Fundamentals

For Small to Medium Businesses (SMBs), the concept of Social Return on Investment Meaning ● Return on Investment (ROI) gauges the profitability of an investment, crucial for SMBs evaluating growth initiatives. (SROI) might initially seem like a complex, corporate-level metric, far removed from the daily realities of running a business. However, at its core, SROI is a surprisingly simple and profoundly valuable idea, even for the smallest of enterprises. Imagine you’re a local bakery, and you decide to source all your flour from a nearby organic farm instead of a cheaper, industrial supplier.

This decision might increase your ingredient costs slightly, but it also supports local agriculture, reduces your carbon footprint from transportation, and potentially enhances the quality and appeal of your baked goods. SROI is about understanding and measuring the broader impact of such decisions, going beyond just the financial bottom line.

SROI, in its simplest form, is about understanding the wider value your SMB creates beyond just profit.

In essence, SROI is a framework for measuring and communicating the broader value created by an organization or initiative. It’s about quantifying the social, environmental, and economic impacts ● both positive and negative ● relative to the resources invested. For an SMB, this could mean assessing the impact of various business practices, from hiring local employees to implementing sustainable packaging, or supporting community initiatives. It’s about asking ● for every dollar, hour, or resource we invest, what wider benefits are we generating for society and the environment, alongside our financial returns?

Understanding the Basic Principles of SROI for SMBs

To grasp the fundamentals of SROI for SMBs, it’s helpful to break down the core principles into digestible components. These principles, while rooted in robust methodologies, can be adapted and simplified for practical application within resource-constrained SMB environments.

• Stakeholder Engagement ● At the heart of SROI is the principle of Stakeholder Engagement. This means actively involving those who are affected by your SMB’s activities in the SROI process. For a small coffee shop, stakeholders might include customers, employees, local suppliers, and the community residents. Understanding their perspectives on what constitutes ‘value’ is crucial. This isn’t just about sending out surveys; it’s about having meaningful conversations, listening to their experiences, and incorporating their insights into your SROI analysis. For example, a local hardware store might engage with community groups to understand the impact of their DIY workshops on local skills development and community cohesion.
• Materiality ● Materiality in SROI refers to focusing on the most significant impacts ● those that truly matter to your stakeholders and are relevant to your SMB’s operations. SMBs often have limited resources, so it’s essential to prioritize. Instead of trying to measure every possible social and environmental impact, identify the key areas where your business has the most influence. For a cleaning services SMB, this might be focusing on the impact of using eco-friendly cleaning products on employee health and environmental sustainability, rather than trying to measure every aspect of their waste management. This targeted approach ensures that your SROI analysis is manageable and yields the most valuable insights.
• Valuation ● Valuation is the process of assigning a value to the identified impacts. This is often the most challenging aspect of SROI, especially for social and environmental outcomes that don’t have readily available market prices. However, for SMBs, valuation doesn’t always need to be complex monetary calculations. It can involve using proxy values, such as the cost of replacing a social service, or qualitative descriptions of the value created. For instance, a small tutoring business might value the impact of improved student grades by considering the potential increase in future earning potential or the societal benefit of a more educated populace. The key is to find a valuation method that is credible, reasonable, and understandable within the SMB context.
• Impact Measurement ● Impact Measurement is about quantifying the changes that occur as a result of your SMB’s activities. This involves establishing a baseline, tracking changes over time, and attributing those changes to your actions. For a bicycle repair shop that offers free repair workshops for unemployed youth, impact measurement could involve tracking the number of participants who gain employment or start their own small businesses after completing the workshops. It’s about demonstrating a clear link between your SMB’s activities and the positive social or environmental outcomes observed. For SMBs, this often involves collecting data through simple surveys, interviews, or tracking readily available metrics.
• Transparency and Verification ● Transparency and Verification are crucial for building trust and credibility in your SROI analysis. Being transparent means clearly documenting your methodology, assumptions, and data sources. Verification, ideally by an independent third party, adds further assurance to the robustness of your SROI findings. For SMBs, transparency can be as simple as openly sharing your SROI report with stakeholders and explaining your approach. While formal third-party verification might be less common for very small businesses, seeking feedback from trusted advisors or industry associations can provide a degree of informal validation.

