If businesses big and small practice socially responsible behaviour then human society will witness a sea of change in quality of life and hope for a better future. However this can only happen if they are run by managers and leaders who know what it means to run a sustainable business.
Development of BoP needs creating a level playing field through entrepreneurship. This means training rural enterprises in leadership and managerial skills.
Social value comprises abstract and qualitative changes within communities occurring over a period of time. It is most potent when thought of as akin to storytelling. A short film is the most powerful way for communicating social value.
Localization of products and services is chiefly instrumental in creating sustainable social value for local populace. Social innovation is the underlying force behind this localization.
Quantitative data collection coupled with qualitative observations is the best way to assess the effectiveness of your impact program. The challenge for social enterprises is to move away from an “output” driven focus towards a more “impact” or “outcome” driven focus.
Being recognized by the Prime Minister himself, IIT Bombay’s SoULS project is one of the most innovative and scalable social impact projects in the country. It offers valuable insights into poverty alleviation, women empowerment and social change through access to clean energy.
Developing the Bottom of the Pyramid (BoP) community as producers is incomplete without giving access to marketplaces. Sustainable Development can be ensured if social entrepreneurs focus on developing BoP as Producers.
India needs social enterprises who rise at the grass root level, understand the problems of disadvantaged communities more intimately and innovate solutions sharply focused on various problems faced by them.
Storytelling is the most effective tool for brand building and social startups need to be coached on this. Social impact accelerators who play a pivotal role in development and sustenance of social impact ecosystem have a key role to play here as well.