Resource:How to promote social entrepreneurship on campus?

Social entrepreneurship is a rapidly growing venture that encourages growing a profitable business while helping others. When speaking with Grant Jacoby about his efforts at the University of Pittsburgh, he emphasized the numerous opportunities that come from social entrepreneurship and the ways in which he promotes it on his campus. Fellows who want to be true agents of change will be able to utilize this guide to promote profitable business ideas which help their school, community, and the world by making impactful emotional, physical, and environmental differences.

Social Entrepreneurship

Social entrepreneurship (SE) is a concept that refers to a for-profit company with a central and clear social mission. Although the definition and concept of SE are being shaped continuously, the core belief is to contribute to solving issues in the society while generating profit.

Purely entrepreneurial startups prioritize reaching a high potential for growth in the future in an increasingly competitive environment. In contrast, SE startups prioritize remedying a social, cultural, or environmental issue locally or worldwide, by offering relevant products and services. Companies from their product with a strong goal in mind about what they want to change, making a difference in the lives of others. The possibilites are endless for passionate entrepreneurs who want to benefit people, animals, or the world. For example, companies could work to helping the homeless, conservation the environment, or promote equal rights. Such companies are often more expensive to run because of the considerations that are met, but in the long run they can be more profitable and rewarding for the ownders and for the benefit

Over the last decade, several initiatives have been created to elevate social entrepreneurship initiatives. For instance, B Corps are for-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. As of today, there are 2,003 B corps in 50 countries (B lab, 2017). Joining the B corps community enables companies to have access to an extended network of like-minded companies with whom they can share best-practices. The certification also contributes to the company's marketing efforts by attracting customers, prospective employees, and partners who embody similar values.When certain certifications are met, companies can take advantage of tax exemptions that bring it almost to the level of a nonprofit, while being a profitable company.

One such company is Thread, where an acquaintance of Jacoby’s works. The startup is valued very highly but its focus is making clothing out of processed plastic bottles. The clothes are made out of raw material collected from the streets. Plastic bottles are processed in a plant to create fibers that are used to create products. SEEDS is another example of B corps certified SE startups. The company is a green printing company offering environmentally friendly printing services to its customers from initial concept to final delivery and distribution.

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Steps to Success

1. Build a list of connections and entities with funding and support for start-ups. Use these resources throughout the process of starting a company. Ex) Local utility companies with immediate impact grants.
2. Make a business model.A useful resource is the canvas model (hyperlinkcanvanizer); use it to organize stakeholders, costs, team communications, and the business plan.
3. Verify value and costs via interviews (100 at least): Focus Groups
4. Create a five-year plan for the company, estimating financial gains and social impacts
5. Connect funding sources to a business plan. If you are interested in crowdfunding, then look at the dominant successes in crowdfunding such as Kickstarter, IndyGoGo, Rocket, etc. Have a good video less than 2 minutes long and avoid spelling errors.

Links:

https://canvanizer.com/

https://www.udacity.com/course/how-to-build-a-startup--ep245

https://www.bcorporation.net/

http://www.innovation.pitt.edu/

http://www.threadinternational.com/

https://unreasonable.is/5-benefits-to-becoming-a-b-corp/

http://www.seedsgreenprinting.com/

Contributors:

Richard Anderson III -- http://universityinnovation.org/wiki/Richard_Anderson_III