10 Social Enterprise Buzzwords you should know by now
1. CHANGEMAKER
A term coined by the social entrepreneurship organisation, Ashoka, meaning one who desires change in the world and, by gathering knowledge and resources, makes that change happen.
2. BLENDED VALUE
The delivery of both a social or environmental return and a financial return. It’s a win-win that does not require compromise on either side of the social or financial equation.
3. COLLECTIVE IMPACT
Collective impact occurs when organisations from different sectors agree to solve a specific social problem using a common agenda, aligning their efforts, and using common measures of success.
:: FSG
4. IMPACT INVESTING
Investment with the intention to achieve both a positive social, cultural or environmental benefit and some measure of financial return.
5. SOCIAL CAPITAL
The institutions, relationships, and norms that shape the quality and quantity of a society’s social interactions. Increasing evidence shows that social cohesion is critical for societies to prosper economically and for development to be sustainable. Social capital is not just the sum of the institutions which underpin a society – it is the glue that holds them together.
6. SOCIAL ENTREPRENEUR
Social entrepreneurs drive social innovation and transformation in various fields including education, health, environment and enterprise development. They pursue poverty alleviation goals with entrepreneurial zeal, business methods and the courage to innovate and overcome traditional practices. A social entrepreneur, similar to a business entrepreneur, builds strong and sustainable organisations, which are either set up as not-for-profits or companies.
:: The Schwab Foundation for Social Entrepreneurship
7. SOCIAL IMPACT
All forms of significant change experienced by individuals and communities. This includes income and labour market impacts, education impacts, social inclusion and relationship changes, mental and physical health effects, and overall impact on quality of life and well-being.
:: Professor Paul Flatau, Director of the Centre for Social Impact at the UWA Business School
8. SOCIAL INNOVATION
A novel solution to a social problem that is more effective, efficient, sustainable, or just than current solutions. The value created accrues primarily to society rather than to private individuals.
:: Stanford Business, Centre for Social Innovation
9. SOCIAL INTRAPRENEURSHIP
People within a large corporation who take direct initiative for innovations that address social or environmental challenges while also creating commercial value for the company.
:: Forbes
10. SOCIAL RETURN ON INVESTMENT (SROI)
A form of stakeholder-driven evaluation blended with cost-benefit analysis tailored to social purposes. It tells the story of how change is being created and places a monetary value on that change and compares it with the costs of inputs required to achieve it.
Did we miss something? Are there any words that you’ve heard lately that you think will soon be part of the mainstream? Are there any that you’re tired of hearing? Let us know in the comments below.
