Social entrepreneurship and a post-pandemic recovery

Sometimes the greatest change needs the greatest of obstacles. The COVID pandemic has presented a profound challenge to humanity from a global health perspective, but it has also disrupted almost every facet of our lives. So what if this is our unique opportunity to recover and build back better?     

The Philanthropy Center at J.P. Morgan recently hosted an interactive online event that highlighted the role that social entrepreneurs are playing in creating change for good. Anandana Bakshi, Executive Director of the Oxford Foundry Entrepreneurship Centre joined Dr. Peter Drobac of the Skoll Centre for Social Entrepreneurship, along with Dr. Ruth Shapiro, Co-Founder and CEO at the Centre for Asian Philanthropy and Society.

The special event was moderated by Jean Sung, Head of The Philanthropy Centre, Asia, at J.P. Morgan Private Bank.

A social entrepreneur can come from many places

In essence, a social entrepreneur is anyone who uses novel applications to solve community-based problems. Thus, social entrepreneurialism can come from a not-for-profit organization, a for-profit, a government department, or the social sector.   

“One of the things that we really notice is the extraordinary kind of morphing of boundaries between sectors,” said Ruth Shapiro, who founded an Asia-based research and advisory non-profit organization. “Governments are looking for private, public partnerships. And non-profits and social enterprises are using business tools and partnering with governments and with companies,” she said.

Dr. Peter Drobac of the Skoll Center agreed, explaining “Some of the best social entrepreneurs [he’s] ever worked with are civil servants in the public sector.”

Building back better

“This pandemic has exposed flaws in our systems,” said Dr. Drobac. “Our public health systems are often weak, our economic systems were not resilient, and social inequality grew along multiple dimensions.”

“I think, most excitingly in a way, that social entrepreneurs are really on the front lines today, turning the COVID crisis into an opportunity,” he said.   

“We need to build back better,” said Ruth Shapiro, “and we need to use this COVID-19 crisis to pivot.” She points out that less developed countries across the world have been set back most significantly by the crisis, and they’ll need the most innovative solutions to ‘leapfrog’ ahead. 

Entrepreneurial nations can prosper

Dr. Peter Drobac spent much of his early career in Rwanda as an infectious diseases doctor working in the fight against AIDS, and he took great inspiration from those experiences.

“One of the secrets to Rwanda's success was actually a very entrepreneurial approach,” he said. “It's a nation of social entrepreneurs, both in government but also with a youth movement that's incredibly future-oriented and has a great entrepreneurial mindset.”

“It’s a country that was able to really rise from the ashes and over a ten year period double life expectancy.”

Talent is everywhere, opportunities are not

Anandana Bakshi runs an entrepreneurship center based at the University of Oxford that exposes young people from across the globe to the knowledge and networks they’ll need to succeed.   

“While talent is everywhere, opportunities are not,” she said. “Whether that is around socioeconomic challenges, whether that is around racial barriers or gender barriers.” She believes that universities can play a key role in democratizing access to entrepreneurship.

“Universities have unparalleled networks – whether it be the successful alumni body, corporate partnerships, industry, governments across the board. And they act as brilliant intermediaries for investment as well through venture capitalists and angel investors.”

Social entrepreneurialism only works if it makes money

“The most important element for social enterprises is the viability of the business model,” said Ruth Shapiro. 

“Whether you're a cafe and you're serving yummy lunches in the Ferry Building on the waterfront in Hong Kong or you're Danone – unless you can pay your bills you're going out of business,” she said.

“Social enterprises need to pay their bills. It really doesn't matter if you're small or large, but you need to be viable.”

Social entrepreneurs can use a helping hand

A study led by Dr. Ruth Shapiro’s Centre for Asian Philanthropy and Society found that only 25 percent received money from private investment, which may include an equity stake by incubators and accelerators, or private individuals.

“That's low,” said Shapiro. “The rest of the money is really coming from grants and governments and from (the founders) themselves. So there is an opportunity for corporations and companies to do a lot more.”

We can help

If you’d like to learn more about the work of those featured in this article or social entrepreneurialism in your community, please contact your J.P. Morgan team.

About the Oxford Foundry

The Oxford Foundry was established in 2017 by the University of Oxford's Saïd Business School, for the benefit of all students and alumni of the University of Oxford.

Its mission is to build a new generation of ventures that better society, and to nurture more ethical leaders who put people and planet first.

Click here to learn more