Master of Arts in Business (MA)

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1 ROADMAP FOR DEVELOPING THE FIRST AUSTRIAN IMPACT FUND FOR SOCIAL ENTREPRENEURS Master Thesis submitted at the IMC Fachhochschule Krems (University of Applied Sciences) Master-Programme International Business and Export Management by Christian SCHWAB for the award of the academic degree Master of Arts in Business (MA) Thesis Coach: Gerhard Kormann, Mag. Submitted on:

2 Statutory Declaration I. Statutory Declaration I declare in lieu of an oath that I have written this master thesis myself and that I have not used any sources or resources other than stated for its preparation. I further declare that I have clearly indicated all direct and indirect quotations. This master thesis has not been submitted elsewhere for examination purposes. All references to any individuals in this thesis are meant to include both genders, and the use of these terms shall be considered synonymous with he and she. SCHWAB CHRISTIAN Krems an der Donau,

3 Abstract II. Abstract Keywords: Austria, impact fund, impact investing, scaling social Impact, social enterprise, social entrepreneurship, social venture fund Over the last decades, the concept of social entrepreneurship has sparked global interest: solving pressing social issues with creative, mission-driven entrepreneurship is a possible approach to current societal challenges. Therefore, a new investment approach impact investing has emerged to finance social entrepreneurs, while realizing both financial- and social returns. One opportunity to execute impact investments similar to finance-only investments is to invest through a fund vehicle (impact fund), which is discussed in this thesis at length. Following a definition review of social entrepreneurship, this thesis summarizes empirical studies on social entrepreneurship and social enterprises in Austria. Hereafter, the author provides an insight into scaling strategies as well as impact investing and its challenges and benefits with a special focus on impact funds. Finally, this thesis presents an outlook on how to establish the first Austrian impact fund for social entrepreneurs to scale their ventures. Based on literature review and qualitative interviews, this thesis concludes that too few Austrian social ventures are sufficiently advanced to repay investments to an impact fund, which demands at least capital preservation. Another important finding is that impact investing is currently at the crossroads, because some investors tended to focus on financial returns and compromised social impact (especially in the area of microfinance in developing markets). The next years will reveal whether impact investing, with a focus on social impact, will become mainstream or rather an instrument for philanthropists. Although the Austrian deal pipeline is not yet sufficiently advanced to cover a social venture fund s costs, the current and future significance of this thesis is ensured through a) presenting next steps to enlarge the Austrian deal pipeline and b) outlining possible fund structures and important elements for the first Austrian impact fund. I

4 Table of Contents III. Table of Contents II. III. IV. Abstract... I Table of Contents... II List of Figures and Tables... IV V. Abbreviations... V VI. VII. VIII. Introduction... 1 Aim and Methodology... 2 Limitations... 3 Part A: Definitions and Scope Introduction to Social E Social Entrepreneur Social Entrepreneurship Social Enterprise The Role of the Civil Society Conclusion Social Entrepreneurship and Social Enterprises in Austria Study 1 Study on Practices and Policies in the Social Enterprise Sector in Europe Study 2 Social Entrepreneurship in Austria Study 3 The Phenomenon of Social Enterprise in Austria: A Triangulated Descriptive Study Conclusion of Study 2 and Study Support Organizations for Social Entrepreneurs in Austria Conclusion Scaling Impact Definition of Scaling and Scaling Strategies Scaling Social Impact Mission Drift Financing Impact Scaling The Financing Gap Conclusion Impact Investing Impact Investing s Evolution Definition Market Sizes II

