Philanthropic venture capital, like traditional venture capital, provides funding and value-added services to a portfolio of entrepreneurial firms. However, TVC differs from PhVC, as the primary goal of TVC is to maximize the economic return of its investments. In contrast, PhVC firms expect their portfolio companies to perform well in terms of both social and economic returns. Using both American and European firms, this paper explores and compares the human capital in PhVC and TVC firm founders. Our results show that (...) there are key differences in both general and specific human capital between these firm types. While both TVC and PhVC firm founders have high levels of commercial experience, TVC firm founders tend to hold degrees in science, engineering, business, and law more frequently than PhVC firm founders. PhVC founders also differ from TVC founders by having greater work experience in the social sector. (shrink)

Building on the literature on hybrid organizations, this manuscript explores the relationship between the organizational activity of social enterprises backed by venture philanthropy investors and income inequality. Using Ashoka’s portfolio of Indian social enterprises as empirical context of Western venture philanthropy investing activity, our results suggest that Indian municipalities with social enterprises that have received venture philanthropy investments experience a decrease in income inequality level and when these social enterprises are dominated by a collectivistic organizational identity orientation the effect is (...) stronger. Our findings have implications for the research on hybrid organizations, financing of social entrepreneurship and grand ethical challenges. (shrink)

Philanthropic venture capital (PhVC) is a financing option available for social enterprises that, like traditional venture capital, provides capital and value-added services to portfolio organizations. Differently from venture capital, PhVC has an ethical dimension as it aims at maximizing the social return on the investment. This article examines the deal structuring phase of PhVC investments in terms of instrument used (from equity to grant), valuation, and covenants included in the contractual agreement. By content analyzing a set of semistructured interviews and (...) thereafter surveying the entire population of PhVC funds that are active in Europe and in the United States, findings indicate that the non-distribution constraint holding for non-profit social enterprises is an effective tool to align the interests of both investor and investee. This makes the investor behaving as a steward rather than as a principal. Conversely, while backing non-profit social ventures, philanthropic venture capitalists structure their deal similarly as traditional venture capital, as the absence of the non-distribution constraint makes such investments subject to moral hazard risk both in terms of perks and stealing and social impact focus. (shrink)

The benefits of full ectogenesis, that is, the gestation of human fetuses outside the maternal womb, for women ground many contemporary authors’ arguments on the ethical desirability of this practice. In this paper, I present and assess two sets of arguments advanced in favour of ectogenesis: arguments stressing ectogenesis’ equality-promoting potential and arguments stressing its freedom-promoting potential. I argue that although successfully grounding a positive case for ectogenesis, these arguments have limitations in terms of their reach and scope. Concerning their (...) limited reach, I contend that ectogenesis will likely benefit a small subset of women and, arguably, not the group who most need to achieve equality and freedom. Concerning their limited scope, I contend that these defences do not pay sufficient attention to the context in which ectogenesis would be developed and that, as a result, they risk leaving the status quo unchanged. After providing examples of these limitations, I move to my proposal concerning the role of ectogenesis in promoting women’s equality and freedom. This proposal builds on Silvia Federici’s, Mariarosa Dalla Costa’s and Selma James’ readings of the international feminist campaign ‘Wages for Housework’. It maintains that the political perspective and provocation that ectogenesis can advance should be considered and defended. (shrink)

This article traces the trajectory of theory and praxis around nocività or noxiousness – i.e., health damage and environmental degradation – drawn by the workerist group rooted in the petrochemical complex of Porto Marghera, Venice. While Porto Maghera was an important setting for the early activism of influential theorists such as the post-workerist Antonio Negri and the autonomist feminist Mariarosa Dalla Costa, the theories produced by the workers themselves have been largely forgotten. Yet, this experience was remarkable because it (...) involved workers employed by polluting industries denouncing in words and actions the environmental degradation caused by their companies from as early as 1968, when the workerists had a determining influence in the local factories. The Porto Marghera struggles against noxiousness contradict the widespread belief that what is today known as working-class environmentalism did not have much significance in the labour unrest of Italy’s Long 1968. The Porto Marghera group’s original contribution was based on the thesis of the inherent noxiousness of capitalist work and an antagonistic-transformative approach to capitalist technology. This led to the proposal of a counterpower able to determine “what, how, and how much to produce” on the basis of common needs encompassing the environment, pointing to the utopian prospect of struggling for a different, anti-capitalist technology, compatible with the sustainable reproduction of life on the planet. (shrink)