Impact Evaluation in Early Stage Impact Investing

In this paper we argue that new models of artists’ royalties and performers’ equity can form the basis of social impact funds in the arts. Following the principle that those who contribute value should own part of it, we model social impact funds using a “value creation” lens, starting with royalties, profit shares, and other rights granted to visual artists, performers, and playwrights (referred to collectively as “artists”). We draw on data from DACS, the United Kingdom manager of the Artist Resale Right (ARR) and copyright licensing, as well as Arts Council England. We build on case studies of the Artist Pension Trust and Olav Velthuis’ suggestion of applying football (soccer) transfer fees to the arts, in order to argue for an artist-centric view of sustainable investing in the culture sector. This proposal complements cultural impact investing funds started by LISC and Upstart Co-Lab while creating more diversifiable, flexible, and artist-centric systems to address problems of risk and diversification of early-stage investment in creative work.

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Finance or philanthropy? Exploring the motivations and criteria of impact investors

Social Responsibility Journal ◽

10.1108/srj-08-2016-0135 ◽

2017 ◽

Vol 13 (3) ◽

pp. 491-512 ◽

Cited By ~ 13

Author(s):

Philip Roundy ◽

Hunter Holzhauer ◽

Ye Dai

Keyword(s):

Social Entrepreneurship ◽

Early Stage ◽

Venture Capitalists ◽

Structured Interviews ◽

Socially Responsible ◽

Impact Investing ◽

Content Type ◽

For Profit ◽

Responsible Investing ◽

Ethnographic Observation

Purpose The growing prevalence of social entrepreneurship has been coupled with an increasing number of so-called “impact investors”. However, much remains to be learned about this nascent class of investors. To address the dearth of scholarly attention to impact investing, this study seeks to answer four questions that are central to understanding the phenomenon. What are the defining characteristics of impact investing? Do impact investors differ from traditional classes of investors and, if so, how? What are the motivations that drive impact investment? And, what criteria do impact investors use when evaluating potential investments? Design/methodology/approach A partially inductive study based on semi-structured interviews with 31 investors and ethnographic observation was conducted to explore how impact investors differ from other classes of investors in their motivations and unique criteria used to evaluate ventures seeking investment. Findings This study reveals that impact investors represent a unique class of investors that differs from socially responsible investing, from other types of for-profit investors, such as venture capitalists and angel investors, and from traditional philanthropists. The varied motivations of impact investors and the criteria they use to evaluate investments are identified. Originality/value Despite the growing practitioner and media attention to impact investing, several foundational issues remain unaddressed. This study takes the first steps toward shedding light on this new realm of early-stage venture investing and clarifying its role in larger efforts of social responsibility.

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Current demand and supply of impact investments across different geographic regions, sectors, and stages of business: Match or mismatch?

Australian Journal of Management ◽

10.1177/03128962211053411 ◽

2021 ◽

pp. 031289622110534

Author(s):

Syrus M Islam ◽

Tom Scott

Keyword(s):

Growth Stage ◽

Sustainable Development Goals ◽

Early Stage ◽

Jel Classification ◽

Theory And Practice ◽

Impact Investing ◽

Demand And Supply ◽

Developed Economies ◽

Development Goals ◽

Geographic Regions

We examine the match/mismatch between the demand and supply of impact investments. We show that some geographic regions display an upward match, while others exhibit a downward match. We explain how regions with well-developed (or less-developed) economies are not necessarily equal to regions with well-developed (or less-developed) impact investment markets. We also highlight the sectors exhibiting a match or mismatch between the demand and supply of investments, and explain the potential reasons. Regarding both geographic and sector concentration, the demand for investments is much more concentrated than their supply. Finally, early-stage companies suffer from an undersupply of investments, while growth-stage companies display an upward match and mature companies have an oversupply of investments. These findings have implications for impact investing theory and practice, including the attainment of Sustainable Development Goals. JEL Classification: D53; E41; E51; G15; G23

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Evaluation in Impact Investing

10.4018/978-1-7998-8501-6.ch003 ◽

2022 ◽

pp. 46-76

Author(s):

Eugenia Strano ◽

Alessandro Rizzello ◽

Annarita Trotta

Keyword(s):

Impact Evaluation ◽

Social Impact ◽

Qualitative Approach ◽

Impact Measurement ◽

Impact Investing ◽

International Debate ◽

Social Impact Bonds ◽

Evidence Of Impact ◽

Evaluation Approaches ◽

The Impact

The emergence of impact investing over the past decade has been accompanied by an increased interest of practitioners and scholars in the impact evaluation topic, one of the twofold pillars of the such an innovative financial approach. To contribute to the international debate, this study adopts a qualitative approach by obtaining results from a systematic literature review of extant research. This is useful to 1) identify the current existing impact evaluation approaches adopted in the field and 2) derive an empirical analysis in the impact investing sector with a focus on impact measurement in social impact bonds. The study opens interesting insights into recognizing the potential for the whole impact investing field, deriving both from theory and evidence of impact evaluation practices.

