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Fellow in Management
Harris Manchester College, Oxford
• Definitions
• Context
• Social enterprise typology
• Social enterprise investment
DTI (2002)
CAF/Venturesome (2009)
• More efficient
• Driven by competition
• More self reliant/independent
• ‘Sustainable’?
• More scalable
• Better access to capital
• More innovative
• Hybrid synergies
• Investable
Cameron (2010)
Social
Programs $
Social Enterprise
+ Social Enterprise
Enterprise Programs Activities Programs Activities
Activities
Alter (2006)
23 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Employment Model
Embedded
24 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Entrepreneur Support Model
Embedded
26 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Fee-For-Service Model
Embedded
27 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Cooperative Model
Embedded
28 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Service Subsidization Model
Integrated
29 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Organizational Support Model
External
30 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Key Investment Questions
• Who is the customer?
• Market characteristics
• Economic model for social/environmental value creation
• ‘Green Ocean’ opportunity?
• Business model
• How are surpluses generated?
• How are surpluses distributed?
• Legal form
• Financial structure
• Risk and return
• Timescale for growth/expansion/profitability
31
Social Enterprise Investment
- 100% - 15% 0% + 8%
Grant-makers ? Capital-protected Market-rate return
Nicholls (2009)
35 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Structured Deals
Monitor(2009)
36 SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Vodafone’s M-
M-PESA Project
• M-PESA: mobile banking for Kenya’s poor
• Vodafone subsidiary Safaricom signed almost 2m
customers in the first year of operation
• DFID matched Vodafone’s investment of £1 million
to pilot M-PESA in Kenya (as a grant)
• Without DFID support Vodafone could not have
invested in the venture
• $38 million of mobile phone banking transactions
(2009)
• 2,500 people signing up every day
Public Delivery
Agency
Sector Investors
Service
Providers