Challenges to impact investing in a developing country: Evidence from Chile

Davide Viglialoro, Omar Seguel, Paolo Landoni

Research output: Contribution to journalArticlepeer-review


This study discusses the impediments and challenges to the growth of impact investing in a developing country. The authors define a set of 7 possible obstacles by establishing a conceptual framework for impact investing. The obstacles are tested through 24 interviews with different players within the Chilean entrepreneurial ecosystem, confirming impediments such as the early stage of market development, the scarcity of suitable investment deals, overdependence on public funding, a paucity of intermediaries and specialised business supports, and the lack of impact measurement practices. Our findings represent a step forward in understanding and supporting the growth of impact investments in developing countries.
Original languageEnglish
JournalVenture Capital
Early online date26 Jun 2024
Publication statusE-pub ahead of print - 26 Jun 2024


  • Impact investing
  • Developing countries
  • Social entrepreneurship
  • Entrepreneurial finance
  • Qualitative Research

Cite this