Rethinking Capital
Rethinking Capital develops and licenses normative accounting frameworks for intangibles applied to net zero and sustainability commitments, serving corporate boards, asset owners, investment managers, and global audit firms with IP licensing and advisory services.
- Company typePrivate
- Founded2016
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Rethinking Capital does
Rethinking Capital Limited is a UK-registered social enterprise founded in 2016 by Andrew Watson, Robert McGarvey, and Joe Batty. It develops and licenses normative accounting frameworks for intangibles applied to net zero, nature, and broader sustainability commitments, targeting corporate boards, asset owners, investment managers, and global audit firms. The core intellectual property applies double-entry bookkeeping under existing IFRS/IASB standards (notably IAS37's constructive obligation concept) to treat climate and social commitments as obligations met over time and the capital allocated to meeting them as intangible assets that grow in value as emissions are saved. The methodology is packaged as the Normative Accounting for Intangibles framework, operationalized through the Net Zero Decision Governance and Reporting Framework, supported by research publications, the registered The Intangibles Tree™ trademark, and Normative Accounting & Governance Labs.
The firm's monetization model combines IP licensing (modeled on IFRS Foundation principles, making the IP "available to all" while generating license revenues at fair value) with advisory services for boards, asset owners, and companies implementing normative accounting treatment. Pricing is quote-based and not publicly disclosed; the entity commits to donating 80% of revenues to causes for the common good once sustainable. Distribution is community-led and network-anchored: the Net Zero Community platform provides signup and resources, while flagship partnerships with IFVI, Value Balancing Alliance, Global Solutions Initiative, the Impact-Weighted Accounts Initiative at Harvard Business School, the Capitals Coalition, Hughes Hall Cambridge's Centre for Climate Engagement, the Council for Inclusive Capitalism, and the Oasis Trust underpin policy and adoption reach.
The April 2024 IASB Interpretations Committee unanimous decision approving that net zero commitments constitute constructive obligations under IAS37 is the firm's central regulatory milestone. The same month, The Rethinking Capital Foundation was spun out as a sister entity to hold the broader model of system change, while the restructured Rethinking Capital Limited focuses on IP holding and rapid adoption of net zero and sustainability applications. Illustrative case studies (Anglo American, BP, ADNOC, Danone) demonstrate the magnitude of balance-sheet impact available under the framework (e.g., Anglo American +$497m assets for a 30% Scope 1&2 reduction commitment; ADNOC +$770m for a 5.4m tCO2e reduction in 2022), but no paying customer relationships are disclosed. Operating geographies are global in scope with a primary registered office in London.
Rethinking Capital firmographics
Firmographics- Name
- Rethinking Capital
- Legal name
- Rethinking Capital Limited
- Website
- https://rethinking-capital.org
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Rethinking Capital develops and licenses normative accounting frameworks for intangibles applied to net zero and sustainability commitments, serving corporate boards, asset owners, investment managers, and global audit firms with IP licensing and advisory services.
- Ownership category
- akta.pro rank
Rethinking Capital industry classification
Industry- Product category
- Sustainability Accounting Services
- NAICS
- Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533110)
- SIC
- Patent Owners & Lessors (6794)
- akta.pro primary industry
- Intangible Asset Valuation (IP, Brand, Customer, Technology) (BPAHANAB)
- akta.pro secondary industry
- IP Licensing, Transactions & Technology Transfer (BPAHAMAF)
Keywords
Where Rethinking Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Rethinking Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- IP Licensing: Rethinking Capital holds intellectual property relating to net zero, nature and other sustainability applications of normative accounting for intangibles and normative governance. The business model uses principles of the IFRS Foundation, making the IP available to all and creating license revenues for fair value.
- Advisory Services: The company provides advisory services related to implementing normative accounting frameworks. They engage with boards, asset owners, and companies to support transition to normative accounting treatment.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels8 records
Rethinking Capital product offering
Product offeringCore offering
Rethinking Capital develops and licenses intellectual property for "normative accounting for intangibles" — a back-to-basics double-entry bookkeeping approach that recognizes net zero and sustainability commitments as constructive obligations under IAS37 and treats related investments as intangible balance sheet assets. The company commercializes this IP through licensing to corporations, direct advisory engagements with corporate boards, asset owners, investment managers and global audit firms, and the Net Zero Community Platform for early adopters.
