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Lessons on Economic Growth from the Informal Economy, with Robert Nason

Season 4, Ep. 2

What does the word “entrepreneurship” immediately bring to mind? Risk and reward, innovation and hard work, funding and financial growth, filling gaps in the market? In truth, that answer looks different around the world, in both formal and informal economies, depending on how the local, state, and national economies function and on how the culture views business ownership. On the Delve podcast, Desautels Faculty of Management Professor Robert Nason discusses informal economies and the institutions that shape them, pointing out what has been missed in how Western economic thought defines entrepreneurial growth, and what can be learned from the less rigid, arguably more inclusive nature of informal economies.

Read more on Delve and read the transcript.

Delve is the official thought leadership platform of McGill University's Desautels Faculty of Management. Delve's Managing Editor, Robyn Fadden, is the host for this episode. You can find out more about Delve at delve.mcgill.ca. Subscribe to the Delve McGill podcast on all major podcast platforms, including Apple podcasts and Spotify, and follow DelveMcGill on: LinkedInFacebookTwitterInstagram, and YouTube.

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10/14/2022

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Bank loans are the typical first step for most small and medium-sized businesses, but another form of business lending has emerged: FinTech companies that use algorithms to determine whether a business is worth the risk. Desautels Professor Paul Beaumont’s research has found that firms served by FinTech platforms have fewer tangible assets than bank borrowers—yet relative to similar firms that take out bank loans or were denied FinTech credit, FinTech borrowers experience a long-term 20% increase in bank credit after receiving their FinTech loan. “We have been lending the same way to small and medium-sized enterprises now for decades,” says Beaumont. “FinTechs constitute an innovation in the way we lend to firms. This is exciting because it means that finally we have invented a new business model to provide funds to small and medium-sized businesses… What we observed is that, in a sense, FinTechs fill the void left by banks when banks lend less often to small and medium-sized businesses.”Read more on Delve and read the transcript. Delve is the official thought leadership platform of McGill University's Desautels Faculty of Management. Delve's Managing Editor, Robyn Fadden, is the host for this episode. You can find out more about Delve at delve.mcgill.ca. Subscribe to the Delve McGill podcast on all major podcast platforms, including Apple podcasts and Spotify, and follow DelveMcGill on: LinkedIn, Facebook, Twitter, Instagram, and YouTube.