6th January 2025
It was a cold and dark autumn afternoon in England when I had a video call with one of the board advisors, Dieter Wittkowski, who was speaking from Fairfax, a city just outside Washington DC, in the United States. We chatted for over an hour and I was very impressed to hear his professional experience and how he kept alive a remarkable passion for impact throughout every step of his career. Amazonia Impact Ventures (AIV) is so lucky to count on him and we are very excited to share this conversation with you. Not so many people will be able to tell their stories in such a meaningful way and I am proud we are starting this fantastic series with Dieter. In the next editions, you will learn more about the people who make AIV.
By Paula Perrelli dos Anjos
Have you been interviewed about your life and your career before?
I don't think so, aside from job interviews, not sort of on a personal or professional level. This is the first time!
Let’s start at the beginning. Can you share about your family and the influences you had growing up?
I grew up in a town outside of Boston, Massachusetts, on the Eastern Coast. We were a modest family: my father worked as an electrical engineer, and my mother was a stay-at-home mother. I have an older sister.
Since my father was an immigrant, moving from one country to another, starting a new life, and following my dreams felt natural to me. I had a role model who did that. My father grew up in Hamburg, Germany, which was destroyed during World War II. Fortunately, he wasn't old enough to have to go to war. But when reconstruction started, living there was difficult. His sister moved to the US first, he went to visit her and was taking English at night school when he met my mother, who is American.
Another factor that influenced my way of thinking was my church upbringing, our family was active in supporting community initiatives. As an adult, I grew away from some aspects of the very conservative worldview from my early church life. However, the values and principles from my family and church upbringing have stayed with me. They have shaped how I see the world and how I want to live.
What did you expect to become when you were still a child?
As a little kid, I didn't know what I wanted to be. I was carefree and mostly enjoyed typical activities like sports, friends and music. It wasn't until university that I started to think about my career. At that point, I aimed to find a career that would provide a decent living, allow me to care for a family, and offer a good income. I studied Business Economics and started to consider possible jobs in investment banking on Wall Street.
What inspired you to pursue a career in Impact Investing?
I had a series of experiences that made me shift completely. I was influenced by some of my professors who challenged my understanding of International Development, world economies and what was happening outside of the United States. I was a typical American, inward-looking and unaware of the rest of the world, having only visited relatives in Germany. They spoke about the developing world, injustices, and inequalities, posing questions like: “What are you going to do about it? You're a privileged person with an education from one of the most developed countries in the world. What can you do to contribute to a change?”. There were seeds planted.
During my first year in college, I had the opportunity to accompany a group of fellow students to the Dominican Republic after Hurricane David, in 1979. We were there to provide relief and reconstruction for families that had lost their homes. That experience was my first exposure to poverty and economic injustice, and it opened my eyes to a reality that most people in the United States have no clue about. There it was the fertilizer for the seeds!
Where did that take you?
I eventually decided I wanted to work in Latin America on community development, improving the social and economic conditions of people. However, I lacked experience and I couldn’t speak Spanish – two crucial factors for qualifying for opportunities. I consulted with experts in the field who advised me to get a master's degree. I applied to the Kennedy School at Harvard and completed the program between 1987 and 1989. The program equipped me with lots of skills, and I took intensive Spanish classes so that, by the end of the two years, I had sufficient vocabulary and grammar proficiency.
Long story short, I secured my first job in Peru, then moved to Bolivia and Ecuador over 5 years, working with international NGOs. At that point, my wife at the time wanted to pursue her master's degree in North America and we moved back. I took a job with Mennonite Economic Development Associates (MEDA) in Ontario, Canada, where I became the regional director for Latin American programs, overseeing Bolivia, Paraguay, Haiti, Nicaragua, and Cuba.
The work was intense, focusing on small business, agriculture, lending, and providing technical assistance to producer groups and cooperatives. I always had in mind that, at some point, I wanted to work for the Interamerican Development Bank (IDB) and I kept my eye out for opportunities. A suitable role came up, I interviewed, and I was selected to work there and, for me, it was the dream of my life.
It was the place I always wanted to work. Having been on the NGO side for years, you're always seeking funding, donations, or government support. This allowed me to bring my skills and experience to the side that has the money and to channel those resources to support impactful projects.
I stayed there for 23 years feeling like I was doing what I always wanted to do. I loved my job and I couldn't believe they paid me to do what I enjoyed so much. I worked with impact investing even before the term existed, combining revenue-generating business models with social and environmental impact. I was lucky to work on things that I was passionate about and visit every country in the region.
Since leaving IDB at the end of 2021, I have been consulting on projects and with businesses that align with my passion: sustainable business models that promote social and environmental impact for the most vulnerable people.
What was the biggest challenge you encountered on your journey?
As I mentioned before, when I knew what I wanted to do with my career, I found a mismatch between what I had and what I needed to do to get to my objective. First, I applied for volunteer programs to go overseas. And that didn't work out. Then I went on to my master's degree. And I realized I still didn't have the Spanish. I had to put the building blocks in place to be able to convince somebody to hire me.
