Academic Contributors
This research was conducted by BNVT Capital: a global venture capital firm, launched by investors previously at the Gates Foundation, Hedosophia and Goldman Sachs. With a presence in London, New York, and Riyadh, the global investment team is guided by the principle of Benevolent Disruption, a simple idea backed by proprietary returns data, that solving Big Problems is Big Business.
Co-author
Professor Josh Lerner
The Jacob H. Schiff Professor of Investment Banking at Harvard Business School
Professor Lerner’s research focuses on venture capital and private equity organizations, as well as innovation policy and its impact on firm strategy. He co-authored and provided the foreword to this paper, and was instrumental in the conception of ‘Benevolent Disruption’ more broadly
Academics
Professor David Gann
The former Pro-Vice-Chancellor at the University of Oxford and Professor of Innovation and Entrepreneurship at Said Business School
“For decades, we’ve celebrated incremental breakthroughs in technology, but too often missed the bigger picture. The real challenge—and opportunity—for tomorrow’s innovators is to think in systems, not silos. Only then can we unlock the full potential of technology to solve complex, interconnected problems that drive human progress forward.”
Professor Adam Dixon
The Adam Smith Chair in Sustainable Capitalism at Panmure House
Professor Dixon leads research on sustainable capitalism, focusing on the roles played by the global finance industry, the state, and corporations. Professor Dixon provided a comprehensive literature review on the history of ESG and ‘Benevolent’ narratives, as well as general editorial insight.
Professor Gerry George
Professor at the McDonough School of Business at Georgetown University and Author of Venture Meets Mission
“The future of innovation lies at the intersection of entrepreneurship and purpose. When ventures align with mission, they don’t just scale businesses — they scale human progress.”
Professor Bill Aulet
Managing Director of the Martin Trust Center for MIT Entrepreneurship
“Social entrepreneurship isn’t about choosing between impact and discipline — it’s about applying rigorous, data-driven methods to solve the world’s toughest problems at scale.”
Professor Gary Dushnitsky
Professor of Strategy and Entrepreneurship at London Business School
“Some of the most exciting moments in the evolution of the venture capital industry are those where insightful investors develop the thesis and structure to drive impact, driving both business and societal value.”
Professor Fiona Murray
Associate Dean of Innovation at the MIT Sloan School of Management and Vice-Chair of The Board of Directors of The NATO Innovation Fund
“Innovation is not only a source of economic growth but also of security that affects people worldwide. By investing in companies and funds that build innovative capabilities for defense, security, and industrial resilience using the tools of venture capital, the NATO Innovation Fund is delivering on an extremely important mission and purpose in today’s complex geopolitical world.”
Data Partners
Founded in 1987, VenCap International is a globally renowned venture capital fund-of-funds with unparalleled access to the world’s top-performing VC firms. Over nearly four decades, VenCap has built one of the most elite and enduring track records in the industry, backing the early funds behind many of the most iconic and valuable technology companies of our time. With exposure to over 500 venture funds and 16,000 underlying startups, VenCap’s portfolio offers a uniquely comprehensive and high-quality window into the evolution of the global innovation economy.
Crunchbase is the world’s leading private market intelligence platform, widely used by investors, founders, and analysts to track the growth of innovative companies. Its curated Unicorn Board provides real-time data on more than 1,500 venture-backed firms valued at over $1 billion, spanning every major sector and geography. As a dynamic, open-access resource, Crunchbase helps illuminate global trends in startup funding, sector emergence, and the scale-up trajectories of the world’s most category-defining businesses.