Civil society lacks the capital, skills and resources to take promising ideas to scale. Rising costs The prospective cost of dealing with these issues threatens to swamp public budgets,
both start-up capital in the short term and income streams over the longer term. A network and communications model to develop
what we refer to as the venture's‘relational capital'.'A staffing model including the role of volunteers.
Their limitation is that the founder's influence tends to decline over time (as new capital is brought in),
The best forms of ownership and governance reinforce relational capital, creating a source of resilience for
of engagement and capital. Most businesses see AGMS as an annoying necessity where small shareholders can vent their anger.
Image courtesy of Danone Communities. 4 74 THE OPEN BOOK OF SOCIAL INNOVATION Relational capital New ventures put much of their energy into securing financial capital money to invest in fixed assets on the one hand
But relational capital is just as important. This is both the knowledge and trust built up between a venture and its users and suppliers,
Conventional accounting takes little account of this intangible capital, yet in all social ventures it is the foundation of their strength,
We use the concept of relational capital to capture the quality of relationships within which economic exchanges take place.
but there are many alternative means of generating income, not least through the strengthening of the venture's relational capital through a policy of open information. 142) Formation for developing skills and cultures.
Raising capital may involve some compromise with the providers of capital, but the goal should always be to find ways for the core finance to come from those who share the venture's mission.
This is how My Football Club raised enough capital to purchase Ebbsfleet United. 149) Public share issues are most suitable at times of expansion,
This new director is given enough start-up capital and decides what he/she needs in terms of staff and equipment.
and some rough assessments of the relational capital they bring. Not surprisingly, these tools and approaches are rare
networks, and capital to stimulate innovation, and accelerate the creation and growth of successful Canadian enterprises.
6 The household on the other hand that most distributed of economic systems generates ideas but on its own lacks the capital, surplus time,
Strategic issues Innovation in the public sector always risks being a marginal add-on smallscale in terms of funds, commitment of people and political capital.
investments combining tranches with different rates of risk/return and different sources of capital (philanthropic, public, private) such as Blueorchard (Switzerland) or Big Issue Invest in the UK. 367
370) Securitising future payment'streams to provide investment capital, as with the Prime Carbon scheme in Australia which contracts sequestered carbon from microbial treatment of agricultural soils to large companies on a five year basis,
New Philanthropy Capital in the UK and Geneva Global in the US perform this role. 414) Giving
and New Philanthropy Capital in the UK. Packages of support A network of support services for grant-based organisations has developed,
and growth capital to established social enterprises with the ambition and potential, both to scale up their businesses and maximise their social impact.
154 New Economics Foundation (NEF) 49 New Philanthropy Capital 171; 175 New york's Open Book 154 New zealand Police Act Wiki 42-43 Niagara Peninsula Homes 206 Nike Foundation 113 Nobel prizes 169
84 Regulation & Legislation 161-162 Relational Capital 74-77 Report Empty Homes 18 Research & Mapping 17-20 Risk 54;
Shortage of Capital It's well known that the European small organizations have difficulties of access to financial resources,
Don Tapscott, David Ticoll, Alex Lowy, Digital Capital: Harnessing the Power of Business Webs, Harvard Business school Press;
university acting mainly as a provider of skilled human capital, and government mainly as a regulator of social and economic mechanisms.
manifested through increasing communication and interconnectivity between people and institutions, mobility of people and financial capital, delocalisation and globalisation of production sites, labour and social relationships, etc.
o Dispersal of some national public research organisations from the capital to less research-intensive regions.
with more research institutes being transferred from the capital to other regions to strengthen their knowledge base. o Relocation and aggregation of existing research resources-in North carolina's Research Triangle,
and relational capital to one or more customer segments in order to generate profitable and sustainable revenue streams Network of partners, value creation;
relational capital; customer segmentation Leem, Suh and Kim 2004 26 A set of strategies for business management that includes a revenue model, high complexity of business processes and alliances Strategy;
Therefore, once the available capital was depleted quickly, they were no longer able to continue operating. This is the case of Pets. com 35,
Capital and plant equipment are likely to be on the light side. Example sectors are Technology and Biotech.
