The Criterion Institute Podcast

Joy Anderson
  • 5.0 (3)
  • Investing
  • Updated Semimonthly

How do we disrupt the entrenched power dynamics in finance to advance a more equitable future? Join us for the Criterion Institute Podcast as Joy Anderson, a global thought leader in business and social change, leads us through a series of discussions, interviews, frameworks, rants, and re-frames that will help you better understand how to use finance as a tool for transformative systems change. Learn more by visiting us at www.criterioninstitute.org.

  1. Sep 24

    #88: The Politics of Time in Investing: Exit Horizons, Runways, and the Futures We Finance

    When investors evaluate opportunities, conversations usually focus on money: risk, return, liquidity, valuation, and performance. But underneath every financial decision sits another variable that is often treated as technical rather than political: time. In this episode, Joy Anderson explores how time appears throughout investing, from discount rates and exit horizons to repayment schedules, liquidity, and fund structures. These choices may seem neutral, but they determine who gets time to build, adapt, and grow, and who is forced to move at someone else's pace. Drawing on Criterion's work inside investment structures and financial systems, Joy examines how different actors operate according to different clocks, how fund structures shape behavior long before investments are made, and why one of finance's most important functions is creating time itself. From extending organizational runway to supporting market formation and systems change, this episode reframes investing as the allocation of time as much as capital. Ultimately, Joy challenges listeners to think differently about investment decisions by asking not only about return and risk, but also whose timeline is driving the decision and what future becomes possible when people are given the time they need to build toward change. Episode Highlights 00:00 - Introduction to time in finance 02:09 - The vocabulary of time in investment deals 04:04 - How discount rates and time horizons influence value 05:01 - Exit scenarios and liquidity considerations 05:51 - Different clocks for different actors in finance 09:12 - The impact of fund timelines and pressures 14:00 - Finance as a tool to create and extend time 19:10 - Measuring time-based outcomes in investments 20:09 - Systems change and the importance of pacing and sequencing 23:03 - Reframing investment questions around time and futures Relevant Links Criterion Institute website and LinkedIn Joy Anderson's LinkedIn Dive Deeper A Roadmap for Private Investors: Investing to Address Gender-based Violence This roadmap explores how investors can intentionally shape financial systems for social change and offers a useful lens for understanding how investment decisions influence long-term outcomes and future possibilities. GBV Approaches to Investing: Catalytic Strategies This resource examines patient, flexible, and appropriately structured capital, making it particularly relevant to the episode's discussion of financing time, readiness, and long-term change. If you enjoyed this episode, consider listening to: #70: Financing Patience: Movements, Markets and the Long Game A deeper exploration of patient capital, movement funding, market formation, and why transformative change requires long-term financial commitments. #57: Investable Hope: A Conversation with Susie Pan on Financing the Future Joy and Susie Pan discuss the relationship between finance, hope, future outcomes, and investing toward long-term social change. #84: Narratives, Local, and the Stories That Shape Finance An exploration of how assumptions about the future influence financial decision-making and what becomes possible when we tell different stories about finance. #65: Investing as if Hope Mattered: The Church, Finance, and the Imagination to Act A reflection on finance, imagination, and the role long-term vision plays in shaping systems and investment choices. Part of the ImpactAlpha Podcast Network

