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Dr. Veronica Chiodo
Politecnico di Milano

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0 Impact Investing
0 Social Business
0 Social Enterprise
0 Social Innovation
0 Social Technologies

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Short Biography

Veronica Chiodo has a Ph.D. in Management Engineering and she is junior assistant professor at the School of Management at Politecnico di Milano. She completed her M.Sc. in Social Economy in 2014 at the University of Bologna. Her research interest focuses on socially oriented hybrid organization and impact investing. In 2017, she was a visiting Ph.D. student at the University of Heidelberg, the Center for Enterprise, and Middlesex University. She teaches subjects related to social innovation, social entrepreneurship, impact measurement, and business administration. She took part in the work of the G8 Taskforce on Social Impact Investment. She is project manager of the TIRESIA Observatory on Social Impact Finance. She has worked as a consultant with venture capitalists, banks, and microfinance institutions.

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Journal article
Published: 06 March 2021 in Sustainability
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Social impact investing (SII) is a strategy of asset allocation that aims to generate social and environmental impact alongside a financial return. Compared to other approaches of sustainable finance it holds an enormous potential of generating solutions to societal challenges. However, scholars have claimed that social impact often just employs logic upheld by the mainstream investment approach. Therefore, the paper investigates the assumption that SII has not developed a distinctive implementation strategy able to translate the prioritization of social impact into practice and how to overcome this issue. The thematic analysis of data collected through 105 interviews with Italian SII financiers and the top managers of social ventures allowed us to identify three features of an SII tailored practice: promoting a cultural shift of intermediaries, adopting a coopetition approach, and integrating the social impact in the terms of the financial transaction. Lastly, the paper drafts a research agenda to enhance the proper theorization of SII focusing on the definition of social risk, social return, and governance mechanisms. The key contribution of this article is confirming the lack of an SII-specific practice able to endogenize the intent of prioritizing social impact and providing suggestions to prevent the risk of impact washing.

ACS Style

Irene Bengo; Alice Borrello; Veronica Chiodo. Preserving the Integrity of Social Impact Investing: Towards a Distinctive Implementation Strategy. Sustainability 2021, 13, 2852 .

AMA Style

Irene Bengo, Alice Borrello, Veronica Chiodo. Preserving the Integrity of Social Impact Investing: Towards a Distinctive Implementation Strategy. Sustainability. 2021; 13 (5):2852.

Chicago/Turabian Style

Irene Bengo; Alice Borrello; Veronica Chiodo. 2021. "Preserving the Integrity of Social Impact Investing: Towards a Distinctive Implementation Strategy." Sustainability 13, no. 5: 2852.

Book chapter
Published: 24 February 2021 in Entrepreneurship - Contemporary Issues
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The commitment to generating a blended value is increasingly spreading in the business sector. At the forefront of this movement, impact ventures are organizations born to produce value for the society, i.e. social impact, while engaging in commercial activities to sustain their operations. On the other end, we have observed an increased emphasis on more responsible, sustainable practices that traditional for-profit businesses have been called to establish. Accounting for and reporting on social impact has become increasingly of interest to a range of institutions and sectors, with the result that many competing methodologies, approaches, guidelines and standards have been introduced. The chapter performs a comprehensive review of existing approaches for impact measurement and management implemented by socially-oriented ventures (both not for profit organizations and for-profit businesses) focusing on both methodological, governance and operational barriers and enabling factors of the practices. Then, it drafts a framework which helps any ventures to structure a process and methodology to measure its blended performance. The research not only contributes to the scant literature on impact entrepreneurship but impact ventures might offer a compelling laboratory to disentangle the obstacles posed by the combined achievement of financial and social objectives and how organizations might address these challenges.

ACS Style

Irene Bengo; Veronica Chiodo; Valentina Tosi. Measuring a Blended Performance: Managerial Insights from the Field of Impact Entrepreneurship. Entrepreneurship - Contemporary Issues 2021, 1 .

AMA Style

Irene Bengo, Veronica Chiodo, Valentina Tosi. Measuring a Blended Performance: Managerial Insights from the Field of Impact Entrepreneurship. Entrepreneurship - Contemporary Issues. 2021; ():1.

Chicago/Turabian Style

Irene Bengo; Veronica Chiodo; Valentina Tosi. 2021. "Measuring a Blended Performance: Managerial Insights from the Field of Impact Entrepreneurship." Entrepreneurship - Contemporary Issues , no. : 1.

