Conclusions: evidence before promises

Proof does not need special effects

Finance measures returns with relative precision; its vocabulary of impact often runs faster than its instruments. That is not a reason to abandon impact investment. It is a reason to make stronger, narrower statements: what problem was addressed, which resource was missing, which rights were exercised, what changed, who benefited, and what credible alternatives were available?

Venture philanthropy is useful when it pays for capacities and public goods the market will not yet support. Impact investing must demonstrate a contribution rather than simply purchasing an admirable business. Controlling private equity can reshape an enterprise, but control alone is not causal evidence. In the Space Economy, the decisive transition happens on Earth: from data to decisions, and from decisions to better lives.

A strong fund may create no verifiable additional impact. A grant may create a lasting public good without a single financial multiple. A remarkable satellite can coexist with an administration unable to use its data. The test remains the same: what difference can we show that we helped make?

**The dossier's judgement:** Fewer solemn declarations of purpose; more dated records that connect money, power, decisions, beneficiaries and outcomes. Publish uncertainty as carefully as success.