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BIPR | Financing Innovation and Impact Investing
Financing Innovation and Impact Investing

September 26, 2022 - 18:30

Simona Zambelli, University of Florence

Event Recap

Innovation & Impact Investing. How doing well by doing good and making money more impactful.

How can we spur innovation? What are the main financing alternatives for new firms? Is there a way to finance innovation and, in the same time, to make money more impactful for the society? Recent societal challenges (such as climate change, poverty, inequalities, discriminations) have raised concerns among economists and policy makers around the world on the need for new finance models that contribute to the society in a more impactful, sustainable and responsible way.

Given, the increasing attention in media, markets & regulators on ESG practices, social responsible investments, and any investment of capital "with a social purpose", this seminar has focused on new investment models, known as impact investing, aimed at supporting innovative projects capable of generating an economic-financial return alongside a positive, intentional and measurable benefit (or impact) for the community. Such impact may occur through the implementation of innovative solutions to the current societal challenges highlighted by the Agenda 2030 of the United Nations. In recent years, impact investing has experiencing a growing interest in society, as well as among institutional investors, as a new way to make money more impactful and beneficial for the society. Impact investing includes different types of investing models, such as green bonds, microfinance, and venture philanthropy.

Venture philanthropy (VP), a crucial subset of impact investing, is aimed at encouraging the innovation and growth of social enterprises, offering them a double support (financial and managerial), as is typically observed in the context of traditional venture capital finance. VP takes a step forwards because its success is largely measured in terms of the value added (or social impact) generated for society. Social enterprises are firms or oganizations with the mission of creating a positive impact for society, regardless of their legal form of incorporation. The impact (or non-financial value added, generated thanks to VP funding) can be of various types: social, in the strict sense (such as, the reduction of poverty or social inequalities), environmental (such as, pollution reduction), cultural (e.g., increasing access to school education programs in developing areas) or related to improving people's health and well-being.

Given the main purpose of VP's investments, it is essential for the investors to be able to properly assess and quantify the social impact generated. It is important to note that, with reference to the concept of social impact, in the literature there is no unique definition. For example, in some contexts the term "social impact" is used in a broad sense to represent any type of non-financial impact generated in society. In other contexts, however, the term "social" is used only in a strict sense and it is distinguished from the term "societal", representing the benefit for the society as a whole. To avoid terminological confusions, for the purposes of this workshop we have adopted the concept of "social impact" in a broad sense (as a synonym for "societal impact"), including any areas of medium-long term impact (environmental, cultural, social, health and well-being) that can be produced in the community and in society.


Financing Innovation and Impact Investing
International Economics Series

hosted by Professor Michael G. Plummer

Simona Zambelli
University of Florence

SAIS Europe students, faculty, staff, and guests are allowed to attend in person at SAIS Europe, via B. Andreatta 3, Bologna. To participate online, please register for the webinar.

Simona Zambelli is Professor of Finance at the University of Florence in the School of Economics, and specialized in venture capital & entrepreneurial finance.

She holds a PhD in Economics of Financial Intermediation from the University of Siena (Italy); a degree in Economics with a focus on legal aspects from the University of Bologna (Italy); and a second postgraduate degree in Finance, with a specialization in mathematical finance, from the University of London, Birkbeck College. After specializing in the finance of innovation & venture capital at Harvard University, Harvard Business School (as post-doctoral research fellow) and Massachussets Institute of Technology-MIT (as guest post doctoral student), she worked as a visiting researcher and visiting professor at Rensselaer Polytechnic Institute (NY), and York University-Schulich School of Business (Toronto, CA), where she specialized in private equity impact of financial regulation.

Before joining the University of Florence, she was Associate Professor of Financial Intermediation at the University of Bologna. She also was visiting professor at University of Leicester (UK), Westminster University (UK), IPAG Business School (Paris), where she periodically taught modules related to investments and finance. She is currently engaged in various international research projects with York University (Toronto, Canada), as well as a number of international exchange programs, such as the Reference for International Exchange Program with the Department of Economics of University of Florence.

Her main research interests are in neurofinance, gender diversity, as well as entrepreneurial finance, and in particular in the following areas: venture capital, private equity, angel investing, financial regulation impact, gender entrepreneurship, crowdfunding, impact investing, and securitization. Her research approach is empirical, and she especially enjoys dealing with law & finance interaction, perspectives, and implications. She has published several articles in international journals, including: Journal of Banking and Finance, European Financial Management, International Journal of Management Reviews, as well as books with well-known publishers (such as Oxford University Press). Her international research cooperation includes various venture capital projects with Prof. Douglas Cumming. She has written several international publications in the areas of private equity financing, leveraged acquisitions, and corporate governance in private equity.
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