A listening exercise, not a census What is the Compass and what does it measure? The Compass combines forced-choice rankings (this year on five questions — trends, challenges, the role of AI, the changed funding landscape, and future priorities) with open commentary. The 2026 survey received 182 submissions from respondents in 55 countries. Of these, 157 provided substantive trend rankings, 156 ranked current challenges, and 153 completed the funding and future-priority sections. Respondents included financial service providers, capital providers, technical-assistance and capacity-building organisations, ecosystem bodies, and researchers and knowledge institutions. The survey was available in English, French and Spanish. Respondents could choose whether their comments could be attributed. Quantitative results were analysed using weighted rankings or shares of valid responses, depending on the question; qualitative responses were reviewed thematically and used to test, explain and complicate the numerical patterns. 1. Introduction, context and respondents