Koppa | A Newsletter On Unleashing LGBTI+ Economic Power
Stay updated on Koppa’s latest initiatives driving LGBTI+ economic inclusion, from global collaborations and key reports to upcoming events and new partnerships.
Welcome to the fourth edition of Koppa’s newsletter update. Thank you for joining Koppa’s mission to unleash global LGBTI+ economic power.
In the second quarter of 2025, Koppa has engaged with communities across the LGBTI+ ecosystem along three pillars: job creation and entrepreneurship, data collection, and inclusive finance. Here is the latest update on our activities.
Inclusive Finance
Global Markets Ring the Bell for LGBTIQ+ Equality — Koppa Lab at the Helm
In May 2025, 15 stock exchanges across five continents joined the inaugural "Ring the Bell forLGBTIQ+ Equality" campaign, a landmark initiative co-led by Koppa alongside the United Nations Sustainable Stock Exchange Initiative, the UN Office of the United Nations High Commissioner for Human Rights, the UN Global Compact, and major market players such as LSEG and EuroNext (see the press release here). This global moment—aligned with IDAHOBIT and Pride Month—marked a bold step in reframing LGBTIQ+ inclusion not just as a human rights issue but as a powerful economic strategy. With lower economic outcomes and employment, <1% of global board seats held by openly LGBTIQ+ individuals, and 66 countries still criminalizing same-sex relations, the LGBTIQ+ economic agenda is far from finished.
Koppa’s Amar Nigam Rings The Bell in London with Julia Hoggett - CEO, London Stock Exchange, Fabrizio Campelli - Head of the Corporate Bank and Investment Bank, Deutsche Bank, António Simões - CEO, Legal & General, and Juha Järvinen - Chief Commercial Officer, Virgin Atlantic
Key achievements include: hundreds of participating companies, media coverage, and a clear call to action. As Koppa’s Fabrice Houdart noted, “The Financial sector has a key role to play. Real leadership shows up, invests, and stays the long course.”
Inclusive Finance Forum, October 9-10th: Unlocking Queer Capital
This October, Koppa is hosting the most ambitious convening yet on LGBTIQ+ economic inclusion, which will take place in New York at Deutsche Bank’s headquarters. The Global LGBTIQ+ Inclusive Finance Forum will bring together leaders from finance, entrepreneurship, philanthropy, multilateral institutions, and grassroots movements to reimagine how capital can serve the LGBTIQ+ community. With confirmed speakers such as Marty Chavez, Judith Aidoo, Rich Ditizio, Daniel Zelikow, Colin Walsh, Ise Bosch, Lisa Middleton, Patrick Chung, Gina Chua, and more, the closed program will feature two days of bold and candid discussions, ranging from redesigning investment portfolios to financing the movement internationally. Join us to shape the future of queer finance. View the full agenda here.
Growing Our Team
Koppa Announces New Board Members and a Growing Team
Ambassador Chantale Wong — visionary public finance leader and former U.S. Executive Director at the Asian Development Bank
Manisha Dakhal — fearless trans rights advocate and Executive Director of Blue Diamond Society in Nepal
Victor Madrigal-Borloz — international human rights expert and former UN Independent Expert on LGBTI+ issues
Each brings deep experience, demonstrated values, and a lifelong commitment to LGBTI+ dignity and economic justice. Their leadership strengthens Koppa’s mission.
Additionally, Koppa’s team continues to grow with new members and a cohort of incredible interns to advance key parts of our portfolio. Each brings a wealth of expertise that will allow us to build the economic power of LGBTI+ people.
The Speaking Circuit
A Vibrant World Pride
In June, despite a difficult context, Washington, DC hosted thousands for World Pride. It kicked off with a Human Rights conference, with Koppa’s own Chief Economist Dr. Lee Badgett giving a keynote speech on economic power. Lee and Phil then joined for a panel discussion on Social Entrepreneurship, offering ways to tap into the ingenuity of our community. World Pride closed with a vibrant and joyful parade through the heart of DC, turning left at the now-defunct USAID and ending at the Nation’s Capital. This global community’s spirit shone through: a 2-mile reminder that we are strong when united.
