Companies With Social Entrepreneurship
Companies with social entrepreneurship have a societal purpose and focus on influencing change rather than maximizing profit. Examples include MJN Neuroserveis (exists to predict epileptic seizures) and Oliberte (a sustainable shoe company that donates shoes for every pair sold).
These types of businesses are also committed to quantifying their impact on society, providing transparency, and research-based procedures. They serve as inspiration and role models for those seeking to make an impact.
Love Your Melon
Love Your Melon is a socially responsible apparel company that donates 50% of profits to charities fighting pediatric cancer. The company’s line of hats includes beanies, caps, hoodies and other accessories that are manufactured in the United States. Their mission is to spread hope and joy to children impacted by pediatric cancer. They accomplish this through their Campus Crew program that trains college students to spread the word on a local level and to organize events like head shaves and fundraisers for pediatric cancer.
Zachary Quinn and Brian Keller founded Love Your Melon in 2012 at the University of St. Thomas in Minnesota with the simple idea of putting a hat on every child battling cancer in America. Their entrepreneurship class project turned into something much bigger as their passion for the cause grew. Eventually, the business expanded to donate half of their profits to childhood cancer research and support.
Four Wharton MBA students got together in February 2008 over Yuenglings and decided to start a company that sold eyeglasses online. Its founders were convinced they could make an impact in an industry dominated by one large player that kept prices artificially high.
By offering consumers designer glasses at a fraction of the normal cost, Warby Parker changed the way people think about and shop for eyeglasses. Their model has expanded to include physical stores and a home try-on program. The company has also made a huge social impact through its “buy one, give one” business model.
To maximize their impact, Warby Parker partners with local nonprofits to conduct eye exams and sell glasses in low-income communities. This approach is more effective than sending Warby Parker employees to do the work, and empowers local adults to serve their own community. This is the kind of entrepreneurship Blumenthal wants to see in government. He believes that bringing entrepreneurs into the system will encourage innovation and creativity.
TOMS is a company that’s known for its “one for one” business model, in which every pair of shoes sold provides a child with a new pair. This approach has made them hundreds of millions of dollars and inspired many similar businesses.
The problem is that this model doesn’t actually address poverty itself. Instead, it treats the symptoms of poverty with shoes. By giving away shoes, TOMS is effectively perpetuating the cycle of need and dependence on charity.
TOMS recently made changes to its give-back model that are meant to address these concerns. The company is now focusing on partnering with leaders in communities to learn what their needs are and giving them unrestricted funding, which can be used as they see fit. This is a big step forward for TOMS and other social enterprises that are looking to create sustainable change. It’s also a good example of how companies can adapt and remain true to their mission as they grow.
Social enterprises have proven to be vital in addressing many of the challenges stemming from COVID-19, such as the loss of economic dynamism and the increased vulnerability of the most marginalized members of our societies. These entrepreneurs have stepped up to meet the need by creating projects that directly tackle those issues, such as providing essential services like hygienic hand sanitizer, or by offering alternatives to traditional products and services, like food delivery or childcare.
Moreover, they have also worked to increase the accessibility of their offerings during this crisis. One example is Fruits of the Forage, who has been providing healthy home-made food through a veg box scheme.
In light of the importance of these initiatives, it is crucial to understand the impact of the COVID-19 pandemic on them. A recent study investigated this by delimiting a model of social entrepreneurial intention and exploring the relationship with its antecedent variables. In addition, it aimed to test the effect of the COVID-19 pandemic as a triggering event for social entrepreneurial intentions.