Social Entrepreneurship

Ever since we sat in on the first couple weeks of a SPEA course called "Social Entrepreneurship," Stephanie and I have been on the lookout for this idea in practice. What is it? Applying business models to social problems, to develop new businesses that are efficient and financially self-sustaining the way a for-profit would be, but tackle solutions to social problems where there is some market failure, like a non-profit would. They figure out a way to do good, and turn a profit, that they reinvest in doing more good.

Examples include Dr. V and Mr. Green who cite the 30 second efficiency, low cost, high volume model that allows McDonalds to serve hamburgers, and applied it to eye cataract surgeries in India. PBS has a very cool series all about social entrepreneurs called The New Heroes. Watch them, they are great videos.

This encompasses two topics: entreprenuerial spirit and social consciousness, both on the rise according to experts, based on a shifting of generations in the work force.

In my Urban Economic Development class with Barry Rubin, there is a high focus on entreprenuerial trends, because starting new, smaller businesses is a great way to generate more jobs in a community (as opposed to first-wave development strategies of "smoke-stack chasing" which involves regions competing to attract large manufacturing plants). It's also the preferred way for up-and-coming smart workers to make a living. Current college graduates are pretty good at thinking outside the box, and are getting more comfortable with risk, creativity, and want ownership over our work.

Patricia Martin calls these people "RenGens," which stands for Renaissance Generation. I found her description fascinating, because I can see how it describes my peer group.

Ren Gens are..."eco-conscious; they ... are willing to accept products that are flawed but authentic rather than slickly produced and inauthentic. They want to make a difference. They want to live many lives. They don’t want to be told, “You can’t be an architect and a poet.” ... Because they are both idealistic and cynical at the same time, they have learned to trust what they experience rather than what experts tell them....They are also incredibly savvy about when they are being marketed to, so you cannot lie to them. "

She suggests that the "RenGen is the largest class of entrepreneurs the United States has seen in a long time. Not only are they driven to do original work, but they are going to want to live that out in originally designed careers. In order to do that, they’ll work hard to create their own enterprises... Their agenda is to collaborate, to connect and to create. They don’t respond to directive. They respond to teaming — where a ...problem is put on the table and everyone can jump in.

I think this is very true. So our two concepts, entreprenuerial spirit and social consciousness, appear to mesh well, creating a trend that may define the work of my generation.