Financial social innovation to engage the economically marginalized: insights from an Indian case study
研究了印度一种独特的金融社会创新——发展风险投资（DVC）的兴起背景和运作机制，通过案例揭示其如何改造硅谷式风险投资以适应农村小微企业，对关注社会创业和影响力投资的学者有参考价值。
New sources of finance within the label of ‘impact investing’ have emerged as mechanisms to promote entrepreneurship within marginalized communities. Different vehicles for impact investment have emerged over the years; however, our understanding around their emergence, configuration and adoption is limited. Hence, the main purpose in this research is to study the role of the contextual drivers and conditions that gave rise to a unique form of impact investment in India, a financial social innovation – developmental venture capital (DVC). Through the lens of capital theories, insights from the case of India’s largest and oldest DVC firm along with three of its most prominent investees are presented. Findings highlight that the social entrepreneurs behind the case DVC wholly re-conceptualized silicon valley-style venture capital financing to suit small brick and mortar investments in rural India, developed mechanisms for deploying funding frugally, and created partnerships of equals between themselves and their investees. Investee founders leveraged human and social capital throughout the social innovation process via deep immersion in the socio-cultural milieu of India.