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Alterations in the number of motoneurons containing immunoreactive calcitonin gene-related peptide(CGRP)& choline acetyltransferase(ChAT) in the cervical spinal cord of the wobbler mouse during the development of the motoneuron disease

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100141226 ◽

1995 ◽

Vol 53 ◽

pp. 970-971

Author(s):

L. Vacca-Galloway ◽

Y.Q. Zhang ◽

P. Bose ◽

S.H. Zhang

Keyword(s):

Spinal Cord ◽

Early Stage ◽

Cervical Spinal Cord ◽

Wild Type Mouse ◽

Reflex Response ◽

Mouse Strains ◽

Behavioral Tests ◽

Wobbler Mouse ◽

Stage 4 ◽

Stage 1

The Wobbler mouse (wr) has been studied as a model for inherited human motoneuron diseases (MNDs). Using behavioral tests for forelimb power, walking, climbing, and the “clasp-like reflex” response, the progress of the MND can be categorized into early (Stage 1, age 21 days) and late (Stage 4, age 3 months) stages. Age-and sex-matched normal phenotype littermates (NFR/wr) were used as controls (Stage 0), as well as mice from two related wild-type mouse strains: NFR/N and a C57BI/6N. Using behavioral tests, we also detected pre-symptomatic Wobblers at postnatal ages 7 and 14 days. The mice were anesthetized and perfusion-fixed for immunocytochemical (ICC) of CGRP and ChAT in the spinal cord (C3 to C5).Using computerized morphomety (Vidas, Zeiss), the numbers of IR-CGRP labelled motoneurons were significantly lower in 14 day old Wobbler specimens compared with the controls (Fig. 1). The same trend was observed at 21 days (Stage 1) and 3 months (Stage 4). The IR-CGRP-containing motoneurons in the Wobbler specimens declined progressively with age.

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Automated high-resolution microscopy: the approaches so far

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100125312 ◽

1987 ◽

Vol 45 ◽

pp. 58-61

Author(s):

W. O. Saxton

Keyword(s):

High Resolution ◽

Early Stage ◽

Automatic Recording ◽

Microprocessor Control ◽

Alternative Systems ◽

Electron Image ◽

Complete Automation ◽

Analysis System ◽

High Resolution Microscopy

Recent commercial microscopes with internal microprocessor control of all major functions have already demonstrated some of the benefits anticipated from such systems, such as continuous magnification, rotation-free diffraction and magnification, automatic recording of mutually registered focal series, and fewer control knobs. Complete automation of the focusing, stigmating and alignment of a high resolution microscope, allowing focal series to be recorded at preselected focus values as well, is still imminent rather than accomplished, however; some kind of image pick-up and analysis system, fed with the electron image via a TV camera, is clearly essential for this, but several alternative systems and algorithms are still being explored. This paper reviews the options critically in turn, and stresses the need to consider alignment and focusing at an early stage, and not merely as an optional extension to a basic proposal.

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Direct observation of Fe-Al-Zn ternary intermetallic compound and its transformation during the early stage of hot-dip galvanizing

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100151416 ◽

1993 ◽

Vol 51 ◽

pp. 1116-1117

Author(s):

C. S. Lin ◽

W. A. Chiou ◽

M. Meshii

Keyword(s):

Intermetallic Compound ◽

Reaction Rate ◽

Diffusion Rate ◽

Early Stage ◽

Zinc Bath ◽

Steel Sheets ◽

Direct Observations ◽

Solid Iron ◽

Iron And Zinc ◽

Ternary Intermetallic Compound

The galvannealed steel sheets have received ever increased attention because of their excellent post-painting corrosion resistance and good weldability. However, its powdering and flaking tendency during press forming processes strongly impairs its performance. In order to optimize the properties of galvanneal coatings, it is critical to control the reaction rate between solid iron and molten zinc.In commercial galvannealing line, aluminum is added to zinc bath to retard the diffusion rate between iron and zinc by the formation of a thin layer of Al intermetallic compound on the surface of steel at initial hot-dip galvanizing. However, the form of this compound and its transformation are still speculated. In this paper, we report the direct observations of this compound and its transformation.The specimens were prepared in a hot-dip simulator in which the steel was galvanized in the zinc bath containing 0.14 wt% of Al at a temperature of 480 °C for 5 seconds and was quenched by liquid nitrogen.

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Anisotropy of interfacial defects in the initial stage of MOVPE GaAs growth On Si

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100176095 ◽

1990 ◽

Vol 48 (4) ◽

pp. 592-593

Author(s):

C. Vannuffel ◽

C. Schiller ◽

J. P. Chevalier

Keyword(s):

Early Stage ◽

Threading Dislocations ◽

Mbe Growth ◽

Detailed Mechanism ◽

Si Substrates ◽

Initial Stage ◽

Interfacial Defects ◽

Interfacial Dislocations ◽

Step Growth ◽

Essential Problem

Recently, interest has focused on the epitaxy of GaAs on Si as a promising material for electronic applications, potentially for integration of optoelectronic devices on silicon wafers. The essential problem concerns the 4% misfit between the two materials, and this must be accommodated by a network of interfacial dislocations with the lowest number of threading dislocations. It is thus important to understand the detailed mechanism of the formation of this network, in order to eventually reduce the dislocation density at the top of the layers.MOVPE growth is carried out on slightly misoriented, (3.5°) from (001) towards , Si substrates. Here we report on the effect of this misorientation on the interfacial defects, at a very early stage of growth. Only the first stage, of the well-known two step growth process, is thus considered. Previously, we showed that full substrate coverage occured for GaAs thicknesses of 5 nm in contrast to MBE growth, where substantially greater thicknesses are required.

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