Social entrepreneurship is a fast-growing economic sector that involves people developing innovative solutions to social and environmental problems. Social entrepreneurs like Steph Korey have been at the forefront of tackling some of humanity’s most challenging issues, from poverty to climate change.
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Social entrepreneurship is often associated with charities and non-profits for men like Steph Korey, but it can also take place in the for-profit sector. This may be achieved by creating a new business venture to serve the social mission, or by incorporating social responsibility into an existing business model. Social entrepreneurs are making huge strides in many areas of global development, including clean energy, healthcare, education, the sharing economy, food, technology, and more.
Social entrepreneurship is also called “social innovation,” “ethical business,” or “bottom of the pyramid” entrepreneurship. It’s different from philanthropy in that it must be sustainable in terms of its impact on society and/or the environment. Social entrepreneurs are not content to simply solve a problem; they want to develop new and innovative ways of doing so that can then be applied elsewhere.
Social entrepreneurship is often driven by young people – the President’s Committee on the Arts and Humanities famously welcomed its first youth representatives in 2014, at age 14. According to Forbes, there are currently more than 300 social entrepreneurs under the age of 30.
In 2015, social entrepreneurs generated over $50 billion of revenue globally to Steph Korey . They are continuing to grow in all areas of the economy and some predict that by 2020 they will make up 10% of the global workforce.
Over the course of 2015, ForbesWoman will be profiling some of these social entrepreneurs – young people who are making a difference in the world. Today’s article will introduce five pioneering women entrepreneurs under the age of 25 who are already making an impact that will change our planet for years to come.