Supporting entrepreneurs when it matters: optimising capital allocation for impact

James Burton
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引用次数: 5

Abstract

PurposeThis paper argues that policymakers and academics should place more emphasis on maximising the additional benefit created by entrepreneurial support programs and impact investments. It demonstrates a robust approach to advancing this field of research by using qualitative methods to determine the variables that may predict the additional benefit a firm will gain from funding.Design/methodology/approachThe research is based on 60 semi-structured interviews averaging 1.5 h each; 45 with entrepreneurs that did or did not receive funding from a business plan competition in Nigeria, 15 with relevant elites. Detailed World Bank panel data on program participants further validated responses and supported conclusions.FindingsNumerous factors that may explain additional benefit were uncovered, including those that vary the need for external funding and those that vary access to it.Research limitations/implicationsQualitative methods explored variables previously assumed to be unobservable. Future studies are necessary to test the results quantitatively.Social implicationsUnderstanding the characteristics that indicate ex ante which firms would most benefit from support will help policymakers, impact investors and development institutions to more effectively allocate capital.Originality/valueThis paper addresses the paucity of research into increasing additional impact and demonstrates the value of pursuing it. Methods used to suggest additionality variables for such programs and many of the factors highlighted are unique to this study. The research is also based on unique access to the participants and un-anonymised data from a significant World Bank study, and on substantially more interviews than previous papers.
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在必要时支持企业家:优化资本配置以产生影响
目的本文认为,政策制定者和学者应该更加重视最大限度地提高创业支持计划和影响力投资带来的额外收益。它展示了一种强有力的方法来推进这一研究领域,通过使用定性方法来确定可能预测公司将从资金中获得额外利益的变量。设计/方法论/方法研究基于60次半结构化访谈,每次平均1.5小时;45名企业家获得或未获得尼日利亚商业计划竞赛的资助,15名企业家获得相关精英的资助。世界银行关于项目参与者的详细小组数据进一步验证了回应并支持了结论。发现了许多可以解释额外收益的因素,包括那些改变外部资金需求的因素和那些改变获得外部资金途径的因素。研究局限性/含义定性方法探索了以前认为不可观察的变量。未来的研究有必要对结果进行定量检验。社会含义事先了解哪些公司最能从支持中受益的特征,将有助于决策者、投资者和发展机构更有效地分配资本。独创性/价值本文解决了对增加额外影响的研究不足的问题,并证明了追求它的价值。用于为此类项目提出额外性变量的方法和许多突出的因素是本研究独有的。这项研究还基于对参与者的独特访问和世界银行一项重要研究的匿名数据,以及比以前的论文多得多的采访。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.70
自引率
15.80%
发文量
22
期刊介绍: Institutions – especially public policies – are a significant determinant of economic outcomes; entrepreneurship and enterprise development are often the channel by which public policies affect economic outcomes, and by which outcomes feed back to the policy process. The Journal of Entrepreneurship & Public Policy (JEPP) was created to encourage and disseminate quality research about these vital relationships. The ultimate aim is to improve the quality of the political discourse about entrepreneurship and development policies. JEPP publishes two issues per year and welcomes: Empirically oriented academic papers and accepts a wide variety of empirical evidence. Generally, the journal considers any analysis based on real-world circumstances and conditions that can change behaviour, legislation, or outcomes, Conceptual or theoretical papers that indicate a direction for future research, or otherwise advance the field of study, A limited number of carefully and accurately executed replication studies, Book reviews. In general, JEPP seeks high-quality articles that say something interesting about the relationships among public policy and entrepreneurship, entrepreneurship and economic development, or all three areas. Scope/Coverage: Entrepreneurship, Public policy, Public policies and behaviour of economic agents, Interjurisdictional differentials and their effects, Law and entrepreneurship, New firms; startups, Microeconomic analyses of economic development, Development planning and policy, Innovation and invention: processes and incentives, Regional economic activity: growth, development, and changes, Regional development policy.
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