Why SROI Matters for SMB Growth

While large corporations often adopt SROI to enhance their corporate social responsibility (CSR) image or meet investor demands, for SMBs, the benefits of understanding and applying SROI are far more directly linked to business growth and sustainability. It’s not just about ‘doing good’; it’s about ‘doing good business’.

1. Enhanced Brand Reputation and Customer Loyalty ● In today’s increasingly conscious consumer market, customers are not just looking for products or services; they are seeking businesses that align with their values. By demonstrating a positive SROI, SMBs can build a stronger brand reputation and foster deeper customer loyalty. Consumers are more likely to support a local bookstore that actively promotes literacy in the community or a clothing boutique that sources ethically produced garments. Communicating your SROI effectively can differentiate your SMB in a crowded marketplace and attract customers who value social and environmental responsibility.
2. Attracting and Retaining Talent ● Just as customers are becoming more values-driven, so are employees. Especially among younger generations, there’s a growing desire to work for organizations that have a positive impact on the world. SMBs that can demonstrate a strong SROI are more likely to attract and retain top talent. Employees are motivated by more than just a paycheck; they want to feel a sense of purpose and contribute to something meaningful. Highlighting your SMB’s social and environmental contributions can make your workplace more attractive and engaging, reducing employee turnover and boosting productivity.
3. Improved Access to Funding and Investment ● The landscape of business funding is evolving. Increasingly, investors are considering not just financial returns but also social and environmental impact. Impact investing is on the rise, and even traditional lenders are becoming more attuned to ESG (Environmental, Social, and Governance) factors. SMBs that can articulate their SROI are better positioned to attract funding from impact investors, secure loans from socially responsible banks, or even access government grants that prioritize social and environmental outcomes. Demonstrating your commitment to creating wider value can open up new avenues for financial support and growth.
4. Operational Efficiencies and Innovation ● The process of conducting an SROI analysis can often uncover opportunities for operational efficiencies and innovation. By examining your business processes through a social and environmental lens, you might identify areas where you can reduce waste, conserve resources, or improve your supply chain. For example, a restaurant conducting an SROI might realize that composting food waste not only reduces environmental impact but also lowers waste disposal costs. This kind of analysis can stimulate creative problem-solving and lead to innovative solutions that benefit both your business and society.
5. Stronger Community Relationships Meaning ● Community Relationships, within the SMB sector, signify strategic alliances and interactions with local entities to bolster business growth and brand equity; it requires automation in data processing, improving overall operational capabilities. and Social License to Operate ● SMBs are often deeply embedded in their local communities. Demonstrating a positive SROI can strengthen these community relationships and enhance your social license to operate. When communities see that your SMB is contributing to local well-being, they are more likely to support your business, advocate for you, and collaborate with you. This can be particularly important for SMBs operating in sensitive sectors or those seeking to expand their operations. Building trust and goodwill within the community is an invaluable asset that SROI can help cultivate.

In conclusion, even at a fundamental level, understanding SROI offers SMBs a powerful lens through which to view their business. It’s not just about philanthropy or CSR add-ons; it’s about integrating social and environmental value creation into the core of your business strategy, driving growth, resilience, and long-term success.

Intermediate

Building upon the fundamental understanding of Social Return on Investment (SROI), the intermediate level delves into the practical application and strategic integration of SROI within Small to Medium Businesses (SMBs). At this stage, SMBs are ready to move beyond the conceptual and begin implementing SROI methodologies to inform decision-making, enhance operational efficiency, and strategically position themselves in the market. This involves understanding the nuances of SROI frameworks, adapting them to the specific context of SMB operations, and leveraging automation to streamline the process.

Intermediate SROI for SMBs is about moving from understanding the concept to actively implementing and integrating SROI into business operations and strategy.

