Lisa Hehenberger

Dr. Lisa Hehenberger is an Associate Professor in the department of Strategy and General Management at ESADE, and Director of the Entrepreneurship Institute. She is a renowned expert on social entrepreneurship, venture philanthropy, impact investment and entrepreneurship. At ESADE she teaches social entrepreneurship & impact investing (CEMS, MBA), entrepreneurship (EMBA), entrepreneurship in the Master of Research, as well as numerous executive courses. Dr. Hehenberger is a member of the Impact & Sustainable Finance Faculty Consortium set up by Kellogg School of Management at Northwestern, and a member of CNBC's Disruptor 50 Advisory Council - a group of leading thinkers in the field of innovation and entrepreneurship. She is also a member of the Academic Working Group on Impact Measurement and Management of CASE at Duke with the United Nations Development Programme (UNDP).

Dr. Hehenberger's research focuses on market-building as an entrepreneurial project in the contexts of social entrepreneurship, venture philanthropy and impact investing. She has published in the most prestigious academic peer-reviewed journals in management, such as the Academy of Management Journal, as well as in practitioner-oriented publications such as Stanford Social Innovation Review. She is the author of numerous books, policy papers and practitioner reports. She is a member of the scientific board of SDA Bocconi School of Management's Impact Investing Lab and has served as advisor to the EU-funded research projects SEFORIS (social entrepreneurship for innovative and inclusive societies) and ITSSOIN (impact of the third sector as social innovation). Dr. Hehenberger launched the Entrepreneurship Institute's Center for Social Impact through which she is engaged in numerous research projects (e.g. on migrant social entrepreneurship, social impact bonds, venture philanthropy, impact investing in Spain, etc.) and set up ESADE's impact community and the Social Impact Lab of the MBA to connect ESADE students with the impact sector.

Dr. Hehenberger is very active in the field of social entrepreneurship, venture philanthropy and impact investing. She is a member of the European Commission's Expert Group on Social Business (GECES) and of the OECD's Social Impact Investment Expert group. She is on the Scientific Board of the OECD Global Action "Promoting Social and Solidarity Economy Ecosystems". She is a strategic advisor to the European Venture Philanthropy Association (EVPA), the pan-European association for venture philanthropy and social impact investment, on research and policy. Lisa sits on the advisory boards of impact investing funds such as Creas, Rubio Impact Ventures, Oryx Impact Fund, People and Planet Partners and Seastainable Ventures. She represents the ESADE Entrepreneurship Institute as the academic partner of the Spanish National Advisory Board on Impact Investing (Spain NAB). She served on the French National Advisory Board and the Impact Measurement Working Group of the Social Impact Investment Task Force established by the G8. For six years, she was the Research and Policy Director of EVPA. She has advised organizations such as World Wide Fund for Nature, Repsol Foundation and Meridia Capital Partners on their impact investment strategies.

Dr. Hehenberger has a PhD in management from IESE Business School and a master's degree in business and economics from Stockholm School of Economics and HEC (CEMS). Previously she worked in investment banking at Union Bank of Switzerland (UBS) in London and at GB Investment Banking in Madrid, and Barcelona.

Education

• Doctor of Philosophy (Ph.D.) IESE Business School - University of Navarra (2004 — 2010)
• M.Sc. Stockholm School of Economics (1994.08 — 1999.02)
• CEMS HEC Paris (1997 — 1998)

Companies

• Director Esade Center for Social Impact Esade (2021)
• Associate Professor Department of Strategy and General Management Esade (2021)
• Scientific Board Member of the OECD Global Action Promoting Social and Solidarity Economy Ecosystems OECD Centre for Entrepreneurship, SMEs, Regions & Cities (2021)
• Chief Impact Advisor Oryx Impact (2020)
• Director ESADE Entrepreneurship Institute esade.edu (2017 — 2021)
• Assistant Professor Department of Strategy and General Management ESADE Business & Law School (2016 — 2021)
• Strategic Advisor European Venture Philanthropy Association (EVPA) (2016 — 2021)
• Member of the European Commission's Expert Group on Social Business (GECES) European Commission (2012 — 2021)
• Research and Policy Director European Venture Philanthropy Association (2010 — 2016)

