Social entrepreneurs create impact beyond the bottom line
Sharing economy, food security, social impact, community building, climate resilience – these are topics that I’ve seen trending in my network and into daily conversations. I learned from a visionary, risk-taking entrepreneur that when he heard people talk about a trend at least three times, he had to act on it. Are you an aspiring entrepreneur based in the Sea to Sky who is looking for a way to seize a trend and turn it into a business opportunity? Then attend the 2016 Social Venture Challenge kick off event in Whistler: Doing Good Through Business on Friday, March 18.
The essence of the Whistler Centre for Sustainability’s Social Venture Challenge is to get business ideas off the ground, particularly those that provide solutions to social and environmental challenges unique to the Sea to Sky corridor. The Canadian Social Entrepreneurship Foundation describes what sets these ventures apart: “Whereas a business entrepreneur typically measures performance in profit and return, a social entrepreneur focuses on creating social capital. Thus, the main aim of social entrepreneurship is to further social and environmental goals.”
Why are a growing number of entrepreneurs looking to create social ventures? There is plenty of evidence toward the shift in attitudes toward traditional, pure-capitalism based reasons for starting businesses. In the 2015 Cone Communications Millennial CSR Study, the most comprehensive snapshot of how Millennials engage with Corporate Social Responsibility efforts in the U.S., revealed more than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average). The research also showed that 80% of young workers want to work for a company that cares about how it impacts and contributes to society. They also are willing to take less compensation in exchange for greater meaning in their work.
Investments for start-ups and supporting growing businesses to scale up is also shifting. With a huge spike in the amount of crowdfunding capital in North America, along with new hybrid capital organizations and social impact bonds, this trend is likely to change the playing field in favour of social ventures over the three to five years, according to social finance experts writing for the Harvard Business Review.
Social Venture Challenge 2016
In British Columbia’s Sea to Sky corridor, the Social Venture Challenge is an opportunity for social entrepreneurs to encourage, support and grow new social ventures in the region. This Friday’s session will feature talk from Vancity’s Community Foundation, the Tofino Ucluelet Culinary Guild, Clean Start and Gibson-based Persephone Brewing Co., a Certified B-Corporation. The full day includes an Ideas Jam, Angel Den case study (where I’ll be part of a panel to help social ventures grow), plus lunch + beer tasting, and more. Tickets are still available but going fast.
Following the full-day session, budding social entrepreneurs can submit a one-page application by March 31 to participate in the 2016 Social Venture Challenge. The shortlisted entrepreneurs will learn how to flush out business ideas, get mentorship from experts in their field and receive coaching on how to pitch their venture idea to potential investors.
The final pitch in the Social Venture Challenge will be organized as a fun, fast-paced Dragons’ Den style event where participants will pitch their burgeoning business ideas to a panel of judges who will be award the winning social venture with $5,000 start up cash, courtesy of Squamish Savings. Learn more at www.whistlercentre.ca
The entrepreneur’s journey is never an easy one. Embedding a social or environmental problem in the business model is even more challenging. Being able to tell the story of that journey and how the business can make a difference in the world is often the best way to market the brand and build your tribe. Need some help packaging that story to share with the world? Contact me to get started. I love working with purpose-driven brands that are ready to build a movement.