5 Table of Contents 4.4 Impact Investment s Spectrum of Capital Categories Contrasting the Non-Impact Investment s Spectrum of Capital Impact Measurement The Ecosystem Limitations Outlook and Conclusion The European Commission s Social Business Initiative EuSEF Social Impact Accelerator Current Status Part B: Impact Funds and Implications for Austria Impact Funds Definition and Classification Comparison between Impact Funds and Traditional Funds Financing Instruments Main Aspects of Establishing an Impact Fund Existing Social Venture Capital Funds Impact Investing Conclusion and Outlook Roadmap for Developing the First Austrian Impact Fund Requirements Approaches and Success Factors Conclusion Conclusion, Lessons Learned and Future Outlook Bibliography Appendix Figures Tables Interview Transcripts III

6 List of Figures and Tables IV. List of Figures and Tables Figures Figure 1 The Social Entrepreneurship s Ecosystem Figure 2 The Relationship between Market, State, and Civil Society Figure 3 Network of Austrian Social Entrepreneurs as of 04/ Figure 4 Networks between Austrian Supporting Organizations as of 04/ Figure 5 Base or Bottom of the Pyramid (1) Figure 6 Base or Bottom of the Pyramid (2) Figure 7 EVPA s Spectrum of Capital Figure 8 Global Capital Pyramid 2010 and Figure 9 History of Microfinance Figure 10 The Impact Investing Ecosystem Figure 11 Targeted Net Internal Rate of Return (IRR) of Impact Funds Figure 12 FASE Closing the Financing Gap Figure 13 Code Matrix Export from Maxqda Tables Table 1 Drivers for Social Entrepreneurship... 7 Table 2 Classification of Different Financing Approaches Table 3 Further Austrian Support Organizations Table 4 Possible Approaches when Scaling Out Table 5 Bridges Venture s Spectrum of Capital Table 6 Current and estimated Market Sizes Table 7 Illustrative Examples of measurable Social Outcomes Table 8 Financing Instruments for Social Enterprises Table 9 Overview of European Social Venture Capital Funds Table 10 Impact investing 2.0: Insight from 12 Outstanding Funds IV

7 Abbreviations V. Abbreviations AIFMD Alternative Investment Fund Manager Directive ANDE Aspen Network of Development Entrepreneurs AWS Austria Wirtschaftsservice BaFIN Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) BMASK Bundesministerium für Arbeit, Soziales und Konsumentenschutz (Austria) bn - Billion BoP Base or Bottom of the Pyramid CASE Center for the Advancement of Social Entrepreneurship CIC Community Interest Group CRIC Corporate Responsibility Interface Center CSR Corporate Social Responsibility DEG Deutsche Investitions- und Entwicklungsgesellschaft DFI Development finance institutions e.g. Exempli Gratia EaSI European Program for Employment and Social Innovation EBITDA Earnings before Interest, Taxes, Depreciation, Amortization EC European Commission EIB European Investment Bank EIF European Investment Fund EMES European Research Network (former: Emergence of Social Enterprises in Europe) ERDF European Regional Development Fund ESF European Social Fund ESMA European Securities and Markets Authority etc. Et Cetera EU European Union EUROSIF European Sustainable Investment Forums EuSEF European Social Entrepreneurship Fund EuVECA European Venture Capital Funds EVPA European Venture Philanthropy Association V

8 Abbreviations FASE Finanzierungsagentur für Social Entrepreneurship FCA Financial Conduct Authority (United Kingdom) FMA Finanzmarktaufsicht (Austria) FNG Forum Nachhaltige Geldanlagen FVA Fundraising Verband Austria GDP Gross Domestic Product GECES Groupe d'experts de la Commission sur l'entrepreneuriat Social GIIN Global Impact Investing Network GIIRS Global Impact Investing Rating System GmbH Gesellschaft mit beschränkter Haftung (private limited liability company) ggmbh non-profit private limited liability company HIV Human Immunodeficiency Virus HNWI High-Net-Worth Individual i.e. Id Est IF Impact fund IFC International Finance Corporation IPO Initial Public Offering IRIS Impact Reporting and Investment Standards IRR Internal Rate of Return k kilo (1.000) KPI Key Performance Indicator LAC Latin America & Caribbean LBO Leveraged Buy-Out m Million MENA Middle East and North Africa MFI Micro Financing Institutions MIV Microfinance Investment Vehicle MIX Microfinance Information Exchange NGO Non-Governmental Organization NPO Non-Profit Organization OeEB Österreichische Entwicklungsbank (Development Bank of Austria) p. Page (or Paragraph) VI

