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Alternative investing as brokering: The embedding process of a Social Impact Bond model in a local context

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  • Kosmynin, Mikhail
  • Jack, Sarah L.

Abstract

Social Impact Bonds (SIBs) are gaining traction as a research topic. Using a longitudinal case study of a Norwegian social venture - Nature Magic - funded through a SIB model, this article explores the embedding process of a SIB model into a local context – diverging from previous research focused on empirical cases from the UK and USA and refining the social aspects of SIBs. We show that the SIB model is embedded through three processes: 1) cultivating opportunity; 2) pulling together; and 3) fostering experimentation and ‘mutation’. We find that these embedding processes were fostered through developing and activating bonding and bridging social capital. This study also extends our understanding of alternative investing by theorizing it as brokering. We find that social investors engage in brokering processes in facilitating collaboration between typically disconnected spheres - such as social ventures and municipalities - through these embedding processes.

Suggested Citation

  • Kosmynin, Mikhail & Jack, Sarah L., 2022. "Alternative investing as brokering: The embedding process of a Social Impact Bond model in a local context," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    • Handle: RePEc:eee:jobuve:v:17:y:2022:i:c:s2352673421000755
    DOI: 10.1016/j.jbvi.2021.e00297
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    2. Rosella Carè & Stella Carè & Nathalie Lévy & Rabia Fatima, 2023. "Missing finance in social impact bond research? A bibliometric overview between past and future research," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2101-2120, September.

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