  2. Sep 10

    #87: Thank You for Naming It: The Early Days of Gender Lens Investing

    In this episode, Joy Anderson sits down with longtime collaborator Jackie VanderBrug to revisit the origins of gender lens investing and the work of building a field before most people believed it existed. Drawing on their years together at Criterion Institute, they reflect on the early efforts to identify, map, and connect investors, researchers, philanthropists, and practitioners who were already incorporating gender into financial decision-making but lacked a shared language or framework. The conversation explores the importance of naming, the challenges of making gender visible within emerging impact investing conversations, and the tension between simplicity and rigor as the field developed. Joy and Jackie discuss the evolution of concepts such as "Women Effect," "Revaluing Gender," and "gender lens investing," as well as the role of leadership, philanthropy, community-building, and intellectual frameworks in making new possibilities visible. Ultimately, the episode is a reflection on how movements are built: through mapping, invitation, collaboration, persistence, and the willingness to claim possibility before there is permission to do so. Episode Highlights 00:00 - Introduction to the podcast and guests 02:24 - Reflecting on the early days of gender lens investing 04:17 - The role of visibility and community in building the field 07:13 - Naming and framing the movement: Women Effect and gender lens 09:11 - Overcoming resistance and gaining acceptance 12:48 - The impact of mapping and community building 16:37 - The evolution of impact investment frameworks 19:54 - The importance of gender analysis over numbers 22:44 - Building the field without a central fund 25:39 - Legacy and ongoing influence of early efforts 28:55 - Reflections on collaboration and future impact Relevant Links Criterion Institute website and LinkedIn Joy Anderson's LinkedIn Jackie VanderBrug's LinkedIn Dive Deeper State of the Field of Gender Lens Investing A foundational review of how gender lens investing evolved as a field, mapping the ideas, actors, products, and organizations that helped move gender from a niche concern to an established investment lens. Framing (and Reframing) Gender A framework for understanding how gender analysis can reveal opportunities, risks, and dynamics within financial systems, moving beyond simply counting women toward a deeper examination of power and value. If you enjoyed this episode, consider listening to: #32: Pioneering Collaboration: The Story Behind the 2024 Joan Bavaria Award A reflection on the collaboration between Joy Anderson, Jackie VanderBrug, and Suzanne Biegel in building the field of gender lens investing. #42: 10 Year On: Reflecting on the State of Gender Lens Investing Joy revisits the evolution of the field, its frameworks, and the progress made over a decade. #40: Gender Lens Investing is a Time of Backlash: Why It Matters Now More Than Ever A contemporary reflection on why gender lens investing remains important amid shifting political and economic conditions. #47: Spelling it out: Gender Lens Investing Deserves Words, Not Acronyms A conversation about language, terminology, and how naming shapes understanding and action. Part of the ImpactAlpha Podcast Network

  3. Aug 27

    #86: A Tale of Two NAPs: National Action Plans and Much-Needed Naps

    For the past several months, Criterion Institute has been wrestling with a deceptively simple question: how do you finance a National Action Plan (NAP) to end gender-based violence? Most NAPs contain detailed commitments, timelines, settings, and responsibilities, yet many remain chronically underfunded. In this episode, Joy takes listeners inside Criterion's thinking process as the team tried to translate these plans into pathways for finance. Along the way, they discovered that many of the frameworks they relied on for years were excellent at describing landscapes and systems, but less useful when reading a plan line-by-line and asking where money could actually move. The episode introduces a distinction that became foundational to the work: the difference between an investment case and a financing mechanism. Costing studies and investment cases play an important political role by helping governments understand the economic consequences of violence and the value of prevention. But those arguments alone do not explain how capital moves, who bears risk, what financial structures exist, or how prevention becomes investable. Joy reflects on the false starts, AI-generated dead ends, framework redesigns, and countless synthesis conversations that ultimately led the team toward a more practical framework for financing National Action Plans. The result is not a finished answer, but a clearer way of thinking about how finance, policy, prevention, and systems change intersect. Episode Highlights 00:00 - Introduction to financing national action plans 01:55 - The challenge of understanding how money moves in plans 02:53 - Distinction between investment case and mechanism 07:06 - Frameworks as tools, not solutions 10:08 - Applying frameworks to real plans and the need for reflection 14:57 - The five categories of financing for national action plans 20:12 - The importance of pauses and reflection in problem-solving 21:12 - Conclusion: frameworks need naps and refinement Relevant Links Criterion Institute website and LinkedIn Joy Anderson's LinkedIn Dive Deeper Framework for Financing the Prevention of Gender-Based Violence This framework is referenced repeatedly throughout the episode as the starting point for understanding how finance can support prevention by integrating GBV as material risk, financing what works, and valuing the future created through prevention. A Roadmap for Private Investors: Investing to Address Gender-Based Violence Referenced indirectly in the discussion of how investors operationalize GBV considerations and move from analysis toward action. Roadmap for Development Finance Institutions: Strategies to Address Gender-Based Violence Relevant to the episode's discussion about how institutions can incorporate GBV considerations into financial decision-making and capital allocation. If you enjoyed this episode, consider listening to: #67: Financing the Reduction of GBV: From Insights to Infrastructure Joy explores the intersection of finance and gender-based violence, emphasizing infrastructure, leverage points, and systems change. This episode provides important context for understanding why Criterion's work has increasingly focused on the infrastructure needed to support GBV prevention. #39: Financial Tools for Social Change: Ending Gender-Based Violence A foundational episode exploring how financial systems can be used to reduce violence and introducing several strategic approaches that connect directly to discussions in this episode about financing pathways and systems change. #27: The Core Pillars of Our Strategic Plan: Financing the Reduction of Gender-Based Violence Provides historical context for Criterion's GBV work and explains why the organization chose to build a deep portfolio of ideas and strategies at the intersection of finance and gender-based violence. #75: When the Moment Arrives: Acting on Systems Opportunities Listeners interested in the systems-change dimensions of this episode will find a useful companion conversation on leverage, timing, relationships, and strategic action. #85: Changing Your Frame Not Your Mind: Ensuring Your Actions Follow What You See A natural follow-on episode about reframing, changing analysis, and understanding how shifts in perspective ultimately change actions and outcomes within systems. Part of the a...

