Study finds regenerative tourism still excluded from investment portfolios

A study by Nova SBE's Leadership for Impact Knowledge Center and Blink Impact, based on interviews with investors, academics and practitioners, examines why regenerative tourism struggles to attract capital despite growing impact investment. Researchers Ricardo Zozimo and Ana Milhazes identify structural barriers including mismatched timeframes, weak trust between investors and local operators, and metrics that fail to capture ecological, social and cultural value. In an interview, Milhazes argues investors should be seen as system-shapers rather than mere financiers, and proposes shifting from 'patient capital' towards 'generational capital' that accepts returns may take decades to materialise.