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Policies to enhance social development through the promotion of SME and social entrepreneurship: a study in the Colombian construction industry

Abstract The intent of this research is to propose and analyse a set of policies in the construction industry to enhance social development. First, the paper shows the connections between the development of small and medium enterprises (SMEs) and social entrepreneurship (SE), the reduction of the leakage, and then the generation of social value (SV) for sustainable regional development. For that, the article analyses briefly the literatures on SE and leakage, and focuses on the relevance of SME and social entrepreneurs as promoters of SV creation and development. Second, the paper proposes a framework and proposes a set of 20 policies aimed to reduce leakage, reinforce SMEs and entrepreneurship and also to promote SE behaviour by the diverse economic agents in the construction industry, in order to increase the generation of SV and sustainable development. Then, the paper analyses the acceptability, feasibility and viability of these proposed polices, which can be useful for academics and practitioners. For that, the study uses the Delphi methodology, applied to an expert-group of 23 professionals (representatives of the private and public sector) belonging to the Colombian construction industry. The results emphasize the relevance of the development of local incumbents and the social focus of firms to increase the generation of SV. Oppositely, policies interfering economic freedom and free trade receive the lowest rates in the three criteria considered.