  4. Aug 13

    #85: Changing Your Frame Not Your Mind: Ensuring Your Actions Follow What You See

    A colleague recently asked Joy Anderson where she'd changed her mind—the kind of question you ask to find out whether someone is actually learning, or just defending old positions with better language. Her honest answer surprised her, and it probably won't be the one you're expecting. Because over 25 years, the changes that mattered most weren't reversals at all. They were quieter than that, harder to name, and they rearranged how she works, what she'll own, and where she draws the line. Next, Joy walks through a handful of moments where nothing about the facts changed—same rooms, same partners, same work—and yet everything did. It's a reflection on the stories we tell ourselves about our place in the work, why they're so hard to let go of, and what becomes possible when we finally do. She closes by turning the question back on you: what are you looking at right now that might be ready to be seen differently? Episode Highlights 00:00 - Introduction to the episode and core themes 02:35 - The question of changing one's mind and seeing differently 03:30 - Reframing support as infrastructure in social change work 07:21 - The shift from outsider to inside the work 09:16 - Personal reframing: recognizing limits as system design constraints 17:31 - The importance of seeing and acting on what you see 18:54 - Invitation to reflect on current frames and perceptions Relevant Links Criterion Institute website and LinkedIn Joy Anderson's LinkedIn Joanna Levitt Cea's LinkedIn Dive Deeper Fostering a Feminist Financial Imagination https://www.criterioninstitute.org/resources/fostering-a-feminist-financial-imagination This publication explores the role of imagination in creating alternative financial futures and aligns closely with Joy's discussion of reframing reality and expanding what becomes possible through new ways of seeing. Framework for Financing the Prevention of Gender-Based Violence https://www.criterioninstitute.org/resources/framework-for-financing-the-prevention-of-gender-based… The framework emphasizes finance as a system of power rather than simply a source of funding, echoing the episode's distinction between support work and infrastructure-building. Reflection: Making Gender-Based Violence Material to the World of Finance https://www.criterioninstitute.org/resources/reflection-making-gender-based-violence-material-to-th… A classic Criterion reframe that demonstrates how changing the frame around a problem can fundamentally alter how finance interprets risk and opportunity. A Commitment to Address Gender-Based Violence https://www.criterioninstitute.org/resources/gbv This resource highlights the importance of imagining alternative futures and changing assumptions about what finance can do, themes woven throughout this episode. If you enjoyed this episode, consider listening to:#84: Narratives, Local, and the Stories That Shape Finance https://www.criterioninstitute.org/podcasts/podcast-episode-84 A conversation exploring how narratives influence financial systems and the ways stories shape what becomes visible and possible. #82: How Staying in Paradox Can Sustain Hope and Drive Systemic Change https://www.criterioninstitute.org/podcasts/podcast-episode-82 Joy examines the tensions and paradoxes that emerge when trying to create lasting systems change, complementing this episode's exploration of competing frames and perspectives. #80: What Are You Willing to See? Disruption, Fault Lines, and the Moments That Matter https://www.criterioninstitute.org/podcasts/podcast-episode-80 A reflection on disruption as a tool for revealing underlying systems, making it a natural companion to this episode's focus on perception and awareness. #79: From Invitation to Trust: Rethinking Relationships in Finance https://www.criterioninstitute.org/podcasts/podcast-episode-79 An episode about invitation, relationship-building, and the practices that create conditions for transformation. #45: Making Sense of Complexity: Frameworks That Work (and Those That Don't) https://www.criterioninstitute.org/podcasts/podcast-episode-45 One of the closest thematic matches in...

