The game changing act of impact investing

: the case of MAZE

Abstract

The research study examines the practice of the upcoming financial instrument of impact investing, with prior focus on impact measurement, by analysing the approach of a Portuguese impact investing firm, MAZE. The study will establish a theoretical foundation by reviewing existing literature, and clarifying conceptual frameworks, to be applied when analysing the case of MAZE. For the first part of the analysis the framework of PESTEL will be applied to understand the drivers of the market in the relevant industry. For the second part of the analysis, the study will examine the impact management approach of MAZE, the Impact Management Project (IMP) guidelines and its adaption of the framework. To evaluate the challenges and suggest improvements, the SWOT analysis will be applied. The results of the study demonstrate that Portugal has a strong orientation towards positive change and the market is well-equipped for social enterprises to rise. Furthermore, the analysis shows that MAZE has done a great job in developing a significant impact management approach that allows for a detailed and actionable overview of the impact created, to develop infrastructures for social enterprises to grow and succeed. The results in combination explain the fact that MAZE has become a major player in the Portuguese impact scene and demonstrates how impact management can be accomplished to achieve higher positive change.

Date of Award	29 Apr 2022
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Marta Bicho (Supervisor)