ABSTRACT
Social investing has evolved over time to match that spectrum. At one end are nonprofit approaches, such as philanthropic giving of grants and donations, and at the other are for-profit approaches like investing with equity. Hybrid approaches, such as venture philanthropy and impact investing, occupy the middle. Funding vehicles correspond with these different approaches: grants and donations on the nonprofit side and equity on the for-profit side; other funding vehicles include loans and bonds, which can be used across the spectrum. Government agencies provide funds for R&D in specific subject areas and, in some cases, seed funding for new ventures. Research funds are often earmarked for researchers based in universities, research institutions, or smaller organizations that specialize in a specific subject. Government agencies may also provide startup resources that encourage new ventures, whether commercial or social or both.