  5. Jul 30

    #84: Narratives, Local, and the Stories That Shape Finance

    What stories shape what we believe is possible in finance? In this episode, Joy Anderson sits down with Joanna Levitt Cea, Founder and Principal of Valiente Capital Design and co-lead of the Beloved Economies Collaborative for Narrative Infrastructure, to explore the role of narratives in creating economic and systems change. Together, they unpack the difference between stories, communications strategies, and narratives themselves, examining how underlying cultural assumptions influence the ways we understand ownership, investment, opportunity, and power. The conversation explores why narrative change is not simply about finding the right message, but about collective action, organizing, and reshaping the stories that define what people believe is possible. The episode then turns to one of the most common and often unquestioned words in innovative finance: local. Joy examines five distinct narratives embedded within the concept. Rather than treating local as a geographic descriptor, she argues that each narrative carries a different theory of change and implies different practices around governance, ownership, expertise, and value creation. Together, these reflections invite listeners to ask not whether finance is local, but what narrative of local is being invoked and whether the structures of finance actually make that narrative real. Episode Highlights00:00 Introduction to the power of narratives in finance 01:20 Narratives shape what people believe is possible 02:18 The importance of stories in social and environmental finance 03:26 Ownership economy and its narrative shifts 04:54 The role of narratives in building intergenerational wealth 07:59 The collaborative approach to narrative change 10:20 Stories as drivers of policy and norm shifts 12:17 Narrative as a team sport and collective action 34:04 The multiple narratives of local in finance 36:29 Different stories of local and their implications 42:52 The narrative of economic self-determination 44:46 Local knowledge as a narrative of expertise 46:34 The shift from communities being investment-ready to capital being context-ready 47:41 Conclusion: The importance of deep narrative change and systems transformation ‍ Relevant LinksCriterion Institute website and LinkedIn Joy Anderson's LinkedIn Joanna Levitt Cea's LinkedIn ‍ Dive DeeperInvesting to shift power: advanced practices of Africa's investment leadersThis article examines how investment leaders are redesigning financial practices to address power dynamics embedded within investment structures. By highlighting innovations in governance, investor participation, accountability, and decision-making, it complements this episode's discussion of narratives by showing how underlying assumptions about authority, expertise, and ownership become embedded in financial systems and how those assumptions can be intentionally challenged and changed. Advanced practices in local capital design: Trade LendaThis resource examines how financial structures can be intentionally designed around local knowledge, governance, ownership, and accountability. It directly connects to the episode's exploration of local as democratic legitimacy, contextual intelligence, and economic self-determination. Framework for financing the prevention of gender-based violenceThis framework provides an example of how financial systems can be redesigned to address power dynamics rather than simply expanding access. It reinforces the episode's discussion of moving beyond surface-level solutions and examining the underlying structures that shape outcomes. ‍ If you enjoyed this episode, consider listening to:#66: Designing Finance for Context: A Conversation with Joanna Levitt CeaJoy Anderson and Joanna Levitt Cea explore how fund design can become a tool for shifting power, why context should come before replication, and how finance can be redesigned around community knowledge and lived experience. #79: From Invitation to Trust: Rethinking Relationships in FinanceA complementary conversation about relationships, trust, and the underlying assumptions that shape how financial systems operate. #78: Intermediation is Not OverheadAn exploration of financial infrastructure, system design, and why the structures that connect capital matter as much as the capital itself. ‍ Part of the ImpactAlpha Podcast Network.

