INSEAD's Professor Filipe Santos and Research Associate, Anne-Marie Carrick Win Prestigious Case Writing Competition!

We would like to congratulate Professor Filipe Santos and Research Associate Anne-Marie Carrick, both part of the INSEAD Centre for Entrepreneurship, who just won the EFMD case writing competition for their cases on Nuru Energy: Nuru Energy (A): Financing a Social Enterprise - Nuru Energy (B): From Breakdowns to Breakthroughs.

Nuru Energy aims to provide clean lighting to millions of people in the developing world. They currently operate in East Africa and India. Nuru has created "a one-of-a-kind robust and simple-to-use off-grid recharging platform, the Nuru POWERCycle™ pedal generator.  The POWERCycle™ provides reliable clean, sustainable power anytime, anywhere and is hundreds of times more efficient than current solar-based solutions at a fraction of the cost.  It is used to recharge both mobile phones as well as Nuru Energy’s own portable modular LED lights, which can be recharged five at a time in 20 minutes, with each light providing up to 10 days of light to a rural household."

EFMD is "an international membership organisation, based in Brussels, Belgium with over 800 member organizations from academia, business, public service and consultancy in 81 countries. It is recognized  globally as an accreditation body of quality in management education with established accreditation services for business schools and business school programmes, corporate universities and technology-enhanced learning programmes."

For 2012, EFMD has just listed 14 winning cases, which were been chosen from schools including: Copenhagen Business School, EMLYON, Rotterdam School of Management, IMD, INSEAD, CEIBS, Northeastern University, Indiana University Kelley School of Business, Richard Ivey School of Business, IESE & the University of Geneva.


This year they received over 200 case entries from 30 countries. So it is quite prestigious to be chosen as a winner.  Congratulations to Anne-Marie and Filipe. We will post the winning Nuru case as soon as it becomes available.





 EFMD 2012 Category Winners:

• Corporate Social Responsibility: Novo Nordisk: Managing Sustainability at Home and Abroad, written by Jette Steen Knudsen, Copenhagen Business School, DK and Dana Brown, EMLYON Business School, FR
  
• Entrepreneurship: ENVIU: Starting World Changing Companies, written by Luca Berchicci and Giovanna Domingues Sanches, Rotterdam School of Management, Erasmus University, NL
  
• Family Business: Bavaria and the Swinkels Family: Brewing a Sticky Brand, written by Benoit Leleux and Jan Van der Kaaij, IMD, CH
  
• Finance and Banking: Irish Schools: Sovereign Risk in Social Infrastructure PPP, written by Pierre Hillion and Jean Wee, INSEAD
  
• Emerging Chinese Global Competitors: Hard Choices: Best Buy and Five Star in China_Cases A , B and the Industry Note, written by Terence Tsai, Zhu Jianhua and Xu Leiping, CEIBS (China Europe International Business School), CN
  
• Supply Chain Management: Danfoss - Global Manufacturing Footprint, written by Torben Pedersen and Jacob Pyndt, Copenhagen Business School, DK
  
• Euro-Mediterranean Managerial Practices and Issues: Launch of Durra: Women in Islamic Banking, written by Alexandra Roth and David T.A. Wesley, Northeastern University, US
  
• African Business Cases: Nuru Energy (A): Financing a Social Enterprise - Nuru Energy (B): From Breakdowns to Breakthroughs, Filipe Santos and Anne-Marie Carrick, INSEAD
  
  
• Public Sector Innovations: Restoring the British Museum, written by Anand Narasimhan and Jean-Louis Barsoux, IMD, CH
  
• Responsible Leadership: VOLTIUM, Inc, written by Eloy del Potro, Juan Carlos Vasquez Dodero, Jose Ramon Pin Arboledas and Guido Stein, IESE Business School, ES
  
• Inclusive Business Models: Planting the Seeds of Change: The Ethiopia Commodity Exchange, Lea Stadtler and Gilbert Probst, University of Geneva, CH
  
• MENA Business Cases: Chabros International Group: A World of Wood, written by Paul W. Beamish and Bassam Farah, Richard Ivey School of Business, CA
  
• Latin American Business Cases: Veja: Sneakers With a Conscience, written by Oana Branzei and Kim Poldner, Richard Ivey School of Business, CA
  
