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Welcome to the Publications Library! Here you will find a searchable index of reports, toolkits, research papers, and other resources relevant to the Small and Growing Business Sector. Sort by clicking on the relevant tags, or by typing in key words in the box below.


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Top tags: sector publication  impact investing  Entrepreneurship  ANDE publication  Access to Finance  Global  2018  Social Entrepreneurship  women  Development  accelerators  Economic Growth  SGB  SME  Africa  impact evaluation  2016  GALI  india  Agriculture  ecosystem  latin america  finance  social enterprise  2017  environment  private sector development  Base of the Pyramid  BoP  poverty 

Emerging Markets, Emerging Models: Market Based Solutions to the Challenges of Global Poverty - Monitor Inclusive Markets

Posted By Saurabh Lall, Aspen Institute - ANDE, Monday, November 14, 2011
March 2009

Market-based solutions have recently attracted strong interest in the campaign against global poverty, in part due to the remarkable success of micro-finance. They are relatively new, with an uneven performance record, and there is much yet to learn about what causes them to succeed or fail. The most successful pass two tests: they are self-funding, and they operate at suffi cient scale to make a
difference to masses of poor people. They also have one salient feature in common: a business model tailored to the special circumstances of markets at the base of the income pyramid.

The report is based on Monitor’s extensive research into hundreds of market-based solutions around the world, with a particular focus on India, which is an advanced laboratory of approaches and an especially fertile source of lessons about performance. The research is based on dozens of site visits and hundreds of interviews as well as extensive work in the public record. The report provides strong evidence that engaging the poor as customers and suppliers presents an exciting — and signifi cant — opportunity to establish new
paradigms to bring genuine social change in economically sustainable ways.

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Tags:  Base of the Pyramid  Business Models  Case Studies  Health  India  Poverty  sector publication  Water 

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Patterns of Business Creation, Survival and Growth: Evidence from Africa - World Bank - Klapper, Richmond

Posted By Saurabh Lall, Aspen Institute - ANDE, Monday, November 14, 2011
October 2011

The authors study firm dynamics using a novel database of all formally registered firms in Cote d'Ivoire from 1977 to 1997, which account for about 60 percent of gross domestic product. They examine entry and exit patterns and the role of new and exiting firms versus incumbents in job creation and destruction. They find that while the rate of job creation at new firms is quiet high—at 8 percent on average—the number of jobs added by new firms is small in absolute terms. 

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Tags:  Cote d'Ivoire  Entrepreneurship  Jobs  Policy  sector publication  SME  West Africa 

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Doing Business 2011: Making a Difference for Entrepreneurs

Posted By Saurabh Lall, Aspen Institute - ANDE, Monday, November 14, 2011

Doing Business 2011 is the eighth in a series of annual reports benchmarking the regulations that enhance business activity and those that constrain it. The report presents quantitative indicators on business regulation and the protection of property rights for 183 economies—from Afghanistan to Zimbabwe. The data are current as of June 2010.
A fundamental premise of Doing Business is that economic activity requires good rules—rules that establish and clarify property rights and reduce the cost of resolving disputes; rules that increase the predictability of economic interactions and provide contractual partners with certainty and protection against abuse. The objective is regulations designed to be efficient, accessible to all and simple in their implementation. Doing Business gives higher scores in some areas for stronger property rights and investor protections, such as stricter disclosure requirements in related-party transactions.

Doing Business takes the perspective of domestic, primarily smaller companies and measures the regulations applying to them through their life cycle. Economies are ranked on the basis of 9 areas of regulation—for starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. In addition, data are presented for regulations on employing workers and for a set of pilot indicators on getting electricity.

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Tags:  Entrepreneurship  Global  policy  private sector development  sector publication 

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Assessing IFC's Poverty Focus and Results - Independent Evaluation Group (World Bank)

Posted By Saurabh Lall, Aspen Institute - ANDE, Monday, November 14, 2011

The International Finance Corporation’s (IFC) mission is to create opportunities for people to escape poverty and improve their lives. It pursues this mission by promoting growth through support for private sector development. Attention to the type of growth that the institution supports is therefore critical for the fulfillment of its mission. IFC’s approach in this respect has evolved over the years: from support to private sector-led growth in general, to promoting environmentally and socially sustainable growth, to—more recently—beginning to pay explicit attention to inclusive growth. There have been different perspectives of how IFC’s support for private
sector development is helping to tackle poverty. Yet, there is not enough clarity about what poverty means within the IFC context and how its interventions reach and affect the poor. 

In the context of IFC’s business model, IEG defined poverty focus as support for private sector development that contributes not only to growth but equally to patterns of growth that enhance opportunities for the poor. This type of growth is often referred to as inclusive, pro-poor, or broad-based growth. IFC is on the right track in its poverty focus, including making development impact a key driver of strategy, testing development goals in operational activities, and participating in funding the International Development Association (IDA). But it can more fully exploit the vast potential for poverty orientation in its growth supporting activities. This evaluation covering fiscal year (FY) 2000 to 2010, aims to contribute to the enhancement of IFC’s poverty focus and its effectiveness for a greater poverty impact. Poverty focus is assessed in terms of how its strategies, projects, and results measurement framework contribute to growth and to distributional patterns of growth that create opportunities for the poor.