  6. Jul 16

    #83: Trust as Infrastructure: Trade Lenda and the Power of Informal Markets

    What happens when finance starts with trust instead of control? In this conversation, Joy Anderson and Adeshina Adewumi explore how Trade Lenda has built financial infrastructure around the realities of informal markets across Nigeria. Rather than treating informality as a problem to be fixed, Trade Lenda recognizes existing systems of trust, accountability, and economic participation and designs financial products that work within them. The discussion traces the full supply chain, from farmers and aggregators to manufacturers, distributors, and retailers, and examines why supporting the entire value chain creates stronger, more resilient markets. The conversation also explores how power operates in financial systems. Adeshina explains how Trade Lenda rethinks creditworthiness, works with community accountability structures, develops Sharia-compliant financing options, and provides capacity-building alongside capital. Together, Joy and Ade examine how trust can become infrastructure: creating financial systems that move capital faster, expand economic opportunity, and preserve the community relationships that make markets function in the first place. The result is a compelling example of how finance can support dignity, shared prosperity, and transformative systems change. ‍ Episode Highlights 00:28 - The importance of trust in finance and community systems. 01:28 - Understanding informal markets as systems to be supported. 04:10 - Trade Lenda's approach to financing entire supply chains. 05:06 - Why agriculture, retail, and essential services matter for economic growth. 07:43 - Rethinking collateral and credit access for underserved entrepreneurs. 11:01 - How speed and capital turnover drive successful trade finance. 14:22 - Diversifying within value chains to manage risk and strengthen markets. 17:42 - Why knowledge and business support can be as important as capital. 28:02 - Using community accountability and trust as financial infrastructure. 35:13 - Capital moves at the speed of trust. ‍ Relevant Links Criterion Institute website and LinkedIn Joy Anderson’s LinkedIn Adeshina Adewumi’s LinkedIn ‍ Dive Deeper Advanced practices in local capital design: Trade Lenda This case study directly examines Trade Lenda's approach to designing financial systems around informal markets, community accountability, alternative underwriting, and localized financial infrastructure. It is essentially the written companion to many of the ideas discussed in the episode. Framework for financing the prevention of gender-based violence This framework provides one of Criterion's core approaches to understanding how financial structures influence social outcomes and how systems can be intentionally redesigned. Mentioned in related Criterion resource descriptions.‍ If you enjoyed this episode, consider listening to: #79: From Invitation to Trust: Rethinking Relationships in Finance This episode explores trust as a foundational practice for leadership, collaboration, and systems change, making it the closest thematic companion to the Trade Lenda discussion. #78: Intermediation is Not Overhead A reframing of financial infrastructure and intermediation that connects directly to this episode's discussion of building systems that allow capital to move more effectively through markets. #62: Pipelines of Trust: Rethinking Local Capital Mobilization in Africa A natural follow-on episode focused on trust, local capital, African investment ecosystems, and adapting financial models to local contexts. ‍ Part of the ImpactAlpha Podcast Network