9 Abbreviations pp. Pages (or Paragraphs) ROI Return on Investment RQ Research Question SBI Social Business Initiative SIA Social Impact Accelerator SIF Sustainable Investment Forum/Fund SME Small and Medium Sized Companies SPO Social Purpose Organization SRI (Socially) Responsible Investing SROI Social Return on Investment SRS Social Reporting Standard SSE Social Stock Exchange SVX Social Venture Connexion t Trillion UCITS Undertakings for Collective Investment in Transferable Securities UK United Kingdom UN PRI United Nations Principles for Responsible Investments USA United States of America VP Venture Philanthropy VPO Venture Philanthropy Organization WEF World Economic Forum WRI World Resources Institute WWF World Wide Fund for Nature VII

10 Introduction VI. Introduction In 2011, Deloitte conducted a survey on the purpose, impact and leadership of business with 1,000 Millennials 1 in Deloitte s global organizations. The following findings were reported: 92% of Millennials believe that success should be measured by more than profit; to answer the question what is the purpose of business? 39% of respondents selected profit, 32% selected changing the world for the better and 29% chose progress. What is more, according to both 35% of Millennials focus on long-term goals as well as originality/innovative thinking will keep future leaders a step ahead, while only 6% indicated the drive towards maximizing shareholders returns. The study concludes that Millennials believe that the purpose of business is far broader than a set of financial targets. Business is seen to be essentially about societal development and innovation, which can pioneer societal progress and positive change (Deloitte, 2012). When coming across this study, the author recognized himself in several of these answers, which add a sustainable and social element to the traditional business world. This fascinating blending of traditional business approaches and focus on serving the common good is also a major driver for the world s most creative social 2 entrepreneurs. In countless areas, these problem solvers tackle major challenges, such as inadequate education, health systems, environmental threats, declining trust in political institutions, entrenched poverty, high crime rates and the like (Bornstein, 2007, p. 2). To enable social entrepreneurs to grow their impact and tackle these challenges in Austria, this thesis leverages the trend of impact investing to develop a roadmap for the first Austrian impact fund. Previously, philanthropic donations were the pre- 1 People born after Respondents were based in the following areas: Australia, Brazil, Canada, China, France, Germany, Japan, Netherlands, Spain, United Kingdom, Switzerland, United States of America and Hyderabad. 2 This thesis refers to the term social in connection to common good, impact on society as well as societal benefits and always includes environmental, cultural or medical notations. The author remarks that the term social may also be used differently: especially in the new marketing or technology areas, social refers to the connection between people, may it be on- or offline, e.g. social media or social trading (Rosenblatt, 2013). Please refer to for further information. 1

11 Introduction ferred, if not the only, financing instrument for a growing social enterprise. However, such donations are no longer sufficient to finance the social entrepreneurs needs and business models. Impact investments, also called social investments, have developed as a complementary form to grants or government subsidies. Social investors typically provide these impact investments to organizations with strong social mission, which generate an income, but are not yet considered commercially attractive (Achleitner, Spiess-Knafl, Heinecke, Schöning, & Noble, 2011, p. 5). VII. Aim and Methodology This thesis takes a closer look at the current state of Austrian social entrepreneurs and develops a roadmap for establishing the first Austrian impact fund, based on two major research questions (RQs): RQ1: What is the most suitable type of impact funds to at least generate capital preservation 3? RQ2: What are the requirements and critical factors for success when establishing the first Austrian impact fund which supports social entrepreneurs, who need financing support greater than 50k to scale their ventures? To answer these research questions, this thesis is divided into two major parts. Part A takes a rather theoretical approach and focuses on a literature- and definition review, the state of social entrepreneurship in Austria as well as impact investing in general. A short introduction on how to scale social impact is provided as well, as RQ2 limits support to ventures, which require capital for expansion. Startup ventures are consequently excluded as impact fund-targets and not discussed in this thesis. Part B discusses the applications of part A s findings, classifies and characterizes impact funds and derives a possible roadmap for developing Austria s first impact fund, as indicated in the RQs. 3 I.e. at least repayment of the principal investment. 2

