Social Entrepreneurship has been around for quite sometime now but it’s had a massive surge of interest in recent years. Social Entrepreneurs are sprouting from all over in many shapes and forms to serve a multitude of purposes. Although this definition is not yet stabilised and its boundaries remain unclear, it focuses on the aim of achieving both economic efficiency and social purpose (Austin et al., 2006; Moulaert et al., 2013). Social Entrepreneurship stems from the uncertainty about the future and welfare if society. Recovering from the worst economic period the world has experienced, society is currently at a pivot point that has been dubbed “The Fourth Industrial revolution”. The financial constraints placed on many countries due to the after effects are consequentially helping to develop new interactions between public and private sectors and to build new responses to societal challenges that are sustainable, socially, economically and environmentally (Petrella and Richez-Battesti, 2018).
Millennials
Millennials, AKA Gen-z, are one of the biggest contributors to the rise of social entrepreneurship. For many a reason, there is a clear divide in the professional mindset between the generations. Millennials desire and demand meaning and value in work at home. Much so that they would quit when they don't see the sense in continuing. Maybe it’s the fear of ‘The Man’ or maybe it’s the privileges provided us that many before didn't possess. According to a 2015 survey by accounting firm Ernst & Young, millennials are the most likely generation to say they would change jobs or careers, give up promotion opportunities, move their family to another place or take a pay cut to have flexibility and better manage work and family life (MSN, 2018). Millennials have a greater sense of social responsibility, holding a different world view then there predecessors, Millennials seek authenticity and rally around important causes. Companies that support causes earn traction with the millennial customer. A study from the Stanford Graduate School of Business revealed that 90% of MBAs from business schools in Europe and North America prefer working for organisations committed to social responsibility. Ethics and integrity, it seems, win out over financial reward (HuffPost, 2018).
Honey is a social platform that connects business with philanthropists. In less than 4 years they have facilitated over €2.4m in social impact. Honeycomb cofounder Melissa Levick said, “ Having social impact built into your business model allows you to live your life on purpose. It's about connecting your brand's why with how it can be used authentically to serve the world. It's a genuine mechanism to solve social problems while feeling connected to a higher purpose (Forbes.com, 2018)”.
Technology
The era of technology and it’s effects on globalisation has a been a key driving force for social entrepreneurship. Technology has completely refaced what it means to be able to communicate. Talking to a person across the planet, which used to seem menacing, can now be done while you wait for the kettle to boil. No where is beyond reach, as long as it has cell service or free-wifi. Access is instantaneous and continuous and this creates a hub of world wide collaborators.
With all this access everywhere, people can no longer be blindly ignorant about issues outside of the current vicinity. With the rise of social media, social disparities are placed in front of your eyes overtime you open up your phone. This increase in awareness has lead to a massive surge of social responsibility. Adding to this the ease communication, it’s evident to the eye why social entrepreneurship has become both appealing and accessible.
Maybe one of the more profound effect of technology towards the rise of social entrepreneurship is digital crowdfunding. This from of funding has led to shift in how entrepreneurs can develop their idea. While it would be difficult to find investors for companies/ideas without a ‘profit is everything’ mentality, entrepreneurs can know get help from the soon-to-be customers or the communities that could benefit from the product or service. Perhaps the most striking use of crowdsourcing is disaster relief. By tracking tweets and e-mails and organising the data in order of urgency and quantity, relief agencies can address the most urgent calls for help, such as for medical aid, food, shelter, or rescue (Courses.lumenlearning.com, 2018). Many a social organisation have incorporated similar methods in the actions.
Social status
Money distribution world-wide is skewed and governments frequently fall short of mitigating problems of developing nations. The aid provided by governments are a key help to improve the welfare of countries especially at times of disaster but simply put, governments aren't equipped to solve the worlds issues. There are over 2 billion people who live in poverty and while the aid that is given provides a huge positive impact, it is Social enterprises that will have the most effect in these areas. Social enterprises tend to be rooted into the economic and social realities of the area in which they are and instead of simply providing aid they more ‘kick-start’ the area into ‘self-repair’ so to speak.
NanoHealth is a social enterprise founded by students from the Indian School of business. They developed the “doc-in-a-bag”, a mobile medical unit that can be used to monitor blood sugar and blood pressure. The firm employs local women as “saathis” or “friends” to act as door-to-door nurses, monitoring the blood pressure and blood sugar of slum dwellers (HuffPost, 2018). Social entrepreneurs like these students will be paramount for the future well being of society. Governments put a lot of emphasis on these social entrepreneurs because they provide a necessary product or service without extortionate prices. NanoHealth charge €1.50 for the service, whereas a for-profit-only company would possibly charge €50-100.
Politics
Leading on from that last line, ethics and politics is the dark horse in the drivers for social entrepreneurship. The outdated belief that profit trumps all has been overruled. Unethical business is frowned upon and ofter persecuted. The Fourth Industrial Revolution is completely shifting the way we live, work, and play (World Economic Forum, 2018). Exponential advances in technologies are disrupting economic and societal norms, and political actors are either rushing to respond to major challenges, or, at worst, not acting. To ensure that the Fourth Industrial Revolution leads to progress for all of humanity, we are in need of a new generation of political entrepreneurs to rise to the challenge (World Economic Forum, 2018).
Political entrepreneurs are people who bring about social change by introducing new ideas to disrupt whats been ‘written in stone’. Political movements are results from the disruption caused by those ideas. The value of the term and its meaning lies in its distinct description of people who come up with new ways to solve political problems in terms of political philosophy, political technology, political campaigns, and governance (World Economic Forum, 2018).
Social entrepreneurs look at old problems with new light, bringing unique and innovative solutions to light. The rise in social entrepreneurship has yet to reach its plateau. The advancements of technology and the increased value of social responsibility with only further the idea of social entrepreneurship. From political views to economic structures to how you shop, social entrepreneurship is seeping into and renovating the outdated constructs in place to ensure a higher standard of well being for society.