In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Rob LeBlanc, co-founder of Ambit Partners, about the roles of entrepreneurship through acquisition and small business in driving economic change and positive impact.

In Rob’s journey around the world, he has seen how search funds can be powerful vehicles for directing private capital into shallow markets. Drawing on his experience with Ambit, Rob talks through the intersection of impact and ETA, sharing the various ways he has seen impact in action; answering if how a business is run - its people decisions, culture, and operational standards - can measure up to what the business does; and if ETA operators have to choose between commercial success or positive impact.  

Grounded yet forward-looking, this episode is a playbook for delivering “impact” for aspiring business leaders and impact-seeking investors. 

00:00 Introduction to Rob LeBlanc and ETA 
01:07 Rob's Journey: From Canada to Global Impact 
04:12 The Role of Small Businesses in Economic Development 
07:59 Search Funds and Emerging Markets 
10:15 Impact Narratives in Search Fund Proposals 
12:10 The Concentric Circles of Impact 
16:13 Balancing Impact and Commercial Viability 
20:53 Finding Impact-Aligned Investors 
21:52 Navigating the Impact Landscape 
27:11 Operational Strategies for Impact-Driven Businesses 
30:23 Understanding Challenges in Search Investments 
31:24 The Role of People in Impact-Oriented Businesses 
36:32 Building a Sustainable Ecosystem for Search Funds 
39:35 The Future of Impact and Entrepreneurship