The Social Scene

No, sorry, this is not about the symphony opening night or the partying of the rich and famous, just some musings on 'social' entrepreneurship prompted by some recent happenings.

Yesterday I attended a SiliconForum event on MicroFinancing. It was a topic that many of the 80 or so people - entrepreneurs, investors and entrepreneurs who're now investors - got engaged in, though many were not directly involved with MFI. This is an awesome way to help people help themselves and it is very encouraging that is trend is growing rapidly, though it is still a long ways from satisfying demand.

We had a follow-up discussion at our table that covered many issues, but what struck home was a thread on entrepreneurs. We have to remember that all the people who get tiny $50~ loans to buy a cow, or a pump or a sewing machine, are essentially entrepreneurs seeking 'funding' to get the resources to build a business. They have to face risks, sign up for hard work, and polish their sales skills just like any other entrepreneur, but with 'hunger' being a literal, not metaphorical, experience. Which brought up the point that, like all other entrepreneurs, they could really use mentors and the shortage of mentors is one of the bigger challenges to scaling the program.

Microfinancing itself is a blazing beacon of social entrepreneurship, started about 30 years ago by a young economist, Dr. Mohammend Yunus, using the money in his pocket to launch micro-loans to the poorest of the poor in Bangladesh who otherwise couldn't get out of their cycle of poverty, and today Grameen Bank is the grand-daddy of the many MFIs out there. Dr. Yunus also has his own views of 'social entrepreneurship' and how it can really change the world, definitely worth a read.

It is not far-fetched to say that entrepreneurship is what drives progress, and the social kind is what will save the human race.

2 comments:

Anonymous said...

"It is not far-fetched to say that entrepreneurship is what drives progress, and the social kind is what will save the human race."

I like this thought a lot. But I sometimes wonder if the human race wants to be saved, and whether they can be saved.

Usha Sekar said...

I can understand the skepticism, especially in an area when everyone around you is a full-time subscriber to the rat race. But you'll find the skepticism vanishing if you go and see first-hand how people are benefiting from these social ventures. There's a lot of good being done. It is very encouraging, and maybe you'll feel there's hope for the human race after all.