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Advanced Analytics to Reactivate Economies through Social Entrepreneurship in Latin America

Teryn Wolfe May 4, 2021

In the last decade entrepreneurship has taken center stage for social change in Latin America. Hundreds of incubators and accelerators, both national and international are developing standardized and sector or size-specific programs to promote social entrepreneurship. However, to access these resources, this often leaves entrepreneurs adapting their business models to a program or the standards of an accelerator- not to their business models or customer who experiences an important outcome as a result of the business’s product or service. 

Furthermore, entrepreneurs – especially social entrepreneurs – need solutions quickly, which requires an ecosystem of actors that support their work, not just one- time support through incubation programs that leave them with the tools, but no partners or resources to grow. 

For this reason, Measurement Matters, a social, environmental and financial management company from Bogotá and the Ventures Corporation, Colombia’s oldest and most reputable business accelerator, have created the program “Ventures Crea” – a data-driven acceleration and ecosystem-building framework that drives change through social entrepreneurship. 

Ventures Crea starts by mapping entrepreneurs and both their formal and informal networks with other entrepreneurs and service providers; public and private support institutions; financial institutions (or informal finance providers) and family, friends and community hierarchical structures. As this important network data is collected, so is critical baseline data on the state of the businesses, sectors or geographical area being analyzed. 

This information is then analyzed using Social Network Analysis (SNA), a statistical methodology that uses graph and network modeling to understand the entrepreneurship ecosystem behavior   and the characteristics of each entrepreneur. This allows for strategic decision making concerning which actors are most influential in local communities and why, allowing for local-led growth;  and further, show decisionmakers a multitude of pathways they can choose to create value within the ecosystem for the social entrepreneurs. The methodology uses visualizations, data, and geospatial analysis to create options for entrepreneurs and decision makers that are appropriate for any time frame, budget or intervention, allowing for greater collaboration and coordination between actors in the ecosystem. 

This experience has been verified in the neighborhood “Pescaíto” in Santa Marta, Colombia in partnership with Tras la Perla, Carlos Vives´ NGO. The project “Ventures Crea” in Pescaíto seeks to identify and prepare social entrepreneurs as a way to consolidate the Orange Economy in the neighborhood and promote integrated social development. 

Measurement Matters is currently using the bae methodology to explore options that involve a variety of indicators which allow decision makers to use different innovative finance tools to reach their social and environmental goals through entrepreneurship at scale. 

This conversation seeks to discuss challenges, opportunities, lessons learned and explore new ways Ventures Crea can evolve to drive economic reactivation through social entrepreneurship and innovative data management and analysis.

Format

Fireside Chat

Meta Themes

  • Social Entrepreneurship

Themes

Data analysis, entrepreneurial ecosystem building, social entrepreneurship, sustainable development

Purpose and Desired Outcome

Share our experiences in Colombia with the international community, seek to find partners that can enrich our work and scale it for entrepreneurs and their ecosystems at a global level. Promote ecosystem building as a strategy for economic reactivation, especially for social entrepreneurs. Demonstrate and encourage the use of data for strategic decision making in the social entrepreneurship space.

Audiences

  • Corporate & SME

  • Government

  • Academia

  • Entrepreneurs

Speakers

  • NameTeryn M Wolfe
  • TitleCEO
  • OrganizationMeasurement Matters
  • StatusConfirmed
  • NameJose Octavio Carrillo
  • TitleExecutive Director
  • OrganizationVentures Corporation
  • StatusConfirmed
  • NameIsabel Vazquez
  • TitleDirector
  • OrganizationTras la Perla
  • StatusInvited
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