What does social entrepreneurship look like? Creating a profitable venture that positively transforms lives, communities, and careers can take shape in many ways. Sometimes it’s a social venture, a business that employs underserved populations, donates proceeds to a worthy cause, or upcycles waste into consumer goods. Sometimes, it’s a leap of faith into civic empowerment that reinvests in neighborhoods. Other times, it is a business-minded individual who has found a way to link their passion with their purpose. Our passions are simply the things that animate us, stirring our enthusiasm and revving our engines. They are the “bright spots” in our day. Our purpose plugs that surge of passion into our work ethic, to make a positive impact in the world.
Social entrepreneurship can unfold in physical spaces, such as retail shops or manufacturing plants; or on virtual platforms, lowering barriers of access and leveraging economies of scale to reach more people. It can strengthen the heart of a neighborhood, or build a global community. Below are three case studies of social entrepreneurship, illustrating the breadth and depth of the concept.
LIVE: Rebranding Math
Po-Shen Loh is a mathematics professor at Carnegie Mellon University, but his LinkedIn profile identifies him first and foremost as a social entrepreneur.
As the social isolation of COVID-19 cut into classroom instruction and math literacy, Professor Loh created a livestream platform, LIVE, to teach middle-school students creative problem-solving strategies that happen to apply to math. (One of his passions is to rebrand “math” as “thinking.”) To help the high-school instructors remain expressive and engaging, Loh recruits professional actors and comedians who found themselves deprived of revenue streams during the pandemic. This scalable approach to math instruction employs those in need, injects entertainment into academics, and cultivates deep thinking.
WellVentions: Training Budding Entrepreneurs to Invest in Community
My town of Rochester, New York has a rich history in both innovation and entrepreneurship, including social entrepreneurship. For example, the organization ProsperRochester, Inc. maintains a year-round business and idea lab called WellVentions to encourage young entrepreneurs to invest in their dreams, and in their communities. WellVentions is led by my friend and colleague, Jill Stolt.
With a permanent space in the landmark Rochester Public Market, WellVentures maintains a “Mini Me Mart” to test, market and sell products from pasta and puppets to smoothies and sauce. Products are developed under the guidance of chefs and other local experts. All profits are reinvested in training, stipends, and new product development. The hope is to create an emerging generation of community advocates, business leaders, and of course social entrepreneurs.
Greyston Bakery: Social Impact Hits the Sweet Spot
Like many systemic barriers, factors such as incarceration, homelessness, or lack of formal education make it difficult for individuals in New York and New Jersey to secure employment. Traditional hiring practices often exclude these individuals, making it difficult for them to achieve economic stability. And if they don’t feel economically secure, they cannot invest in their communities.
Is there a solution that turns a profit, turns over lives, and tastes amazing? Look no further than Yonkers’ Greyston Bakery, a certified B Corporation with a policy of “Open Hiring,” meaning they hire anyone who applies—no questions asked about criminal records, education, or prior experience. The bakery provides on-the-job training, workforce development, and personal support along with access to child care, housing assistance, and education. Greyston supplies brownies to Ben & Jerry’s, turning a mission-driven business into a successful commercial enterprise. All told, the for-profit business model has created 3,500 jobs for people vulnerable to unemployment, with millions of dollars reinvested into the community. In fact, its Open Hiring policy has gained traction in other for-profit businesses.
I hope these three examples have whet your appetite (no pun intended) for our social entrepreneurship Roadmap to Success. Social entrepreneurship can play out in varied ways, but the core concepts are airtight: profit, passion, purpose and positive impact.