Vanina Farber

elea Professor of Social Innovation and Dean of the IMD EMBA program

Vanina Farber is elea Professor of Social Innovation and Dean of the IMD EMBA program. She is an award-winning economist and political scientist who specializes in social innovation and the mobilization of private capital for impact investing. Her research focuses on innovative, practical, sustainable, and inclusive market-oriented approaches that have the potential to change the world by eliminating the root causes of social ills. She is particularly interested in social innovation, social entrepreneurship, impact investing, sustainable finance and ESG, and applies a gender lens in all her research projects.

A key element of her work is to explore how the private sector can embed the idea of impact in the investment decision making process, particularly in relation to risk-adjusted return calculations and resource allocation. She seeks to understand the social innovation landscape through a holistic approach that examines both the supply of, and demand for, social innovation initiatives.

At IMD, she leads the elea Center for Social Innovation which is carrying out important research in this area. Among other topics, the Center is looking at how the private sector can deploy capital at scale for investments in projects with real social impact, and how private, public sector and philanthropic investors can collaborate effectively.

The Center was created by a donation from the family of Peter Wuffli with the aim of inspiring leaders in business, government, and civil society to create social innovation in their respective areas of responsibility.

Aligning economic incentives with social innovation is increasingly the fastest path to accelerate the impact economy.

In 2020, Farber co-authored the book The elea Way: A Learning Journey towards Sustainable Impact, with Peter Wuffli, the Founder and Chairman of the elea Foundation for Ethics and Globalization. The book summarizes insights from the foundation’s 15-year journey and is aimed at entrepreneurs, investors, executives, philanthropists, policymakers, and anyone curious about entrepreneurship and inclusive capitalism. Using real-life examples, it includes suggestions on how to lead impact enterprises in such areas as developing strategies, plans and models, building effective teams and organizations, managing resources, and handling crises.

Farber’s work involves collaboration with a range of financial institutions and corporate clients, and in 2022 she will launch IMD’s Driving Innovative Finance for Impact open program in partnership with the International Committee of the Red Cross, Lombard Odier, and the World Economic Forum. She also plays an active part in the Swiss Lab for Sustainable Finance and Gender Lens Initiative for Switzerland research networks and is an advisory board member at the Impact Finance Forum and an international academic advisory board member at the Católica Porto Business School in Portugal.

She also teaches courses on impact investing in IMD’s MBA and Executive MBA programs and leads the pioneering Discovery Expedition to Peru for EMBA participants, where they perform due diligence on Peruvian social enterprises for Swiss and local impact investors.

Farber was named Outstanding Case Writer in the 2022 Case Centre Awards for her study on pay-as-you-go technology company Angaza. She has also been recognized as winner of the EFMD Case Writing Competition 2022 in two categories: African Business for Angaza, and Responsible Leadership for Nia Impact Capital. She also won the responsible leadership category in the 2019 EFMD Case Writing Competition for her case on Philip Morris International’s vision of a smoke-free future.

Prior to joining IMD in 2018, Farber was Professor and Chair of Sustainable Entrepreneurship and Social Inclusion at Universidad del Pacífico, Peru. In January 2022 she was appointed as the fifth Dean of the IMD EMBA program.