Selected publications

• Naimi, A., Hehenberger, L. & Clewett, K. (2020). Humans at the center: How social entrepreneurs with a migrant background are making a difference. ESADE Entrepreneurship Institute (EEI).
• Hehenberger, L., Buckland, L. & Gold, D. (2020). De la medición del impacto al aprendizaje para el impacto: Los itenerarios de aprendizaje de las fundaciones europeas. ESADE Entrepreneurship Institute (EEI).
• Hehenberger, L., Buckland, L. & Gold, D. (2020). From measurement of impact to learning for impact: European charitable foundations' learning journey. ESADE Entrepreneurship Institute (EEI).
• Hehenberger, L., Mair, J. & Metz, A. (2019). The assembly of a field ideology: An idea-centric perspective on systemic power in impact investing. Academy of Management Journal, 62 (6), pp. 1672-1704.
• Hehenberger, L. & Harling, A. (2018). Moving towards "impact-adjusted" financial returns. American Journal of Evaluation, 39 (3), pp. 408-412.
• Hehenberger, L., Mair, J. & Seganti, S. (2018). Impact investing: Financing social entrepreneurs. In L. Alemany & J. Andreoli (Eds.), Entrepreneurial finance: The art and science of growing ventures, pp. 485-529. Cambridge University Press.
• Nogales, R., Hehenberger, L., Daniele, D., Catana, L. & Stokkink, D. (2016). Social enterprises and the social economy going forward. A call for action from the Commission Expert Group on Social Entrepreneurship (GECES). European Commission.
• Hehenberger, L., Boiardi, P. & Gianoncelli, A. (2016). From philanthropy to venture philanthropy. In V. Vecchi, L. Balbo, M. Brusoni & S. Caselli (Eds.), Principles and practice of impact investing: A catalytic revolution, pp. 128-148. Greenleaf Publishing.
• Hehenberger, L. (2016). De la mesure à la gestion de l'impact: La perspective de l'investisseur à impact social. In A. Mérieux (Ed.), Rapport moral sur l'argent dans le monde 2015-2016, pp. 203-209. Association d'Economie Financière.
• Boiardi, P. , Hehenberger, L. & Gianoncelli, A. (2016). Impact measurement in practice: In-depth case studies. European Venture Philanthropy Association (EVPA).
• Balbo, L., Boiardi, P. , Hehenberger, L., Mortell, D. , Oostlander, P. & Vittone, E. (2016). A practical guide to venture philanthropy and social impact investment. European Venture Philanthropy Association (EVPA).
• Boiardi, P. & Hehenberger, L. (2015). A practical guide to adding value through non-financial support. European Venture Philanthropy Association (EVPA).
• Hehenberger, L. & Harling, A. (2015). What are the challenges to measuring the social impact of social enterprises?. In A. Noya, Policy brief on social impact measurement for social enterprises , pp. 14-17. Organisation for Economic Co-operation and Development (OECD).
• Hehenberger, L., Harling, A. & Scholten, P. (2015). A practical guide to measuring and managing impact (2 ed.). European Venture Philanthropy Association (EVPA).
• Varga, E. (2015). Hehenberger, L. & Boiardi, P. (Eds.), Corporate social impact strategies-new paths for collaborative growth. European Venture Philantropy Association (EVPA).
• Hehenberger, L. & Boiardi, P. (2015). Learning from failures in venture philanthropy and social investment. European Venture Philanthropy Association (EVPA).
• Clifford, J. , Hehenberger, L., Fantini, M. , Grabenwarter, U., Ratti, M. & Valcarcel, M. (2015). Proposed approaches to social impact measurement. European Commission.
• Hehenberger, L., Boiardi, P. & Gianoncelli, A. (2014). European venture philanthropy and social investment 2013/14. The EVPA survey. European Venture Philanthropy Association (EVPA).
• Boiardi, P. & Hehenberger, L. (2014). A practical guide to planning and executing an impactful exit. European Venture Philanthropy Association (EVPA).
• Mair, J. & Hehenberger, L. (2014). Front-stage and backstage convening: The transition from opposition to mutualistic coexistence in organizational philanthropy. Academy of Management Journal, 57 (4), pp. 1174-1200.
• Hehenberger, L. & Harling, A. (2014). European venture philanthropy and social investment 2012/2013. European Venture Philanthropy Association (EVPA).
• Hehenberger, L. (Ed.), (2014). Social impact strategies for banks: Venture philanthropy and social investment. European Venture Philanthropy Association (EVPA).
• Hehenberger, L., Buckland, L. & Hay, M. (2013). The growth of European venture philanthropy. Stanford Social Innovation Review, (Summer 2013), pp. 32-39.
• Metz Cummings, A. & Hehenberger, L. (2011). A guide to venture philanthropy for venture capital and private equity investors. European Venture Philanthropy Association (EVPA).
• Hehenberger, L. & Metz Cummings, A. (2010). Strategies for foundations: When, why and how to use venture philanthropy. Alliance Publishing Trust, European Venture Philanthropy Association (EVPA).