Social entrepreneurs’ views on traditional and impact investors in Brazil
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2021-12-13
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Gonzalez, Lauro
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From the viewpoint of social entrepreneurs in Brazil who may resort to various sources of financing in the process of establishing and expanding their businesses while generating social and/or environmental impact, this study aims to identify and evaluate significant differences concerning their interactions with traditional and impact investors. To understand under what conditions these interactions occur, we have resorted to conceptual discussions, through secondary sources, about what configures social entrepreneurship, impact investing, and the landscape of capital available to early and growth-stage businesses with a clear social impact purpose. In addition, we developed a qualitative questionnaire and interviewed six for-profit social entrepreneurs in Brazil. The topics discussed centered around the sources and volume received in the fundraising process, the influence of both types of funds on decisions and the business model, and the range of social impact evaluation mechanisms available. The interviews reveal discrepancies in the approaches and in the influence these funds have on the investees' business. We conclude that while the impact investing field is evolving, there are some points from the demand perspective that must be addressed so impact investing can reach its full potential.