At the end of 2024 The Difference incubator closed its doors. The Board and Leadership made the brave, bold decision to invest in the future, transferring resources to our impact area of Locally-led Regenerative Economies, now known as Neighbourhood Economics. This was the surprising outcome of our deeply thoughtful strategic exploration, as we asked hard questions about our impact and future focus. Below are two letters shared in September 2024, from TDi Board Chair Corinne Proske, and from Annie Smits (CEO) and Anna Moegerlein (Deputy CEO).
Dear Friends,
We have momentous news to share.
Three years ago, TDi embarked on a strategic journey to understand how best to deliver meaningful, lasting impact. This process led us to explore three strategic ‘big bets’ within our impact areas, with the goal of eventually focusing on one of these.
We have chosen to focus on Neighbourhood Economics, which is dedicated to reimagining local economies in areas where Australia’s success and prosperity haven’t been equally shared. Partnering with the Give Where You Live Foundation (GWYLF), Neighbourhood Economics will initially address the place-based challenges in the Norlane and Corio region in Geelong, Victoria. Anthea Smits and Bill Mithen (CEO, GWYLF) have co-led this work so far.
After careful consideration involving the Board, management team, and some of TDi’s trusted friends, the Board decided that after 13 incredible years, TDi will close its doors. All resources and assets will be transferred to establish Neighbourhood Economics as a standalone entity, which Annie and Bill will continue to lead. Anna Moegerlein and the current TDi team, including the Board, will be finishing up. We are grateful for their service over many years and wish them the best as they continue to deliver impact, both locally and in the region.
Most non-profits focus on starting and maintaining their work but rarely consider how to conclude it. This is a unique opportunity to end our journey on a high note, wrapping up 13 years of meaningful contribution and impact. The Board has strategically decided to invest in what lies ahead, believing this is the work that is most needed. It has been an honour to Chair this organisation, and I leave with great pride in all that we have contributed and achieved.
Thank you for being part of our incredible journey and for supporting us over the years.
Corinne Proske, TDi Chair
On behalf of the TDi Board
*****
Dear Friends,
Anna and I want to share our thoughts and express our gratitude for a remarkable nine-year partnership.
Firstly, we want to honour the individuals who have shaped TDi’s impact. Your talents and dedication have been vital.
To our incredible team over the years — thank you for your hard work. Together, we spent countless hours sitting with entrepreneurs in their stories, triaging businesses, and building lifelong friendships. We expanded our work across the Pacific, impacting hundreds of entrepreneurs and business owners in agriculture, tourism, and the cultural and creative arts. We supported Australian Indigenous entrepreneurs and worked with hundreds of non-profits and social enterprises to develop strategies, business models, and investment readiness. Together, we innovated our Inside Out method, helping business owners design models while addressing mindset challenges. We deployed investments, ran incubators, and more.
To our board members who supported us and balanced risk and impact — thank you.
To our partners who believed in us, trusted us, and often funded us — your support has been invaluable.
To every single difference-maker we’ve had the privilege to work with — it has been an honour to be part of your story.
We salute you all and extend our heartfelt thanks.
Secondly, I want to celebrate a nine-year partnership with Anna. This collaboration has been one of the greatest highlights of my career. Working and travelling with Anna has been a grand adventure, stretching me in ways I never imagined. But beyond all this, what I cherish most is the incredible deep friendship we’ve built — a friendship for which I am eternally grateful. Anna’s courage and generosity are palpable, and while the work has been amazing, the friendship has been life changing.
So, why the shift?
During our strategy process, which began three years ago, we reflected on our story, asking big questions: Who are we? Where have we been? How have we contributed? What do we care about? What does the world need from us next? And who do we see ourselves becoming? From this process, we identified three big bets. One of those has grown to become Neighbourhood Economics, a new social venture reimagining local economies where Australia’s success and prosperity hasn’t been equally shared.
After ten years of direct work in the social enterprise sector, we’ve achieved much, but visiting communities reminds us of how far we still have to go. The statistics on wealth and prosperity’s unfair distribution overwhelm me with grief. We know this is not just a technical problem; it is a human and political issue about local power, access, and voice. It’s not just about creating economic value but also about who captures that value. Neighbourhood Economics aims to shift this dynamic.
Neighbourhood Economics was co-conceived with our friend Bill Mithen, CEO of Give Where You Live Foundation, who brings decades of experience in local economic development. Neighbourhood Economics was always intended to exist as its own entity with its own life, vision, and governance. However, until recently, we envisioned it as part of TDi’s overarching strategy.
Two factors contributed to our change in direction.
Firstly, I realised I wanted to dedicate myself fully to Neighbourhood Economics and informed the TDi board of my desire to focus on this initiative. Turning 50 three years ago prompted me to reflect deeply on where I want to focus my efforts in the later stages of my career. I’ve worked hard to understand what that means in all areas of my life, including my roles as a mother, wife, sister, community leader, and professional. I feel a deep conviction that Neighbourhood Economics is my next calling, and I am profoundly grateful for the opportunity to co-create, build, and establish something new once again.
Secondly, Anna, the Board, and I took additional time to reflect, inviting several other great thinkers and friends to join us which provided the space and support needed to bravely consider our future. Despite our business model struggling post-COVID, we’ve managed to maintain cash reserves. We also became increasingly aware that Neighbourhood Economics would need seed capital to get off the ground, and our commitment to seeing it succeed has only grown. Alongside the board, we made the bold decision to close TDi and seed Neighbourhood Economics.
TDi has always prided itself on being a learning, innovative organisation. But innovation sometimes requires unlearning, letting go, and saying goodbye — even to great and special things — to allow new things to emerge. I know we need to take the next step to get closer to where we want to go. For me, Neighbourhood Economics is that next step, pushing boundaries. If TDi has taught us anything, it’s that technical approaches alone won’t get us there. It’s going to require imagination and courage, and Neighbourhood Economics will start with both, reimagining what local economies can look like and how they can act differently.
Anna and I want to express our deep gratitude to all who have travelled with us over the years. We are so thankful for your support.
Annie Smits, CEO
Anna Moegerlein, Deputy CEO