Conversely to frontier companies, those are likely to have higher requirements for upfront capital and plant equipment.
it could well be linked to the relative capital intensity of the industry which makes disruption of a well-established business model by new entrants more difficult.
Heavy investment in human capital, particularly the early team Upfront investment in technology Raise money from venture capital funds, angels, friends and family and where possible reinvest earnings as sources
of capital to fund growth and expansion, rather than bank loans. Keep a tight focus on working capital.
Expectation for private equity/VC to drive capital for future expansion Focus on domestic markets in current operations Similar to Young companies,
followed by human capital A preference for human capital investment and geographic expansion over R&d for future growth Focus on institutional processes and balancing the growing institutionalization of the firm with the original entrepreneurial culture.
steady growth, Oscar and Ricardo lacked the capital for quick expansion via proprietary stores. In 1994 they took a big risk,
Emphasis on human capital in current investment Strong focus on retained earnings to finance investment; bank lending now becomes more important than in earlier phases of the life cycle Ongoing focus on domestic footprint including expansion plans Investment plans are based broader:
human capital and geographic expansion particularly important Once companies have established market presence and built a stable operating platform, investment in human resources (hiring,
Broad-based current investment plans, across human capital in particular, fixed investment and technology Geographic expansion into both emerging and developed markets,
He joined Barclays Capital in 2002 from Mckinsey & Company. Prior to that, Drexler was an academic researcher at Stanford university.
She currently serves as an adviser to Abraaj Capital, a leading private equity investor in global growth markets.
putting at risk its outlook for productivity, growth, human capital development and job creation. This report, part of the World Economic Forum's Fostering Innovation-driven Entrepreneurship in Europe project, examines
with a particular focus on access to capital for entrepreneurs across the European union Scale up Enabling ventures to scale,
in particular to be able to secure the required financial and human capital and increase the likelihood for the business to break even Scale up Assessing success factors in enabling a business to expand in terms of market access,
or join entrepreneurs Improve access to capital for business foundation Identify and realize mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship Individual factors Ecosystem factors 4 Regulatory 5 6 framework Market framework Network access 1 Attitude
This section focuses on access to capital as a key bottleneck in starting a company:
and other forms of growth capital require evidence of successful operation and profits that indicate future success at larger scales.
%This section examines the reasons for this contraction in access to capital in further depth,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
despite a number of recent success stories The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a key role in determining access to capital.
and other asset managers Corporate investors Insurance companies Pension funds Banks Capital markets Academic Inst.//Endowments/Foundations Sovereign wealth funds Supply of business angel financing:
project interviewees and workshop participants did not see the actual availability of business angel capital for seed
but the extent of the difference between Europe and the United states does indicate greater difficulty in accessing growth capital in Europe. 42 17 23 31 35 43 29 30 21 9 6
individuals Fund of funds/other asset managers (including PE houses other than fund of funds) Corporate investors Insurance companies Pension funds Banks Capital markets Academic institutions/Endowments and foundations
Practices to Collaboratively Promote Access to Capital, with Examples Source: Project Team Financing phase Actors Seed/early stage Later stage
and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The CEO-Collaborative Forum (CEO CF) is where CEOS from high-growth companies convene to explore practical solutions to critical problems about finance, raising capital, shareholder issues, their board growth strategies
Among other things, we wish to further explore the opportunities for working with the Danish pension sector to provide capital to high-potential SMES and start-ups.
we need to increment alternative sources of capital to finance entrepreneurship, and we must act decisively in nurturing the best investment environment possible.
and Employment, introducing an assertive agenda along three key intervention areas (human capital, R&d and financing),
79%say that it is difficult to start one's own business due to a lack of available financial support. 65 48%think it is very important to help private investors unlock capital in Europe
Moreover, connecting actors to improve access to capital is of key importance to enable progress towards a more transparent, single European market for risk finance.
