Being a black TV exec can feel like being an endangered species!

Do you have a pension?

Do you want to increase media diversity?

What if we could find a way to harness the money in your pension fund, and your other financial investments, to increase the number of women, BAME and disabled people working behind the camera?

Then you may want to buy “Media Diversity Bonds”

The idea for “media diversity bonds” came about by an off-the-cuff remark from a black television exec recently. We were talking about going to pitch meetings and she told me she is often the only black person in the room and feels like an “endangered species”. 

It was the “endangered species” comment that got me thinking.

WE ARE AN ENDANGERED SPECIES

Are there lessons we could learn from the conservationist community, who are trying to increase wildlife species, that we could use to increase media diversity? 

Let me tell you about “Rhino Impact Bonds”.

Black rhinos are close to extinction from a population of roughly 65,000 in the 1970’s the number has dropped to 5,500. They are the definition of “endangered species” (although 5,500 is still a larger number than BAME people working in the UK television industry - yes I know a cheap shot).

Various attempts to increase the number of black rhinos have failed, and so the Zoological Society of London and Conservation Capital got together to harness the power of the market and launch “Rhino Impact Bonds” 

Financial institutions and wealthy individuals are able to invest in these bonds. 

The money they invest is then used to finance programmes to increase the number of black rhinos. 

At the end of five years if the rhino population has gone up the investors get their money back with interest. If the numbers do not go up the investors lose their investment. The technical term is an  an “outcome payments” model.

The interest (or “yield”) will be paid by charities and governments, who right now are already shelling out even more money with no results.

The principal behind it, is that financial institutions and wealthy individuals want to see a return on their investment, so they will make sure they money is only directed towards programmes that really work.

FROM RHINOS TO MEDIA DIVERSITY

The basic model could easily be transferred to media diversity.

Just like rhino conservation there is a lot of talk and schemes with very little to show for them. 

Better and more targeted money could be the answer. 

Talking to BAME-led indies one of the biggest problems is accessing funds for development and to retain staff between projects. Funds from a “Media Diversity Bond” could be used to tackle this issue.

“Media Diversity Bonds” could be used to cofund diverse productions in exactly the same way the government’s own contestable fund currently cofunds Children’s programmes to increase the number of British Children’s productions.     

As investors want real returns on their money they would ensure that only training schemes that yield results are invested in. 

IT IS ALREADY WORKING

The fact of the matter is the idea behind the “Rhino Impact Bond” is not new and it has already been used to help disadvantaged groups in various countries.

India has one of the most successful bonds in place with the aim of funding schemes to educate young women and girls in rural areas. The bond launched in 2016 increased student enrollment by 116% in less than two years. And investors saw a 15% return.

Colombia launched the “Workforce Social Impact Bond” targeting vulnerable, unemployed people living in Bogotá, Cali and Pereira to increase their employment and financial stability. Launched in 2017 the results of the investment are still to be seen.

EMBRACE YOUR INNER RHINO

So next time you are on a film set and you are the only disabled person there.

Or you are the only female director you know.

Or you are the only black person at a pitch meeting.

Do not be ashamed of feeling like an endangered species maybe we need to embrace our inner rhinos.