Social entrepreneurship has grown from just a corporate social responsibility principle to a quintessential business that allows organizations to build a sustainable tomorrow. It has augmented its popularity with progressive, technology-driven, and socially responsible global leaders, notably among the millennials.
Today, startups build a social impact-driven business model steering commercial market demands with purpose-driven leadership at its fundamental nature. These entities are conceived and devised by some of the best minds who are constantly striving to create a positive footprint in diverse segments such as global health, climate change, renewable energy, sustainable agriculture, and conscious capitalism. The headways and growth of social entrepreneurs in the present times are re-framing new social norms and the nature of how we have access to services in different sectors. For instance, presently smartphones have more computational technology and power than NASA’s supercomputer did when we first landed on the Moon in 1969. Such exponential advancements are fueling historic achievements, thereby reducing the gap between social innovation and market fit.
There has never been an overwhelming time like this to flourish as a social entrepreneur in India. The timing is precise and the environment is more dynamic with the opportunity to effectively approach the complexities of society’s developmental calls with an economic answer. In recent times, there has been a sudden availability of incubators and accelerators, mentors and venture capitalists who are interested to invest in millennial ideas that can reconstruct life. Budding entrepreneurs need more resources to be steadily supported and guided, as they are motivated to bring about a change by addressing some key concerns, and pose it as a model to make a greater impact globally.
The socio-economic ecosystem has developed with the help of notable participation, by being provided the required financial and legal assistance to these businesses in order to succeed. Budding social entrepreneurs have also been working relentlessly to make an effort to create a wholesome growth-oriented environment.
Investors provide industry-leading experts to help companies thrive. A decade ago, if you said you were a social entrepreneur, people would not take you seriously, but now times have changed. Entrepreneur Peter Diamandis said it best, “The best way to become a billionaire is to help a billion people”. India seems prepared for a social impact revolution, where entrepreneurs see our biggest challenges as potential opportunities.