Product overview
Rethinking Capital offers a suite of accounting methodology products and publications centered on 'normative accounting for intangibles' — a back-to-basics approach that rethinks double-entry bookkeeping to recognize sustainability investments as balance sheet assets rather than costs. The core product is the Normative Accounting for Intangibles framework, which is operationalized through a Decision Governance and Reporting Framework for net zero transition commitments. Supporting the core methodology are research publications including the Constrained by Accounting paper, the Non-Executive Director Briefing Note (produced with Hughes Hall Cambridge), and Normative Economics Applications. The company also runs Normative Accounting & Governance Labs and maintains a Net Zero Community Platform for its open innovation community.
Differentiator
Problem solved
Functional benefit
Products and services
- Normative Accounting for Intangibles A back-to-basics accounting approach that applies double-entry bookkeeping to recognize capital allocated toward building equitable relationships with nature, people, and society as intangible assets on the balance sheet. It flips current accounting treatment of net zero commitments from costs into constructive obligations under IAS37, materially improving reported financial metrics.
- Net Zero Decision Governance and Reporting Framework A decision governance and reporting framework that applies normative accounting for intangibles to a net zero transition commitment, using the balance sheet as the primary resource for net zero decision-making and reporting. Designed for companies, investors, and others to test strategic plans, annual budgets, and acceleration of 2030 reduction targets.
- Normative Accounting & Governance Labs Hands-on lab environments, established with technology and other partners, for companies, investors, and other stakeholders to become the earliest innovators in applying normative accounting for intangibles to net zero decision governance.
- Alternative Fair View Financial Statements
- Net Zero Community Platform A community platform offering real-time news, insights, and guidance on net zero accounting developments, allowing members to register interest, create accounts, and access net zero resources — serving as the hub for the open innovation community.
Quantifiable outcome
- Anglo American: +$497m balance sheet assets from 30% Scope 1&2 reduction commitment; +$1.545bn if accelerated
- +3 more outcomes
Companies that use Rethinking Capital
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Rethinking Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Rethinking Capital partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, flagship and major.
- The Rethinking Capital FoundationcoreSister company spin-out with mission to bring about a just and equitable system by holding and implementing the Rethinking Capital model of system change. The Foundation will design the program to implement system change, learn from and apply history lessons from previous asset revolutions, and introduce normative economics theory into policy initiatives.
- Oasis TrustflagshipFoundation Partner providing support as part of the collaborative ecosystem. Listed as a key collaborator alongside IFVI and Global Solutions Initiative.
- International Foundation for Valuing Impacts (IFVI)flagshipLong-term collaborator since 2020. Jointly authored the 'Constrained by Accounting' paper. Second IFRIC submission was made with IFVI. Share mission to drive creation of financial statements reflecting financial, social, and environmental performance.
- Global Solutions InitiativemajorInvited founders Robert McGarvey and Andrew Watson to host panel on 'Constrained by Accounting' at Global Solutions Summit 2021. G20-associated initiative for participants to connect on international policy topics.
- Value Balancing AlliancemajorReleased joint statement outlining shared commitment to develop complementary standardized sustainability accounting and intangibles accounting frameworks. Collaboration to bring change to the economic system.
- Impact-Weighted Accounts Initiative at Harvard Business School (IWAI)majorAnnounced extension of collaboration in July 2021. Shared mission to drive creation of financial statements reflecting financial, social, and environmental performance. Collaborated on building the bridge between non-financial and mandatory reporting.
- Value Accounting Network / Capitals CoalitionmajorMember of Value Accounting Network convened by the Capitals Coalition. Network recognizes global community is failing to address collective challenges because decisions are based on incomplete information not accounting for value to the economy.
- Centre for Climate Engagement, Hughes Hall CambridgemajorPublished first joint paper with the Centre on applying normative accounting for intangibles in net zero transition decision governance. Emily Farnworth, Director of the Centre, provides support and endorsement.
- Council for Inclusive CapitalismmajorPartnered with Council for Inclusive Capitalism on first publication. CEO Meredith Sumpter provides endorsement and support for normative accounting proposals. Council aims to transform capitalism for inclusive benefit.
- Global Public Policy CommitteecoreEngaging the Global Public Policy Committee (representing Big Four audit firms) to involve global audit firms in the 2024 program for testing and adopting normative accounting treatment.