Adapting SROI Methodologies for SMB Practicality

While robust SROI methodologies exist, often originating from the non-profit and public sectors, they can appear daunting and resource-intensive for SMBs. The key at the intermediate level is to adapt these methodologies to be practical, cost-effective, and aligned with the realities of SMB operations. This adaptation involves several key considerations:

• Simplified Stakeholder Mapping and Engagement ● Comprehensive stakeholder mapping, as practiced in large-scale SROI assessments, can be time-consuming. For SMBs, a more pragmatic approach is to focus on Primary Stakeholders ● those most directly impacted by and influential to the business. This might include customers, employees, key suppliers, and the local community. Engagement methods can also be streamlined. Instead of extensive surveys, SMBs can utilize focus groups, informal interviews, or online feedback platforms to gather stakeholder perspectives. The goal is to gain meaningful insights without overwhelming resources. For example, a small retail store could hold a customer feedback session to understand their perceptions of the store’s social and environmental initiatives.
• Focusing on Material Outcomes and Indicators ● Identifying and measuring every conceivable social and environmental outcome is impractical for SMBs. The intermediate approach emphasizes Material Outcomes ● those that are both significant to stakeholders and realistically measurable within the SMB’s capacity. This requires a process of prioritization, often involving stakeholder consultation and a review of the SMB’s strategic objectives. Instead of attempting to quantify broad concepts like ‘community well-being,’ an SMB might focus on more specific and measurable indicators, such as ‘number of local jobs created’ or ‘reduction in waste sent to landfill.’ This targeted approach ensures that data collection is manageable and yields actionable insights.
• Utilizing Proxy Values and Qualitative Valuation ● Monetizing all social and environmental outcomes can be complex and controversial. For SMBs, a balanced approach is to utilize Proxy Values where appropriate and to embrace Qualitative Valuation for outcomes that are difficult to quantify monetarily. Proxy values involve using existing market prices or estimated costs to represent the value of non-market outcomes. For example, the value of volunteer time can be estimated using the average wage rate for similar work. Qualitative valuation involves describing the value of outcomes in narrative form, highlighting their significance and impact, even if a precise monetary value is not assigned. This mixed-methods approach provides a more comprehensive and realistic picture of SROI for SMBs.
• Iterative and Agile SROI Implementation ● SROI implementation doesn’t need to be a one-off, exhaustive project. For SMBs, an Iterative and Agile Approach is often more effective. This involves starting with a focused SROI assessment on a specific project or initiative, learning from the process, and then gradually expanding the scope to other areas of the business. This iterative approach allows SMBs to build their SROI capacity incrementally, refine their methodologies over time, and demonstrate tangible results early on. For instance, an SMB might start by conducting an SROI assessment of a new employee training program before applying it to broader sustainability initiatives.
• Leveraging Technology and Automation ● Technology and automation can play a crucial role in streamlining SROI data collection, analysis, and reporting for SMBs. Spreadsheet Software, Online Survey Tools, and Basic Data Analysis Platforms can significantly reduce the manual effort involved in SROI. Furthermore, SMBs can explore industry-specific software solutions or templates designed to simplify SROI assessments. Automation can also be applied to data collection processes, such as integrating SROI indicators into existing business management systems. By leveraging technology, SMBs can make SROI more efficient and sustainable in the long run.

Strategic Integration of SROI for SMB Growth and Automation

At the intermediate level, SROI is not just a measurement tool; it becomes a strategic framework for guiding SMB growth Meaning ● SMB Growth is the strategic expansion of small to medium businesses focusing on sustainable value, ethical practices, and advanced automation for long-term success. and informing automation initiatives. Integrating SROI into strategic decision-making allows SMBs to optimize their operations for both financial and social/environmental returns, creating a virtuous cycle of sustainable growth.

