For a social entrepreneurship to succeed, it should take into consideration the relevance of such intervention and also the community’s ability to absorb them, say experts.
Speaking at a day-long UK-India Social Entrepreneurship Education Network (UKISEEN) seminar, Kris Gopalakrishnan, Chairman, Axilor Ventures and Co-founder, Infosys, said, “When it comes to social entrepreneurship, the first step is understanding people at whom the venture or product is aimed.”
“After this, you innovate and scale up.”
Tech for farmers Stating that co-creating solutions with target audience is the best way forward, Naveen Jha, Chief Executive Officer, Deshpande Foundation, said in most of social entrepreneurship ventures, relevance is misplaced.
“Entrepreneurs come up with technology for farmers, who do not have any idea about how to use them in the first place. So, relevance and absorption capacity of the target audience is very important,” he said
Lack of financial resources is a common issue faced by these ventures. Gururaj Desphande, President and Chairman, Sparta Group LLC, said social entrepreneurs should come up with a business model that will make the venture profitable.
“If you are a water filter manufacturer, find a sizeable market where you can sell the product and make money so that the entire project is self-sustainable. Then, move on to the newer geographies. You need to constantly make changes to make it work,” Desphande said.
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