Scale indicators3 records
Recent moves8 records
Expansion highlights5 records
Rethinking Capital competitors and assessment
Company assessmentBroad incumbents
- Workiva: Public sustainability and ESG reporting platform serving thousands of enterprise customers; a broad incumbent whose standardized sustainability disclosure software competes with aspects of Rethinking Capital's net zero reporting framework.
- Kroll (formerly Duff & Phelps): Global valuation firm with a dedicated intangible asset and IP valuation practice; a large incumbent operating across many valuation categories rather than specializing in the sustainability-intangibles niche Rethinking Capital targets.
Others
- International Foundation for Valuing Impacts (IFVI): Long-term Rethinking Capital collaborator jointly authoring papers and IFRIC submissions; not a direct competitor but an ecosystem peer focused on impact valuation frameworks complementary to normative accounting for intangibles.
- Impact-Weighted Accounts Initiative (Harvard Business School): Academic initiative co-authoring with Rethinking Capital on bridging non-financial and mandatory reporting; an ecosystem collaborator rather than competitor, focused on financial statements reflecting financial, social, and environmental performance.
- Capitals Coalition: Convenor of the Value Accounting Network of which Rethinking Capital is a member; ecosystem peer advancing decision-making that accounts for natural, social, and human capital—directly aligned with Rethinking Capital's mission.
- Value Balancing Alliance: Coalition developing complementary standardized sustainability accounting and intangibles accounting frameworks; an ecosystem partner rather than competitor, working in adjacent standard-setting for impact-weighted accounts.
Direct peers
- Ocean Tomo (JLL IP Valuation): Provides IP valuation, licensing advisory, and intangible-asset transaction services—the closest direct comparable to Rethinking Capital's IP licensing and intangible-asset framework business, though focused more broadly on patent trading and valuation.
Emerging players
- Persefoni: Climate management and accounting platform providing carbon-footprint calculation aligned with IFRS/TCFD; an emerging competitor in the same sustainability-accounting target market, addressing similar enterprise customers (CFOs, sustainability officers).
- Sweep: Sustainability management platform for corporates to track and reduce emissions across their value chain; an emerging player whose enterprise carbon-accounting offering competes for the same corporate sustainability wallet as Rethinking Capital's advisory and IP licensing.
- Watershed: Enterprise climate accounting platform helping companies measure, report, and reduce emissions; an emerging player in the climate-accounting software space that intersects with Rethinking Capital's net zero governance framework at the implementation layer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Rethinking Capital social profiles
Digital presenceRethinking Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rethinking Capital leadership team
Management profileNumber of profiles
Profiles4 records
Rethinking Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rethinking Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rethinking Capital
What does Rethinking Capital do?
Rethinking Capital develops and licenses intellectual property for "normative accounting for intangibles" — a back-to-basics double-entry bookkeeping approach that recognizes net zero and sustainability commitments as constructive obligations under IAS37 and treats related investments as intangible balance sheet assets. The company commercializes this IP through licensing to corporations, direct advisory engagements with corporate boards, asset owners, investment managers and global audit firms, and the Net Zero Community Platform for early adopters.
Is Rethinking Capital a public or private company?
Rethinking Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Rethinking Capital founded?
Rethinking Capital was founded in 2016. It employs 1 to 10 people.
Where is Rethinking Capital based?
Rethinking Capital is headquartered in London, United Kingdom, in the Europe region.
How does Rethinking Capital make money?
Two revenue lines are on record. IP Licensing is the primary driver. The others are advisory Services.
Who are Rethinking Capital's main competitors?
Broad incumbents on record are Workiva and Kroll (formerly Duff & Phelps). Others are International Foundation for Valuing Impacts (IFVI), Impact-Weighted Accounts Initiative (Harvard Business School), Capitals Coalition and Value Balancing Alliance. Ocean Tomo (JLL IP Valuation) is listed as a direct peer. Emerging players are Persefoni, Sweep and Watershed.
Does Rethinking Capital have an API?
No public API is recorded for Rethinking Capital.
What industry is Rethinking Capital in?
Rethinking Capital's product category is Sustainability Accounting Services. Its primary akta.pro industry code is BPAHANAB, Intangible Asset Valuation (IP, Brand, Customer, Technology), with a secondary code of BPAHAMAF, IP Licensing, Transactions & Technology Transfer. Its NAICS code is 533110 and its SIC code is 6794.