12 Introduction While part A is especially based on secondary research (journals, leading academic papers and books, among others), both part A and B also incorporate twelve qualitative interviews 4, which were conducted via Skype or telephone between February 4 th and April 3 rd All interview partners revised the transcripts (most relevant parts of the interviews were included only), which were coded and analyzed with Maxqda 5, based on Mayring (2000). VIII. Limitations One of the main findings of this thesis is that Austrian social ventures are not sufficiently advanced to cover an Austrian impact fund s fees and financial return requirements, even if the fund only aims for capital preservation. Therefore, this thesis provides a conceptual roadmap and lists necessary preconditions to establish the first Austrian impact fund, rather than a detailed action-plan. Instead of discussing, e.g. an impact fund s legal and financial aspects in-depth, the author derives baseline recommendations, whose realization are required to enable the successful establishment of an impact fund in the future. Especially, additional research on legal issues regarding profit distribution of Austrian social enterprises is necessary. Furthermore, studies on Austrian social entrepreneurship are very rare. The conclusions drawn in this thesis base mainly on two academic studies. As a result, qualitative interviews were added to gain a broader perspective of the field. The findings might not be applicable to all social entrepreneurs and social enterprises in Austria. Further empirical research is needed to cover the whole Austrian social entrepreneurship sector as well as to clearly define the boundaries of social enterprises in Austria. As the field of impact investing is not advanced in Austria, the author incorporated information (e.g. on the financing-gap or lack of investment-ready organizations) from other structurally similar or comparable countries with more experience in impact investing, such as Germany or Denmark. Based on qualitative interviews, 4 Please refer to appendix 10.3 for further information. 5 A software for qualitative and mixed methods data analysis. Please refer to for further information. 3

13 Introduction challenges and issues seem to be similar in these countries however, the author would like to point out that further issues and challenges, not existing in other countries, might be of relevance in Austria. 4

14 Part A: 1. Introduction to Social E Part A: Definitions and Scope 1 Introduction to Social E Two decades ago, the concept of social enterprises was rarely discussed. However, in the last couple of years, it has achieved tremendous popularity on both sides of the Atlantic, especially in the United States, United Kingdom, but also in the European Union, and continues to spread to East Asia and Latin America. In Europe, the first notion of the term social enterprise appeared in Italy in the late 1980s, but partly through the work of the European Research Network (EMES) really attracted attraction in the mid 1990s. Almost everywhere increasing research efforts are made to analyze the field; still, the concept has not yet gained the same recognition, and, respectively, is poorly understood in some European countries. Due to this inconsistent recognition, the notions of social entrepreneur, social entrepreneurship, and social enterprise were used more or less along the same lines. Put into simple words, one could say that social entrepreneurship was seen as the process through which social entrepreneurs created social enterprises. In the last decade, though, a fast growing literature has produced manifold definitions of and approaches towards each of these three notions (Defourny & Nyssens, 2008, pp ). To help the reader better understand the concept of impact investing at a later point in this thesis, these terms will be explained on the following pages. 1.1 Social Entrepreneur Overview Social entrepreneurs are not a new phenomenon. The term can be traced back to entrepreneurs and philanthropists, such as Robert Owen, Florence Nightingale or Maria Montessori: Owen created the New Lanark Utopia in the 18 th century, which was also an important milestone in the historical development of urban planning (Bell & Bell, 1972) (Shaw & Carter, 2007). Nightingale is the founder of modern nursing and established the first school for nurses. Montessori probably best known out of this sample developed the Montessori approach to early childhood education (Nayab, 2011). Contrasting these historic examples, Nicholls (2006, pp. 5