1. SROI-Driven Product and Service Development ● SROI insights can be directly applied to Product and Service Development. By understanding stakeholder needs and the social/environmental impacts of existing offerings, SMBs can identify opportunities to innovate and create new products or services that generate greater SROI. This might involve developing eco-friendly product lines, designing services that address social needs in the community, or incorporating ethical sourcing practices into the supply chain. For example, a food processing SMB could develop a new line of products using locally sourced, organic ingredients, explicitly designed to enhance both nutritional value and support local farmers.
2. SROI-Informed Marketing and Communication Strategies ● The positive SROI generated by SMBs is a powerful marketing asset. SROI-Informed Marketing involves communicating the social and environmental value proposition of the business to customers, investors, and other stakeholders. This goes beyond simply stating CSR commitments; it involves showcasing the tangible impacts achieved and the value created for stakeholders. Marketing materials can highlight SROI metrics, case studies, and stakeholder testimonials to build trust and resonate with values-driven consumers. For instance, a sustainable fashion SMB could publish an SROI report on their website, detailing the positive impacts of their ethical sourcing and production practices.
3. Automating SROI Data Collection and Reporting ● To ensure SROI is not a one-off exercise but an ongoing part of business operations, Automation of Data Collection and Reporting is crucial. This involves integrating SROI indicators into existing business systems, such as CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), or sustainability management software. Automated data collection can streamline the process of tracking key SROI metrics, reducing manual effort and ensuring data accuracy. Automated reporting tools can then generate regular SROI reports, providing timely insights for management decision-making and stakeholder communication. For example, an e-commerce SMB could integrate SROI metrics into their sales and customer data systems to automatically track the social and environmental impact of their online operations.
4. SROI-Guided Investment Decisions in Automation ● When considering investments in automation, SMBs should incorporate SROI principles into their decision-making process. SROI-Guided Automation means evaluating automation projects not just on their financial ROI but also on their social and environmental impacts. This might involve choosing automation technologies that reduce waste, conserve energy, improve employee well-being, or enhance community engagement. By considering SROI alongside financial ROI, SMBs can ensure that automation investments contribute to sustainable and responsible growth. For example, a manufacturing SMB considering robotic automation could prioritize systems that minimize energy consumption and create opportunities for employee reskilling and upskilling.
5. SROI for Performance Management and Continuous Improvement ● SROI can be a valuable tool for Performance Management and Continuous Improvement within SMBs. By setting SROI targets and regularly monitoring performance against these targets, SMBs can drive ongoing improvements in their social and environmental impact. SROI data can be used to identify areas where performance is lagging, benchmark against industry best practices, and track progress over time. This creates a culture of continuous improvement, where social and environmental value creation is integrated into the core of business operations. For example, a hospitality SMB could use SROI to track their progress in reducing food waste and energy consumption, setting annual targets for improvement and rewarding employees for achieving these goals.

SROI at the intermediate level empowers SMBs to strategically align their growth with positive social and environmental outcomes, creating a more resilient and impactful business model.

In summary, the intermediate level of SROI for SMBs is about moving from theory to practice. It’s about adapting SROI methodologies to be SMB-friendly, strategically integrating SROI into business operations, and leveraging automation to make SROI a sustainable and value-adding process. By embracing this intermediate approach, SMBs can unlock the full potential of SROI to drive growth, enhance competitiveness, and create lasting positive impact.

Advanced

The advanced discourse surrounding Social Return on Investment (SROI) transcends simple definitions and delves into a complex interplay of economic theory, sociological frameworks, and ethical considerations. For Small to Medium Businesses (SMBs), engaging with SROI at an advanced level necessitates a critical examination of its underlying assumptions, methodological rigor, and practical applicability within the unique constraints and opportunities of the SMB landscape. This section aims to provide an expert-level, scholarly grounded perspective on SROI, culminating in a redefined meaning tailored to the specific context of SMB growth, automation, and implementation. This redefinition will be informed by rigorous analysis of diverse perspectives, cross-sectoral influences, and potential business outcomes, particularly focusing on a controversial yet strategically insightful angle ● the inherent limitations of traditional SROI methodologies for capturing the nuanced social value creation within SMB ecosystems.

Scholarly, SROI is not merely a metric, but a contested framework reflecting diverse theoretical underpinnings and methodological challenges, particularly when applied to the complex realities of SMBs.

Redefining SROI for SMBs ● A Critical Advanced Perspective

Traditional advanced definitions of SROI often emphasize a rigorous, quantitative approach to measuring and monetizing social and environmental impacts relative to investment. However, a critical advanced lens reveals several limitations when applying these definitions directly to SMBs:

