At Next Wave Impact, they are working to increase diversity, inclusion, and impact in early-stage investing and their entrepreneurial ecosystem through an innovative learning-by-doing progressive fund model. Next Wave Impact global fund has 99 women investors, 25 of them women of color, which is led by an experienced investment committee of ten women. They are building a portfolio of investments in early-stage impact companies, diversified across industry and geography, over a four year investment period. They will make 6-8 investments in each of the first two years and then do some selected follow-on investments in those companies in years three and four. They are excited about this model, building on two pilots in the United States and Europe (the Rising Tide Pilots) with nearly 200 women, which made 18 investments. They said that together, they are creating the next wave of educated and trained angel investors focused on both social impact and financial returns, which are investing in underrepresented entrepreneurs.