Social Entrepreneurship Creating a Better World to Live
By:-Rita G Chauhan
“In Bangalore the move from tech to social businesses in on the rise, the market is ripe and innovation is booming.”
Tena Pick, CEO, Co-Founder of the Sustainability Platform
It is interesting to note that India leveled on 14th position in list of the Best Countries to be a Social Entrepreneur. In 2016, the Thomson Reuters Foundation assessed the 45 countries’ environment for social entrepreneurs and released a report titled “The best countries to be a SOCIAL ENTREPRENEUR 2016”. The report has covered the countries like US, Canada, UK, Singapore, Israel, Chile, South Korea, Hong Kong, Malaysia, France, India and many others. India took 14th spot across all areas in the ranking of this report. The key findings of this report highlight about strengths and weaknesses of India in the regard of social entrepreneurship and what role investors and policy makers are playing to motivate youngsters to pursue for doing business in this area.
The Time of Transition
Young brigade of startups is breaking down barriers between social problems and business. They are using their talent to make real change in the society by combining values and society problems with passion to make revenue. They feel that only innovations can transform India into a healthier country to reside. Young people really want to give back to the society and no more afraid of failure. They see it as a genuine career opportunity and that’s why taking challenge of entering into the social landscape. As a result, the number of social enterprises is highest than ever before.
Biggest Challenges Facing Social Entrepreneurs
Social entrepreneurship is rewarding as this give a chance to spread the happiness in society but it comes with tremendous challenges. Sometimes social entrepreneurs become over emotional toward their entrepreneurial journey and forget that what value it is providing. Apart from this, starting a social enterprise is little tougher in India because there is lack of funds, public understanding, manpower, central agenda, right plan, creating a structure, knowledge resources and so on. One can succeed to maximize the value of a social enterprise only when he/she become daring enough to overpower these challenges. In addition, one should be ready to accept the fact that this segment may not help to make a high profit quickly like entrepreneurs make in other segments sometimes.
Social entrepreneurship is leading in the right way because a number of government policies and institutions are helping to incubated startups in social landscape. Supporting channels are playing major role in building of a favorable ecosystem for social enterprises. They are bridging the gap between those leading toward the social change and those investing in social change. Many academic institutions and business houses are building networks that are helping to strengthen social enterprises. These channels are guiding and mentoring startups to make their ideas big. In recent times, a quick rise has been seen in the number of incubators which are helping to bring out the real potential of entrepreneurs. They are providing all needed infrastructure for entrepreneurs. Famous incubators that are particularly working in this area include UnLtd India, Villgro, Ennovent, Deshpande Foundation, Action for India , RTBI – Rural Technology and Business Incubator, Dasra, Upaya Social Ventures and lots more. UnLtd India offers financial help to those startups that have potential for social impact. Villgro is supporting primarily those social startups which are in education, healthcare, agri-business and energy. Action for India organizes the annual Silicon Valley Challenge to give opportunity to startups to spend 10 days in Silicon Valley. Similarly other incubators are also helping social enterprises to make a difference. So if you think that you have a great biz idea that has the power to transform lives but unsure of how to see it to final result?.
In conclusion, with innovative business models social entrepreneurs are booming fast in the segments; education, energy, healthcare, agriculture, sanitation, awareness and water conservation etc. Furthermore, social entrepreneurship is in very young stage but some favorable conditions will help more entrepreneurs to come up with their innovative business ideas to change the lifestyle of Indians for sustainable growth.