Topic 1 Examples of Social businesses in action
Social entrepreneurship is when you create a business for philanthropic motivation. Also known as “altruistic entrepreneurship”. It is expansive and can contain both non-profit organisations like Doctors Without Borders, which depends nearly solely on contributions and grants, and for-profit enterprises like Tesla, which turns earnings by placing its clean energy products front and centre. There are many examples of social businesses in action across the globe. These businesses look to make a change in society within their business model. Explore the examples below to find out more:
TOMS IMPACT REPORT 2021 https://www.toms.com/us/impact/report.html
- TOMS Shoes – TOMS shoes were impacted by the thought that many children in developing countries do not have access to shoes. Therefore, they developed a business model that ensured that for every pair of shoes you buy from them they will donate an adequate pair to a child in need. This has resulted in the company donating over 50 million pairs of new shoes to children in need.
- MUD Jeans – MUD Jeans is the first circular denim brand I the world. This company uses 100% recycled jeans/denim to create new pairs of jeans for their customers. This directly impacts their carbon footprint, leaving no waste and using 92% less water than competing jeans companies.
- Ecoalf – This sustainable brand produces clothes and accessories made from recycled bottles, fishing nets and car tires. Their mission is to promote sustainability and reduce the impact of plastic pollution in marine environments. They also positively contribute to the environment by using eco-friendly measures within their company such as solar power, and recycled water. Learn more on www.ecoalf.com