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Impact venture capital: an evaluation of the status quo and future development
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Resumo(s)
In recent years, the global economy is marked by increasing inequality and yet, the prominence of social innovation continues to rise. However, social innovation is not efficiently fixing the increasing inequality, and abundant capital must be reallocated. While much of the existing research has analyzed the rise of impact investing over all asset classes, considerably less attention has been paid to the combination of social and financial return in venture capital (VC). This work seeks to fill the gap by demonstrating the status quo in impact VC, revealing the difference to the traditional VC model, and on shaping the market. Based on benchmarking 148 similar funds’ performances and interviewing seven impact VC fund managers, the impact focus influences management compensation, investment process, actual returns, and impact measurement. For the future development, a clear segmentation, a standardized fund performance indicator, and a track record are needed to derive consistent differences.
Descrição
Palavras-chave
Impact investing Venture capital Social entrepreneurship