Risks and rewards of social entrepreneurship.
A few years ago, KSW Consulting began to engage with clients who are in the social entrepreneurship space. A combination of global venture capital activity, technology and innovation, increasing population and socioeconomic challenges has fueled this emerging industry.
The definition of social entrepreneurship varies depending on whom you ask. We found that The Schwab Foundation for Social Entrepreneurship has the most comprehensive definition and guidelines for this type of work. They explain:
Social entrepreneurs drive social innovation and transformation in various fields including education, health, environment and enterprise development. They pursue poverty alleviation goals with entrepreneurial zeal, business methods and the courage to innovate and overcome traditional practices. A social entrepreneur, similar to a business entrepreneur, builds strong and sustainable organizations, which are either set up as not-for-profits or companies.
A social entrepreneur is a leader or pragmatic visionary who:
•Achieves large scale, systemic and sustainable social change through a new invention, a different approach, a more rigorous application of known technologies or strategies, or a combination of these.
•Focuses first and foremost on the social and/or ecological value creation and tries to optimize the financial value creation.
•Innovates by finding a new product, a new service, or a new approach to a social problem.
•Continuously refines and adapts approach in response to feedback.
Combines the characteristics represented by Richard Branson and Mother Teresa.
We’ve worked with two great companies that are mirroring this definition in real terms and making strides in social entrepreneurship around the world: Y-Center, a digital and in-person learning program for creative problem-solving and entrepreneurial thinking in Mozambique and India, and VACID Africa, an ICT-based social enterprise that services agricultural development in Kenya. Both companies are leading the way in connecting government, education, technology and entrepreneurship in creative ways to alleviate AND enhance social conditions.
It takes a vision, passion and fearlessness to embark on a social entrepreneur’s journey. Funding and the ability to translate the mission to measurable results and ROI are often a challenge. Corporate and community partnerships are key. When you’re able to do this well – as the University of San Diego has been able to with their Social Innovation Challenge – the rewards are amazing, financially and otherwise.
We’re proud to have been part of our clients’ journeys and we look forward to supporting future initiatives with exceptional marketing and partnership strategy!