Journal article
Published: 22 December 2020 in Sustainability
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Innovation systems are increasingly oriented towards the solution of societal and environmental problems. Social entrepreneurship can be regarded as a market-based actor, inherently aimed at finding solutions for these problems. The development of technologically advanced social entrepreneurship represents an outcome of problem-oriented innovation systems, requiring a closer link between social and technological innovation. Nonetheless, the literature has not yet explored a key element of these innovation systems: the technology transfer processes, which may enable social entrepreneurial organizations to act as innovation actors leveraging on technology. This paper investigates the relationship between the technology transfer processes targeting social entrepreneurship and different models of problem-oriented innovation ecosystems. The paper relies on a multiple-case-study design, including two problem-oriented innovation ecosystems in the Italian context, namely, MIND and Torino Social Impact, which are technology transfer projects designed to target social entrepreneurship. Drawing from content analysis of interviews, documents and direct observations, the results stress that the different objectives and contents of technology transfer, coupled with different perceptions of the idiosyncratic features of social entrepreneurship compared to commercial entrepreneurship, fit different ecosystem models in terms of the participating actors, governance and primary orientation to social or economic value generation.

ACS Style

Francesco Gerli; Veronica Chiodo; Irene Bengo. Technology Transfer for Social Entrepreneurship: Designing Problem-Oriented Innovation Ecosystems. Sustainability 2020, 13, 20 .

AMA Style

Francesco Gerli, Veronica Chiodo, Irene Bengo. Technology Transfer for Social Entrepreneurship: Designing Problem-Oriented Innovation Ecosystems. Sustainability. 2020; 13 (1):20.

Chicago/Turabian Style

Francesco Gerli; Veronica Chiodo; Irene Bengo. 2020. "Technology Transfer for Social Entrepreneurship: Designing Problem-Oriented Innovation Ecosystems." Sustainability 13, no. 1: 20.

Chapter
Published: 22 September 2018 in The Fourth Industrial Revolution and Its Impact on Ethics
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Even if social impact finance (SIF) still accounts for an infinitesimal portion of the total assets under management worldwide, experts and academics believe in its potential to contribute in addressing the unprecedented societal challenges of our century. For this reason, during the last 10 years, many research projects, think tanks and specialized networks have reasoned about how to grow SIF market in their countries. They usually have released reports which suggest possible instruments to catalyse the development of the market. First, the arrangement of an enabling legal and regulatory framework is considered a necessary prerequisite, with the establishment of legal entities and certifications systems to lower the information asymmetry in the market and open up new investment opportunities. Second, the creation of specialized intermediaries would enhance the interactions between demand and supply sides and reduce transactional costs. Lastly, they have often acknowledged the usefulness of running pilots to test new financial instruments able to attract a wider spectrum of investors with different risk/return preferences. However, up to date there are sporadic pieces of evidence about how these recommendations have been operationalized in practice. Therefore, the aim of this paper is to investigate which instruments have been used to foster the growth of SIF market. To this aim, we used a qualitative methodology through the thematic analysis of a full set of 77 documents produced by the Global Advocacy Group of G8 SII Taskforce. Based on our cases’ analysis, we draw a taxonomy of employed instruments comparing them with the recommendations found in literature. This work informs interested players about the ongoing practices aimed to develop SIF and could help them to structure SIF initiatives in their countries.

ACS Style

Mario Calderini; Veronica Chiodo; Fania Valeria Michelucci. Growing Social Impact Finance: Implications for the Public Sector. The Fourth Industrial Revolution and Its Impact on Ethics 2018, 27 -38.

AMA Style

Mario Calderini, Veronica Chiodo, Fania Valeria Michelucci. Growing Social Impact Finance: Implications for the Public Sector. The Fourth Industrial Revolution and Its Impact on Ethics. 2018; ():27-38.

Chicago/Turabian Style

Mario Calderini; Veronica Chiodo; Fania Valeria Michelucci. 2018. "Growing Social Impact Finance: Implications for the Public Sector." The Fourth Industrial Revolution and Its Impact on Ethics , no. : 27-38.

