lessons from research of social entrepreneurship financing from seforis project
DESCRIPTION
On September 4, 2014, Bogdan Prokopovych and Davis Plotnieks from Stockholm Institute of Transition Economics (SITE), Stockholm School of Economics delivered a presentation of the SEFORIS project in International Summer School on Social Entrepreneurship and Sustainability in Emerging Markets, Tbilisi State University, Georgia. Presentation explained aims and benefits of SEFORIS project, research trends in social entrepreneurship and an integrated framework of research for social entrepreneurship and its financing modes. Bogdan and Davis presented examples how academic research can help practitioners and researchers understand the complex field of social entrepreneurship and social finance. International Summer School was dedicated to social entrepreneurship topics where students from 18 different countries from Europe, Asia and North America acquired knowledge on social entrepreneurship, social finance and social innovation. Participants also discussed different business models and case studies of social entrepreneurship from their countries. During International Summer School students worked as business consultants for Georgian social entrepreneurs providing them recommendations for their business model improvement. The SEFORIS project is a multi-disciplinary, multi-method international research project on social enterprise funded by the European Commission. SEFORIS aims to better understand the role that social enterprises play in the EU and beyond in the development of and evolution towards inclusive and innovative societies. SITE is a leading research and policy center on transition in the former Soviet Union and Central and Eastern Europe. In SEFORIS project SITE is responsible of different funding and financing mode research of social entrepreneurship.TRANSCRIPT
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SEFORIS Project Lessons from Research of Social Entrepreneurship Financing
Bogdan Prokopovych and Davis Plotnieks, SITE, Stockholm School of Economics
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Contents
• What is project SEFORIS? • How does current state of research looks like? • What are the examples from the field that we can learn from?
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Challenge?
Despite increasing popularity of term social entrepreneurship there was lack of comparable data on social enterprises in Europe
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Challenge Accepted!
Political? Voice and recognition
WHAT? Macro-
perspective
HOW? Micro-
perspective
Dynamics? What and how over
time
Social Entrepreneurship
SELUSI project – research and data collection on Social Enterprises
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SELUSI Project Aims
WHAT? Macro-
perspective
SELUSI project – research and data collection on Social Enterprises
What are the dominant social and industry sectors within which we see social enterprise activity across the 5 EU member state (Age, size, employment configurations, geography, etc..)?
How does the phenomenon of social enterprises compare across different Member State countries?
How does the phenomenon of social enterprises look like in any specific Member State?
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HOW? Micro-
perspective
SELUSI project – research and data collection on Social Enterprises
How do social entrepreneurs configure their resources to influence policies?
How do their values affect management practices and through this overall performance?
Identity, market creation, strategic entrepreneurial orientation, risk preferences, human capital, personnel practices, finances, etc.?
SELUSI Project Aims
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Dynamics? What and how over
time
SELUSI project – research and data collection on Social Enterprises
How does this phenomenon actually evolve over time?
How big is failure and start-up rates?
What are the evidence of the effects of specific policy measures introduced at nation-state levels?
SELUSI Project Aims
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Political? Voice and recognition
SELUSI project – research and data collection on Social Enterprises
Can we give a better voice to all social enterprises (not only the big, traditional or best networked ventures) through our project?
SELUSI Project Aims
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Results
Policy and Business Reports
Seminars and Teaching materials about Social Entrepreneurship
Large data set about social entrepreneurship in Europe
SELUSI project results
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Next Steps SEFORIS project
SELUSI project research continues in its successive project SEFORIS
SEFORIS project aims to understand individual social enterprise market and organization-level behaviours over time
SEFORIS combines both qualitative and quantitative data on social enterprises (soon across the globe) at an unusual large scale
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SEFORIS
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SEFORIS Project Team
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SEFORIS Project Team
More than 50 experts with different educational and professional background
SEFORIS team experts represents more than 10 different countries
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SEFORIS Purpose Primary data collection (2015) about social
enterprises
Case studies of social enterprises
Network of 50+ social entrepreneurship experts
Ambition to operate 50-100 countries
Longitudinal data on minimum 100 social enterprise per country studied
Ambition for 2025
Ambition for 2025
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SEFORIS project website: seforis.eu
Available Resources
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Contents
• What is project SEFORIS? • How does current state of research looks like? • What are the examples from the field that we can learn from?
