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The Social Finance and Social Innovation Nexus-super-1

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  • Michele-Lee Moore
  • Frances R. Westley
  • Alex Nicholls

Abstract

Social innovation will be essential for addressing today's complex social and ecological challenges. Social entrepreneurs involved in the generation and implementation of innovative endeavours have repeatedly pointed to the critical need for financial support. However, mainstream financial institutions and practices have tended to marginalize both the social entrepreneurs and the individuals and communities who may benefit the most from a variety of social innovations, largely due to perceived risks associated with return on investment. Significant barriers and disincentives exist within current mainstream economic structures despite a growing interest and willingness of some individuals and organizations capable of channelling private capital into innovative social and environmental products or processes. This article provides a conceptual framework for bridging social innovation theory and social finance practices in order to develop an improved understanding of the conditions most conducive to the success of social finance and social innovation.

Suggested Citation

  • Michele-Lee Moore & Frances R. Westley & Alex Nicholls, 2012. "The Social Finance and Social Innovation Nexus-super-1," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 3(2), pages 115-132, October.
    • Handle: RePEc:taf:jsocen:v:3:y:2012:i:2:p:115-132
    DOI: 10.1080/19420676.2012.725824
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    References listed on IDEAS

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    1. Nicholls, Alex, 2009. "'We do good things, don't we?': 'Blended Value Accounting' in social entrepreneurship," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 755-769, August.
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    Cited by:

    1. Arena, Marika & Bengo, Irene & Calderini, Mario & Chiodo, Veronica, 2018. "Unlocking finance for social tech start-ups: Is there a new opportunity space?," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 154-165.
    2. Sahasranamam, Sreevas & Nandakumar, M.K., 2020. "Individual capital and social entrepreneurship: Role of formal institutions," Journal of Business Research, Elsevier, vol. 107(C), pages 104-117.
    3. Rosangela Feola & Massimiliano Vesci & Ezio Marinato & Roberto Parente, 2021. "Segmenting “digital investors”: evidence from the Italian equity crowdfunding market," Small Business Economics, Springer, vol. 56(3), pages 1235-1250, February.
    4. Anna Höchstädter & Barbara Scheck, 2015. "What’s in a Name: An Analysis of Impact Investing Understandings by Academics and Practitioners," Journal of Business Ethics, Springer, vol. 132(2), pages 449-475, December.
    5. Laura Toschi & Elisa Ughetto & Andrea Fronzetti Colladon, 2023. "The identity of social impact venture capitalists: exploring social linguistic positioning and linguistic distinctiveness through text mining," Small Business Economics, Springer, vol. 60(3), pages 1249-1280, March.
    6. Polzin, Friedemann & von Flotow, Paschen & Klerkx, Laurens, 2016. "Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries," Technological Forecasting and Social Change, Elsevier, vol. 103(C), pages 34-46.
    7. Thomas André, 2015. "Managing Societal Performance of Impact Investing: An Action Research Inquiry," Working Papers hal-01211725, HAL.
    8. Faraudello Alessandra & Barreca Manuela & Iannaci Daniel & Lanzara Federica, 2021. "The Impact of Social Enterprises: A Bibliometric Analysis From 1991 to 2020," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(3), pages 421-434, May.
    9. Paul Langley & Andrew Leyshon, 2017. "Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding," Environment and Planning A, , vol. 49(5), pages 1019-1039, May.
    10. Vita, Gibran & Ivanova, Diana & Dumitru, Adina & Mira, Ricardo García & Carrus, Giuseppe & Stadler, Konstantin & Krause, Karen & Wood, Richard & Hertwich, Edgar, 2019. "Happier with less? Members of European environmental grassroots initiatives reconcile lower carbon footprints with higher life satisfaction and income increases," SocArXiv 3at5z, Center for Open Science.
    11. Karin Heitzmann & Florian Wukovitsch, 2015. "Towards social investment and social innovation in EU member states? First observations of recent developments in Austria," ImPRovE Working Papers 15/19, Herman Deleeck Centre for Social Policy, University of Antwerp.
    12. Sinan Erzurumlu, S. & Erzurumlu, Yaman O., 2015. "Sustainable mining development with community using design thinking and multi-criteria decision analysis," Resources Policy, Elsevier, vol. 46(P1), pages 6-14.
    13. Thomas André, 2015. "Institutionalization Of Impact Investing Through Societal Management Pressures: An Action Research Inquiry," Working Papers hal-01180070, HAL.
    14. Shome, Samik & Hassan, M. Kabir & Verma, Sushma & Panigrahi, Tushar Ranjan, 2023. "Impact investment for sustainable development: A bibliometric analysis," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 770-800.
    15. Ozili, Peterson K, 2021. "Digital finance, green finance and social finance: is there a link?," MPRA Paper 110151, University Library of Munich, Germany.
    16. Saka-Helmhout, Ayse & Álamos-Concha, Priscilla & Polo-Barceló, Carlos & Edwards, Tony & Murray, Gregor, 2024. "Corporate social innovation by multinationals: A framework for future research," International Business Review, Elsevier, vol. 33(5).
    17. Kluvánková, Tatiana & Brnkaľáková, Stanislava & Špaček, Martin & Slee, Bill & Nijnik, Maria & Valero, Diana & Miller, David & Bryce, Rosalind & Kozová, Mária & Polman, Nico & Szabo, Tomáš & Gežík, Ver, 2018. "Understanding social innovation for the well-being of forest-dependent communities: A preliminary theoretical framework," Forest Policy and Economics, Elsevier, vol. 97(C), pages 163-174.
    18. Akbar, Syed Waqar & Rehman, Ajid Ur & Bouri, Elie & Ijaz, Muhammad Shahzad & Arshad, Imran, 2024. "Socio-economic issues and bank stability: The moderating role of competition," Research in International Business and Finance, Elsevier, vol. 71(C).
    19. Thomas Wainwright & Graham Manville, 2017. "Financialization and the third sector: Innovation in social housing bond markets," Environment and Planning A, , vol. 49(4), pages 819-838, April.
    20. Wendy Phillips & Elizabeth A. Alexander & Hazel Lee, 2019. "Going It Alone Won’t Work! The Relational Imperative for Social Innovation in Social Enterprises," Journal of Business Ethics, Springer, vol. 156(2), pages 315-331, May.
    21. Paul Langley, 2020. "The folds of social finance: Making markets, remaking the social," Environment and Planning A, , vol. 52(1), pages 130-147, February.

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