Koppa’s Lee Badgett and Phil Crehan join fellow panelists Mino Likwasi, Micro Rainbow’s Lucas Paoli Itaborahy, and former USAID Senior LGBTIQ+ Advisor Jay Gilliam
Global Cost of Exclusion
This spring, Lee took the global stage to champion LGBTI+ economic inclusion. At the 4th EuroCentralAsian Lesbian* Conference in Rome (April), Lee called out the chronic underfunding of LBQ movements, noting that less than 2% of global LGBTI+ funding reaches these communities—a stark barrier to progress—and very little of that funding addresses economic empowerment.
Lee’s Pride Month appearances included Fried Frank Global Law Firm, Harvard Kennedy School (Carr-Ryan Center and ALI Working Group), the Association for Enterprise Opportunity, and the Global DEI Alliance by The Times Group (India). Lee also ended her term as president of the International Association for Feminist Economics by hosting more than 500 feminist economists at UMass Amherst (and online) for IAFFE’s annual conference. The gathering included a record number of panels on LGBTI+ topics, with researchers from Latin America, the Middle East, Asia, and North America presenting their work. She reports that a new generation of global scholars is actively working on LGBTI+ economic research.
Knowledge Remains Power
In June and July, Koppa brought its data mission to audiences across three major conferences, spotlighting Data LIFT, our pioneering program that turns data into policy change and international financing. At the American Association for the Advancement of Sciences Conference, "Catalyzing a DataInfrastructure to Support LGBTQ Inclusion," Koppa Partner Phil Crehan addressed the data skills gap that often exists among LGBTI+ advocacy organizations around the world, and called on U.S. STEM leaders to envision global collaboration. At the 7th African Gender Statistics Forum, alongside Open Data Watch, he shared global lessons for national statistics offices to collect LGBTI+ data, with support from civil society, safely. At the UNHigh-Level Political Forum, as part of the Collaborative on Citizen Data, he discussed how LGBTI+ citizen-generated data can inform partnerships with development agencies and statistical systems.
Inclusive Workplaces
On June 26, Fabrice Houdart advocated for sustained engagement by European companies, despite the US rollback, at “Building Inclusive Workplaces: Private Sector & LGBTI+ Inclusion,” a networking session hosted by the LGBTI Equal Rights Association for Western Balkans and Turkey (ERA) and funded by the European Union. Fabrice underscored the transformative role of the private sector in turning inclusion from a policy to a practical reality. His message? "Equality isn't charity or philanthropy—it's first a human rights responsibility and second a good business move." The session was part of the “Working Safe” project, which focuses on socio-economic inclusion across the Western Balkans and Türkiye. See here.
Next Up: LGBTIQ+ Economic Power Network
Koppa is currently preparing a community of practice for practitioners in economic development to exchange experiences and ideas, learn from one another, and grow together. This CoP aims to broaden our shared understanding of queer economic development in practice and serve as a pilot. If you are currently running an LGBTI+ social enterprise or other economic development intervention, please contact us at newsletter@koppalab.com, we’d love to hear from you.
Reflections on the Queer Future
On June 7, Fabrice shared a Pride message titled “Queer Imagination, Solidarity, and the Road to 2045,” a manifesto for a bold new era of LGBTI+ empowerment. Arguing that our movement faces a dual crisis—of imagination and solidarity—he urges a departure from dependence on straight institutions and symbolic victories. Instead, Fabrice envisions a global queer ecosystem that invests in economic, cultural, and political self-determination by 2045. A few weeks earlier, on April 18, he penned “A Queer Life,” reflecting on the backlash against LGBTI+ visibility and the insidious demand for silence. Drawing a powerful parallel between 1990s antisemitism in France and today’s anti-DEI rhetoric, Fabrice warns against internalizing society’s disdain. He concluded that our demands are not excessive, our progress is not complete, and dignity should never come at the price of invisibility.
Thank you for joining us on Koppa’s journey toward a more equitable world for the LGBTI+ community. We’d love to hear your thoughts, questions, or ideas — reach our team at newsletter@koppalab.com and help shape our future efforts and newsletters!
Koppa’s Amar Nigam Rings The Bell in Amsterdam with René van Vlerken - CEO, Euronext Amsterdam and UN Global Compact representatives