and large businesses to network Helping private investors"unlock"capital in Europe and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business
Adecco, INSEAD, Human Capital Leadership Institute (2013), Global Talent Competitiveness Index Barclays report, written by The Economist Intelligence Unit (2014), Start me up:
Center Telefonica José María Álvarez-Pallete López, Chief operating officer Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe's Competitiveness The World
and Hong kong SAR's mass transit system. 4. Soft connectivity Soft connectivity, the city's social capital, is as important as hard connectivity in the 21st century's knowledge economy
where premium rewards go to the owners of capital and to global talent highly educated and skilled professionals.
how social capital is built and how cooperation is encouraged provides a much more nuanced challenge for those wishing to understand how to drive change.
Macroeconomic policies related to the city's fiscal policies (revenue and expenditure) Business-environment policies and regulations related to markets for goods, services, capital and labour, many of which are captured well in the World bank's Doing Business index.
roads and airports. 4. Soft connectivity Soft connectivity is the social capital that makes investments in hard infrastructure and new technology (e g. broadband access) more productive,
Lagos (Nigeria's megacity/commercial capital; and Chicago, with a population of just under 10 million but projected to become a megacity in the next decade.
The combination of the metro and cableway represents hard connectivity infrastructure that fosters soft connectivity inclusiveness and involvement, building social capital and trust among low-income communities.
with Wroclaw being named the 2016 European Capital of Culture. Investments in transport infrastructure undertaken ahead of the UEFA European Football Championship 2012 helped address one of the city's main challenges.
and received the European Green Capital Award in 2013 for combating climate change, preserving nature,
and was conceived initially to serve as the capital of Punjab. In 1966, it received the unique status of being the capital of two Indian states
Punjab and Haryana, and was declared also a union territory. It has been questioned constantly by critics, who say that it has suffered from a shortsighted vision.
where Hyderabad will serve as the capital of both for 10 years. Top IT firms in the city are unfazed by the political changes,
also known as Star City, is the capital of Hunan Province and a comprehensive transport hub in southern China.
and took charge of human capital development so that the city could equip itself for yet another dimension of its development building its creative sector. 28 A Report of the Global Agenda Council on Competitiveness 5. The Small Basket:
and second, an emphasis on second-tier cities rather than national or commercial capitals in order to get a better sense of emerging issues for city competitiveness.
Moreover, 100%capital and profit repatriation is allowed, and there are no restrictions on foreign currencies. On-site personnel accommodation, storage facilities and advanced infrastructure are available.
In addition, Dubai has become a regional financial capital assisted by the Dubai International Financial City (DIFC), one of the most prominent free zones and home to many international institutions.
The government-linked corporate sector is extremely powerful in domestic capital, land and labour markets. This has crowded probably out domestic private-sector development.
labour and capital. A weak domestic private sector is the Achilles heel of the economy. Small and medium-sized enterprises (SMES) account for half of GDP and the bulk of employment.
labour and capital. Twenty-first-century globalization also brings wider inequality, especially for a small, highly open economy,
Social capital is permanently reinforced towards an appropriation goal in order to commit people to build their own future.
Social capital: Broad social innovation programmes with ad hoc tools for innovative partnerships in the country (Innobasque) to create
Ningbo is also one of the most active cities in China in terms of use of foreign capital.
foreign capital brings not only capital, but also the technology, management and the market. The third is flexible policy.
approximately 270 km north of Mumbai, India's commercial capital. It was, in fact, the most important port city of western India well into the late 1600s, benefiting from the silting of the harbour in Cambay, another important port in the region.
as well as the commercial/political capital of Gujarat, Ahmedabad/Gandhinagar, and the road networks between them are decent.
The latter have duty-free treatment, up to 100%foreign ownership, no foreign-exchange restrictions, full repatriation of capital and profits, zero corporate and income tax,
As the city's social capital, soft connectivity refers to the knowledge, connections and relationships that enable people to be productive and cities to prosper.
