Can public venture capital support sustainability in the social economy? Evidence from a social innovation fund.

Impact of Social Innovation on Innovation and Business Growth in Mexico

“…Consequently, "companies generate wealth that can address poverty and hunger, and even universal access to education" (Aksoy et al, 2019, p. 442), they are the engine of our world and their services are socially innovative (Aksoy et al, 2019). Likewise, it identifies and reflects on difficult social and emotional experiences, improves social outcomes to increase well-being and participation in services, and supports vulnerable people, generating learning and guidance services for the community (Millar, Steiner, Caló, & Teasdale, 2020;Vanderhoven et al, 2020), addressing social inequalities (Vanderhoven et al, 2020). Thus, "social innovation contributes to changing behavior in different institutional settings, through markets and public sectors, and to improving responsible inventiveness from the bottom up towards the integration of social networks, economic and environmental objectives.…”

“…Consequently, service companies that have adopted and implemented a social innovation, can present a significant growth in the different innovation activities that they develop in a social context. (Vanderhoven et al, 2020).…”

“…However, there are multiple causes that delay the level of growth of social innovation in a social economy due to low levels of secrecy and patent protection; social pursuit, rather than profit (the non-profit nature); the combination of codified (not understandable) and technical knowledge with a complex set of social skills; the difficulty of replicating solutions (Desmarchelier et al, 2020); and, the risk that the mission of the organization itself deviates when it grows or strays too far from its ultimate goal: the community (Vanderhoven et al, 2020). Thus, according to the information previously presented, it is possible to propose the following research hypothesis: H1: Social innovation has a significantly positive relationship with service innovation.…”

“…Innovation is generally considered as a necessary activity and a continuous process in the sector of the global economy that offers public services from the redistribution and provision of health care to education, generating companies with access to information and new markets. (OECD, 2005;Vanderhoven, Steiner, Teasdale, & Calò, 2020).…”

“…That is why there is a growing interest by the government, foundations, researchers, and academics from around the world in deepening the topic of social innovation, due to the lack of an established, common, and shared concept, especially in the field of social change. (Montgomery, 2016;D'Amario et al, 2020;Vanderhoven et al, 2020).…”