My partner and I had the opportunity to contribute to a panel last Wednesday with the founders of some great organizations: Pieter Dietz from My Social Actions, Aleece Germano, founder of The S.W.A.P Team as well Lucie Chagnon, an Ashoka fellow and President of Commodus: Concilliation travail famille.
The panel discussion, which led to some heated debates, was part of a sold-out two-day social entrepreneurship conference organized by YES Montreal that provided some much needed (and particularly hard to come by) guidance for young social entrepreneurs. I'd thought I'd share some of the main ideas/debates, on this page...
Profit or Not-for-profit: Grants are available for both types of organizations, so don't think that your choice, one way or the other will prevent you from securing that seed funding to take you through the first few months.
Also remember that both types of enterprises need to make a profit: a little bit of money stabilizes your income and allows you to eat without worrying about whether or not your funders will renew their support.
Don't be afraid of making money: I have to admit, I've often hesitated on this one since I've never envisioned
When can you expect to live full-time off your project? This depends largely on the type of organization and the abilities of its owners, but everyone needs help starting out: financial and physical in the form of partners or advisors. Most for-profit businesses should be able to support themselves after the first year, but it takes a few months to get your name out there to the extent that funders, clients, media and other networks will take notice. Until then, seed funding and/or a part-time job will keep food on the table
But is it possible to make a lot of money? Possibly the most interesting exchange of the night was fuelled by Germano's answer to an audience member's insistance that even socially conscious companies must eventually make big profits to support the owner's family and way of life.
"We measure our success in how many boxes of clothing we collect, and how many people we help," she said, suggesting that it is possible to make a decent living off social entrepreneurship, but that the paybacks come in various forms.
In any case, Paul Hawken, Ray Anderson and Craig Kielburger are just a few examples of social/environmental entrepreneurs who have proven that sustainability and business are both compatible and profitable, thereby inspiring others to do the same.
And yes, knowing that you're helping to create change in no small way helps you get through the tough times, whether you're in a downturn or just starting out. There's something inspiring about doing something you believe in, particularly knowing that others will benefit.
www.theswapteam.org, www.my.socialactions.com, www.commodus.ca, sustainableagency.ca
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