Do GOOD, like the San Francisco-based magazine that promotes social entrepreneurship
In my last post for BostInno, I wrote about simple, potentially transformative ideas and how they’re much easier said (and read and appreciated) than done (think absorbed or implemented). To me, social entrepreneurship feels like another one of these simple, but not-so-simple concepts. It’s a relatively new term — having first hit the scene in the 60s and 70s, gaining speed in the 90s due in large part to Bill Drayton — for what is certainly a major global trend, and still its meaning can easily get lost.
Hear a term often enough in many different circles and contexts and that term can begin to lose its intended impact.
So what exactly is social entrepreneurship? What does it look like? How do we know these companies are doing more good than harm in the long-run? What are some measures of success? These are just a few questions that typically come up in conversation around social entrepreneurship.
In essence, social enterprises are entrepreneurial ventures with the aim of solving one or more societal problems.
Social entrepreneurs seek to build companies that create jobs and turn a profit while also helping to cure social ills like poverty, hunger, disease, pollution—any number of things that have a negative effect on a particular group of people as well as the whole of society. They face unique challenges in growing their businesses and often partner with foundations, nonprofits, and corporations to accomplish their goals.
That said, I believe social entrepreneurship is best explained by way of example.
One fairly well-known example of a successful social enterprise is Toms Shoes, founded by Blake Mycoskie. Buy a pair of Toms and another pair goes to a child in need. In return for a stylish pair of shoes, Toms gives customers a relatable, concrete way to give back. For young people who wish to “make a difference,” but don’t have a lot of money, buying a pair of shoes for $40-100 is usually doable. Just as Mycoskie does things differently with his business model, he has a unique work and management style, too. Earlier this month he was featured in Inc. Magazine’s “The Way I Work” blog, in which he discusses his role within the company and why he takes a few months “off” each year.
A bit closer to home is Boston-based Common Soles, another, smaller footwear company that reinvests a portion of its profits into community infrastructure in the regions where its products are made.
Another example of a social enterprise is a Boston-based company called Prosperity Candle. This company partners with women entrepreneurs in distressed regions of the world and brings them into a unique profit-sharing model in which they earn well above a living wage. Through their work, Prosperity Candle builds a network of women entrepreneurs who then support one another. The ripple effects of their work go far beyond what we can even imagine.
Looking for more examples of social enterprises? Or perhaps answers to some of the trickier questions about the field?
A new crop of media companies sharing the stories of these enterprises have sprung up in recent years. While they’re each a bit different in terms of purpose, Ashoka’s Changemakers, Changents, GOOD Magazine, Beyond Profit Magazine, and Social Edge are all tremendous resources. One of personal favorites, founded in 2003, is The Stanford Social Innovation Review (SSIR). Many of these media companies are social enterprises in their own right, the only difference being that their product is information.
What’s the challenge/opportunity here?
Instead of buying goods and services without thinking about the impact of our purchases, why not learn about companies that meet our needs while also doing good in the world? It’s a myth that we’ll automatically pay more. And as we build new companies in order to re-build our economy, why not grow and invest in companies that create new possibilities for people?
Our potential here is unlimited.
What are your thoughts on social entrepreneurship? Who are your favorite socially-conscious Boston-area startups? Please share your thoughts in the comments section below.
Alexis is a freelance writer and editor and co-founder of The New Prosperity Initiative (NPi), a media organization dedicated to knowledge sharing in the social justice field. Lex serves on the board of directors of The Writers’ Room of Boston, is a “Connector” for Boston World Partnerships, and holds a B.A. in Government from Smith College.
Tags: Op-Ed
