As most you are following Take Off Summit, held in partnership with the T3 Foundation in September 2019, you may remember this year winner Pakvitae. Pakvitae provides lifetime affordable filters that can purify water to 99.9999% with no power required. Pakvitae impressed the jury on the final pitches showcasing their product and testing the water on the stage. We can see that the impacts of social startups such as Pakvitae have increased recently. So, what is social entrepreneurship?
In general, companies are established to make a profit and distribute this profit among their partners. Socially beneficial work is done either by the state or by non-governmental organizations (NGOs). Companies, on the other hand, are only interested in social benefits through a social responsibility campaign or sponsorship.
Social entrepreneurship is a hybrid model that reshapes our perception of business.
Social entrepreneurship is an approach that adopts free market-based methods to solve social problems. Social startups are established commercially but their aim is to provide solutions to social problems and make an impact on society.
Like other entrepreneurs who change the business world, social entrepreneurs are the key players of the social transformation. They aim to analyze and eliminate priority social problems first and only afterward considering material benefit and profit. Similar to any entrepreneur, they see what others cannot see, create new opportunities, change the market value, and invent new business models to solve important problems in society.
Social entrepreneurs have a mission and design their commercial activities in order to achieve this mission. Social startups invest their profit to social goals again. The measure of success in social entrepreneurship is not profit but social change and the benefit created.
Here are a few startups that succeed create a social impact.
Better World Books
Better World Books, which started with the sale of unused books over the internet for extra money, was founded to increase the literacy rate.
Be My Eyes
Be My Eyes helps blind people by connecting volunteers with them. The app uses live video chat to provide volunteers with helping blind people’s everyday tasks.
Shoe That Grows
After Kenton Lee’s seeing the children who wear shoes that are small to him, he decides to do something about it. This is how the growing shoe project starts.
Sustainable Growth Program is designed by Hackquarters, a partnership with Turkonfed and powered by HSBC. Aiming to support social innovators and boost their businesses. The program is for 6 months in Kolektif House Levent full of workshops, mentorships, and impact. 25.000₺ will be granted for each selected startup. Applications are open until 31st December. Hurry up to apply!