Episode 115: Najada Kumbuli: Visa Foundation

Hi Impactful Listener!

Welcome to another episode of the Female VC Lab podcast! In this insightful conversation, host Barbara Bickham sits down with Najada Kumbuli, Vice President and Head of Investments at Visa Foundation. Najada shares her inspirational journey from her childhood in communist Albania—where entrepreneurship was discouraged—to becoming a leader in impact investing. She discusses her passion for using capital not just for financial returns, but to drive measurable social good, and delves into Visa Foundation’s mission to empower small businesses and entrepreneurs around the world. Najada also offers her thoughts on the evolving landscape of venture capital, highlighting trends from AI to disciplined investing, and shares her favorite resources for staying on top of industry changes. Tune in for an episode filled with global perspective, practical insights, and an unwavering commitment to making a difference through investment.

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Key Points Discussed

• Najada’s inspiring background and motivation for entering impact investing

• The Visa Foundation’s focus on supporting small businesses worldwide through capital, digital tools, and financial skills

• Reflections on the current and future state of venture capital, including market discipline, emerging markets, and social impact

• How Najada and her team stay informed and adaptive in a fast-changing market

• Resources available through the Visa Foundation for entrepreneurs, fund managers, and nonprofit leaders

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Chapters

• 00:00: Introduction & Najada's background

• 00:37: Najada’s inspiration for becoming an investor

• 02:30: The birth and evolution of impact investing & its synergy with venture capital

• 03:23: Visa Foundation’s investment thesis and global reach

• 04:39: Insights on learning, listening, and market trends

• 08:02: Najada’s hopeful forecast for venture capital’s evolution

• 11:45: Visa Foundation’s resources and how to connect

Full Topic Guide

Empowering Small Businesses Globally: An Inside Look with Visa Foundation’s Najada Kumbuli

The Journey and Motivation Behind Impact Investing

Najada Kumbuli’s personal and professional journeys are deeply entwined, rooted in her upbringing in communist-era Albania—a system that, as she recalls, "suppressed individual initiative and innovation." Witnessing the economic transitions from collective restraint to the dynamism of capitalism in Singapore and the U.S. shaped her worldview. She quickly became aware of the strengths and pitfalls of both systems: the community mindset of socialism and the creativity, yet inequality, stemming from capitalist markets.

This comprehensive perspective ignited Najada's passion for impact investing—well before it was formally defined. For her, it was and remains crucial that capital serves not just to generate financial returns but also measurable, long-term social impact. Today, as head of investments at Visa Foundation, she unites these philosophies, advocating for solutions that foster entrepreneurship while driving broader social good.

Visa Foundation’s Thesis: Small Businesses at the Core

Visa Foundation’s mission is “relatively simple,” Najada emphasizes: support small businesses and entrepreneurs by providing them with capital, digital tools, and financial skills. The rationale is clear—small businesses make up 90% of companies globally and generate close to 70% of jobs and GDP. Whether it’s nano-entrepreneurs in Nigeria or high-growth startups in India, Visa Foundation’s holistic approach ensures these businesses aren’t just surviving but are equipped to thrive through grants, investments, and skill-building programs.

The Art of Listening: A Key to Investment Agility

One standout theme from the episode is Najada’s deep commitment to listening. She values insights from her diverse team, their fund managers, local nonprofit leaders, and—importantly—the end users and founders themselves. Najada’s approach highlights not just the importance of data-driven decisions but the need for a nuanced understanding of the lived realities behind every metric.

Her regular consumption of business podcasts like "Acquired," coupled with constant monitoring of market signals, helps her stay ahead in an ever-shifting investment landscape. She stresses the value of adaptability, recognizing that nimble founders—and investors—must keep evolving.

The Future of Venture Capital: Discipline, Inclusion, and Impact

Looking ahead, Najada is hopeful—she predicts:

• Continued energy around AI and deep tech, driving both investment focus and the required skill sets within VC.

• A higher degree of discipline in valuations, capital allocation, and business fundamentals, especially after recent market excesses.

• Greater investment into emerging markets, harnessing global innovation and challenging established Silicon Valley norms.

• A generational shift towards responsible investing, with both founders and LPs seeking ventures that blend profit and purpose.

Not only does Visa Foundation prioritize these values internally—backing women-led funds and responsible VCs—but Najada hopes that the broader investment community will commit to similar standards.

Connecting with the Visa Foundation

To learn more about Visa Foundation’s work, Najada encourages listeners to visit their website, where they’ll find annual reports detailing impact strategies, investment partners, and resources for both fund managers and nonprofits. The foundation actively monitors inquiries submitted through its site, aiming to provide tailored support to those sharing their mission of inclusive and sustainable economic growth.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. International Roots: Najada was born and raised in Albania under communism and later moved to Singapore and the US, which shaped her holistic investment philosophy.

2. Book Choices: With two young sons, Najada’s current reading list is full of children’s books!

3. Listening Habits: She’s an avid fan of the “Acquired” podcast, which combines her love of business, investing, and history.

Episode Resource: Learning, Reading, and Listening

What are you learning, listening to, or reading these days?
As mentioned by Najada Kumbuli during the episode, here are the resources she’s currently engaging with:

• Acquired Podcast
  Podcast exploring business history, the evolution of companies, and leadership lessons.
  https://www.acquired.fm/
  

• Team Members and Partners
  Najada highlighted that she learns from the diverse backgrounds of her team, fund managers, nonprofit leaders, and small business owners they support.
  

• Market Signals and Industry Experts
  She continuously monitors market trends, listens to industry advisors and experts, and emphasizes the importance of listening to data and metrics in investment decisions.

(While children’s books were humorously mentioned as part of her daily listening, the primary resource directly named was the Acquired Podcast.)

If you’re interested in these areas, check out the Acquired Podcast for deep dives into business stories, and stay engaged with industry updates and thought leaders as Najada does!

Featured Guest Bio

As Vice President, Head of Investments, Najada Kumbuli leads Visa Foundation’s investment and grant portfolio, enabling entrepreneurs and small businesses to thrive in the digital economy. Under her leadership, Visa Foundation has allocated over $240 million in private market capital and grants to advance global economic empowerment.

• LinkedIn

Fund Information

Visa Foundation seeks to support inclusive economies where individuals, businesses, and communities can thrive. Through strategic grant making, investing and partnerships, Visa Foundation focuses on fostering economic growth, supporting broader community needs, and providing humanitarian assistance in times of crisis. Visa Foundation is registered in the U.S. as a 501(c)3 entity.

• Website

Support The Podcast

Thanks to Million Podcasts for being featured in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
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https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

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Best,
Barbara