, Director Ken Poonoosamy, Managing director Joint Economic Council Raj Makoond, Director Mexico Center for Intellectual Capital and Competitiveness Erika Ruiz Manzur, Executive director René
engendering theories ranging from Adam smith's focus on specialization and the division of labor to neoclassical economists'emphasis on investment in physical capital and infrastructure, 2 and, more recently, to interest in other mechanisms such as education and training, technological
think soft connectivity the city's social capital. Education is the ultimate soft connectivity. US cities such as Boston, Pittsburgh,
or improving human capital, all these factors eventually run into diminishing returns. The same is true for the efficiency of the labor, financial,
and potential outflows of capital that had come into the country from some advanced economies during the height of the financial crisis.
High commodity prices and better access to financing thanks to the inflow of capital, often from advanced economies, go a long way toward explaining these positive developments in recent years.
At the same time, the outflow of capital and the phasing out of accommodating monetary policy in the United states have created further instability
more effort will be needed to develop its human capital. Although rising enrollment rates, particularly tertiary enrollment, are laudable (40.32 percent in 2012)
Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, 3rd edition. Chicago: University of chicago Press.
The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. New york:
Investment in Human Capital. American Economic Review 1 (2): 1 17. Schumpeter, J. 1942. Capitalism, Socialism and Democracy.
and the part of that growth rate that could not be accounted for by the accumulation of physical capital and human capital.
James cameron, Chairman, Climate Change Capital, United kingdom Dan Esty, Professor, Yale university, USA Clément Gignac, Chief Economist and Senior vice-president, Industrial Alliance Insurance and Financial services
Progress toward stronger environmental regulations (cont'd.)industry in collectively directing capital toward environmentally and socially sustainable economic development.
efforts to reduce pollution may be interpreted as an investment in human capital. Recent empirical evidence has indicated that, in the United states,
thus reducing the overall level of human capital. Finally, the participation and empowerment of women is key to ensuring a large talent pool
and capital in order to raise living standards. Increasing affordability and access to high-quality education and training
the absence of such social mobility can be detrimental to human capital development because talented individuals,
providing an assessment of a country's commitment to protecting natural capital. We also include a measure of the number of key International environmental treaties
Therefore, although Switzerland's leadership manages its social and environmental capital rather well, stakeholders should not be complacent
similar to other economies in the region, Norway is making efforts to reduce its footprint on its natural capital
putting the invaluable natural capital of the country at risk. As it faces difficulties related to sustainability, especially in the environmental area,
The country should better manage its natural capital to ensure prosperity in the long run. South africa's main social problems remain its extremely high income inequality and youth unemployment,
But the adoption of tighter environmental regulations is needed to make sure that Brazil's rich natural capital is managed responsibly
Assessing Progress toward Sustainable Competitiveness 74 The Global Competitiveness Report 2014 2015 5 Capital in the Twenty-first Century.
The central idea of the analysis by Piketty is that only when the growth rate is higher than the return to capital will the benefits of growth lead to widespread prosperity.
Reading‘Capital':'Chapters 10,11, and 12. Conscience Warrior Newsfeed June 4. Available at http://news. consciencewarrior. com/2014/06/reading-capital-chapters-10-11-and-12. html. Azmat, G.,A. Manning,
Government and Public Institutions X. Education and Human Capital XI. Corruption, Ethics and Social Responsibility XII.
and access to more and better financing thanks to higher capital in-flows. Notwithstanding this progress of the BRICS, we have observed recently that many of these emerging economies are experiencing difficulties in maintaining the rapid economic growth of these past years.
on par with economic inputs such as capital and labor, 2 then deriving insight and added value from this new input will require targeted transmission, processing,
Measuring the Full Impact of Digital Capital. Mckinsey Quarterly, July. Available at http://www. mckinsey. com/insights/high tech telecoms internet/measuring the full impact of digital capital.
Director Mexico Center for Intellectual Capital and Competitiveness Erika Ruiz Manzur, Executive director René Villarreal Arrambide, President and Chief executive officer Rodrigo David Villarreal Ramos, Director
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