SoCial Finance for SOcial EnterPrisEs: TheoRy aNd PractICe to bUild a more incluSive society

Project Information

COPERNICUS

Grant agreement ID: 892293

DOI

10.3030/892293

Project closed

EC signature date 16 April 2020

Start date 1 November 2020

End date 17 March 2025

Funded under

• EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions

Total cost

€ 237 768,01

EU contribution

€ 237 768,00

Coordinated by

UNIVERSITA DEGLI STUDI MAGNA GRAECIA DI CATANZARO
Italy

Periodic Reporting for period 2 - COPERNICUS (SoCial Finance for SOcial EnterPrisEs: TheoRy aNd PractICe to bUild a more incluSive society)

Reporting period: 2022-11-01 to 2023-10-31

Summary of the context and overall objectives of the project

In recent years, many actions of the EC have highlighted the interest in promoting and funding social innovation (SI) and social enterprises (SEs). The purpose of COPERNICUS is to analyze the approaches, methods and instruments of social finance (SF) – also through the analysis of the more advanced experiences in this field (such as Canada) – with the aim of proposing theoretical and practical solutions helpful to support SEs localized in some marginal territory of the EU, especially in Calabria. In detail, COPERNICUS aims to contribute to the international academic debate on SF, with a focus on the role of SF for SEs through the analysis of the best practices useful for the improvement of economic wellbeing; 2) to provide better theoretical and practical solutions by designing tailored financial instruments for SEs located in Calabria with the aim of developing and testing efficient ways to reduce social exclusion and to promote social innovation (that could potentially be expanded to other “Objective 1” regions in the EU); and 3) to promote a permanent network between the involved parties that is useful for encouraging new financial approaches for a more inclusive society.
During the final reporting period, COPERNICUS has significantly expanded its scientific contribution and successfully completed its objectives. Research activities were finalized through the publication and submission of peer-reviewed journal articles, the development of an international edited volume, participation in leading international conferences, and the establishment of the Laboratory of Excellence for Social and Sustainable Finance at the University Magna Graecia of Catanzaro, where the project was officially transferred for the final 11 months of its implementation.
Key scientific outcomes include: the application of bibliometric analysis and grounded theory to map the intellectual landscape of social finance; the development of empirical models linking crowdfunding to social innovation; and a systematic review of FinTech’s role in supporting the achievement of Sustainable Development Goals (SDGs) in developing countries. COPERNICUS has fully achieved its objectives, contributing to the advancement of scientific knowledge, the development of practical tools for SEs, and the consolidation of an international research network. It leaves a lasting legacy in the field of social finance and sustainable development, providing a solid foundation for future research, practical applications, and policy innovation.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During the first phase of the COPERNICUS project (Months 1–24), the PI focused on four key thematic areas: (1) identifying the boundaries and intellectual structure of the social finance (SF) research landscape; (2) exploring Social Impact Bonds (SIBs) as emerging financial instruments to address complex social challenges; (3) assessing crowdfunding as an alternative and complementary funding mechanism for social enterprises (SEs); and (4) analyzing the role of FinTech companies in advancing the Sustainable Development Goals (SDGs). These topics were investigated through bibliometric analyses, grounded theory approaches, and literature reviews, leading to several scientific outputs. Major achievements of this initial phase include the publication of “How Many Shades Are There in Sustainable Finance? A Bibliometric Review” in an international edited volume, and the submission of multiple articles currently under peer review, including works on the intellectual structure of SF, the evolution of SIBs, and the conceptual development of impact investing and financial innovation in underserved areas. The PI also participated in ten international conferences, delivered five invited lectures, and completed 62 specialization courses, strengthening her academic profile and international engagement.
The second phase of the project (Months 25–36) was marked by both challenges and achievements. Key results include:
• The establishment of the COPERNICUS Laboratory for Social and Sustainable Finance at UNICZ, which now serves as a permanent institutional hub for research, training, and stakeholder engagement;
• The successful completion of short-term visiting periods at the University of Tours (France) and the University of Waterloo (Canada), leading to new co-authorships and a joint SSHRC grant proposal on fossil fuel divestment;
• The organization of five academic seminars and workshops, two international secondments, and multiple teaching activities within PhD and Master’s programs;
• The refinement and dissemination of empirical models connecting crowdfunding to social innovation, and of bibliometric and content analyses of FinTech’s role in SDG-oriented finance.
COPERNICUS has fulfilled its objectives by producing actionable knowledge, fostering international collaboration, and promoting capacity building in social finance—especially in marginalized EU regions such as Calabria.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

COPERNICUS has achieved all expected results, contributing significantly to advancing the field of Social Finance (SF) and its practical applications for social innovation and inclusion. The main achievements include:
• Clarification of the conceptual boundaries of Social Finance and mapping of its intellectual structure through advanced bibliometric and co-word analyses.
• Development of a novel taxonomy of Social Finance, identifying key research gaps and future directions in the field.
• Introduction of the concept of "Impact FinTech", outlining how digital financial solutions can support inclusive growth and the achievement of the Sustainable Development Goals (SDGs).
• In-depth studies on the role of crowdfunding and Social Impact Bonds (SIBs) in financing social innovation, especially in disadvantaged regions (Objective 1 areas).
• Exploration of FinTech’s contribution to the SDGs, particularly in developing countries, emphasizing the alignment between financial returns and measurable social impact.
• Establishment of the Laboratory of Excellence for Social and Sustainable Finance at the University Magna Graecia of Catanzaro, ensuring long-term institutional impact and continuity of the research.
• Dissemination of results through high-quality scientific publications, conference presentations, and coordination of an international edited volume.

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