AN EXPLORATORY STUDY INTO THE WORKINGS OF THE SOCIAL ENTREPRENEURSHIP SECTOR

Abstract

Societal progression has brought about prosperity to some but numerous challenges to others. In response to the challenges, a new type of corporate model called the social enterprise has gained popularity, blurring the lines between a for-profit business and a nonprofit charity. Aside from the popular databases which map these successful enterprises, much remains to be known about the types of social enterprises being developed today. Using data from the DBS-NUS Social Venture Challenge Asia, this paper takes an exploratory view of the landscape of social entrepreneurship, particularly on newer ones in the health sector. Social enterprises need to consider the role of advocacy in advancing their social mission, involve the local communities in co-creation of products and services, and find methods to penetrate the rural regions in developing markets. In addition, many health issues remain under-addressed, which presents an opportunity for budding social entrepreneurs to enter and make a change. Finally, proper conceptualization of the social proposition, innovation, and utilization of social networks are critical in ensuring the success of a social enterprise. This paper also addresses the limitations and gives suggestions on future research.