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Financial social innovation to engage the economically marginalized: insights from an Indian case study

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  • Punita Bhatt
  • Ali J. Ahmad

Abstract

New sources of finance within the label of ‘impact investing’ have emerged as mechanisms to promote entrepreneurship within marginalized communities. Different vehicles for impact investment have emerged over the years; however, our understanding around their emergence, configuration and adoption is limited. Hence, the main purpose in this research is to study the role of the contextual drivers and conditions that gave rise to a unique form of impact investment in India, a financial social innovation – developmental venture capital (DVC). Through the lens of capital theories, insights from the case of India’s largest and oldest DVC firm along with three of its most prominent investees are presented. Findings highlight that the social entrepreneurs behind the case DVC wholly re-conceptualized silicon valley-style venture capital financing to suit small brick and mortar investments in rural India, developed mechanisms for deploying funding frugally, and created partnerships of equals between themselves and their investees. Investee founders leveraged human and social capital throughout the social innovation process via deep immersion in the socio-cultural milieu of India.

Suggested Citation

  • Punita Bhatt & Ali J. Ahmad, 2017. "Financial social innovation to engage the economically marginalized: insights from an Indian case study," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 29(5-6), pages 391-413, May.
    • Handle: RePEc:taf:entreg:v:29:y:2017:i:5-6:p:391-413
    DOI: 10.1080/08985626.2017.1287961
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    Cited by:

    1. Syrus M. Islam, 2022. "Impact investing in social sector organisations: a systematic review and research agenda," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 709-737, March.
    2. de Souza João-Roland, Iraci & Granados, Maria L., 2023. "Towards social innovation strategy: An analysis of UK social enterprises," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    3. Bacq, Sophie & Hertel, Christina & Lumpkin, G.T., 2022. "Communities at the nexus of entrepreneurship and societal impact: A cross-disciplinary literature review," Journal of Business Venturing, Elsevier, vol. 37(5).
    4. Tachia Chin & Yin Yang & Pei Zhang & Xiaofen Yu & Luying Cao, 2019. "Co-creation of Social Innovation: Corporate Universities as Innovative Strategies for Chinese Firms to Engage with Society," Sustainability, MDPI, vol. 11(5), pages 1-13, March.
    5. Scazziota, Vanessa & Serra, Fernando & Sarkar, Soumodip & Guerrazzi, Luiz, 2023. "The antecedents of entrepreneurial action: A meta-synthesis on effectuation and bricolage," Journal of Business Research, Elsevier, vol. 155(PA).
    6. Migliavacca, Milena & Patel, Ritesh & Paltrinieri, Andrea & Goodell, John W., 2022. "Mapping impact investing: A bibliometric analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    7. Siemieniako, Dariusz & Kubacki, Krzysztof & Mitręga, Maciej, 2021. "Inter-organisational relationships for social impact: A systematic literature review," Journal of Business Research, Elsevier, vol. 132(C), pages 453-469.
    8. Syrus M Islam, 2022. "Social impact scaling strategies in social enterprises: A systematic review and research agenda," Australian Journal of Management, Australian School of Business, vol. 47(2), pages 298-321, May.

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