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Social Finance$
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Alex Nicholls, Rob Paton, and Jed Emerson

Print publication date: 2015

Print ISBN-13: 9780198703761

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198703761.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 January 2021

Financing social innovation

Financing social innovation

(p.96) 3 Financing social innovation
Social Finance

Dennis R. Young

Oxford University Press

This chapter explores social finance in terms of the types of investee enterprise. It emphasizes that social enterprises are very diverse, multi-sectoral phenomena that seek capital through a variety of mixes of governmental, philanthropic, and market-based income and investment. The chapter extends the benefits theory of not-for-profit funding so that it can be applied to a variety of social purpose organizational forms, not just not-for-profit organizations; and so that it can encompass how social entrepreneurs finance their ventures. The latter involves them matching their mission interests with the potential sources of finance deriving from the mix of public and private benefits their ventures provide. This development and application of benefits theory exposes challenges for social finance: it seems likely that social enterprises will be perennially undercapitalized relative to the benefits they can potentially offer—unless compensatory entrepreneurial strategies and public policies are enacted.

Keywords:   social purpose enterprise, social finance, social innovation, social enterprise, funding mixes, investment mixes, benefits theory, capital capacity building

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