Federica Belfanti

In an era of polycrisis, where challenges such as inequality, environmental degradation, and economic instability intersect, rethinking capitalism is imperative. Traditional models, focusing solely on profit maximization and economic growth, are insufficient to address the complexities of today’s global landscape. Prior research largely concentrated on how entrepreneurship contributes not just to economic, but even to the social progress of locations, but less is known on how social progress influences entrepreneurship. This chapter examines the role of social progress in enhancing the dynamism of Entrepreneurial Ecosystems (EEs). Moving beyond conventional economic and institutional perspectives, it explores how social progress—measured through Basic Human Needs (BHN), Foundations of Well-being (FOW), and Opportunities—shapes the resilience and vibrancy of EEs. Utilizing fuzzy-set qualitative comparative analysis (fsQCA) across Italian provinces with diverse socio-economic contexts, the study identifies key pathways through which social progress fosters the long-term sustainability of EEs. The findings provide valuable insights for advancing EE theories, informing policy frameworks aimed at enhancing regional competitiveness, and offering business leaders strategies to drive sustainable growth and innovation within their ecosystems.

Creating Shared Value (CSV), the managerial concept introduced by Porter and Kramer in 2011, offers companies a framework for identifying opportunities to create economic value in a way that also improves social outcomes for society, fostering regional transition toward sustainability. Recently, there has been an increasing interest in CSV concept from both the academic and the professional world. Several scholars have explored the idea and shared value strategies have been designed and implemented by a number of the world’s major MNCs. Nonetheless, much of the scholarly discussion around CSV remains arguably under-theorized and empirical research that might help theorizing on the topic is largely missing. This study provides insights into the successful configuration of innovative CSV business strategies through the case of 21 Invest, an Italian firm operating in the private equity market with a CSV approach. Building on a comparative case study analysis of three of the most successful investments of 21 Invest in Italy, this study makes a step forward in the understanding of how firms translate shared value agendas into actions. Both theoretical and practical implications of the findings for successfully translating shared value agendas into action are discussed.