Social enterprise (also known as social entrepreneurship or social ventures) has caught our attention over the past few years.  Social enterprise, represents a new form of business in which two goals are pursued equally: sustainable revenue and the creation of positive social impact. Social enterprises can be formed as non-profits or for-profits and are defined by employing business strategies and techniques to create social good.

A DMG client, Social Venture Partners Rhode Island (SVPRI) is expanding the power of social entrepreneurship by building and deploying a social enterprise ecosystem with key fundamental supports. 

1. Economic Eco-System of Social Enterprise

In an economically challenged state like Rhode Island, social enterprise has attracted interest for its ability to provide revenue strategies for non-profits, build sustainable enterprises supported by consumer dollars and create jobs. 

SVPRI connected business leaders to social entrepreneurs, helping build new businesses that would help the economy of the state.  The organization partnered with local universities, community foundations, private philanthropy groups and other stakeholders to build a network of financial, mentoring and educational support for the early enterprises.

Social enterprises have the ability to transform the economy of local communities. While social enterprises bring valuable jobs and investment to the community, they may also provide increased access to public services, access to affordable credit, and assistance to local businesses and services.

2. Local Public/Private Incubators

SVPRI also developed an interactive, collaborative space for social ventures to network and grow. One incubator – the Change Place – offers low-cost rent, support services and networking and education. Incubators bring together a number of social ventures, availing them the ability to share ideas, challenges and networks.

3. Building a sense of Community through Mentorship and Support

Probably the most important element of developing a successful social venture or social venture community is to develop a spirit of support among the ventures. As this business organization style is developing, it is crucial for social ventures around the country to come together and learn from each other.

SVPRI has numerous initiatives to help bring together social ventures from both the local Rhode Island community and across the nation. One way they have done this is through the annual SERI (Social Enterprise Rhode Island) Summits. These annual events bring together social entrepreneurs from all over the country to discuss important matters regarding social enterprise. Last year, the SERI Summit brought together 100+ social ventures to learn best practices and new trends in this rapidly growing field.

We at DMG are thrilled to be part of this new wave of sustainable and “double-bottom-line” business.  We continue to support many social enterprises, through advice, assistance and support, and we look forward to the social enterprise sector taking root as a key job creator in the US.

Posted by Brittany in • General Marketing • Non-Profits • Social Enterprise | (0) Comments | Permalink