Nobel Peace Prize Laureate Prof. Yunus and serial entrepreneur Hans Reitz have joined forces in starting a “creative lab” in the area of social business. Social business/social entrepreneurship/social innovation is, according to Wikipedia, to use entrepreneurial principles to organize, create and manage a venture to achieve social change (a social venture). Whereas a business entrepreneur typically measures performance in profit and return, a social entrepreneur focuses on creating social capital. Thus, the main aim of social entrepreneurship is to further social and environmental goals. What is quite interesting is that this concept has spread to big companies as well, giving rise to an area called “corporate social entrepreneurship”. That is when a firm who operates in a socially entrepreneurial manner, identifying opportunities for and/ or championing socially responsible activity, in addition to helping the firm achieve its business targets.
In the case of the Grameen Creative Lab the business model seems well thought-out: the Grameen Bank holds the capital while the creative lab generates ideas that need financing. Quite well done! More information can be found here: http://www.grameencreativelab.com/.