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Tags:  impact evaluation  poverty  private sector development  sector publication  SME 

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Impact Evaluation of SME Programs in Latin America and Caribbean - The World Bank Group

Posted By Saurabh Lall, Aspen Institute - ANDE, Monday, November 14, 2011
January 2010

This report is the product of a research project rigorously evaluating the net impacts of participation in small and medium enterprise (SME) programs in four Latin American countries-Chile, Colombia, Mexico and Peru. The objective of the research was to determine which SME programs improve firm performance, and to gain insights into why some programs may be more effective than others.

To this end, the research team worked closely with national statistics offices in each of the four countries to develop firm-level panel data on program beneficiaries and a comparison group of non-program participants with similar firm attributes. The research team adopted a common analytic approach to ensure comparability of findings across countries. This drew upon methodologies
used in recent impact evaluation studies of SME programs in high income and developing countries (reviewed in Chapter 2) to address issues of selection bias from program participation. The analysis also extended evaluation methodologies in several new directions: to accommodate the presence of multiple treatment cohorts and participation in multiple SME programs, to estimate the effects over
time of impacts from program participation, and to test the sensitivity of impact estimates to firm exit.

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Tags:  Access to Finance  impact evaluation  Latin America  sector publication  SME 

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Women, Business and the Law: Measuring Gender Parity in 141 Economies - IFC/World Bank

Posted By Saurabh Lall, Thursday, October 27, 2011
Summer 2011

Women, Business and the Law objectively highlights differentiations on the basis of gender in 141 economies around the world, covering six areas: accessing institutions, using property, getting a job, providing incentives to work, building credit and going to court. Women, Business and the Law describes regional trends and shows how economies are changing across these six areas, tracking governments’ actions to expand economic opportunities for women.

The empirical evidence suggests that, slowly but surely, governments are making progress in expanding opportunities for
women. From June 2009 to March 2011, Women, Business and the Law recorded 46 legal and regulatory changes occurring
in 39 economies that affected the indicators. Without doubt, 41 of these changes were aimed at achieving greater gender
parity and reducing legal differentiation between men and women, with Kenya leading the way with the highest number
of changes in this positive direction.

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Tags:  Entrepreneurship  Global  Policy  sector publication  Women 

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Beyond Microfinance: Getting Capital to Small and Medium Enterprises to Fuel Faster Development

Posted By Saurabh Lall, Friday, October 21, 2011
A Brookings Institution policy brief that argues that small and medium sized enterprises contribute more to economic development and growth than micro-enterprises, but face barriers to scale in developing countries. 

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Tags:  Development  Entrepreneurship  Microfinance  sector publication  SME 

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Alphamundi - Impact Finance Survey 2010

Posted By Saurabh Lall, Friday, October 21, 2011
October 2010

A survey of 62 financial institutions in the field of Impact Investing, with a particular focus on European institutions. According to Alphamundi, the survey findings have "helped shape policy changes in Luxembourg and provided private and institutional investors with a better understanding of the opportunities and challenges faced by Impact Finance fund managers". 

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Tags:  Access to Finance  Dataset  financing mechanisms  Global  impact investing  sector publication  survey 

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SME Innovators and Gazelles in MENA - The World Bank

Posted By Saurabh Lall, Tuesday, September 27, 2011
Published September 2011

The Middle-East and North Africa (MENA) region faces no greater challenge than employment generation. An expanding literature on
"gazelles” suggests that a small percentage of fast-growing small and medium enterprises (SMEs) generate the majority of new jobs in
diverse economies. This paper observes the characteristics of fast growing SMEs included in World Bank Investment Climate Assessment (ICA) enterprise surveys in the MENA region. The identified enterprises characteristics associated with high growth among SMEs include being an innovator, offering workers formal training and receiving an international quality certification.

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Tags:  Gazelles  High-Growth Entrepreneurship  Job Creation  Middle-East  North Africa  sector publication 

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Coordinating Impact Capital: A New Approach to Investing in Small and Growing Businesses - Santa Clara University, Center for Science, Technology and Society

Posted By Saurabh Lall, Tuesday, September 27, 2011
Published in July 2011

Note: This research document is a result of an ANDE-funded Capacity Development Fund grant.

This study by Santa Clara University’s Center for Science, Technology and Society (CSTS), finds the need to develop a more collaborative approach to deploying capital in the impact investing space. The majority of the 45 organizations surveyed in the report ‘Coordinating Impact Capital’ expressed an interest in linking with potential co-investors to lower the risk associated with funding small and growing businesses (SGBs) in developing countries.

The authors also find that nearly 60 percent of respondents used multiple investment vehicles (grants, loans, convertible notes and equity) and 50 percent employed local intermediary organizations when making debt investments. However, only 17 percent reported having used Capacity Development Organizations (CDOs) to help their enterprises build management and systems capacity, despite the potential benefits.

They recommend a syndicated approach of ‘phased investing’, in which two or more investors provide capital during different phases of an SGB’s development, to ensure a steady stream of capital to the enterprise. The authors also suggest that equity may not be the most effective funding instrument for the sector. Instead, the development of cash-flow based investment vehicles could improve the predictability of returns and drive more mainstream capital into impact investing.

The study was funded by the ANDE Capacity Development Fund 2010, and these findings present an opportunity for ANDE to play a greater role in coordinating the flow of impact capital and capacity development services to SGBs. The report also suggests potential areas of future research on the impact of SGBs on poverty and economic development, and identifying factors that lead to greater social outcomes.

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Tags:  Access to Finance  ANDE Members  Global  impact investing  sector publication 

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