After reframing the content of contemporary understanding of social entrepreneurship and the process of new social entrepreneurial venture (SEV) creation, we link them with venture philanthropy (VP): a high-risk financial capital provision, combined with technical and managerial expertise transfer, which offer the potential for financial returns, as well as contributing to fostering social change through entrepreneurship. The paper delves into this industry, revealing its characteristics, models, processes and mechanisms. It relies on the assumption that SEVs differ in the ways they pursue social innovation and social change. We suggest that the basic ingredients across which SEVs vary can be grouped into two main divisions. The first one, the organizational set, is composed of three dimensions: a cause-driven vision, a scalable innovation, and an economic robustness. The second set – the environmental set – concerns those features that affect a SEV's success, supporting theory growth, but that are hardly controllable by organizations directly. VP is included in this set in that it affects SEVs’ growth capacity.
Fostering social business through venture philanthropy: The role of financing in the process of new social business creation
PERRINI, FRANCESCO;VURRO, CLODIA
2011
Abstract
After reframing the content of contemporary understanding of social entrepreneurship and the process of new social entrepreneurial venture (SEV) creation, we link them with venture philanthropy (VP): a high-risk financial capital provision, combined with technical and managerial expertise transfer, which offer the potential for financial returns, as well as contributing to fostering social change through entrepreneurship. The paper delves into this industry, revealing its characteristics, models, processes and mechanisms. It relies on the assumption that SEVs differ in the ways they pursue social innovation and social change. We suggest that the basic ingredients across which SEVs vary can be grouped into two main divisions. The first one, the organizational set, is composed of three dimensions: a cause-driven vision, a scalable innovation, and an economic robustness. The second set – the environmental set – concerns those features that affect a SEV's success, supporting theory growth, but that are hardly controllable by organizations directly. VP is included in this set in that it affects SEVs’ growth capacity.
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