15 Part A: 1. Introduction to Social E 2-3) emphasizes the differences of today s social entrepreneurs, i.e. their scale and reach of social impact 6 (often at a systemic level) as well as their extraordinary variety of approaches Today s Role In particular, American foundations and organizations like Ashoka 7 have emphasized the term social entrepreneur since the mid-1990s. In various ways, these entities identify and support individuals launching new ventures which are dedicated to a social mission rather than the generation of personal financial profit, while featuring entrepreneurial characteristics, such as personal involvement, dynamism and innovative approaches. The social entrepreneurs contribution made to a nation s social, economic, cultural and environmental wealth is being gradually recognized. In an environment where traditional providers, such as the charitable and voluntary sectors, have been criticized as bureaucratic and resistant to change and the public sector has become overstretched and troubled by resource constraints, social entrepreneurs have been identified as an innovative way of tackling unmet socio-economic needs (Defourny & Nyssens, 2008, p. 203) (Leadbeater, 1997) (Mulgan & Landry, 1995) (Shaw & Carter, 2007). 1.2 Social Entrepreneurship Overview Defining what social entrepreneurship is, and what its conceptual boundaries are, is not an easy task in part because the concept is inherently complex, and in part because the literature in the area is so new that little consensus has emerged on the topic (Johnson, 2000). According to Defourny & Nyssens (2008, p. 203), it seems clear that the term social entrepreneurship is the most encompassing one out of the three notions dis- 6 The Center for the Advancement of Social Entrepreneurship (CASE) defines social impact as the value created for beneficiaries, society and the world by a social-purpose organization (SPO) or program, value that cannot be reduced to economic wealth for owners or consumption benefits for customers and scaling social impact as the process of increasing the impact a social-purpose organization produces to better match the magnitude of the social need or problem it seeks to address (CASE, 2006). 7 Please refer to for further information. 6

16 Part A: 1. Introduction to Social E cussed in chapter 1. The idea of social entrepreneurship has been conceptualized in rather precise ways in the 1990s, especially by Dees (1998), whose definition of social entrepreneurship will be discussed in this chapter. These conceptualizations emphasize the social innovation process undertaken by social entrepreneurs. However, the concept is increasingly being used in a very broad sense as, for many authors, it now refers to a wide spectrum of initiatives, ranging from voluntary activism to corporate social responsibility. Between these two categories, one can identify various ventures, such as individual initiatives, non-profit organization launching new activities, public-private partnerships with a social aim and others (Nicholls, 2006). A different perception among Americans and Europeans can be noted: Americans tend to stress the blurred boundaries among institutional and legal forms, as well as the blended value creation, meaning profits along side social value, which characterizes social entrepreneurship. On the other side of the Atlantic, Europeans rather emphasize the fact that social entrepreneurship most often takes place within the third sector (i.e. the private, non-profit sector, which will be discussed in chapter 1.4) (Defourny & Nyssens, 2008, p. 203). Nicholls (2006, p. 2), as cited by Volkmann, Tokarski, & Ernst (2012, p. 6), identified several supply and demand drivers, which contribute to the increased importance of social entrepreneurship: Table 1 Drivers for Social Entrepreneurship Supply Side Increase in global per capita wealth/improved social mobility Extended productive lifetime Increase in number of democratic governments Increased power of multinational corporations Better education levels Improved communications Compare Nichols (2006, p. 2). Demand Side Rising crisis in environment and health Rising economic inequality Government inefficiencies in public service delivery Retreat of government in face of free market ideology More developed role for NGOs Resource competition The relevance of social entrepreneurship very much depends on the economic conditions in the respective countries. Additionally, factors such legal, political, socio-cultural, technological and ecological environment influence the development 7

