Crowdfunding Social Ventures: Who Will Reward (or Punish) Hybridity?

Zineb Aouni, Marek Hudon, Anaïs Périlleux and Tyler Wry

Entrepreneurship Theory and Practice, 2024, vol. 48, issue 5, 1191-1222

Abstract: Unlike traditional investing, where decisions follow a clear financial calculus, it is unclear how and why funders support hybrid ventures. To address this question, we analyze the varied priority that investors place on social impact versus financial returns and draw on categories theory to argue that different priority orderings associate with different perceptions of how hybridity aligns with different investment goals. Results show that funders who prioritize financial goals react positively when they perceive a venture exhibits greater hybridity, whereas funders who prioritize social impact do not. Our findings contribute to research on impact investing, hybrid organizations, and categories theory.

Keywords: social venture; categorization theory; hybrid organization; goal-based categorization; causal-model categorization; crowdfunding; social entrepreneurship (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:48:y:2024:i:5:p:1191-1222

DOI: 10.1177/10422587231218194

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