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Social Finance Intermediaries and Social Innovation

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  • Michele-Lee Moore
  • Frances R. Westley
  • Tim Brodhead

Abstract

This paper uses the social transitions framework to explore the ways in which foundations may partner with intermediaries to support social innovation for broad system change. It examines the efforts of a Canadian foundation to incorporate partnerships with intermediary organizations into its philanthropic investment strategy aimed at generating social innovation at three successive scales. The results demonstrate different patterns in the social innovation processes and in the foundation-intermediary relationships at each scale. These differences are explained by altered degrees of coordination and opportunities for learning, and by the types of intermediary organizations engaged at each scale. The most successful social innovation processes occurred when intermediaries had their own internal resources and when the initiative focused on transforming macro scale elements. As philanthropic funding becomes an important source of support for social innovation, these lessons are critical for those interested in ensuring that social investments build the capacity to respond effectively to societal challenges.

Suggested Citation

  • Michele-Lee Moore & Frances R. Westley & Tim Brodhead, 2012. "Social Finance Intermediaries and Social Innovation," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 3(2), pages 184-205, October.
    • Handle: RePEc:taf:jsocen:v:3:y:2012:i:2:p:184-205
    DOI: 10.1080/19420676.2012.726020
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    1. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564298.
    2. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564403.
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    Cited by:

    1. Kivimaa, Paula & Boon, Wouter & Hyysalo, Sampsa & Klerkx, Laurens, 2019. "Towards a typology of intermediaries in sustainability transitions: A systematic review and a research agenda," Research Policy, Elsevier, vol. 48(4), pages 1062-1075.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Linda Bergset, 2015. "The Rationality and Irrationality of Financing Green Start-Ups," Administrative Sciences, MDPI, vol. 5(4), pages 1-26, November.
    7. 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.
    8. 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.
    9. 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.
    10. Ozili, Peterson K, 2021. "Digital finance, green finance and social finance: is there a link?," MPRA Paper 110151, University Library of Munich, Germany.
    11. Paula Kivimaa & Wouter Boon & Sampsa Hyysalo & Laurens Klerkx, 2017. "Towards a Typology of Intermediaries in Transitions: a Systematic Review," SPRU Working Paper Series 2017-17, SPRU - Science Policy Research Unit, University of Sussex Business School.
    12. 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.
    13. Phoebe Stephens, 2021. "Social finance for sustainable food systems: opportunities, tensions and ambiguities," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 38(4), pages 1123-1137, December.
    14. Lall, Saurabh Ajay, 2017. "Measuring to Improve Versus Measuring to Prove: Understanding the Adoption of Social Performance Measurement Practices in Nascent Social Enterprises," SocArXiv 8wa5c, Center for Open Science.
    15. 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.
    16. 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.
    17. Thomas André, 2015. "Managing Societal Performance of Impact Investing: An Action Research Inquiry," Working Papers hal-01211725, HAL.
    18. 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.
    19. 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.
    20. David B. Audretsch & Georg M. Eichler & Erich J. Schwarz, 2022. "Emerging needs of social innovators and social innovation ecosystems," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 217-254, March.
    21. Thomas André, 2015. "Institutionalization Of Impact Investing Through Societal Management Pressures: An Action Research Inquiry," Working Papers hal-01180070, HAL.
    22. Damaris Cruz-Amarán & Maribel Guerrero & Alma Delia Hernández-Ruiz, 2020. "Changing Times at Cuban Universities: Looking into the Transition towards a Social, Entrepreneurial and Innovative Organization," Sustainability, MDPI, vol. 12(6), pages 1-14, March.
    23. 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.
    24. 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.
    25. 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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