Towards an Impact Economy: Recommendations for Promoting Impact Investing in Spain is the title of new report by an ESADE-led taskforce convened to promote impact investing in Spain. Coordinated by Foro Impacto, and with ESADE acting as the academic partner, the taskforce’s work culminated with the inclusion of Spain in the Global Steering Group for Impact Investing (GSG), a network that coordinates the national advisory boards on impact investment of more than 20 countries worldwide. The study describes the challenges being faced by stakeholders in the impact-investment ecosystem in Spain and compiles the recommendations of more than 70 experts and organisations that took part in the process with a common goal: defining an intersectoral action plan to promote impact investing in Spain within the framework of the 2030 Agenda.

Lisa Hehenberger, co-author of the report and Director of the ESADE Entrepreneurship Institute (EEI), commented: ‘The report shows that there is interest in impact investing in Spain, both among the pioneers who have been working for years to create funds and impact-investment platforms, and among all the organisations that participated in the reflection process, especially those which represent the social and financial sectors.’

ESADE’s recommendations

The report was presented at a session entitled ‘The Impact Revolution’ at CaixaForum in Madrid, which featured the participation of Cristina Gallach, High Commissioner for the 2030 Agenda, and Ronald Cohen, known as the father of social-impact investment.

According to co-authors Lisa Hehenberger, Guillermo Casasnovas and Lourdes Urriolagoitia, the report offers five main recommendations: strengthening social enterprises through the work of social incubators and accelerators; attracting public and private funds to catalyse impact investment; leveraging the capital and knowledge of foundations to foster impact investing; promoting the use of payment-by-results contracts to promote social innovation; and creating knowledge and market infrastructure around impact investment.

‘To promote impact investment, it is essential to support social enterprises in their initial stages, encourage the use of public funds to catalyse private impact investment, and include social and environmental impact variables in various sectors of the economy, including private businesses, the social economy and public administrations,’ concluded Dr. Hehenberger