This month's Fast Company magazine features the 45 winners of the Fast Company/Monitor Group Social Capitalist Awards.
I noticed that many of the groups work overseas in the areas of health or education. Another commonality is that 35 of the 45 have been 5 year winners. They must be doing great work. Or perhaps, we are not seeing the growth we though we would see using this model?
Here are the ones I like:
~ Room to Read; built more than 1,600 libraries in 2007; stocked with donated books, the libraries reach 1.5 million children mostly in Southeast Asia. Created by former Microsoft executive, John Wood.
~ Kickstart International; invests and markets low-cost technologies; irrigation pumps, oilseed presses, hay balers, and more- that help entrepreneurs in Kenya, Tanzania and Mali.
~ TransfairUSA; certified growers employing 1.4 million farmworkers. By selling coffee beans, tea, cocoa, and other products to buyers willing to pay a premium for certified quality, labor standards, and environmentally sustainable practices, growers have earned $100 million above market prices since 1998.
Many of these nonprofits have been created by social entrepreneurs. The goal is the same as any nonprofit - do good, help people, save the world. But in some cases, they also want a financial return.
Many of the social entrepreneurs are attempting to innovate not just their products and services but also their business models. They are able to translate their work into the language of for-profit markets.
Katherine Fulton, president of Monitor Insitute says that it is not clear yet if social entrepreneurs are attracting more dollars but they have the potential to attract a new, more "investorlike giver."
What is appealing to me about the model is that it allows donors to become more action-oriented. Instead of just funding a group or program, the stakes are higher now. It's not just about money anymore but their reputation as an entrepreneur. Therefore, they are more likely to invest their time, expertise, and contacts. Everyone wants to change the world somehow; for-profit or non-profit.
