Innovative solutions from illegal ventures can be harnessed also in society
What motivates innovators operating in the informal economy, and why do they continue to run illegal ventures? New research uncovers the dynamic role of contexts and entrepreneurs' lived experiences in their decision to run illegal ventures.

In his doctoral thesis, Moses Osofero explores the motivations of entrepreneurs who form informal ventures and how they justify the continued running of such ventures.
“I found that policy formulation and implementation, and individual lived experiences, such as adversity play crucial roles when these entrepreneurs decide to stay within the informal economy”, claims Osofero.
Research on the informal economy has largely focused on measuring its size and impact on the mainstream, formal economy. It has also been perceived as primarily negative, with interventions most focused on punitive measures against its actors.
“My research reveals diverse, innovative solutions emerging from the informal economy. One such solution is cryptocurrencies, which were developed as currency for illegal operations before gaining relevance for general commerce. Another is how unemployed youths in the oil-rich region of Nigeria, due to adversity, invent locally fabricated refineries to refine stolen crude oil and sell the finished products locally and internationally,” says Osofero.
These innovative solutions and many more emerging from the informal economy can only be harnessed when governments and policymakers begin to seek to understand the actors in the informal economy and their motivations.
“A change in our approach to the informal economy, with more effort invested in understanding the motives and justifications of the actors in the informal economy, would provide a fresh perspective that could lead to more effective policy formulation and open us up for exploring the innovative economic solutions that are emerging from the much-maligned informal economy”. Osofero summarises.
You can read the whole thesis here: Understanding Enterpreneurship in the Informal Economy : Theories, Justifications and Motivations
Moses Osofero will defend his thesis on 5 September, at 12.00 in Hanken School of Economics, Arkadiankatu 22, Helsinki.
The doctoral defence will be held as hybrid. Participants can attend on-site or via videoconference. Access the video conference via the link: https://go.hanken.fi/defence-osofero
More information:
Moses Osofero
Phone: 0453100163
E-mail: moses.osofero@hanken.fi
Opponent: Manuel Hess, Grenoble Ecole de Management
Custos: Joakim Wincent
Contacts
Marlene GünsbergCommunications Specialist
Tel:040 3521212marlene.gunsberg@hanken.fiAbout
Hanken School of Economics is a leading, internationally accredited university with over a hundred years of experience in education and research in economics and business administration. The research is of a high standard and constitutes the foundation of all teaching. Hanken has close ties to the business community and an active alumni network with over 13 000 alumni in 65 countries worldwide.
Alternative languages
Subscribe to releases from Svenska handelshögskolan
Subscribe to all the latest releases from Svenska handelshögskolan by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Svenska handelshögskolan
Rekordantal vill studera på svenska på Hanken25.3.2025 17:57:44 EET | Pressmeddelande
I år har Svenska handelshögskolans (Hanken) kandidatutbildning både i Helsingfors och Vasa lockat rekordmånga ansökningar. Ansökningsmålen på både orterna slår alla tidigare års ansökningsrekord.
Ennätysmäärä hakijoita Kauppakorkeakoulu Hankeniin25.3.2025 17:57:44 EET | Tiedote
Tänä keväänä Kauppakorkeakoulu Hankenin kandidaattiohjelmaan sekä Helsingissä että Vaasassa on tullut ennätysmäärä hakemuksia. Hakukohteet molemmilla paikkakunnilla ylittävät kaikki aiempien vuosien hakuennätykset.
Anders Wall -stipendi Hankenin opiskelijalle William Engblomille12.3.2025 08:00:00 EET | Tiedote
Hashlistin perustajalle William Engblomille on myönnetty Anders Wall -stipendi, joka on suuruudeltaan 200 000 Ruotsin kruunua eli noin 18 200 euroa. Engblom opiskelee Kauppakorkeakoulu Hankenissa ja on taustaltaan moottoriurheilija. Hänen rakentamansa alusta tuo yhteen tekniset asiantuntijat ja autoteollisuuden tarpeet.
Hankeiten William Engblom fick Anders Walls -stipendium11.3.2025 09:59:06 EET | Pressmeddelande
William Engblom, grundare av Hashlist, har tilldelats Anders Walls stipendium på 200 000 svenska kronor. Med en bakgrund inom motorsport och en passion för innovation har han byggt upp en plattform som matchar tekniska experter med fordonsindustrins behov.
Hanken student William Engblom receives Anders Wall Scholarship11.3.2025 09:59:06 EET | Press release
William Engblom, founder of Hashlist, has been awarded the Anders Wall scholarship of 200 000 SEK. With a background in motorsport and a passion for innovation, he has built a platform that matches technical experts with the needs of the automotive industry.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom