What legal institutions are important to the success of businesses serving the world's poorest people, and what are feasible work-arounds when those institutions are absent? An increasing number of business enterprises in developing countries, including India and much of Africa, seek to provide health, sanitation, housing, savings, insurance, and other essential services to the very poor. But many of them operate in countries that lack stable property rights, independent judiciaries, and other elements of the "rule of law" that investors and entrepreneurs take for granted in more developed countries. We will study how entrepreneurs operate and attract investors in these situations. The first phase of the project will involve in-depth interviews with and data gathering from foundations, funds, and other institutional investors who have a sophisticated knowledge of the conditions that conduce to the success of their investee enterprises and a return on their investments. Our client will likely be a foundation or other organization making impact investments in developing countries. GSB, Political Science, and Economics students as well as Law students are welcome to participate. Elements used in grading: TBD with instructor. NOTE: Students may not count more than a combined total of eight units of directed research projects and policy lab practica toward graduation unless the additional counted units are approved in advance by the Petitions Committee. Such approval will be granted only for good cause shown. Even in the case of a successful petition for additional units, a student cannot receive a letter grade for more than eight units of independent research (Policy Lab practicum, Directed Research, Senior Thesis, and/or Research Track). Any units taken in excess of eight will be graded on a mandatory pass basis. For detailed information, see "Directed Research/Policy Labs" in the SLS Student Handbook. CONSENT APPLICATION: To apply for this course, students must complete and e-mail the Consent Application Form available on the SLS Registrar's Office website (see Registration and Selection of Classes for Stanford Law Students) to the instructor. See Consent Application Form for submission deadline.