Selected publications
Article
Defining and conceptualizing impact investing: Attractive nuisance or catalyst?
FinanceInvestmentSustainability
This introduction to the special issue on impact investing applies the attractive nuisance notion to impact investing. Social sector actors ‘trespassing’ on the playing field of conventional invest...
1 September 2022
Article
Gender and entrepreneurial propensity: Risk-taking and prosocial preferences in labour market entry decisions
Social InnovationEntrepreneurshipDecision Making
This study examines gender differences in risk-taking and prosociality through a hypothetical labour market entry choice experiment. To explore differences between male and female subjects by risk ...
12 February 2021
The elea Way: A learning journey toward sustainable impact
Book
The elea Way: A learning journey toward sustainable impact
SustainabilitySocial Innovation
Social entrepreneurship and impact investing contribute to a more inclusive capitalism and bring innovative solutions to global challenges, such as fighting poverty and protecting planet earth. Thi...
18 November 2020
Report
Will Covid-19 pave the way for more business responsibility? Evidence from Switzerland
Sustainability
Will the Covid-19 pandemic change peoples’ opinions about business responsibility? The future is by no means clear. On the one hand, the pandemic seems to be accelerating the transition towards a s...
1 July 2020
Article
In Alain Gibb's footsteps: Evaluating alternative approaches to sustainable enterprise education
EntrepreneurshipSustainability
This study examines the impact of contrasting pedagogies of sustainable enterprise education, focussing on the intention to create a social enterprise, as well as related entrepreneurial behaviours...
1 November 2016
Academic publications
Book Chapter
Blended finance and the SDGs: Using the spectrum of capital to de-risk business model transformation
SustainabilityFinance
The longstanding debate of whether environmental, social and governance (ESG) issues impact financial performance appears to have given way to identifying the best way for firms to achieve long-ter...
29 March 2023
Article
Defining and conceptualizing impact investing: Attractive nuisance or catalyst?
FinanceInvestmentSustainability
This introduction to the special issue on impact investing applies the attractive nuisance notion to impact investing. Social sector actors ‘trespassing’ on the playing field of conventional invest...
1 September 2022
Book Chapter
The Gender Inequality Index through the prism of social innovation
Social InnovationSustainabilityDiversity and Equity and Inclusion
Gender equality is a central issue of the global agenda. Initially included as one of the main goals of the Millennium Development Summit in 2000 and now championed as a fundamental human right in ...
2 April 2022
Nia Impact Capital: Active ownership for social justice
Case Study
Nia Impact Capital: Active ownership for social justice
FinanceSustainabilityInvestmentDiversity and Equity and Inclusion
The case is about a sustainable investor firm, Nia Impact Capital (Nia) (Oakland, California), and its founder and CEO, Kristin Hull. Hull aims to invest in gender and racial justice and to make mo...
31 December 2021
Angaza: A Silicon Valley journey (Abridged)
Case Study
Angaza: A Silicon Valley journey (Abridged)
Sustainability
Angaza’s story is not a typical solar light story, but the story of a female social entrepreneur with a for-profit Silicon Valley mindset transforming a social enterprise from a hardware to a softw...
31 December 2021
Case Study
Chanel 1.5°: A sustainability journey
SustainabilityLuxuryStrategyDiversity and Equity and Inclusion
In a short span of five or six years, CHANEL embraced CSR (corporate social responsibility) and ESG (environmental, social, governance) initiatives that stretched far beyond its established comfort...
16 December 2021
Case Study
Maison Chloé: Driving purposeful transformation for sustainability
SustainabilityStrategyLuxuryDiversity and Equity and Inclusion
At luxury fashion house Maison Chloé, minds were focused on the first collection of new Creative Director, Gabriela Hearst, which was just hitting the stores. Chloé’s CEO, Riccardo Bellini, had rec...
16 December 2021
Case Study
Finance for a sustainable society at Triodos Investment Management: An ESG portfolio investment decision
SustainabilityFinanceInvestmentDiversity and Equity and Inclusion
This case provides the opportunity to perform a real, but simplified, ESG research analysis and portfolio investment decision from the perspective of an impact investor. It was designed using Triod...
11 November 2021
Book Chapter
Market infrastructure for social ventures
Social InnovationEthicsSustainability
The acquisition of resources—investors, employees or customers—is a key challenge for new organizations, which lack experience and proven competencies (Zott and Huy, 2007). This process is arguably...
4 May 2021
Article
