Characteristics of impact-investing ecosystems in low- and middle-income countries

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This study provides scientific insights into impact-investing studies by diving into the phenomenon of Impact Investing Ecosystems (IIE) in low- and middle-income countries. The research combines existing knowledge from entrepreneurial ecosystems studies and impact-investing studies to investigate how IIE emerge and thrive in the context of low- and middle-income countries. The findings help gain a better understanding of how IIE emerge depending on the diffusion of resources and knowledge among IIE participants. By exploring IIE characteristics, the investigation also sheds light on the context in which private-sector’s solutions to societal and environmental challenges are developed. The research is based on an interpretivist paradigm, operated through a qualitative methodology. Data are collected from 18 semi-structured interviews, combined with relevant academic findings and a document review. The main conclusions drawn from the findings are that the emergence and vibrancy of IIE depends on: (1) the access to knowledge and resources for impact-oriented entrepreneurs and companies and (2) the existence of an enabling environment that facilitates investors activities. In addition, the study also concludes that Roundy’s (2019) first three propositions are supported by the findings and constitute a relevant research path, but propositions 4, 5 and 6 are not supported and require adjustments.
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