Social entrepreneurship is becoming increasingly popular, with more people looking to start businesses that can generate profit while also making a positive impact. While doing good and making money may sound like an impossible feat, there are numerous examples of successful social entrepreneurship ventures that have achieved both. In this post, we highlight five such examples and examine what made them successful.
1. Warby Parker
Warby Parker is an eyewear company that provides prescription eyeglasses, sunglasses, and contacts. It was founded in 2010 with the mission to provide designer eyewear at affordable prices and to donate a pair of glasses to someone in need for every pair sold. The company has been highly successful, with revenues of over $250 million in 2018. The key to their success has been their ability to combine fashion and social responsibility in a way that resonates with consumers.
2. TOMS Shoes
TOMS Shoes is a brand that has come to symbolize social entrepreneurship. Founded in 2006 by Blake Mycoskie, the company started by selling shoes and has now expanded to include eyewear and coffee. For every pair of shoes sold, the company donates a pair to a child in need. The company’s mission is to help improve the lives of those who lack access to basic necessities. TOMS has been a big success, with sales of over 35 million pairs of shoes since its inception.
3. Better World Books
Better World Books is an online bookstore that was started in 2002. The company collects donations of books from libraries and individuals and resells them on its website. For every book sold, the company donates another book to someone in need. The company has been a big success, with over 100 million books sold since its inception. In addition to its social mission, Better World Books has also been able to grow by providing excellent customer service and offering competitive prices.
4. War Child
War Child is a nonprofit organization that provides assistance to children affected by armed conflict. The organization was started in 1993 and has since helped over 800,000 children in 14 countries. The organization’s success has been driven by its ability to mobilize armies of volunteers and supporters who are dedicated to making a difference in the lives of children affected by conflict. The organization has also been able to partner with corporations and organizations that share their mission, such as Oxfam and Save the Children.
5. Ethos Water
Ethos Water is a bottled water company that was founded in 2001. The company’s mission is to “help children get clean water” by donating a portion of its revenue to clean water projects in developing countries. To date, the company has raised over $17 million for clean water initiatives. Ethos Water has been successful in part thanks to its association with Starbucks, which acquired the company in 2005.
Conclusion
These five examples of successful social entrepreneurship ventures highlight the importance of combining a compelling social mission with a viable business model. Each of these companies has been able to build a loyal following of customers and supporters thanks to their commitment to doing good while doing well. As social entrepreneurship continues to grow in popularity, we can expect to see more companies like these emerge, working to create a better world while also generating profits.
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