Oftentimes, business and altruism seem to be at odds. Social entrepreneurship aims to dismantle that notion. This effort takes a number of shapes, but specifically, entrepreneurial initiatives addressing global health are on the rise. These types of businesses intend to implement solutions to health care problems faced by marginalized groups in ways that bureaucratic governments and health organizations cannot.
To backtrack, a social entrepreneur is someone who seeks to establish sustainable social change on a large-scale. They intend to promote social values while keeping fiscal responsibility in mind.
A key characteristic is innovation. A social entrepreneur should be able to adapt new or improved methods to fit the targeted populations in order to help the world. A social business is one that does not sacrifice responsibility for profit, but rather shoots for responsibility while turning a profit.
According to the Journal of the American Medical Association (JAMA), the rise in social entrepreneurship is an unmistakable trend in full force. At least 27 universities worldwide are currently offering courses or programs in that particular field of study. There are at least 25 annual competitions for social entrepreneurship, which reflects the rising popularity of this sect of the business world.
Unlike other businesses, social ventures do not rely on patented technologies or methods, but rather search to inject something new, namely perspective, into an already existing system. With healthcare, this means companies can circumvent the norm and introduce a unique lens through which healthcare is delivered.
Outside of the private sector, social entrepreneurship is changing the way the public sphere operates as well. Governments and NGO’s are learning from these ventures. From organizations in Bangladesh and Thailand to the U.K.’s own Oxfam, NGO’s are adopting entrepreneurial methods to maximize the effectiveness of their operations.
Governments are beginning to endorse social entrepreneurship as a valuable ally to local economies and social change.
– Connor Borden
Photo: The Startup Couch