Digital Social Entrepreneurship: Innovation Opportunities in Developing Economies

In late 2022, amid a profound economic and social crisis, over 3000 new ventures were established in Venezuela. The vast majority of them were based on technology. These ventures have pioneered innovative business models that not only create employment opportunities but also make significant social impact by addressing unmet demands of the population overlooked by both the public and traditional business sectors. These critical needs span financial inclusion, transportation, access to drinking water, food and medicine delivery, digital remittances services, telemedicine, and online education platforms. Through a multiple case study approach, this investigation classified these entities as Digital Social Ventures (DSV) and presented a systemic view that elucidates the contexts, factors, and capabilities inspiring and underpinning their viability. The synthesis of social purpose, digital cost-efficient platforms, business acumen, and ecosystem development showcases an innovative strategy to tackle the often-challenging societal needs prevalent in developing economies.