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• Teaching Note | HBS Case Collection | June 2019 (Revised April 2020)

  Vox Capital: Pioneering Impact Investing in Brazil

  Julie Battilana, Marissa Kimsey and Falko Paetzold

  Vox Capital was the first certified impact investing fund in Brazil. Founded in 2009, it provides early-stage capital for companies offering innovative and scalable solutions to enhance the lives of low-income Brazilians, while aiming to simultaneously generate attractive market-rate financial returns for investors. This case examines the evolution of Vox Capital, across understanding the landscape, launching, raising funds, selecting investees, structuring deals, building investee capacities, tracking performance, developing internal systems, and advancing the field of impact investing.

  Keywords: impact investing; social performance measurement; Social Entrepreneurship; Investment Funds; Social Enterprise; Brazil;

  Citation:

  Battilana, Julie, Marissa Kimsey, and Falko Paetzold. "Vox Capital: Pioneering Impact Investing in Brazil." Harvard Business School Teaching Note 419-087, June 2019. (Revised April 2020.)  View Details

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• Case | HBS Case Collection | January 2020

  Terra Nova: A Social Business Trying to Unlock Land Rights for the Urban Poor in Brazil

  Julie Battilana, Ruth Costas, Marissa Kimsey and Priscilla Zogbi

  Brothers André and Daniel Albuquerque founded the company Terra Nova in 2001 to mediate land disputes between poor families illegally living in urban areas and the official landowners—with the aspiration to improve the lives of the poor. A business-led approach to the issue, like Terra Nova’s, was innovative and contested amid the widespread belief that land disputes fell solely within the public sector’s purview. After struggling to develop a viable business model, the company received support from impact investing firm MOV Investimentos. By 2019, Terra Nova finally broke even and was exploring opportunities for scaling. But its leaders had to decide the right expansion model for the social business.

  Keywords: Mission and Purpose; Social Enterprise; Entrepreneurship; Negotiation; Power and Influence; Social Issues; Conflict and Resolution; Business and Government Relations; Infrastructure; Urban Development; Real Estate Industry; Brazil; Latin America;

  Citation:

  Battilana, Julie, Ruth Costas, Marissa Kimsey, and Priscilla Zogbi. "Terra Nova: A Social Business Trying to Unlock Land Rights for the Urban Poor in Brazil." Harvard Business School Case 420-092, January 2020.  View Details

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• Chapter | Handbook of Inclusive Innovation | 2019

  Problem, Person, and Pathway: A Framework for Social Innovators

  Julie Battilana, Brittany Butler, Marissa Kimsey, Johanna Mair, Christopher Marquis and Christian Seelos

  As the appetite for learning about social innovation intensifies, how can we better prepare practitioners for the work of addressing the world’s pressing social problems at the relevant scale? This chapter presents the “3P” framework that we developed to help address this challenge, grounded in our experience researching, teaching, and advising social innovators around the world. In this framework, we propose three key lenses to help social innovators contribute to social change, unpacking the nature of: the problem at hand, the person pursuing change, and the pathway to change. Considering the alignment of these 3Ps provides an organizing template for social innovators to think about how they can effectively contribute to solving social problems. We illustrate how we engage new and experienced social innovators in this learning journey by discussing our pedagogical approach as educators. In conclusion, we discuss future research directions to help address unanswered questions.

  Keywords: social innovation; Social Entrepreneurship; Social Issues; Change; Problems and Challenges;

  Citation:

  Battilana, Julie, Brittany Butler, Marissa Kimsey, Johanna Mair, Christopher Marquis, and Christian Seelos. "Problem, Person, and Pathway: A Framework for Social Innovators." In Handbook of Inclusive Innovation: The Role of Organizations, Markets and Communities in Social Innovation, edited by Gerard George, Ted Baker, Paul Tracey, and Havovi Joshi, 61–74. Cheltenham, UK: Edward Elgar Publishing, 2019.  View Details

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