Social entrepreneurs are the kind whose innovations are able to solve social problems in a community. The main goal for a social entrepreneur is to solve a problem as opposed to making profits.
social entrepreneurs attract funding due to their nature. There are investors who are keen on investing in causes that are good for society at large. Such investors’ goals are to spend money on ventures that are ethical. Some innovations include those that promote environmental preservation, health, education, agriculture among others.
So how do you start?
- Identify a need
Most innovators have harnessed bad personal experiences to produce innovations that end up making a difference in society. Ideas can be gleaned from undertaking research, in order to identify gaps in various social issues.
- Do your Research
Research and feasibility studies on the same to understand the viability of the concept. Some concepts may not be relevant to a certain social setting simply because of differences in the society. At this point, it may be prudent to engage experts who would then advice on the feasibility of your concept.
- Implementation
This is where you refine the idea into the relevant format and create a workable product or service. There are various classes. For example a patent is granted for qualifying scientific and technological inventions, copyrights are granted to novel ideas that are fixed in material form while a trademark protects the brand or logo.
- Commercialization of the innovation
A well packaged concept should be relatively easy to secure financing. Here are some tips on getting funding for the innovation
- Get the right partner for your innovation i.e. seeking financial institutions with a special interest in a specific area.
- Do not limit your options, Cast your net wide when it comes to seeking funding.
- Package yourself well
- Be innovative, there are many non-traditional ways of raising funding.