Malaria, Jacqueline, Intraocular Lens discussed on Design Matters with Debbie Millman
Paid market price, two thirds of the patients got up for free and yet it thrived and he broke everywhere capitalism. Developed a intraocular Lens himself because the price was one hundred and forty dollars time and he thought there's no way I can create a product for people who make a dollar a day if it costs one hundred and forty dollars, any figured out a way to make it costs about ten his engineer stood and a corporation came in and Civil Bhai for you from sixty will make you you wealthy whole forever. and. wasn't good enough and today they're the second largest manufacturer in world. they've served about five million people his COO is on my board. Sadly, Dr Ranked swales no longer with us, but our event is my spiritual home to remind me a just what is possible if you use these ideas without being controlled by them. Jacqueline. Initially, you thought as I mentioned, you would spend three years doing all. You could to build this blueprint for change. When was the moment when you knew the whole concept behind acumen would actually work I think it had to do you mentioned mosquitoes and malaria bed nets. We had invested in a new way of manufacturing. Insecticide impregnated bed net to protect people from malaria. And it was really important to us that it was of buying for Africans. So we found this incredible entrepreneur named anew shot in. Tanzania. They had never manufactured these kinds of polyethylene based nets, and so literally, there was nothing there when we made our investment and the first time I visited, they had a machine and we were so excited. We were going to have this great dream and I had done a lot of that stuff before the the phase. And then a few months later W I went back and now there were there was a factory of all of these women sitting on the bed net machines and the nuts were coming off and I was going into villages nearby and I'm seeing the nets and that was a memorial that online goodness grew doing this. Ultimately, that company produced about thirty million nets a year with ten thousand women, and it's interesting that we're talking about him today. Because this is patient capital and long-term relationship. And a new sadly died a couple of years ago he would have been sixty this month. And his family has asked me to pay tribute. To this partnership and the the gift that he has given by focusing on solving one of his countries and continents biggest problems. He created thousands of jobs or women. And brought manufacturing into his nation in a way that may and should make all of us. Really Proud. At the end of the day, they've probably helped protect half a billion people from malaria. This tiny little company and we got to be part of it. Congratulations on Jacqueline. I mean that is just that's enough for one life and yet it's just a fraction of the work that you do. You've mentioned a few times the term patient capital your investment style is focused on on that. Can you describe what that means for listeners? What is patient capital mean? I'm learning even though we've been doing it for nineteen years that patient capital is relational long term capital. For us it is philanthropic back. But it can also be returns oriented, but it has to have huge risk appetite. And Long Term Horizons, and by long term I, do mean ten to fifteen years. And it can't be passive investing patient capital..