanthropy – the nuanced parlance of the future of money and how it is being redefined through a social, educational, and public health lens are the serious buzz of this year’s meeting.”

-  On the Ground at the Clinton Global Initiative’s Annual Meeting The Walrus, September 24, 2010

31

Page 32: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Funding Request

We are now seeking a core group of philanthropic and investment partners who can provide the capital and expertise required for us to move from launch to build out.

Medium Term !  Additional $1,000,000 !  By November 30, 2011

Long Term !  Additional $3,000,000 !  To carry out our full campaign

through 2015 !  Grants & Program Related

Investments

Immediate !  $500,000 !  By March 31, 2011

Short Term !  Additional $1,000,000 !  By June 30, 2011

32

Our youngest attendees at the 2nd National Gathering, Shelburne Farms, June 2010

Page 33: Changing what it means to be an investor in the 21 century ... Money Business Plan.pdf · Changing what it means to be an investor in the 21st century. Promoting principles of soil

Looking Ahead

•  We have visionary thought leadership.

•  We have outstanding entrepreneurial management.

•  We have a brand with demonstrated power.

Slow Money is positioned to emerge as a national organization whose impact will be felt for years to come in local food systems, social investing and philanthropy.

33

•  We are building high-value, highly engaged networks.

•  We are incubating innovative, high-potential investment vehicles.

•  We have matched the “movement” and “revolution” buzz with steady, significant progress on the ground.

•  And millions of dollars are already flowing…