Social Business to Empower Future Global Challenges
Many pressing social problems are so widespread that they cannot be addressed solely by governments and traditional social sector organisations.
On the contrary, at the heart of most social businesses’ setup is empowered creativity to solve intricate problems that otherwise wouldn’t get solved by larger instruments like regulation and government implementation.
Case in point, Grameen Shakhi, a Bangladeshi social business that powers green energy electricity or solar home systems, sells renewable energy sources to families that live mostly on less than $2 a day. Today, the company, with its hands-on social business model is thriving across the country.
By stretching renewable technologies’ reach to the millions of rural people who suffer most from the energy crisis, Grameen Shakti has solved and resuscitated a host of economic opportunities for millions of Bangladeshis in rural areas.
By combining business principles with social objectives, these emerging models bridge the social and private sectors. Social businesses reflect a desire by the people to make the world a better place. Unlike most big corporations, social businesses have the nimble ability to manoeuvre their business actions with creativity.
Small yet enduring contributions like these, while they appear as meagre measures, mean a lot. Hoping to fill needs that cater to underserved communities, social businesses fall somewhere between traditional NGOs and for-profit companies.
Similarly, their main objective is to create social impact, like NGOs. They operate like businesses and aim to generate sufficient revenues to at least cover their operating costs.
On this spectrum, At The Codian, we think, if you have the creativity to solve any long-standing problem that a given demographic is facing, you could potentially create future business opportunities by addressing a new market’s unmet needs.
However, this must be done by prioritising social responsibilities over profitability before the business takes off. Certainly, social businesses carry such power with great use of creativity to find an edge in costs to come up with purpose-built solutions that governments and traditional business sectors simply can’t provide.
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