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Poverty and Entrepreneurship in Developed Economies

Michael H. Morris, Susana C. Santos and Xaver Neumeyer

While extensively explored as a solution to poverty at the base of the pyramid, this is the first in-depth examination of entrepreneurship and the poor within advanced economies. The authors explore the underlying nature of poverty and draw implications for new venture creation. Entrepreneurship is presented as a source of empowerment that represents an alternative pathway out of poverty.
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Chapter 9: Financing the ventures of the poor

Michael H. Morris, Susana C. Santos and Xaver Neumeyer

Extract

The financing needs of low-income entrepreneurs are examined. The possible sources of money available to a person in poverty are identified and patterns in their availability reviewed. Attention is devoted to new emerging sources, including microcredit schemes and crowdsourcing. A staged model is introduced to distinguish financing needs at different points in the evolution of a venture. Issues in and approaches to the poor becoming “bankable” are examined. Ongoing gaps in funding are identified.

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