• The Monetization Fallacy in SMB Context ● Many SROI methodologies prioritize Monetization of social and environmental outcomes, aiming to express all impacts in monetary terms for comparability and aggregation. Scholarly, this approach is critiqued for its inherent reductionism, particularly in the SMB context. SMBs Often Operate within Localized, Relational Economies where value is not solely, or even primarily, monetary. The social capital built through community engagement, the intrinsic value of local job creation, or the qualitative improvements in employee well-being are difficult, if not ethically problematic, to fully monetize. Forcing SMB impacts into a purely monetary framework can distort their true value and lead to strategically misguided decisions. Research in Heterodox Economics and Social Economy highlights the limitations of neoclassical economic valuation in capturing the multifaceted value creation of SMBs, particularly those with social missions.
• Methodological Rigor Vs. SMB Resource Constraints ● Scholarly robust SROI methodologies often demand significant resources for data collection, stakeholder engagement, and rigorous analysis. This level of rigor is often Incompatible with the Resource Constraints of SMBs. Demanding complex, costly SROI assessments can deter SMBs from engaging with impact measurement altogether, paradoxically hindering the very social value creation SROI aims to promote. Pragmatic Methodological Adaptations are necessary for SMBs, focusing on ‘good Enough’ Data and Qualitative Insights rather than striving for unattainable levels of quantitative precision. Advanced research in Action Research and Participatory Evaluation offers alternative methodological approaches that prioritize practicality and stakeholder involvement over purely quantitative rigor, which may be more suitable for SMBs.
• The Neglect of Dynamic SMB Ecosystem Effects ● Traditional SROI often focuses on the direct impacts of a specific intervention or organization, neglecting the broader Dynamic Effects within SMB Ecosystems. SMBs are often interconnected within local supply chains, community networks, and industry clusters. Their social and environmental impacts are not isolated but ripple through these ecosystems. A purely organization-centric SROI approach may fail to capture these systemic effects. For example, the impact of an SMB adopting sustainable sourcing practices extends beyond its own operations, influencing suppliers, competitors, and the broader industry. Systems Thinking and Complexity Theory, increasingly relevant in advanced business analysis, emphasize the importance of understanding these interconnectedness and dynamic effects, suggesting a need for more ecosystem-level SROI approaches for SMBs.
• The Static Nature of Traditional SROI Vs. SMB Agility ● Traditional SROI assessments are often Static Snapshots in Time, capturing impacts at a specific point. However, SMBs are characterized by their Agility and Adaptability, constantly evolving in response to market changes and emerging opportunities. A static SROI assessment may quickly become outdated and fail to reflect the dynamic nature of SMB impact creation. Longitudinal SROI Approaches and Real-Time Impact Monitoring Systems are needed to capture the evolving social and environmental performance of SMBs. Advanced research in Dynamic Capabilities and Organizational Learning highlights the importance of adaptability and continuous improvement Meaning ● Ongoing, incremental improvements focused on agility and value for SMB success. for SMB success, suggesting that SROI should be integrated as a dynamic, ongoing process rather than a static assessment.
• The Dominance of Output-Oriented Metrics over Process and Relational Value ● Many SROI frameworks prioritize Output-Oriented Metrics, focusing on quantifiable results and outcomes. However, for SMBs, the Process of Value Creation and the Relational Value generated through stakeholder interactions are equally, if not more, important. The trust built with local suppliers, the collaborative relationships with community organizations, or the empowering processes of employee development are often overlooked in output-focused SROI assessments. Process-Oriented Evaluation and Relational Value Theory, prominent in sociological and organizational studies, emphasize the significance of these intangible aspects of value creation, suggesting that SROI for SMBs should incorporate qualitative assessments of process and relational dynamics.

A redefined, scholarly informed SROI for SMBs must move beyond simplistic monetization and static assessments, embracing complexity, dynamism, and the nuanced relational value creation inherent in SMB ecosystems.

A Controversial Reinterpretation ● SROI as a Qualitative Ecosystem Value Mapping for SMBs

Given the limitations of traditional SROI methodologies for SMBs, a controversial yet strategically insightful reinterpretation emerges ● SROI for SMBs should Be Reconceptualized Primarily as a Qualitative Ecosystem Value Meaning ● Ecosystem Value, within the context of SMB operations, quantifies the aggregate benefits an SMB derives from strategic relationships within its business environment. mapping exercise, rather than a purely quantitative, monetization-focused calculation. This reinterpretation challenges the dominant paradigm of SROI as a primarily financial metric and proposes a shift towards a more nuanced, qualitative understanding of SMB social and environmental value creation within their broader ecosystems.

