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Smart money for social ventures: an analysis of the value-adding activities of philanthropic venture capitalists

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  • Eline L. Ingstad
  • Mirjam Knockaert
  • Yves Fassin

Abstract

Philanthropic venture capitalists (PhVCs) provide social entrepreneurs with financial and nonfinancial resources. This paper studies how and why PhVCs engage in value-adding activities. Employing an inductive case study method, our study shows that value-adding activities engaged in by PhVCs are similar to the activities carried out by traditional venture capitalists. Further, we find self-efficacy and goal setting theories to be particularly relevant in studying why PhVCs engage in value-adding activities. Concretely, PhVCs engage in value-adding activities that are in line with their efficacy beliefs and that facilitate the achievement of lower-order goals related to professionalization, self-sustainability, and expansion. As such, they aim at reaching the higher-end goal of scaling the social venture.

Suggested Citation

  • Eline L. Ingstad & Mirjam Knockaert & Yves Fassin, 2014. "Smart money for social ventures: an analysis of the value-adding activities of philanthropic venture capitalists," Venture Capital, Taylor & Francis Journals, vol. 16(4), pages 349-378, October.
    • Handle: RePEc:taf:veecee:v:16:y:2014:i:4:p:349-378
    DOI: 10.1080/13691066.2014.988379
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    References listed on IDEAS

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    1. Julia Sass Rubin, 2009. "Developmental venture capital: conceptualizing the field," Venture Capital, Taylor & Francis Journals, vol. 11(4), pages 335-360, July.
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    Cited by:

    1. Islam, Syrus M. & Habib, Ahsan, 2022. "How impact investing firms are responding to sustain and grow social economy enterprises in light of the COVID-19 pandemic," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    2. 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.
    3. Islam, Syrus M., 2020. "Towards an integrative definition of scaling social impact in social enterprises," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    4. Russo, Michael V. & Earle, Andrew G. & Lahneman, Brooke A. & Tilleman, Suzanne G., 2022. "Taking root in fertile ground: Community context and the agglomeration of hybrid companies," Journal of Business Venturing, Elsevier, vol. 37(2).

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