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Complexity of Social Entrepreneurship Literature
The extant Social Entrepreneurship (SE) literature definitions set boundaries for the review: social-mission-based, innovative use of resources, create social value
(Dees, 1998; Austin, Stevenson, and Wei-Skillern, 2006; Mair and Marti, 2006)
The SE literature offers a variety of typologies of social entrepreneurs, ventures, organizational models, and social investment
(e.g. Zahra, Gedajlovic, Neubaum, and Shulman, 2009; Dorado, 2006; Battilana, Mair, and Cardenas, 2012; Nicholls, 2010)
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Individual level Individual motivation
Organisational level Social impact, its measurement, social mission, its drift according to funding sources
Macro level Impact of institutions, Scaling up
Current State of Research of social entrepreneurship financing
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Contents
• What is project SEFORIS? • How does current state of research looks like? • What are the examples from the field that we can learn from?
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Individual
Social/ Environmental Blended Value Financial
Nicholls, A. (2010). The institutionalization of social investment: The interplay of investment logics and investor rationalities. Journal of social entrepreneurship, 1(1), 70-100.
Motivation for social entrepreneurship
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Individual
Social/ Environmental Blended Value Financial
Nicholls, A. (2010). The institutionalization of social investment: The interplay of investment logics and investor rationalities. Journal of social entrepreneurship, 1(1), 70-100.
Motivation for social entrepreneurship
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Organisational Social impact and its measurement
1. Kaplan, R. S., & Grossman, A. S. (2010). The emerging capital market for nonprofits. Harvard business review, 88(10), 110-118. 2. Nicholls, A. (2009). ‘We do good things, don’t we?’:‘Blended Value Accounting’ in social entrepreneurship. Accounting,
organizations and society,34(6), 755-769. 3. Saltuk, Y., Idrissi, A.E., Bouri, A., Mudaliar, A., & Schiff, H. (2014). Spotlight on the Market. The Impact Investor Survey. Global Social
Finance. J.P.Morgan
Social ventures without their impact measurement will less likely be able to attract investors1
Blended value accounting allows social entrepreneur to access resources and build organisational legitimacy2
Survey data from impact investors show that 98% of investors consider important social impact measurement3
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Organisational Social impact and its measurement
IRIS Social impact measurement standards http://iris.thegiin.org/guides/getting-started-guide
Social impact measurement standards
that can be adjusted for different industries
and size social ventures
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Organisational Attracting crowd funding
Social ventures that has been funded are linked with project quality and how this quality is being communicated1
Data suggests that nature of population in what founders operate matters1
1. Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study.Journal of Business Venturing, 29(1), 1-16.
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Kickstarter https://www.kickstarter.com/projects/airdog/airdog-worlds-first-auto-follow-action-sports-dron?ref=nav_search
Regular customer updates and information about product development
progress
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Kickstarter https://www.kickstarter.com/projects/airdog/airdog-worlds-first-auto-follow-action-sports-dron?ref=nav_search
Effective and targeted
communication
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Society and field level
1. Bloom, P. N., & Chatterji, A. K. (2009). Scaling social entrepreneurial impact.California management review, 51(3), 114-133. 2. Austin, J., Stevenson, H., & Wei‐Skillern, J. (2006). Social and commercial entrepreneurship: same, different, or both?. Entrepreneurship theory and practice, 30(1), 1-22. 3. Mair, J., & Marti, I. (2006). Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of world business, 41(1), 36-44.
Partnering with other organizations with compatible goals can also support earnings-generation1
Institutional level
Collaboration with other organizations can help scaling up social impact2
Absence of regulation is an opportunity for social entrepreneurs3
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Thank you
SEFORIS project: www.seforis.eu