The impact thesis consists of three main components: understand (define the problem), invest (define the opportunity), and project (forecast the returns). The understand stage involves gathering data about the issue you wish to address and using it to compile the problem statement. The invest stage requires you to work out what you will do about the problem, which involves identifying the sort of businesses in which you will invest and the products/services that they will deliver with that investment. At the project stage, you forecast the returns that your investment will generate in terms of outputs, outcomes, impact, and money.