Episode 5

S2, Episode 5: Impact Investing – Case Study of Leap Frog Investments

Season Two: Episode Five – Examining impact investing — a relatively new form of investing which is directed at having a social or environmental impact alongside a financial return.  

Episode Description:  Evan Lin (Fordham Law ’19) and Zhujing Wu (Fordham Law ’19) interview Tom Brunner, Partner at LeapFrog Investments, to discuss impact investing, its legal concerns and how entrepreneurs can prepare to address these concerns.  

Episode Roadmap:

  • [:30] Evan Lin and Zhujing Wu introduce themselves and define impact investing.
  • [5:14] Tom Brunner introduces himself and offers an overview of LeapFrog Investments.
  • [8:01] Examining the commercial-philanthropic impact investing scale and the double bottom line. 
  • [10:34] Meeting fiduciary obligations and diversification considerations.
  • [15:49] Metrics used by LeapFrog to measure social impact, and differences between the healthcare delivery and financial service spaces.
  • [19:51] Three elements of any entrepreneurial endeavor that impact investors look for before investing.
  • [24:06] The importance of internal governance in your proposed business, including integrity, transparency, and guards against self dealing.
  • [27:18] How students and entrepreneurs can prepare to compete for limited positions with impact investing.
  • [32:33] Looking to the future of impact investing.
  • [35:00] Tom reviews five key takeaways for entrepreneurs looking to enter the impact investing space.


“Social benefit needs to be an affirmative aspect of the business model.” — Tom Brunner

“If you’re able to make a case for your business that market investors will find attractive… that opens up a larger pool for potential investments.” — Tom Brunner

“People who go into this field will do very well both in terms of financial reward and professional satisfaction.” — Tom Brunner

“Impact investing is a critical element of the global approach to solving problems of poverty and other social imperatives.” — Tom Brunner

Mentioned in This Episode:

Additional Resources: 



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Startup LAWnchpad  is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.