17 Part A: 1. Introduction to Social E of social entrepreneurship; Volkmann et al. (2012, p. 6) illustrate (compare Nicholls, 2006, p. 5) this ecosystem in which social entrepreneurship is located Definition According to Roger & Osberg (2007, pp ) any definition of the term social entrepreneurship must start with the word entrepreneurship as a first step. French economist Jean-Baptiste Say described the term entrepreneur in the early 19 th century as one who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield, thereby expanding the literal French translation, one who undertakes, to embrace the concept of value creation (Dees, 1998, p. 1). A century later, Austrian economist Joseph Schumpeter built upon this basic concept of value creation, contributing what is arguably the most influential idea about entrepreneurship: Schumpeter described entrepreneurs as innovators who drive the creative-destructive process of capitalism, while reforming or revolutionizing the pattern of production. Schumpeter s entrepreneurs are change agents in the economy who drive economic progress by serving new markets or creating new approaches of executing tasks (Dees, 1998, p. 1) (Roger & Osberg, 2007, p. 31) (Schumpeter, 1975). Two decades later, Peter Drucker (1995) did not require entrepreneurs to cause change, but stated that entrepreneurs exploit the opportunities that change generates, such as in technology or consumer preferences. According to Drucker (1995, p. 28), the entrepreneur always searches for change, responds to it and exploits it as an opportunity. Based on Drucker s view, the term opportunity has become a central expression to many current definitions for entrepreneurship entrepreneurs have a mindset that sees possibilities rather than the problems created by change (Dees, 1998, pp. 2-5). Israel Kirzner even identifies alertness as the entrepreneur s most relevant ability (Baumol, 2006, p. 2). In addition, for Drucker, establishing a business is neither necessary nor sufficient for entrepreneurship; also, 8 Please refer to figure 1 in the appendix for further information. 8

18 Part A: 1. Introduction to Social E Drucker emphasizes that entrepreneurship does not require a profit motive (Dees, 1998, p. 5). As a second step, Say s, Schumpeter s, and Drucker s views should be attached to the term social. In 1998, Dees (p. 2) even recommends to build today s understanding of social entrepreneurship on this strong traditions of entrepreneurship theory: social entrepreneurs should be classified as a certain sub-category of entrepreneurs, who follow a social mission, resulting in distinctive challenges. Drucker (1996) also noted that social entrepreneurs change the performance capacity of society. Social entrepreneurs focus on mission-related impact, not wealth creation; wealth being just a means to an end for social entrepreneurs. Based on this entrepreneurship theory, Dees (1998, p. 4) derives the following, idealized definition: Social entrepreneurs play the role of change agents in the social sector by: a) adopting a mission to create and sustain social value (not just private value), b) recognizing and relentlessly pursuing new opportunities to serve that mission, c) engaging in a process of continuous innovation, adaptation, and learning, d) acting boldly without being limited by resources currently in hand, and e) exhibiting heightened accountability to the constituencies served and for the outcomes created Deriving this definition from entrepreneurship-theory seems rather logical. Yet, what is logical in theory, is unfortunately rather difficult in practice: literature has not yet agreed on a clear definition on social entrepreneurship (Millner, 2013): in 2007, Roger & Osberg claimed that social entrepreneurship is attracting large amounts of talent and attention; however, literature has not developed a clear definition, and all sorts of activities are referenced as social entrepreneurship. Consequently, Roger & Osberg argued that a more rigorous definition is necessary, e.g. compared to Dees (1998). Dacin, Dacin, & Matear (2010) carried out extensive research to collect definitions of social entrepreneurship that had been used in prior years. The authors stated that much of the literature on social entrepreneurship focused on conceptual, rather than empirical research. Moreover, as they cited thirty-seven different definitions that had been identified, it became once again 9

