A social business is a company with a social mission at its core. It is set up to solve a specific problem to the benefit of poor or disadvantaged members of society. Social businesses operate exactly like normal companies except for a few small differences. Unlike a charity, a social business generates profit and aims to be financially self-sustaining. Removing the need for fundraising allows social businesses to re-invest profits back into generating sustainable social impact.
Social enterprise activity in India is developing fast. The aim of social entrepreneurship is to reach the population at the bottom of the economic pyramid so that there is an equitable distribution of ‘the fruits of development”. Social enterprises can make essential goods and services like healthcare and energy more affordable. In turn, this can improve wellbeing and contribute to economic development, particularly in rural areas. They can also create jobs or micro-entrepreneurship opportunities for people in low-income communities. Hence, social business or other methods of social enterprise are an alternative development pathway for a country like India, that is home to a third of the world’s poor.
development’ also justifies its role of alternative development.
Hence, social enterprise helps to create a social impact. Consequently, social entrepreneurs are a key stakeholder segment to engage in delivering basic services and opportunities efficiently and effectively to the underserved in India. In order to ensure social business acts a catalyst for inclusive growth in the Indian context, we require a multi-pronged intervention. An intervention where corporate champions of India have an opportunity to deepen the impact of their corporate citizenship by working closely with government bodies and social entrepreneurs in scaling sustainable innovations. The Magic 7 CSR Summit 2017 is a beginning for such an intervention for the Indian economy. The Magic 7 CSR Summit 2017 provides you with a platform to develop an inclusive society by charting out cross-industry social collaborations that are innovate yet scalable, through its strategic networking opportunities.