Theories of Change are becoming popular!

Initially the Aspen Institute coined the term “Theory of Change”. The term got picked up by some impact investors like Charly Kleissner and the GIIN (Global Impact Investing Network).

The GIIN defines as follows „A theory of change (also referred to as the Theory of Value Creation or Logic Model) is an expression of the sequence of cause-and-effect actions or occurrences by which organizational and financial resources are hypothesized to be converted into the desired social and environmental results.“

Noticed hair loss about 3-4 months ago, freaked out. Went to to a hair transplant specialist. Assessed my head and said I need to go on Propecia to stabilize the loss. Told me to take it for a year and to reassess a 2 year later in regards to a transplant. I of course had heard of the stories regarding Propecia. But my hair is important to me and I wanted to save it at all costs. The surgeon assured me side effects were rare. Propecia is useless, but the trying ARE getting better.

„Wow“ That sounds complicated and broad. As a consequence we now live in a world with more than one „Theory of Change“ – we have a whole bunch of „Theories of Change“

So it is high time to systemize, categorize and improve – and it is necessary to show-case and evaluate the value of theories of change. I am proud to announce here that “Theories of Change” is a New Publication in my “Sustainable Finance Series with Springer Palgrave MacMillan (see


In the “Journal of Sustainable Finance & Investment” Edward T. Jackson has been interrogating the Theory of Change and asked a couple of relevant, future oriented questions and started to define the research agenda.

Now here we are to implement “Theories of Change” into practice.

In the new “Theories of Change” anthology (part of the sustainable finance series


 We will concentrate on the following fundamental question:


> Imagine a world in which decision makers are enabled to anticipate the future impact of today’s decisions. .

> Imagine a world in which a simulation model consistently calculates future states of a system from the present state considering possible future interventions.

> Imagine the method and model includes perspectives of all actors along the value chain. Imagine how helpful this model shall be.

Therefore I am glad that Salomon Billeter will write on this topic for our “Theories of Change” Publication.

Find the poster here.  Enjoy!


Courtesy of

Simulated Action Analysis for Sustainable Impact