• Indian Management Issues and Opportunities: Bayer CropScience in India (A): Against Child Labor, written by Charles Dhanaraj, Indiana University Kelley School of Business, US, Oana Branzei and Satyajeet Subramanian, Richard Ivey School of Business, CA

The INSEAD Entrepreneurship Forum (IEF) 2013 -- "Impact Investing: Creating an Industry from Innovations" May 23, 2013 (Fontainebleau campus)

Over the past several years, we have seen the growth of a new sector – Impact Investing.  Beginning with a handful of people with a vision to combine social and environmental return with financial return, the sector is now believed to be at a tipping point – on the cusp of being a viable industry much like venture capital grew to become an asset class 30 years ago.  Signs that this sector is thriving are plentiful: Whereas just a few years ago, there were only a few seminal market reports on impact investing such as those by the Monitor Institute (FN1) and Bridges Ventures (FN2), there are now dozens of reports summarizing the industry (FN3) citing case studies and trends, and giving projections. Whereas in the not so distant past there were only a few registered impact investing firms, there are now almost 200 globally.(FN4) And whereas in 2009 the estimated market size for these types of investments was $50billion, (FN5) there is now an estimated $400 billion to $1 trillion in capital to spend. (FN6)

The past years have not only seen growth of the sector in general, but also have seen the emergence of innovative mechanisms to apply capital for social and environmental purposes, aligning risk and reward in ways that benefit society.  From the innovative Social Impact Bond, now replicating across the globe, to creative means of accelerating social enterprises such as the LGT iCats Fellowship, and from social stock exchanges being launched in London and Asia to market-building social investment banks like Big Society Capital – the number of innovations and new institutions to channel investment capital to achieving social good is impressive.

So what is next? We have surpassed the stage of “uncoordinated innovation” and “market building.” (FN7) We are now on to the stage of “industry building.”(FN8)  How do we get to a point where there is a recognized lexicon, governing bodies, a supportive regulatory environment, reliable measurement tools, viable funds, and widely accepted financial instruments etc.?  These are the questions with which sector players are currently grappling.

At the 2013 INSEAD Entrepreneurship Forum, we will explore these questions. We will look at Impact Investing from the perspective of creating an industry from the innovative efforts of the early pioneers. From the perspective of key players – funds, intermediaries, limited partners – we will explore challenges, gaps in the ecosystem, and ways of achieving buy-in from all players.  We will also take into account key aspects of the sector – the investment lifecycle, assessment tools, and the potential impact of enterprises.  How do we work together to achieve efficiencies? Further, we will take a look at how the development of the Impact Investing sector compares with the development of the venture capital and private equity sectors. Can we draw parallels and predict future trends and pitfalls?

With renowned market leaders in this space, with the participation of players from the mainstream investing space, with the energy of INSEAD students, alumni and faculty, this year’s IEF on Creating an Impact Investing Industry promises to be stimulating and fruitful. We welcome you to attend and be part of the exciting process of developing an investment industry that serves society’s most critical needs.

Confirmed Speakers Include:

Wolfgang Hafenmayer, LGT Venture Philanthropy Eric Archambeau, Wellington Partners Marc Flammang, Bank Degroof

Jean-Philippe de Schrevel, Bamboo Finance Anna-Marie Harling, EVPA

Panel Discussions:

- Funds: How do you manage fund viability and attract investors?

- Intermediaries: Who is doing what? Where?

- Limited Partners: Why should you invest in this new sector and how to select the best opportunities?

- Impact: How do you manage the impact goal throughout the investment process?

- Financing: What is the optimum financing lifecycle for impact initiatives and what new instruments do we need?

  

Also, please note that the INSEAD Private Equity Conference will take place the day after the IEF on Friday, May 24th and we are including a combined registration option In addition, it is a reunion weekend, and the Summer Ball will take place on Saturday May 25th.   So, there are many reasons to come to INSEAD, re-connect with friends, meet alumni, and network with new faces. 

The IEF is organized and sponsored by the Rudolf and Valeria Maag INSEAD Centre for Entrepreneurship and the INSEAD Social Entrepreneurship Initiative. 

For questions about the event, sponsorship opportunities, and to suggest speakers, please contact Christine Driscoll Goulay, Associate Director of the INSEAD Social Entrepreneurship Initiative.

For additional information, please go to our web site. 

References:

(1) Freireich, J. and Fulton, K. (2009) Investing For Social & Environmental Impact, A Design for Catalyzing an Emerging Industry, Monitor Institute.