Journal article
Published: 01 February 2018 in Technological Forecasting and Social Change
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This paper performs a critical analysis of the financial instruments that can be employed to fund social innovation,\ud with a specific focus on social tech start-ups that develop and deploy technology-driven solutions to\ud address social needs in a financially sustainable manner. The paper analyses how these start-ups can access\ud financing, the barriers to financing that these organisations experience and the financial instruments that are\ud most suitable to address their financial needs. Social tech start-ups have many points of overlap with high-tech\ud start-ups in terms of the barriers they encounter to financing in different lifecycle stages. Still, the institutional\ud solutions that are commonly exploited by high-tech start-ups for growth are not enough to support social tech\ud start-ups to scale. Therefore, we introduce the concept of SII and discuss its potential contribution to the social\ud tech finance landscape. Then, using the case of social tech start-ups as paradigmatic of the broader problem of\ud financing mechanisms for social innovation, we formulate a research agenda, including directions for research\ud and theoretical development in the field of SII

ACS Style

Marika Arena; Irene Bengo; Mario Calderini; Veronica Chiodo. Unlocking finance for social tech start-ups: Is there a new opportunity space? Technological Forecasting and Social Change 2018, 127, 154 -165.

AMA Style

Marika Arena, Irene Bengo, Mario Calderini, Veronica Chiodo. Unlocking finance for social tech start-ups: Is there a new opportunity space? Technological Forecasting and Social Change. 2018; 127 ():154-165.

Chicago/Turabian Style

Marika Arena; Irene Bengo; Mario Calderini; Veronica Chiodo. 2018. "Unlocking finance for social tech start-ups: Is there a new opportunity space?" Technological Forecasting and Social Change 127, no. : 154-165.

Journal article
Published: 08 January 2018 in European Business Review
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Purpose This paper aims to develop an interpretative framework of the evolution of social impact investment (SII) in different countries. SII is a strategy of asset allocation, which combines financial profitability with a measurable social and environmental impact. Design/methodology/approach Through a thematic analysis of 75 documents, i.e. reports, experts’ considerations, reflections on practitioners’ experience, meetings’ minutes, written by the SII Taskforce of the Group of Eight and the relative National Advisory Boards, the authors identify the main themes connected to the topic of SII development and recognize four main elements useful to segment the market, namely, information asymmetry, financial instruments, source of capital and market intermediation. Findings They map the ongoing practices in the Group of Eight’s members and distinguish two speeds in the evolution of SII: on one hand, there is a group of roadrunners, which pave the way to SII and in which SII activities have being institutionalized; on the other hand, there is a wider group of chasers, where the SII infrastructures lack any systematization. Originality/value Although some authors provide preliminary interpretations of the SII evolution, they mainly focus on the national level and do not provide any cross-countries analysis. The findings of the present work contribute to overcome the lack of evidence characterizing the SII field and the absence of comparable and consistent data at the global level by filling the academic literature about SII, through a structured interpretative framework.

ACS Style

Mario Calderini; Veronica Chiodo; Fania Valeria Michelucci. The social impact investment race: toward an interpretative framework. European Business Review 2018, 30, 66 -81.

AMA Style

Mario Calderini, Veronica Chiodo, Fania Valeria Michelucci. The social impact investment race: toward an interpretative framework. European Business Review. 2018; 30 (1):66-81.

Chicago/Turabian Style

Mario Calderini; Veronica Chiodo; Fania Valeria Michelucci. 2018. "The social impact investment race: toward an interpretative framework." European Business Review 30, no. 1: 66-81.

Articles
Published: 28 January 2016 in International Journal of Public Administration
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Despite the general hype, Social Impact Bonds’ (SIB) rate of adoption is still modest. The mismatch between widespread interest and actual adoption raises interesting questions as to whether we are still in the early adoption phase of SIBs and massive diffusion is yet to come, or we are observing a marginal phenomenon. In order to shed some light on this issue, the paper provides a review of the cases in which the SIB model has been already applied, exploring the specific configuration employed, with the purpose to identify regular configuration patterns and their deviation from a prototypical structure.

ACS Style

Marika Arena; Irene Bengo; Mario Calderini; Veronica Chiodo. Social Impact Bonds: Blockbuster or Flash in a Pan? International Journal of Public Administration 2016, 39, 927 -939.

AMA Style

Marika Arena, Irene Bengo, Mario Calderini, Veronica Chiodo. Social Impact Bonds: Blockbuster or Flash in a Pan? International Journal of Public Administration. 2016; 39 (12):927-939.

Chicago/Turabian Style

Marika Arena; Irene Bengo; Mario Calderini; Veronica Chiodo. 2016. "Social Impact Bonds: Blockbuster or Flash in a Pan?" International Journal of Public Administration 39, no. 12: 927-939.