Institutional Case Studies on Necessity Entrepreneurship
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Institutional Case Studies on Necessity Entrepreneurship

Edited by Jeremi Brewer and Stephen W. Gibson

An estimated one billion individuals in both developed and developing nations can be defined as necessity entrepreneurs; individuals who have no other viable option for licit income than to start a small, income generating activity. However, the emphasis on providing business and leadership training to necessity entrepreneurs is only just gaining traction. This book provides the first-known global analysis dedicated exclusively to organizations from both the public and private sectors that are specifically involved with microenterprise education for necessity entrepreneurs. The authors provide a pragmatic synopsis and evaluate the efficacy of the programs that have been, currently are, or will soon be teaching and/or training necessity entrepreneurs around the globe.
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Chapter 8: Entrepreneurship Finance Lab

Asim Khwaja, Bailey Klinger and Colin Casey


The Entrepreneurial Finance Lab (EFL) was created to expand access to finance in emerging markets by equipping banks with better tools to measure credit risk. Built with the aim of tackling a 2.5 trillion dollar financing gap for micro, small and medium enterprises (MSMEs) around the world, EFL's digital psychometric credit assessment evaluates small business owners on key elements of entrepreneurship in a scalable and automated manner. This application has been implemented across Latin America, Africa and Asia, and is currently completed somewhere in the world every five minutes by a previously un-bankable applicant. It helps bring the developing world's most capable, yet previously un-bankable, entrepreneurs into the formal financial fold. Emerging from a research initiative at the Harvard's Center for International Development, EFL has facilitated over $275 million in lending to MSMEs. Case studies from Latin America and South Asia highlight the tools' use and impact.

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