(2) Pun Palandjian, Tracy. (2010) Investing for Impact: Case Studies Across Asset Classes, Bridges Ventures and The Parthenon Group.

(3) See http://www.bigsocietycapital.com/research.

(4) Impact Report (2010) Aspen Network of Development Entrepreneurs.

(5) See Monitor report.

(6) O’Donohoe, N., Leijonhufvud, C., Saltuk, Y., Bugg-Levine, A. and Brandenburg, M. (2010) Impact Investments: An Emerging Asset Class, JP Morgan.

(7) See Monitor report.

(8) Harji, K, and Jackson E. T. (2012) Accelerating Impact: Achievements, Challenges and What's Next in Building the Impact Investing Industry, Rockefeller Foundation.

Profile of Marcela Benitez, Founder of Social and Economic Recovery of National Rural Villages at Risk of Disappearing (RESPONDE)

In 1999, Dr. Marcela Benitez founded RESPONDE, an organization dedicated to promoting social and economic opportunities in rural communities in crisis.  Based in Argentina, RESPONDE aims to take advantage of existing resources within villages to help them develop their entrepreneurial spirit.

“During the nineties, when I was an academic researcher; I travelled throughout Argentina and visited over 100 rural villages. I found that people in these rural areas were migrating from their hometowns looking for a better future,” explained Marcela. “Unfortunately, when they migrate, they are often marginalized, because cities are not prepared to receive the constant flow of new people. “

Isolation and lack of access to social and economic opportunities, has challenged many rural communities in Argentina over the last 40 years. The lack of basic infrastructure, education and technology are all problems that impede their development. In addition, rural villagers struggle with how to transform their natural resources into economic projects and appreciate the importance of preserving nature.   The result is that they remain in poverty and their ecosystem is in a constant process of degradation.

“Responde promotes the social and economic development of rural villages in Argentina, with its sights set on the country's territorial imbalances,” explains Marcela.  “We conduct research and generate new information, drive projects that utilize their existing resources and reveal to the world their unknown natural and cultural potential. “

In the first 10 years, between 2000 and 2010 Responde helped 70 villages through a variety of programmes including:

“Self-Sustaining Villages” promotes the self-provision and proper food-supply of small rural communities based on the natural resources that they already have. It also encourages the production of food required by the market that generates some profit, allowing the growers to overcome starvation and poverty.

“Tourism in Rural Villages” promotes local economic development, favoring the participation of village residents in activities such bed and breakfast and home stays, restaurants, tourism, sightseeing and the sale of local artisan products.

“WINGS” focuses on the creation of Socio-Economic-Cultural Extension Centers that include libraries, museums, virtual classrooms, cultural, economic and social activity areas and cafés.

“Teaching our Skills” promotes the meeting in rural villages between those who are eager to share their knowledge and those who need it. 

At the end of 2010 Responde decided to focus on closing the Argentinian government´s existing gap of information regarding the situation, resources and sustainability of rural villages in Argentina.
 

“The lack of detailed information about rural villages is a frequent problem common to the majority of Latin American countries,” says Marcela. “How can governments set up a public land policy to benefit regional and local economies if they don’t have any idea about the existing natural and human resources that the communities already have?”

As a result in 2011 Responde launched a new project called “The Argentina that Appears” which consists of mapping rural villages in order to generate a social, economic and environmental report that would help the government implement public policies. In addition, to help leverage the work taking place in small towns and their communities, RESPONDE is building an online portal of villages, where each rural village can showcase its history, culture, infrastructure, natural resources, handcrafts, products, services, touristic attractions, statistical information, obstacles for its development and potential for growth.

“This new project has allowed us to reach 28 villages in 18 months,” explains Marcela. “The portal provides a platform for these villages to connect with government, corporations and educators allowing them to take into account the progress that has been made. Hopefully from there a positive and productive process will begin.”

RESPONDE plans to scale the project to 500 rural villages by 2021.

For more information on RESPONDE please visit www.responde.org.ar

Our Singapore Social Entrepreneurship Bootcamp - read all about it!

Check out this great blog post by one of our MBAs who participated in the INSEAD Social Entrepreneurship bootcamp a couple of weeks ago in Singapore.  Next bootcamp is this weekend in Fontainebleau!

The winning teams - Prodigy Plus and Agrovation!