The age of austerity is giving impetus to social entrepreneurship, especially in countries like India, to look for new opportunities that will ensure a more holistic development and change the world for the better. So what is Social Entrepreneurship? Definitively, it is a unique business model which combines business insight and social responsibility with an aim to positively impact the lives of people, especially those those at the bottom of the pyramid. But to put it across more easily I would say its a business model that thrives on ‘social innovation’. A blog post on the Forbes website aptly puts it,
“As the current global economy has faltered, nations have stumbled to find their way forward, it seems there has never been a better time to choose to tackle a social problem”
This social model of business is fast panning across nations and social entrepreneurs are emerging as the new social leaders who are directing change by creating close interaction between public and private. India too, is quickly taking to this model, in fact a post on the Echoing Green website says that south Asia is emerging as a hub for social entrepreneurship with India as a leader in social innovation.
“India has rapidly become a leader in social innovation, rapidly harnessing the momentum in the sector and developing an ecosystem that is supporting social entrepreneurs with incubators, mentoring, and financing.”
The post mentions several reasons why the country has been so successful in cultivating entrepreneurship. First of all, there approximately 3.3 million NGO’s around the country which means that there is one NGO for nearly every four hundred people in India. The social enterprises have emerged as the next elevation for this enormous sector, which has an obvious need and plenty of opportunity for pilot initiatives. Finally, the culture of community is allowing entrepreneurs to develop powerful support networks that can provide resources they may not have access to.
With these advantages,India is rapidly emerging as a hub for social entrepreneurship, but there still remains a “great need for social change and even greater entrepreneurial potential.”
Read the complete article here: SOUTH ASIA: A HUB FOR SOCIAL ENTREPRENEURSHIP