Gender and entrepreneurial propensity: Risk-taking and prosocial preferences in labour market entry decisions
Social InnovationEntrepreneurshipDecision Making
This study examines gender differences in risk-taking and prosociality through a hypothetical labour market entry choice experiment. To explore differences between male and female subjects by risk ...
12 February 2021
Case Study
Financing change, changing finance: Should Triodos invest in Tesla?
FinanceSustainabilityDiversity and Equity and Inclusion
In 2020, Triodos Investment Management had approximately EUR 4.9 billion in assets under its management (impact investment). Triodos motto was “Financing for change. Change Finance” and understood ...
31 December 2020
Case Study
PMI’S vision of a smoke-free future: Can a tobacco company be sustainable (Abridged)
SustainabilityStrategy
Philip Morris International (PMI) CEO André Calantzopoulos announced in 2016 a radical pivot in the Marlboro cigarette manufacturer’s strategy: the company would shift to “smoke-free” products in m...
31 December 2020
Case Study
A world without cigarettes? Building a sustainability materiality matrix
Sustainability
The case is about a company in one of the so-called sin industries that has committed to phase out cigarettes – the origin of its sins – in favor of a smoke-free future based on reduced-risk produc...
18 December 2020
Case Study
A world without cigarettes? Actions speak louder than words
Sustainability
By March 2020, Philip Morris International (PMI) had defined its purpose, “[to] create a smoke-free future and ultimately replace cigarettes with smoke-free products” and had validated PMI’s materi...
18 December 2020
The elea Way: A learning journey toward sustainable impact
Book
The elea Way: A learning journey toward sustainable impact
SustainabilitySocial Innovation
Social entrepreneurship and impact investing contribute to a more inclusive capitalism and bring innovative solutions to global challenges, such as fighting poverty and protecting planet earth. Thi...
18 November 2020
Case Study
PMI’S vision of a smoke-free future: Can a tobacco company be sustainable?
Sustainability
Philip Morris International (PMI) CEO André Calantzopoulos announced in 2016 a radical pivot in the Marlboro cigarette manufacturer’s strategy: the company would shift to “smoke-free” products in m...
5 November 2019
Article
In Alain Gibb's footsteps: Evaluating alternative approaches to sustainable enterprise education
EntrepreneurshipSustainability
This study examines the impact of contrasting pedagogies of sustainable enterprise education, focussing on the intention to create a social enterprise, as well as related entrepreneurial behaviours...
1 November 2016
Article
Barriers and public policies affecting the international expansion of Latin American SMEs: Evidence from Brazil, Colombia, and Peru
Emerging Economy
The paper aims to improve the understanding of the determinants of the international expansion of Latin American SMEs. To do this, it adopts an institution theory perspective to study the interacti...
1 June 2016
Article
Into the abyss: Occupational segregation of immigrant workers and the Spanish crisis 2006-2012
EconomicsDiversity and Equity and InclusionDisruption
Spain became one of the world’s top immigration destinations in the 21st century, with the share of migrants in employment climbing to a peak of 17% just as the crisis hit the country. How did thes...
1 January 2016
Article
An entrepreneurial learning exercise as a pedagogical tool for teaching CSR: A Peruvian study
Entrepreneurship
This paper reports on an exploratory cross-sectional study of the value of an entrepreneurial learning exercise as a tool for examining the entrepreneurship dimension of corporate social responsibi...
1 October 2015
Insight for Executives
Article
Intentional money: Strategies for sustainable finance
SustainabilityFinance
The logic of sustainable finance is simple; tell me where you put your money, and I will know what matters to you. But how do sustainable investors actually make their investment decisions and what...
9 August 2022
Article
Bessere Daten führen zu mehr Nachhaltigkeit
SustainabilityStrategyFinance
The volume of sustainable funds rose to 694.5 billion Swiss francs and now accounts for 52 percent of the total Swiss fund market - this figure surpasses conventional investment funds for the first...
13 June 2022
Report
Impact management: A market analysis of impact objectives and firm policies
FinanceSustainabilitySocial Innovation
Sustainable financial products are rapidly growing. According to the 2021 Swiss Sustainable Investment Market Study, sustainable investing assets increased 31% from 2019 to 2020, reaching a total o...
1 June 2022
In the field with Angaza
Article
In the field with Angaza
Social Innovation
How can a social enterprise stay true to its purpose while making money for itself and its investors, both traditional and impact?
28 February 2022
