Social Enterprises: leading the way for a sustainable business world

A few days ago, I was speaking with a business leader and friend I’ve known for many years about the changes the business community around the world is going through. We reflected on the greater emphasis organizations are giving to environmental, social and governance issues. Particularly, when it comes to incorporating them into their strategies and business models.

I remember when I started my career, you pretty much had to decide if you were going into business (for profit) or if you were going to do social work (non-profit). Our world has changed. Now, we can do both. In fact, we have a responsibility as business leaders to run companies that are both profitable and sustainable, as I mentioned in my previous blog.

It has been social entrepreneurs, however, who have had the biggest influence on bridging the two. They realized the great potential there is to solve societal issues and still make a living by combining innovative ideas and technology into purpose-driven business models. It’s no surprise that the number of startups with a social outlook grows every day.  

This year alone, more than 400 startups across 19 countries in Latin America, signed up to participate in the Social Innomarathon, a regional competition organized by SAP and Socialab. The program supports startups centered around sustainable development efforts through mentorship sessions focused on strengthening their business models, strategies, and the use of technology to generate greater social impact.

Last week, I had the opportunity to speak to the eight finalists. I was very pleased to spend time with them –even if virtually. And relieved, at the same time, that I wouldn’t be judging the finals, because all their businesses are truly inspiring! From financial inclusion to organizations that employ or train people with down syndrome, services for disabled people and mental and healthcare offerings. They are all creating positive impact in their communities and thriving during these challenging times: true examples of resiliency and highly adaptable agents of change.

Entrepreneurs like these are a source of motivation for large companies around the globe to incorporate new strategies and best practices that combine revenue-generating business models and leaving a positive footprint in the world. Social enterprises have found the mechanism to combine both variables, and so can we – the leaders behind large corporations everywhere.

Today, we have the tools, the power of new technologies, and the cultural perspective to be profitable and do things the right way, both socially and environmentally.

Let’s do it together - ?Vamos juntos!