There might be a further consideration, people might not start or fund impactful startups if there wasn’t a good chance of getting investment. The initial investors (if not impact oriented), might still be counting on impact oriented people to buy the investment. So while each individual impact investor is not doing much in isolation, collectively they are creating a market for things that might not get funded otherwise. How you account for that I’m not sure.
There might be a further consideration, people might not start or fund impactful startups if there wasn’t a good chance of getting investment. The initial investors (if not impact oriented), might still be counting on impact oriented people to buy the investment. So while each individual impact investor is not doing much in isolation, collectively they are creating a market for things that might not get funded otherwise. How you account for that I’m not sure.