19 Part A: 1. Introduction to Social E clear that social entrepreneurship is still a field of study characterized by no unified definition (Short, Moss, & Lumpkin, 2009, p. 166). Consequently, this state of conceptual confusion results in a barrier to cross-disciplinary dialogue and theory based advances in the field. Dacin et al. (2010, p. 38) also noted that literature was both hesitant to define social entrepreneurship too broadly or too narrowly: still, Dacin et al. (2010) concluded that various definitions focused on four key factors: 1) the characteristics of individual social entrepreneurs, 2) their operating sector, 3) the processes and resources used by social entrepreneurs, and 4) the primary mission and outcomes associated with the social entrepreneur. Nicholls (2006, pp ) states that the definition of social entrepreneurship is so complex due its extraordinary impact and its dynamic flexibility. Social entrepreneurs will search for alliances and sources of support, wherever they may be identified most easily while never aiming to compromise its social missions. Therefore, many engage simultaneously with the commercial markets as well as governments, philanthropic institutions and voluntary support to secure funding or other support when needed. This extraordinary operational breadth enables social entrepreneurs to exploit a range of organizational forms, reaching from charity, to commercial venture or unique hybrid models. As the absence of a social entrepreneurship s unified definition is obstructive to the success of this thesis, the author decided to choose Bill Drayton s 9 (2002, pp ) definition of a social entrepreneur. According to Drayton (2002, p. 123), social entrepreneurs have the same core temperament as their industry-creating, business entrepreneur peers: Drayton refers to Florence Nightingale, who envisioned an even more profound set of systems changes than Carnegie or Rockefeller; none of them ever considered to operate on anything less than a society widescale. Additionally, Drayton (2002, pp ) points out that social entrepreneurs comprise a powerful, new, system change idea, creativity, widespread impact, entrepreneurial quality, and strong ethical fiber (Drayton, 2002, p. 123). As Drayton s quote also focuses on spreading social impact, this definition also supports the aim of this thesis, i.e. building a fund, which focuses on social impact. 9 The founder of Ashoka. 10

20 Part A: 1. Introduction to Social E Authors, such as Hsu (2005, p. 1) and Sen (2007, p. 536) gave credit to Bill Drayton for actually having coined the term social entrepreneurship, and Bornstein (2007) views Drayton s definition as the most comprehensive one. Drayton s definition is also in line with Schumpeter s creative destruction 10 focus: social entrepreneurs lead systemic change and they are unwilling, or unable, to rest until they have spread their ideas on a societal scale. Comparable business entrepreneurs are Henry Ford or Steven Jobs, who destroyed existing patterns in their industries by reimagining cars and computers (Bornstein, 2007, p. 2). 1.3 Social Enterprise Overview As noted in the introduction to this chapter, the European concept of social enterprise first appeared in Italy, where it was promoted by a journal entitled Impresa sociale, launched in The notion was created to designate the pioneering initiatives for which the Italian Parliament enacted the legal form of social cooperative one year later. Various other European countries have since passed new legislation to promote and support social enterprises. Along these approaches, the EMES Network emphasizes the positioning of European social enterprises at the crossroads of market, public policies and civil society 11. This characterization is derived to underline the hybridization of their resources: social enterprises combine income sales or fees from users with public subsidies linked to their social mission and private donations and/or volunteering. This clearly opposes a strong American tendency to describe social enterprises only as non-profit organizations, which are still market oriented. Decreasing public subsidies and the limits of private grants from foundations necessitate American social enterprises to develop earned income strategies (Dees & Anderson, 2006) (Defourny & Nyssens, 2008, pp ). According to Defourny and Nyssens (2008, p. 203), the emphasis in Europe has also been put on the social enterprise s collective nature as well as on its associative or cooperative form, although the American market-approach has gained increasing influence. 10 Disregarding the capitalistic approach. 11 This is also the subtitle of an EMES book (Nyssens, 2006). Compare also Nicholls (2006, p. 5). 11

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