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Chair « Finance for innovation » NL #3 - Edito

01 août 2019

The third issue of the "Finance for Innovation" Chair is devoted to the advancement of research work on: "Social Impact Bonds" and "Evaluation of Start-ups".

Vincenzo Buffa, PhD candidate of the Chair, has recently written two non-academic articles about Social Impact Bonds (SIBs). The first one is an original contribution of the application of SIBs in the development social field. The reading note concerns the article published by Arena et al. (2016) on the different SIB configurations since 2010. The second one is an original article on a category of SIBS named Development Impact Bonds (DIB).

This publication starts with an overview of four DIBs developed in Nigeria, India, Colombia and Mali. The projects are different regarding their social objectives, but all of them share the payment by result financing structure. The author observe that majority of the characteristics of these DIBs are close to those of the SIBs. Nevertheless, the author highlights some differences. First of all, the commissioners and outcomes payers are public and philanthropic institutions from the occidental countries that implement policies on a third on development country. Then other specifications concern the size of the contracts and the number of service clients.

Indeed, the DIBs presented in the articles aim to help several thousand people with a capital contribution of more than 10 million dollars. Most of time, SIBs are smaller and less financed that the firsts DIBs.

In his doctoral work synthetized in this newsletter, Vincenzo Buffa is working on a systematic review literature on SIBs, with Benjamin Le Pendeven and Christophe Maurel. This works presents the objective to analyze the diversity of conceptual models to finance, with political partners, on social innovations.

This method has the advantage of identifying, evaluating and interpreting all the knowledge produced by both scientific and professional work.

The second PhD student of the Chair, Maxens Berre, also applies this systematic review literature. Thanks to this method, he identified the main drivers on the valuation of start-ups. The main contributions of this original research is to identify different drivers between scientific and professional journals and to underline new gaps in the literature.

Still in a spirit of the co-construction philosophy, this newsletter includes a contribution and two interviews with members of our community. We thank Yoro Fall (student of the Chair), Jérôme Faul, managing director of Innovacom, and Romain Gardereau (student of the Chair, intern @Edenred Capital Partners) for their point of view and feedback in an ecosystem that is constantly changing.

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