Taking aim: How shareholder activism is making the workplace more diverse and inclusive
Article
Taking aim: How shareholder activism is making the workplace more diverse and inclusive
FinanceEthicsDiversity and Equity and InclusionInvestmentSustainability
In a monumental milestone of what’s come to be called “stakeholder capitalism”, activist hedge fund Engine No 1 successfully claimed three seats on Exxon’s board of directors in 2021 with the...
9 February 2022
Three trends to track as impact investing eyes the mainstream
Article
Three trends to track as impact investing eyes the mainstream
SustainabilityFinanceLeadership
2021 has been another year that has thrown global imbalances and inequalities into sharp relief. For many of us, this has triggered a re-evaluation of how we live, including where we put our money....
6 January 2022
Article
Quand l'activisme des actionnaires rend la culture d'entreprise plus inclusive
Corporate GovernanceInvestmentSustainability
By using their voting rights at general meetings, more and more shareholder activists are influencing HR policies and the working climate in these large firms. The investment fund Nia Capital, for ...
10 December 2021
How investors can balance risk, return and impact to spark positive change
Article
How investors can balance risk, return and impact to spark positive change
SustainabilityEntrepreneurshipFinance
Investing in social entrepreneurs and communities that seek to deliver positive and sustainable change poses a significant dilemma for investors: How can we identify sustainable business models tha...
10 December 2021
Three lessons in impact investment to absorb from Peruvian moss
Article
Three lessons in impact investment to absorb from Peruvian moss
Sustainability
Driving sustainable economic development through impact investing requires careful due diligence, strong partnerships and patient capital. The elea Foundation’s experience with Peruvian startup Ink...
3 December 2021
Three factors to watch as impact finance gains traction
Article
Three factors to watch as impact finance gains traction
FinanceInvestmentSustainability
29 October 2021
An aspiration for COP26: Accelerating the transition to net zero
Article
An aspiration for COP26: Accelerating the transition to net zero
SustainabilityFinance
The global push for net-zero emissions is a massive undertaking, but the existential threat of climate change means that companies must act now.
27 October 2021
Accelerating transitions to sustainable business models after COVID-19
Video
Accelerating transitions to sustainable business models after COVID-19
Finance Social Innovation Sustainability
There is a growing need to provide executives with the tools to take a more integrated approach to impact and business – and to change mindsets when it comes to financial decision-making.
21 June 2021
Accelerating the sustainability transition
Article
Accelerating the sustainability transition
Sustainability
Where to start and how to maintain the transition to sustainable business models. Companies and asset managers are making substantial progress in the transition to sustainable business models. Most...
1 June 2021
Article
Nachhaltigkeit: schneller, höher, stärker!
SustainabilitySocial InnovationFinance
The Olympic motto also applies to sustainability in business: Those who want to be first to the finish line or jump further than the competition have to be faster, go further and aim higher than th...
28 May 2021
Challenging mindsets to inspire impact
Article
Challenging mindsets to inspire impact
Investment Social Innovation Sustainability
With discovery expeditions on hold due to COVID-19, elea Professor of Social Innovation Vanina Farber offered EMBA participants an inspiring – and eye-opening – virtual trek into the world of impac...
11 May 2021
Report
Social innovation: Mobilizing private capital for impact
Social InnovationSustainability
By applying novel market solutions to global social and environmental problems, social innovators can play a key role in mobilizing capital for impact. By sharing the value created with society as ...
7 April 2021
Landmark financial sustainability regulation is finally here. Now what?
Article
Landmark financial sustainability regulation is finally here. Now what?
Financial Regulation Politics Sustainability
Landmark financial sustainability regulation is finally here. Now what?
10 March 2021
Silver lining? COVID-19 and the entrepreneurial gender gap
Article
Silver lining? COVID-19 and the entrepreneurial gender gap
Entrepreneurship
The pandemic has encouraged more women to be entrepreneurs. How can we adapt the ecosystem to suit them more?
8 March 2021
Article
Free market capitalism can allow for the end of poverty
SustainabilitySocial InnovationEntrepreneurship
Covid-19 will push hundreds of million people back into poverty. This means a massive setback to all the progress achieved in recent years regarding the first of the 17 UN Sustainable Development G...
4 January 2021
A Learning Journey Toward Sustainable Impact