Letters | Social enterprises must think big to find creative solutions to social problems
- They must move on from the tired do-good-or-make-money debate, and dare to dream big. Electric car technology, for example, is aimed at creating value for society, not just doing less harm
The concept of social enterprises was first developed in the late 1970s in the UK, as an alternative to private businesses. The idea was good, but it is not enough.
Over the past few decades, although there are many social enterprises operating all over the world, they are still failing to bring about the desired social change.
First, putting to one side the size of the impact they are making, they are struggling to survive. According to a 2015 report by UnLtd, a foundation for social entrepreneurs in the UK, 71 per cent of the social enterprises there struggled to make a living from a social venture.
In Hong Kong, many social enterprises operate under a charity model, which means they do not make a business impact. When funding is terminated, they fold.
You may wonder if social enterprises working on environmental protection are transforming the traditional profit-maximising business model. They are doing good work, and we also have to acknowledge that incremental changes take time.
However, my question is: are there other ways we can tackle the issues and create a bigger impact?