Overcoming some of the other challenges didn't come easy, like the financial and family aspects. I wanted a career that would require leaving behind friends and family. I got married very young, at 22, and had two kids. My daughter was born in Peru and my son was born in Bolivia.
Later, after living in Washington for many years and going through a divorce, as part of my job with IDB, I was able to get an IDB assignment overseas. First, I went to Ecuador and then to Peru, where I spent seven years. I met my new wife, a wonderful Peruvian woman, and we married a few years later. I got a package deal with two more kids. All my kids are South Americans and Spanish became the language I speak at home now.
I am curious to learn how the experience of living abroad shaped you.
First of all, it helps with your humility because when you first arrive and your language isn't very good, you have a lot to say, but you speak like a four-year-old. It is frustrating and humbling. Another thing I came to appreciate is values that aren't emphasized as much in the United States, such as the importance of community and close-knit family. Even though I felt like I had a good family growing up in the US, you are raised to live independently when you reach 18. This is not so prevalent in the countries that I was in. When kids grow up, they still spend a lot of time with their parents.
In my opinion, society is more open and welcoming to people, with more of a sense of community. Whereas, in my upbringing, in addition to being independent, people can be somewhat individualistic, thinking about themselves. The cultural aspects of each country I lived in were eye-opening, and I also love the delicious foods, and how rich the music, customs and traditions are.
How was the first encounter with Amazonia Impact Ventures?
I had known Aldo (Soto, our co-founder) from my time at IDB, where we worked on a common project. He reached out to me, introducing AIV and inviting me to the advisory committee. Being part of AIV ties me to one of the things that I liked most: an impact first fund. If it were a fund focused solely on generating a 20% annual return for shareholders, it might not have interested me as much. However, the fact that we prioritize environmental, social, and economic impact alongside profitability made all the difference to me.
What is your vision for the AIV’s future?
I have very high hopes and expectations for Amazonia as I believe it's a model that fits current market needs. They're offering innovative solutions to a niche that very few, if any, are meeting. The impact-linked loans model is financially sustainable from the start and it is not born from or dependent on donations. This is a huge challenge because competitors who have been around for over 20 years initially relied on donations.
The AIV’s model does not rely on donations. They have a business and are offering something that doesn't generate a lot of revenue at the start. We need patient, blended funding that is combined at an interest rate that is reasonable enough and allows us to do our impact-focused work while working towards financial sustainability.
I think the model makes a lot of sense. It may not be as attractive to certain investors because many so-called social investors want high returns without any risk, yet still expect all the social and environmental benefits. In the medium term, I am confident that AIV will find aligned investors to allow it to reach scale.
What are the latest industry trends that you believe will shape the future?
I'm seeing a lot more discussion around blended finance, but talk alone isn’t enough. We need investors willing to take higher risks, with patient capital, potentially receiving slightly lower returns, when they combine their investments with private investors, all focusing on impact. Additionally, climate-related investments in the form of carbon credits are becoming more common. As the climate crisis worsens, companies like AIV will attract more investors who aim to mitigate these changes and help farmers adapt to new conditions.
Instant Insights
What is your work-life balance regime nowadays?
I read a great book called “Tapas Life” that offers a perspective on retirement. It suggests filling your week with a variety of activities that matter to you and spending the time you want on them. It is like when you are in Spain, you order a little dish of this and a little dish of that.
I spend a few hours doing AIV stuff, which I really like. I spend a few more hours on a consulting job with a microfinance fund called Enabling Qapital. I am investing in and advising an innovative startup company that is converting organic food waste into alternative protein for animal nutrition. I recently became a board member of a microfinance institution in Honduras.
I do some local volunteer work, and I handle much of the household chores. I love working with my hands, doing DIY projects and renovations around our home. My parents are ageing, so I spend more time with them. They live four hours away, so I visit regularly. I also try to go as the “tourist spouse” when my wife goes on business trips overseas.
If you could live under a personal mantra, what that would be?
I don't know, but what comes to mind is something along the lines of “You only live once, so be true to yourself”. Live a life that makes sense to yourself, even though you are doing some things that people would consider difficult or unorthodox. Especially in my later years of life, I made some personal and professional decisions that followed this.
Would you share a hidden talent that people don’t know you have?
When I left my long career at IDB, the first thing I did was tear down a deck behind my house and rebuild it with new materials. I looked at it as a project. I had researched materials, and techniques, I got the tools and learned by doing. That's something I get a lot of satisfaction out of. I've replaced entire bathrooms with ceramic floor tiles, toilet, sink, plumbing and electricity.
A guilty pleasure that you think everyone should try at least once in their lives?
Zacapa Rum. Produced in Guatemala, it is my favourite rum and I enjoy it “neat”.
Favorite band.
U2.
Favorite film.
The first one that comes to mind is Stand by Me (1986). It's a coming-of-age drama about a group of four young boys who get into mischievous things. It reminded me a lot of my childhood group of buddies.
Travel bucket list
What? I have a long list. I'm waiting for my wife to retire so that we can start to scratch off the places. Thailand, Patagonia (Argentina) and Australia will likely be the first three.
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