In November, I had the fortune to attend an event called “The Future of Social Entrepreneurship” in New York City. Liquidnet, the global institutional trading network, hosted the evening at its beautiful, modern office in Midtown.
What is social entrepreneurship? A social enterprise is a relatively new concept that originated in 1980s. It’s an organization whose main objective is to maximize improvements in human and environmental wellness rather than maximizing profits for external shareholders. A social enterprise usually applies commercial strategies to achieve its goal, and it can be structured as a for-profit or non-profit and take the form of a co-operative, mutual organization, social business, or charity organization.
During this event, social innovator and author David Bornstein interviewed Ashoka founder Bill Drayton. Drayton, who launched his career at McKinsey in New York in the 1970s. Drayton then served as Assistant Administrator at the U.S. Environmental Protection Agency from 1977 to 1981. In 1981, while working part-time at McKinsey, he founded both Ashoka and Save EPA, the predecessor to Environmental Safety, an organization that helps develop and spread better ways of implementing environmental laws.
Drayton made several interesting points at the event:
Seize opportunity – Today’s dynamic new world will create a new social value and unimaginable opportunities for new businesses. To be successful in social entrepreneurship, we should regard a closed door as a new opportunity. A good place to look for a new idea is where the existing system has been broken down, so that we can bring a new set of solutions.
Create a bigger impact – Drayton explained the unit of measurement for a social entrepreneur should be a strong impact that would be created in society. Does this movement disrupt an entire system that is in place now? Does the new way of thinking replace old models? Total transformation is something that social entrepreneurs should aim for.
Empathy as the key to a new world – “Skill of empathy” should be a core skill for a change maker, Drayton explained. So, if you are aiming to be a good parent, you should help by developing a child’s empathy skills for the next generation. For social entrepreneurs, empathy is the key to a new world.
I was excited to see a diverse crowd fill in for “The Future of Social Entrepreneurship” event and couldn’t help but think that social entrepreneurship will be here to stay. Many people dedicate themselves to make others feel bigger and better in their lives. Drayton reassured us that a dynamic and fast-paced new world awaits more aspiring social entrepreneurs.
In case you missed the event, here is the video for further details:
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