  7. Jul 2

    #82: How Staying in Paradox Can Sustain Hope and Drive Systemic Change

    In this episode, Joy Anderson responds to some listener questions, naming six paradoxes she encounters when working to shift financial systems toward gender justice and social change. Joy frames paradox as a discipline: holding two seemingly incompatible truths at once such as movement and field-building, urgency and patience, collaboration and competition and resisting the urge to resolve them prematurely. Across themes ranging from pluralism in knowledge to the risks of public experimentation, Joy explores how finance simultaneously enables and constrains transformation. She emphasizes that these tensions are signals rather than problems, helping us see where systems are unstable and change is possible. The episode closes with practical reflections on working within paradox. Episode Highlights 00:00 - Introduction to Paradox in Systems Change 05:01 - The Movement vs. Professional Field Paradox 10:44 - Long-Term Change vs. Immediate Harm Paradox 14:32 - Collaboration vs. Competition Paradox 18:16 - Public Learning vs. Risk Aversion Paradox 22:08 - Pluralism vs. Standardization Paradox 27:21 - Living with Paradox: Practices and Reflections 34:11 - Conclusion: Embracing Complexity in Change Relevant Links Criterion Institute website and LinkedIn Joy Anderson’s LinkedIn Dive Deeper Framework for Financing the Prevention of Gender-Based Violence Links to the episode’s focus on how financial systems shape—and can transform—the conditions underlying harm. Fòs Feminista: Building Feminist Financial Infrastructure Illustrates how movements build institutional structures—mirroring the movement vs. field paradox described in the episode. Gender Lens Investing A foundational resource on integrating gender and power into financial decision-making, relevant to the episode’s reflections on pluralism and standardized “proof.” If you enjoyed this episode, consider listening to: #80: What Are You Willing to See? Disruption, Fault Lines, and the Moments That Matter Explores disruption as a moment that reveals underlying systems—closely aligned with the idea of paradox as a site of transformation. #79: From Invitation to Trust: Rethinking Relationships in Finance Builds on relational dynamics and collaboration—core tensions discussed in this episode. #78: Intermediation is Not Overhead Extends the conversation on field-building infrastructure and how systems change actually happens. #77: Strength Is the Strategy: A Conversation on Movement‑Led Finance Directly connects to the movement vs. field paradox by exploring how movements build financial tools and institutions. Part of the ImpactAlpha Podcast Network

  8. Jun 18

    #81: AI at the Door: Grace, Hospitality, and Who We Talk To

    In this episode of the Criterion Institute Podcast, Joy reflects on a recent conversation with her brother, philosopher Joel Anderson, about how AI is changing the way we work. While AI can function like a team of highly capable research assistants by supporting analysis, drafting, and synthesis, Joy explores the unintended consequences of turning to machines instead of people. What appears efficient on the surface can quietly lead to a withdrawal from collaboration, reducing opportunities for shared thinking, disagreement, and collective insight. Drawing on Criterion’s core values of grace, hospitality, and the power of invitation, Joy reframes how AI should be used in systems change work. These practices of inviting others into the work, sharing ownership of ideas, and creating space for multiple perspectives are essential to shifting power. The question is not whether AI is helpful, but whether it is being used to deepen collaboration or to avoid it. Joy challenges listeners to reflect on who they are inviting into their work, and whether AI is expanding or replacing those invitations. Episode Highlights 00:28 — A conversation on AI and collaboration 02:30 — The metaphor of AI as research assistants 04:49 — Grace, hospitality, and invitation as operating principles 07:08 — When efficiency becomes isolation 09:35 — The risk of replacing people with tools 11:59 — Rethinking participation and co‑creation 14:06 — Questions to guide AI use in practice Relevant Links Criterion Institute website and LinkedInJoy Anderson’s LinkedIn Dive Deeper Framework for Financing the Prevention of Gender-Based Violence Highlights how systems—including finance—shape participation, power, and decision-making Innovative Finance Navigation Guide Supports broader participation in financial systems and conversations Advanced practices in gender lens investing: FrontEnd Ventures Demonstrates how analysis changes when multiple perspectives are included If you enjoyed this episode, consider listening to: #79: From Invitation to Trust: Rethinking Relationships in Finance #76: Bring Your Expertise: Why AI Needs More Voices #30: You Are Welcome: Hospitality, Strangers, and Family Myths #74: No Permission Required: Volunteerism as a Power Shift #78: Intermediation is Not Overhead Part of the ImpactAlpha Podcast Network

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How do we disrupt the entrenched power dynamics in finance to advance a more equitable future? Join us for the Criterion Institute Podcast as Joy Anderson, a global thought leader in business and social change, leads us through a series of discussions, interviews, frameworks, rants, and re-frames that will help you better understand how to use finance as a tool for transformative systems change. Learn more by visiting us at www.criterioninstitute.org.

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