This reinterpretation is controversial because it departs from the conventional emphasis on quantification and monetization in SROI. However, it is strategically insightful for SMBs because it aligns with their resource constraints, captures their unique value proposition, and fosters a more holistic and sustainable approach to business growth. This redefined SROI focuses on:

1. Qualitative Stakeholder Value Narratives ● Instead of solely relying on quantitative data and monetary valuation, this approach prioritizes the development of Qualitative Stakeholder Value Narratives. This involves engaging stakeholders in in-depth conversations to understand their experiences, perspectives, and perceptions of value created by the SMB. These narratives capture the richness and complexity of social and environmental impacts in a way that quantitative metrics often fail to do. For example, instead of just measuring the ‘number of jobs created,’ a qualitative narrative might explore the stories of individual employees, highlighting the impact of employment on their lives, families, and communities. This narrative approach draws on methodologies from Narrative Inquiry and Qualitative Research, emphasizing the power of storytelling in understanding and communicating complex social phenomena.
2. Ecosystem Value Mapping ● This redefined SROI emphasizes Mapping the SMB’s Value Creation within Its Broader Ecosystem. This involves identifying key stakeholders, understanding their interrelationships, and analyzing how the SMB’s activities contribute to the overall health and resilience of the ecosystem. This ecosystem mapping goes beyond direct impacts and considers indirect and systemic effects. For example, it might analyze how an SMB’s sustainable sourcing practices strengthen local supply chains, promote biodiversity, and contribute to regional economic development. This approach draws on concepts from Ecological Economics and Systems Ecology, emphasizing the interconnectedness of economic, social, and environmental systems.
3. Process and Relational Value Assessment ● This approach explicitly assesses the Process of Value Creation and the Relational Value generated by the SMB. This involves examining the quality of stakeholder engagement, the fairness of business practices, the transparency of operations, and the strength of community relationships. These process and relational aspects are often crucial determinants of long-term social and environmental impact. For example, an SMB that engages in genuine dialogue with its employees and suppliers, fosters a culture of trust and collaboration, and prioritizes ethical conduct is likely to generate more sustainable and positive impacts than one that focuses solely on output metrics. This assessment draws on frameworks from Stakeholder Theory and Business Ethics, emphasizing the importance of ethical and relational considerations in value creation.
4. Dynamic and Adaptive Value Monitoring ● Instead of a static SROI assessment, this approach advocates for Dynamic and Adaptive Value Monitoring. This involves establishing ongoing mechanisms for tracking qualitative value narratives, ecosystem dynamics, and process/relational aspects over time. This allows SMBs to adapt their strategies in response to changing stakeholder needs, emerging environmental challenges, and evolving ecosystem conditions. This dynamic monitoring can be facilitated through regular stakeholder dialogues, community feedback mechanisms, and qualitative data collection systems. This approach aligns with principles of Adaptive Management and Continuous Improvement, recognizing that social and environmental value creation is an ongoing journey, not a one-time calculation.
5. Qualitative Benchmarking and Comparative Analysis ● While quantitative benchmarking may be less relevant in this qualitative SROI approach, Qualitative Benchmarking and Comparative Analysis remain valuable. This involves comparing the SMB’s qualitative value narratives, ecosystem maps, and process/relational assessments with those of other SMBs in similar sectors or operating in similar contexts. This comparative analysis can identify best practices, highlight areas for improvement, and foster a culture of learning and innovation within the SMB sector. This benchmarking approach draws on methodologies from Qualitative Comparative Analysis and Case Study Research, emphasizing the value of learning from the experiences of others.

This redefined, scholarly informed SROI for SMBs, focused on qualitative ecosystem value mapping, offers a more practical, relevant, and strategically insightful approach. It acknowledges the limitations of purely quantitative methodologies in capturing the nuanced social value creation of SMBs and proposes a more holistic, qualitative, and ecosystem-oriented framework. By embracing this controversial yet strategically valuable reinterpretation, SMBs can unlock the true potential of SROI to drive sustainable growth, foster resilient ecosystems, and create lasting positive impact in their communities and beyond.

Redefining SROI for SMBs as qualitative ecosystem value mapping offers a more relevant, practical, and strategically insightful approach, aligning with their unique context and fostering sustainable growth.

In conclusion, the advanced exploration of SROI for SMBs reveals the need for a critical re-evaluation of traditional methodologies. By shifting from a purely quantitative, monetization-focused approach to a more qualitative, ecosystem-oriented framework, SMBs can leverage SROI as a powerful tool for strategic decision-making, sustainable growth, and meaningful social and environmental impact. This controversial reinterpretation, grounded in advanced rigor and practical SMB realities, offers a new pathway for SMBs to become true engines of positive change in the 21st century.